Productivity and efficiency gains enabled by the application of 5G will drive a trade, skills and services shift worth USD 1.3 trillion to global GDP in 2030.
In Powering Your Tomorrow , for the first time, PwC quantifies the economic impact of current and new uses of 5G technology in public services, health and social care, consumer, media and financial services in eight economies with advanced implementation: Australia , China , Germany, India , Japan, South Korea , US, and UK.
More than a faster version of mobile connectivity in 4G, the speed, reliability, lower power consumption and massive connectivity of 5G will be transformative for businesses and society in general, allowing universal access to one band. superfast wide. Used with investments in artificial intelligence (AI) and the Internet of Things (IoT), 5G technology can be used as a platform to enable businesses and society to reap the full benefits of emerging technological advancements.
Economic gains are projected across all economies evaluated in the study, as 5G technology offers the potential to rethink business models, skills, products and services, and gains will accelerate from 2025 as applications of 5G spread further. 5G.
Based on the study, the US ( $ 484 billion ), China ( $ 220 billion ) and Japan ( $ 76 billion ) will see the largest increase as a result of 5G technology applications, due to the size their economies and strong modern industrial production sectors.
Regionally, Europe, the Middle East and Africa (EMEA) are expected to benefit the most from 5G applications in production, due to the size of the manufacturing sectors. This demonstrates the potential for regional competitive advantage through approaches to technology adoption and regulation.
Wilson Chow , Global Technology, Media and Telecom Industry Leader at PwC China, commented, “These figures quantify the impact, but perhaps most importantly, our study reflects the value of 5G; new levels of connectivity and collaboration they mean that companies will be able to see, do and achieve more, creating new opportunities for growth and change as organizations rethink and reconfigure the way they operate in the post-pandemic world.
“As the pandemic accelerated digitization in all sectors, 5G technology will act as a major catalyst. In this decade, this technology will emerge as a fundamental piece of our social infrastructure and as a platform to boost the competitiveness of national economies, new business models, skills and industries. ”
Achieve better and faster results in medical and social care
Within the next ten years, more than half of the global economic impact ( $ 530 billion ) will be driven by transforming the healthcare and social care experience for patients, providers and medical staff.
While the acceleration of telemedicine during the COVID-19 pandemic provided a glimpse into the future of healthcare, remote care is just one area where 5G can enable better health outcomes and cost savings.
5G applications include remote monitoring and consultation, real-time data exchange in hospitals, improved doctor-patient communications, and automation in hospitals to reduce healthcare costs.
Impact on regions and sectors
At the sectoral level, the effects vary according to the economies. The US and Australia are expected to gain the most from financial services applications, India from smart utilities, and China and Germany from production. Other industries analyzed in the study show the significant potential of new and current applications over the next decade, which will drive changes in skills, jobs, consumer products and regulation:
SMART utility management applications will support environmental goals to reduce carbon and waste, enabling smart meters and grids to achieve energy savings and improve waste and water management by tracking waste and leaks of water ( USD 330 billion ).
Applications in Consumer and media include: game Over The Top (OTT), real – time advertising and customer services ( USD 254 thou million)
Applications in production and heavy industry include : monitoring and reduction of defects, increased use of autonomous vehicles ( USD 134 billion )
Applications in Financial Services include reducing fraud and improving customer experiences ( $ 86 billion )
Wilson Chow commented, “5G is about more than mobile connectivity. It offers a new perspective on advancing productivity and rethinking all business models for the future. Given the scope of potential and its impacts, every organization will need a plan to implement 5G within five years in technology and business strategies, in order to maximize opportunities and prepare for how they integrate these strategies, and interact with customers, the supply chain and regulators. ”
Politics and trust
The study highlights that the scope of 5G’s technological potential will require companies and government to consider new approaches in the engagement of regulators and consumers, focusing on how the technology is used.
Wilson Chow said, “With any technology, policy commitment, transparency and public trust are critical factors. Whether you consider the use of autonomous vehicles or telemedicine, how the data is managed, the infrastructure in place, or how As different sectors collaborate, companies and the government should avoid focusing on regulating a technology and promoting transparency in the application of 5G, by generating and maintaining public confidence in its use and potential “.