With the upcoming benefits of the 5G evolution, every business, from SMBs to large scale enterprises gets an opportunity to revolutionize its operations in more than one way.
Today, 5G is one of the most discussed subjects in consumer technology. Till yesterday, 3G and 4G networks ruled the market, but didn’t do well in terms of opportunity creation for business. And one of the reasons is because of lack of innovation and less scope for expansion.
According to one of the reports stated by Mckinsey, even after investing enormous amounts on 4G infrastructure, the revenues revealed a flat growth. Also, the revenues in regions like Europe and Latin America showed a downfall after 4G set its foot in the market.
Heads Up! The Global Adoption of 5G and Benefits for SMBs and Large Enterprises
- The beginning of the 5G evolution
- How 5G will make life smarter
- Spurring innovation and interaction
- The major role of 5G in IoT adoption
- How 5G will boost businesses and economy
- The creation of new jobs
- Why 5G adoption is getting delayed
- Major challenges ahead
Besides, 3G and 4G were only constrained to mobile connectivity. But, 5G is beyond the actual presumption – it means bigger than our imagination. Now, everywhere you go, you hear about people, industries, businesses, and many others are widely and openly discussing the impact it effects on the economy and businesses at large.
Most of all, when a new wireless network emerges in the market, it’s a green signal for the creation of new opportunities, the scope for innovation and expansion. For instance, to download a game or a movie by using 3G or 4G, it used to take minutes of time to complete the task. And with 5G, it takes seconds to download the same task. By this, it is envisaged that 5G will be the ‘next big thing’ to the world with far-reaching benefits for both SMBs and enterprises.
5G – The New Beginning
Over the years, we have seen 4G technology, still existing, but isn’t doing well in the market. On the aisle, 5G is promising a completely a new world, not just limited to mobile networks but, expanding its support to manifold devices simultaneously.
Also, with 5G wireless network, there will be ample opportunities and better possibilities for doing business better than before. As far as the speeds are concerned, the range limits from 1Gbps to 10Gbps. The latency rate also reduces, which helps to load anything faster, allowing uninterrupted surfing and streaming.
Live smarter with 5G
5G is not just limited to a mobile network, but it is beyond specific group of connections. With a capacity to connect multiple devices concomitantly, the wireless network opens up new communication channels to every industry – Be it retail, IT, agriculture or small businesses, everything impacts soon after the 5G network hits the market.
According to the IDC reports, the estimated number of 5G connections in 2019 is approximately 10 million. And it is expected to increase to 1.01 billion in 2023.
In addition to that, we will also see a rapid expansion in the Internet of Things. Customers will experience the advancement of technology in VR and AR. If you have ever played a game named “Pokemon Go”, you have already experienced the AR technology. In this game, you’ll see Pokemon characters located all around you, which you can only locate them by using your mobile camera. Facebook’s Oculus, Samsung Gear, and Google Cardboard are few of devices which use virtual reality technology.
The point here is to be understood that, as the 5G wireless network is ahead, the developments in IoT will be rampant and standardized. Also, it helps to resolve business hassles with less costs or cost-free.
As per the forecast mobility reports by Ericsson, “70% of wide-area IoT devices will use cellular technology in 2022”. Also, the report mentioned that, by 2022, they’ll be 1.5 billion IoT devices that will be connected to cellular technology
Innovation and interaction become easy
As the 5G network progresses and both SMBs and enterprises reap benefits, the interaction by businesses become easy and smooth. You can interact with your clients in multiple ways. If you are an E-commerce based platform, you can implement the AR technology, where you can allow customers to interact with your product virtually before you add to your cart and buy it.
Besides, quality broadband connectivity allows users/clients to communicate through various channels like video calls, etc. This will enhance the trustworthiness and communication between clients and businesses. With swiftness in connectivity and low latency, they’ll always be a scope for innovation in almost all the sectors.
Additionally, the performance of certain sectors like say Education, where students can study classes online in high definition mode. Irrespective of the location, 5G allows students to enable courses online hassle-free.
Also, technologies like Augmented Reality and Virtual Reality are being used by businesses, especially gaming and content-based industries. Not restricted to just one field, AR/VR also contributes to other fields like aviation, medicine, and to areas of study that requires more of learning through visualization. This helps businesses to cut down on various costs like training, facilitating and other forms of costs that affect businesses indirectly.
As per the ABI Research reports, by 2020, the guesstimated market would reach nearly to US$100 billion worth of the total market. Also, by 2021, they’ll be nearly 3.8 billion smartphone users all over the world. This helps technologies like AR and VR attract a monumental customer base.
IoT plays a major role
5G is not just limited to mobile connectivity, but it connects with everything that is embedded with IoT sensors. Talking about IoT – it plays a key role in the upcoming 5G evolution. Every business, small, medium or large scale gets an opportunity to revolutionize the business. With IoT, businesses, especially, small scale, accelerate into new markets by unlocking the real potential of the business.
According to Mckinsey Global Institute estimates, by 2025, they’ll be an impact in the economy between $4 trillion and $11 trillion.
Businesses can enhance the productivity and simultaneously contribute to the GDP of the economy. As 5G is not just restricted to smartphones, SMBs and enterprises will see benefits by regular tracking and monitoring your work from any parts of the world. This bridges the gap between customers and businesses. Further, the IoT also help businesses by giving regular feedback, thereby enhancing the performance by cutting operational costs to a certain extent.
Boosts the businesses and the economy
The winning point of 5G is its swiftness and low latency. This allows small scale businesses, and new startups to get access to numerous tools, which helps them to create a new product or build a new brand in the market.
As per the study from Qualcomm, “5G could produce up to $13.2 trillion worth of goods”. With an increasing number of smartphone users, businesses find it easy to tap the consumers online with ease. Also, this allows businesses to communicate with consumers online and know their feedback to make the product much better.
Whilst, 5G is a boon with the kind of benefits it fosters, and a bane with the kind of competition it generates in the market. So, every business must be prepared to face an unprecedented future.
Creates new jobs
5G – the wireless generation, is said to create enormous job opportunities across the world. According to the study report by the World Economic Forum, “An IHS Markit study estimates, that $13.2 trillion in global economic value will be made possible by 2035, generating 22.3 million jobs in the 5G global value chain alone”.
The Qualcomm report stated that “5G mobile value chain alone could generate up to $3.6 trillion in revenue in 2035, and support up to 22.3 million jobs”.
Major challenges of 5G implementation and deployment
Why 5G is taking a long time to come out in the market? But we all know what it could do when it starts rolling into the market. Despite the 5G offerings, carriers and the telecom sector are facing arduous time to set up the network.
The policy changes are one among the other factors that decide the investment and deployment of 5G network. Now with the outbreak of Coronavirus, there has been a lot of implementations waiting in the line to come into the market. And one among those is the 5G network deployment.
Further, due to the commotion happening in India, the protests on issues like CAA, and the recrudescence condition of patients suffering from epidemic Coronavirus, could delay the happening of 5G worldwide.
Certain countries like the UK has made investment announcements of GBP 740 million in 2016 to support 5G. Delivering the proper bandwidth in congested urban cities would definitely be a tough task. As deploying small cells needs more investment, and serve maximum users. This needs proper infrastructure to meet all the possible frequencies, which means additional investment needs to be done.
However, 5G applications need a mmW bandwidth between 24Hz to Hz. The telecom operators should properly reuse their existing EPC network for NSA support. But the major concern for the smartphone industry is to make smartphones in such a way to support all kinds of frequencies.