Connect with us

Special Report

5G is welcome devp

Published

on

ON-GOING row over the 5G technology may surprise only neophytes. Never a time had any change happened on the global stage without touching off controversies. It happened when 3G came on, and still followed 4G. At the crux of these conundrum lays human aversion to change. Yet, each of these innovations, the world was raised to next level of socio-economic development.

  But the current furore trailing the latest technology on the block is as needless as it is distracting. Why? 5G has come to create more wealth through a digital economy. This makes it a welcome phenomenon.

  According to a new report from Huawei and STL Partners, 5G technology is estimated to create an extra $1.4trillion in GDP for worldwide economies over the next 10 years, with healthcare and manufacturing as the two industries to benefit the most.

  It also tips the new technologies to help protect the environment.

  The report further states that 5G will help healthcare professionals treat over 850m extra outpatients a year by 2030  while also growing global manufacturing sector by four percent over the same period. The next generation mobile network will do this by aiding reduction of global emissions by half a billion tons.

This is why Huawei’s research challenges telecoms, government regulators and other suppliers to move forward with the rollout of 5G networks to help spur economic growth which, through its impact on the manufacturing industry that is poised to benefit the most from 5G and the technology, has the potential of tending worldwide GDP for the sector to just under $740billion by 2030.

  The retail sector will also see a great deal of innovation as a result of 5G with advancements made in tracking goods, automating warehouses and augmented reality which will provide shoppers with the opportunity to try on good at home before making a purchase.

  According to Senior Vice President at Huawei, Victor Zhang, the opportunities made possible by 5G could help turn the tide against the economic slowdown we’re currently seeing.

  “In a world where we are seeing economic slowdown, 5G provides great opportunities to transform industries, creating brand new business models and potentially unleashing $1.4trillion in gross domestic product. But these opportunities will only be achieved if industry, government and regulators work together to seize this opportunity,” Zhang said.

  For instance, the study concludes that economic impacts of a 5G strand, the mmWave spectrum, will trigger an increase of $565billion in global GDP and $152billion in tax revenue, producing 25 per cent of the value created in three ways, under conservative assumptions.

  One, two-thirds of global workforce would have keyed into 5G platform by 2030 while emerging tech that is enabled by 5G will reduce consumption and emissions by 15 per cent. And, by 2024, mobile broadband will provide network coverage to 92 per cent of world population.

  These assumptions are tipped to provide the foundation for Fourth Industrial Revolution. That is a big statement. Anything to the contrary is preposterous.

  But while it is known that 5G will bring significant change, nobody yet knows how – nobody can predict what the innovators of the world will do with it, because it was same situation with 4G before no one predicted streaming, ride-hailing and social media would be its ‘killer’ apps. Of course, frontrunners in 4G – largely in the US and China – became big winners of the “app economy.”

  The same dynamic will play out with 5G but on a more massive and industrial scale. This will happen by what the report called “breaking the energy curve” in which 5G will promote efficient energy standard ever developed to help break power the mobile sector.

In addition, it will use mobile broadband to boost economic development and finally create more wealth for more people. For this, it is certainly going to prove a welcome development.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending