5G has taken the business world by storm to no one’s surprise. Qualcomm states that the technology is poised to create more than 22 million new jobs and add $12.3 trillion in financial benefits throughout the world by 2035. What’s more, 5G promises greater speed and reduced latency. Apart from the performance benefits, 5G will also underpin the current industry where everything is digitized, processed, and connected. Though there is some controversy with China, 5G, and Huawei — but this is another topic. However, 5G will be difficult to pin down and it’s still some time before it truly takes off. But one thing’s for certain — it is going to affect your business in more ways than one, and these 5G business applications are already on the horizon.
5G business applications: What the future holds
5G business applications will unlock futuristic experiences like virtual reality (VR) and augmented reality (AR). But speed aside, the following traits will make 5G a boon for businesses everywhere:
- Widespread device connectivity: 5G is the key to managing and handling the impending IoT explosion. According to IDC, over 30 million gadgets will become globally connected to networks by the year 2020, and 5G will keep things running smoothly.
- Reliability: Industries that rely on robotics will benefit greatly from 5G, including manufacturing and healthcare. After all, 5G will provide a more dependable network without connectivity issues and dropped calls.
- Lower latency: The term “latency” refers to the time that passes between when a system is told to do something and when it actually performs the task. Ideally, 5G will bring down this latency to below 5 milliseconds, which is virtually undetectable by users. Currently, the latency for 4G networks is 40 to 50 milliseconds.
- Improved coverage and capacity: Higher number of connection points in a limited area coupled with unlicensed spectrum and the use of small cells will yield greater capacity, resulting in a pleasant customer experience.
- Greater battery life: Although 5G sounds like it will work your battery to the bone and drain it real fast, the truth is 5G actually extends the battery life of gadgets by almost ten times.
- Speed: Finally, what every business is excited for – speed. 5G is supposedly a faster network than earlier generations. In fact, it’s almost 100 times quicker than the current 4G networks. After all, 5G can offer speeds up to 10 Gb/s.
The features listed above can benefit business both big and small. A PSB Research report surveyed more than 3,500 individuals, including tech lovers, business analysts, and decision makers, and found that 5G could lead to:
- Invention of new services and products (91%)
- Emergence of new industries (87%)
- Growth of small business and greater competition (82%)
- Higher competitiveness among companies (85%)
- Increased productivity (89%)
Of course, nobody expects these benefits to occur all at once. But the rise of 5G could lead to some interesting developments in the world of business.
Mobile growth: Qualcomm states that the 5G technology will raise mobile to the status of general purpose technology, at par with automobiles and electricity. This is bound to have a transformational impact on various industries and the economy.
Remote working: Even though remote working has been developing slowly for the better part of the decade, it didn’t quite take off as wildly as expected. Although some of it could be attributed to the cultural side of business, technology has also posed a hindrance. Remember all the stilted and difficult conference calls? 5G will get rid of all these issues once and for all by providing unbroken, unlimited access to a quick, reliable Internet connection.
Productivity: Businesses will use 5G to work better, faster, and more efficiently, thereby increasing revenue while decreasing costs.
Rural development: A lot of nations are awaiting the advent of 5G to connect the rural communities easily, thereby enabling people to begin their own home-based businesses and give rise to more economic opportunities. 5G will offer plenty of rural business benefits, including broadcasting, agriculture, and utilities. VR/AR: Virtual and augmented reality applications will receive a boost from 5G technology. They will finally find use in different industries, especially entertainment, property, retail, tourism, gaming, and manufacturing.
Work flexibility: 5G networks will give rise to more smart buildings that employ radio sensors for monitoring temperature, occupancy, and lighting. Businesses can stream CCTV footage of office spaces directly to mobile devices. This will ensure greater efficiency, flexibility, and cheaper workspaces for companies to operate in.
Personalized networks: Thanks to network slicing, businesses can now have their very own private 5G network, set it up as per the individual business requirements. The increased capacity of 5G will become evident across different spectrums, but the space will be used a lot more intelligently, assigning the bare minimum resources for all applications.
Simpler commutes: A quick, stable network will allow for smart, automated transportation that wastes little time on commuting. Also, stable mobile connectivity on public transport will allow staff to work efficiently while commuting.
Planning for 5G in the business sphere
5G deployment is going to be a slow, steady process and it will exist alongside 4G technology. However, moving forward, new IT projects must make sure that systems are forward-compatible and capable of transitioning to 5G as soon as it becomes readily available. Companies across various industries need to be educated about 5G capabilities, along with what it actually means for them. Business leaders need to discuss their industry-specific services and applications so they can understand the benefits. Implementing the 5G technologies to stable network architectures will not just allow for the modernization of businesses, it will lead to the disruption of whole industries. The most exciting thing about 5G is the limitless number of possibilities it offers businesses. Even more exciting is the prospect of the applications not yet imagined.
It’s a brave new world
5G is all set to bring multiple advantages to businesses of all sizes and industries. However, rest assured, these changes are not going to take place overnight. If the technology delivers everything that it is promising to, 5G business applications may very well usher in an industrial revolution of sorts, leading to the growth of new opportunities.
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