Further, the broader economic benefits from 5G will create an additional 2.2 million jobs in local communities across the country.
Communities of all sizes are likely to see jobs created. Small to medium-sized cities with a population of 30,000 to 100,000 could see 300 to 1,000 jobs created. Cities with populations like Chicago
could see as many as 90,000 jobs created, according to the Accenture report.
The World Economic Forum (WEF) and Accenture report that industrial sector use of 5G could boost global GDP by $14 trillion over the next decade.
Increased GDP means more jobs, larger tax base, and increased federal revenue that can help reduce deficits and debt, shore-up entitlement programs, and finance national needs.
A report titled “The Lost Economy” authored by The American Consumer Institute Center for Citizen Research estimates long-run consumer benefits of $1.2 trillion.
Revolutionary Transition to 5G
5G stands for “Fifth Generation” broadband cellular network technology -- a designation assigned by the International Telecommunication Union based on advanced performance and interoperability criteria. In other words, the latest in wireless communication.
The transition to 5G, will be revolutionary, reshaping the economy, society and, indeed, the future course of human development.
Its high capacity pipe will move information 100 times faster than previously known with latency reduced to a microsecond(s)—a barely measurable lapse of time. It means that commands and responses will occur almost simultaneously.
Equally mind-blowing is 5G’s connection capacity. By some estimates, a 5G tower can simultaneously support 500,000 times more devices per square kilometer than a 4G cell tower.
5G Applications and Job Opportunities
According to a report from CB Insights, 5G will also enable the rise in the number of Internet of Things
(IoT) devices, along with the amount of data they generate, the report noted.
While 5G sets the stage for new opportunities across many fields, it also will bring disruption to those industries, the report said.
CB Insights identified the 20 industries that 5G will impact the most. Here are the top 10:
5G is poised to help manufacturing production operations become more flexible and efficient, while also improving safety and lowering maintenance costs.
2. Energy and utilities
Critical infrastructure like energy and utilities will benefit from 5G technologies, which could create more innovative solutions in energy production, transmission, distribution, and usage, as well as the next wave of smart grid features and efficiency.
Farmers worldwide are using IoT technology to optimize agricultural processes including water management, fertigation, livestock safety, and crop monitoring, the report noted. 5G could enable real-time data collection, allowing farmers to monitor, track, and automate agricultural systems to increase profitability, efficiency, and safety.
More than 100 million Americans made a purchase on their smartphone in 2018, the report noted, and the move to mobile shopping is largely due to the rise of 4G/LTE. The faster speeds 5G will bring will enable new retail experiences like virtual reality (VR) dressing rooms.
5. Financial services
5G will accelerated the digitization of financial institutions, including from internal operations to customer service, the report said. Increased security and speed will allow users to increasingly make transactions instantly on their devices, and make remote tellers a possibility.
6. Media and entertainment
5G will bring about new opportunities in mobile media, mobile advertising, home broadband, and TV, as well as interactive technologies like VR and augmented reality (AR).
In the healthcare industry
, 5G could increase efficiencies and revenue, helping health systems create faster, more efficient networks to keep up with the large amounts of data involved. The technology could also enable the use of remote monitoring devices to improve health outcomes.
Transportation systems ranging from public buses to private logistic fleets will gain increased visibility and control thanks to 5G, the report said. 5G will allow improved vehicle-to-vehicle communications, enabling more self-driving car testing. These networks will also help cities gain access to more data around their transportation systems.
The future of AR and VR depends on reliable 5G networks, according to the report. These technologies require a less expensive, wider network with lower latency to continue developing and reaching widespread adoption, as they require massive amounts of data processing.
5G will help insurance agents make more effective decisions, as they will have access to more accurate data, the report said.
High-capacity, low-latency 5G wireless service will connect sensors and become the backbone for a thrilling wave of advanced technologies that can make everyone, everything and everyplace smarter and more functional, including:
It is this potential that drives the media coverage of 5G and the investment decisions of companies that are racing to give us access to a new technology that promises to change the way we live, work, and play.