It seems like 5G is as promising as it has been hyped to be. Source: Shutterstock

It seems like 5G is as promising as it has been hyped to be. Source: Shutterstock

5G technology will propel the global economy well into the next decade

5G HAS ARRIVED and the technology is making sure its presence is felt globally. As the key driver of enabling various solutions like the internet of things (IoT), artificial intelligence and drones to fully take off, the network is undoubtedly, highly valuable.

Various successful use cases can attest to the fact that 5G is a prominent component in helping industrial players strive in a fast-paced digital world.

A recent report published by the World Economic Forum revealed that the 5G-powered age of intelligent connectivity will bolster economic growth until the year 2035. Not to mention, the technology is a substantial catalyst of the Fourth Industrial Revolution.

Most importantly, it is projected that the global economic value of 5G will reach an estimate of US$13.2 trillion by 2035.

A staggering amount, the feat will come as no surprise considering the fact that the network will serve as the foundation for the advancements of connected devices, intelligent systems, and automation tools across industries.

With that being said, it is clear that 5G offers big-scale market opportunities for various key segments well into the future.

The low-latency network is expected to largely impact the manufacturing industry with a predicted output of US$4.7 million from that segment alone.

This is followed by the information and communication industry at US$1.6 trillion, wholesale at US$1.2 trillion, public services at US$1 trillion and other segments making up the remaining US$4.7 trillion.

Apart from that, the report also featured another market prediction indicating that by 2025, the world would most likely have invested about US$1 trillion on the private network.

Nevertheless, it is also forecasted that 5G will coexist with 4G throughout the next decade with no indication if the latter would be overridden by the other.

On a more positive note, the revolutionary impact of the network will create approximately 137, 000 jobs in Switzerland alone, thus resulting in an economic output of US$43.6 billion.

Similarly, within the 28 Member States of the European Union, 5G is forecasted to commission the region’s economy by a whopping US$156.9 million through 2.3 million new jobs.

Overall, the global outlook on a 5G-dominated marketplace seems very rewarding for digital players and conventional industries, alike.

The fifth-generation cellular network technology will expand the horizon on what a digital world will develop into 15 years from now and hopefully, the 15 years that follow.