Internet speeds have increased exponentially with every new generation. Like all wireless generations, 5G is going to give businesses tremendous growth opportunities, with market predictions expected to reach USD 46.61 billion with revenue forecasted to reach USD 664.75 billion by 2028. 5G guarantees a 100x increase in internet speed by delivering up to 10 Gigabytes per second (Gbps), giving users a ‘fiber network’ feel. With 5G networks comes advancements in latency, delivering rates as low as 1 millisecond. The increased use of 5G connections in the future will also give an enterprise the ability to benefit more from emerging technology such as Internet of Things (IoT), artificial intelligence (AI) and machine learning (ML).
For an enterprise to run effectively, their digital networks need to be fast. Storing, mining, processing, and managing customer data is an inaugural part of any enterprise. With a fast internet connection business can respond faster market changes.
Here are 5 reasons why speed is key to any network:
- Makes remote working plausible
- Media sharing made easy
- Unlimited access to downloads
- An enhanced cloud experience
- Improves dependability
What makes 5G faster?
It is well known in the world of telecommunication and pointed out by Thales, shorter the frequency, larger the bandwidth. The lightning speeds offered by a 5G network is the result of shorter frequencies. The high speed 5G spectrum gives the expected boost not only in speed, but also in latency, capacity, and quality.
Who will benefit?
One industry the COVID-19 pandemic has completely digitally transformed is the education industry. Virtual meeting applications such as Zoom, Microsoft Teams and Google Meet have experienced a surge in customer subscriptions due to their ability to digitally transform the learning experience. Countries that were using traditional face-to-face teaching methods have now switched to the virtual environment. However, not everyone is able to access the internet, mainly in developing countries.
However, we cannot avoid the fact that using digital methods to teach is not easy, poor internet speeds and latency can make it difficult for students and teachers in real-time. With the launch of the 5G network we hope to see a change.
Bringing 5G to classrooms will enable a virtual learning environment. This will bring benefits such as:
- Interactive classes
- Saving time
- Flexible lessons
- Fast video downloads
- Improved assistance to students with special needs
The healthcare industry will be a primary beneficiary of the 5G roll out. The new generation of the internet and 5G will impact each key participant of the healthcare industry differently – providers, payers, and pharmaceutical enterprises. With 5G networks, healthcare officials are given the ability to improve efficiency and outcomes by using emerging technology such as IoT to gain the maximum benefit from the reduced latency, improving patient care with fewer delays.
Using 5G in the healthcare industry will enable:
- Quick transmission of large image files such as MRIs
- Expansion to telemedicine, because of the support 5G brings in fast network connectivity with low levels of latency
- Reliable, real-time monitoring – With IoT devices patients can be monitored and data can be collected, resulting in a personalized and preventive patient care
Technology along with 5G networks is going to boost applications backed by robotics, IoT and AI shaping a new digital ecosystem in healthcare.
The speed and latency of 5G networks will help financial institutions avoid discrepancies from delayed or misplaced sensitive information.
With 5G, the financial industry is able to transform their customers experience by making banking facilities available on-the-go. Here are some benefits users of financial services can experience in the future when connected to a 5G network with a 5G device:
- Increased use of e-commerce AR/VR powered experiences
- Support for time sensitive banking applications
- Improved fraud detection and prevention
- Enhanced utilization of Mobile Point of Sale (mPOS) services
- An immersive and rapid digital experience
A key group of beneficiaries from the lightning speed and reduced latency from the internet of the future, will be gamers. Cloud gaming has certainly changed the way gamers play online. There was a time when high-end and highly technical equipment was required to launch games. However, now with digital solutions such as Google Stadia and Geforce, digital users are able to stream games LIVE from their mobile device.
5G will also have the ability to transform users into creators. 5G will give creators the chance to build what they want to play. The high speeds, large bandwidth and low levels of latency allow more gamers to join in on community game development with a new era of graphics available on the go – given they have the device and a stable 5G internet connection.
How 5G will transform the industry:
- Lightning speed transforming the entire gaming experience making high definition gaming a real experience
- 5G also means low latency – a matter of few milliseconds
- Unlocks the reality of VR – 5G is set to remove the “virtual” from VR taking gaming to the next level
- 5G will make augmented reality real resulting in the new and improved technology to support more immersive gaming
Self-driving cars, smart cities and intelligent factories are only the start of what lies ahead for the automotive industry.
The transportation industry ranges from public transport to private logistics and is a sector of the world economy that is going to benefit greatly from the increased speeds and low latency due to 5G.
With 5G, the automotive industry is able to transform the application of IoT. 5G will provide automotive businesses with a highway of data and connectivity that fully supports autonomous driving. This new era of the 5th revolution will raise the standard of transmitting large volumes of data, reliably.
With the next level of wireless technology, the automotive industry will benefit form:
- Vehicle-to-vehicle (V2V) – Vehicles that relay signals directly to each other.
- Vehicle-to-infrastructure (V2I) – Communication between vehicles and sensors on bridges, roads and traffic signals.
- Improved safety & reliability – With 5G benefits, transport fleets will expand. This gives drives in both, public and private fleets to remain in contact and stay connected 24/7 and in real time. Such abilities allow drivers to communicate and keep each other safe with regular updates on upcoming weather forecasts and road conditions allowing drivers to re-route – and this is just the start …
The next generation of the internet and the digital world is going to enable new business ideas. Ideas which we are only thinking off right now.
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Learn more about the tech advancements in 5g by visiting our tech blog.