Marketing Researcher in the U.S., Hanif Haghshenas, took a deep dive into 5G and specified how it would shape our economy for the upcoming years. By 2023, one billion users are expected to gain access to the 5G technology.
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With speeds as high as 500Mbps to 1Gbps, 5G is considered to be all set to push our data transfer capabilities to a whole new level.
As per Qualcomm, by 2035, there would be around $12 trillion worth of 5G related services, including mission-critical services, enhanced mobile broadband, and massive IoT advancements. Industries like retail, healthcare, education, transportation, and entertainment are also going to influence.
It is going to be a notable impact on the economy. The study would have been conducted by IHS Markit as well as to authenticate by Dr. David Teecethe, which would be indicating that 5G would catapult mobile into the exclusive realm of General Purpose Technologies, such as electricity as well as the automobile, that offers the foundation for massive innovation, give rise to new industries as well as benefits entire economies.
This would happen as 5G advances mobile from a set of technologies that would connect people to people and information to a unified fabric connecting people to everything.
As per the recent study, in 2035, when 5G’s full economic benefit is going to be realized around the world, a broad range of industries – from transportation to entertainment, retail to education, as well as everything in between could produce up to $12.3 trillion worth of goods and services would be enabled by 5G.
What is 5G?
Unlike previous generations of mobile networks, 5G is considered unlikely to be defined by any single form of technology. It is often referred to as the network of networks because it would bind together future and existing standards, including current advanced LTE (4G) networks.
To be clear, 5G isn’t just an extension of 3G and 4G networks but rather a network that will combine Wi-Fi, 4G, wireless access technologies, and millimeter-wave. The 5G technology would also be leveraging numerous aspects such as virtualized network core, cloud infrastructure, and intelligent edge services.
Key features of 5G:
Here are some features discussed by 5g.co.uk:
- Faster Speeds – 5G is set to be much faster than the previous generation’s networks. Some say that it will be as much as 100 times faster than existing 4G networks. To get more specific, 5G might offer speeds that will be as fast as 10Gb/s.
- Lower Latency – 5G would also have quite a lower latency. We would be observing much less delay or lag when we would be utilizing our phones and other devices.
- Greater Capacity – 5G would have greater capacity, meaning the networks would be able to cope better with many high-demand applications all at once – from connected cars and IoT (Internet of Things) devices for virtual reality experiences as well as simultaneous HD video streaming.
- Reliability – 5G would be expected to be ultra-reliable, meaning no dropped calls or connectivity, which would allow more critical use cases like those associated with digital health as well as connected cars.
- Flexibility – 5G networks promise to provide more Flexibility; network slicing would be allowing a physical network for dividing into multiple virtual networks so the operator could utilize the correct slice, which would be depending on the requirements of the use case.
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