The promise of 5G is much more than faster network speeds. It is a real and present opportunity for businesses to embark on digital transformation at scale. As adoption and usage increases, the benefits to both businesses and individuals is becoming clear.
“Whatever we do now with our smartphones we'll be able to do faster and better,” said Ian Fogg, VP of Analysis at OpenSignal, a mobile data analytics company.
“Think of smart glasses featuring augmented reality, mobile virtual reality, much higher quality video, the internet of things making cities smarter. But what's really exciting is all the new services that will be built that we can't foresee.”
Organizations looking to future-proof their systems and products are recognizing the potential and immediate benefits of 5G – its fast, reliable transmission capabilities are taking enterprise mobility to the next level by enabling collaboration and increasing productivity at remote locations. Let’s examine the benefits 5G brings to companies small and large, and how this network upgrade will supercharge business.
What Is 5G and How Does It Enable Business Objectives?
5G is the fifth generation of mobile wireless communication technology – the next technological upgrade to 4G. By using shorter, higher-frequency bands of the radio spectrum, 5G offers greater load capacity, faster speeds and lower latency.
While 4G brought mass video streaming, real-time media consumption, reliable payment processing, multi-player gaming, always-on social networking and other use cases that enabled new business models, 5G will revolutionize these new-age industries and transform them in ways that haven’t yet been conceptualized. Research from GSMA estimates that 5G will contribute about $565 billion to the global economy by 2034.
“You need to think about the impact and how to harness the new capabilities of speed and low latency of 5G,” said Chris Pearson, President of 5G Americas, an industry trade organization of telecommunications providers and manufacturers.
“If you don't start thinking about 5G and how it could affect or help your business, you're going to have a competitor who will.”
As data processing and mobility become central to business operations, companies of all sizes across the world are embracing 5G in different ways. IT leaders have a host of reasons to adopt 5G include improved efficiencies, reduced costs and better decisions, as per a Deloitte report.