The 5G Revolution: How Will It Impact Businesses?
5G is a new kid on the block for the mobile-first world. This new network will empower the digital economy and provide faster downloads, greater responsiveness, and better connectivity. Along with the other emerging digital transformation trends, 5G will open new business opportunities. It will aid IoT, mobile payments, self-driving cars and autonomous vehicles, mobile gaming, drones, remote monitoring, factory robots, telemedicine, and many more.
What is All the Hype About?
5G is a new, faster network that has the potential to transform internet. According to Consumer Technology Association, 5G will have 100x more capacity than the current 4G network. It will eventually increase data speeds and lower latency on network response time. This means, if downloading a movie with the 4G network took 6-10 minutes, 5G will take just 3-5 seconds to download and stream the movie.
The 5G revolution will transform mobile connectivity from a technology that connects PEOPLE-TO-PEOPLE and PEOPLE-TO-THINGS, to a framework that connects PEOPLE-TO-EVERYTHING.
Before we plunge into the various ways in which businesses will be affected by this revolution, take a look at some statistics.
- In 2019 and 2020, 5G networks will have three major applications: 1. mobile connectivity for smartphones, 2. connecting “less mobile” devices such as modems and hotspots, and 3. 5G fixed wireless access (FWA) devices, providing homes and businesses with broadband.
- The number of 5G connections is forecast to reach a figure between 20 million and 100 million by 2021.
- By 2035, 5G will be a major economic driver, prompting innovations for new industries, products, services, and job creation.
New Opportunities for Businesses to Innovate
5G is expected to be a game changer for businesses across industries due to its faster speeds, greater capacity, better reliability, lower latency, and better flexibility. Some of the top 5G use cases for various industries are as below:
- Real-time shipping and transportation
- Real-time inventory and asset tracking
- Smart logistics
- Autonomous driving
- Immersive commerce
- Flexible manufacturing
- Real-time supply chain visibility
- Drone delivery
- Immersive entertainment
- Precision agriculture
For businesses ready to adopt digital business transformation solutions, this new trend will be of tremendous help. Here are several ways in which 5G can benefit businesses.
Remote Working
With access to fast and reliable internet connections, companies can allow their employees to work from any remote location and have access to data from anywhere and anytime. 5G networks will deliver seamless connectivity for virtual meetings and conference calls, leading to improved communication.
Improved Productivity
Better connectivity will reduce the time between performing an action and getting a response. This will lead to improved efficiency and faster execution of tasks, thereby improving the overall productivity of your business. Improved productivity will further help in saving costs.
Effective Business Communications
5G will enable instantaneous communication of businesses with their clients, customers, and colleagues. It will help you to respond to customer queries faster, and bring transparency within the organization.
Better IoT Capabilities
Connected IoT devices are changing the way people do business. From remote monitoring to managing deliveries and engaging with customers, IoT can impeccably render all major business processes. Implementation of the 5G network will further improve these capabilities of IoT.
Enhanced AR/VR Experiences
5G is expected to elevate the experiences of augmented reality and virtual reality applications. This will have a significant impact on various industries such as gaming and entertainment, retail, manufacturing, automotive, and many more.
Be ready for the future!
In this era of industry X.0, 5G developments are expected to advance and transform businesses large and small across industries. Start planning and be ready for the transition to reap the above-mentioned benefits.
Need help with transforming into a digital enterprise and preparing your business for the future? Gateway Digital, a new age innovation partner caters to businesses across industries with integrated digital transformation solutions.
