Impact on Business/Industry
Businesses use mobile networks significantly for data analysis and storage. 5G technology will enhance business operations and efficiency in their ability to communicate with clients, reach clients via data-based marketing, and enhance their storage of data. Currently 4G LTE is being used by most corporations for communication and data gathering, however with the rise of IoT and an increased technological infrastructure in most industries, 5G will allow them to increase connectivity and speed to ensure growth in their business as well as their competitive advantages (The Impact of 5G on Businesses 2019).
Automation has been a rising topic in almost every industry. From public and private transportation, warehousing, and medical procedures automated technology is continuously being produced and marketed for various industries. 5G will impact this business development because automation requires a reliable connection and allow real-time feedback in order to ensure safety and efficacy.
One of the major impacts of 5G is its ability to step out of the realm of mobile connectivity in tables, phones and computers and move towards all network connectivity players including the automotive industry. For example, Elon Musk, CEO of Tesla, considers his company a software company, not a car manufacturer. Tesla provides continuous software updates to their cars remotely and as their auto-pilot feature in their current and future models continue to gain traction, network connectivity is ever more important. This is important because companies with Musk’s mindset will thrive with 5G technology to transition their hardware company into software corporations and allow a pivot in their business models to support SaaS.
5G will have substantial effects on the economy. From inception to service support, 5G will create roughly 22.3 million jobs and provide an additional $13.2 trillion in goods and services ((The Impact of 5G on Businesses 2019). 5G network will have major impacts on the economy not only directly but also indirectly, by becoming a platform for inventions in different sectors. From a PSB public survey report, 91% believe new products for 5G have yet to be invented, 87% expect industries to emerge and 83% of people believe 5G will inspire small business growth and competition (Samsung U.S. Newsroom, 2020).
Automation has been a rising topic in almost every industry. From public and private transportation, warehousing, and medical procedures automated technology is continuously being produced and marketed for various industries. 5G will impact this business development because automation requires a reliable connection and allow real-time feedback in order to ensure safety and efficacy.
One of the major impacts of 5G is its ability to step out of the realm of mobile connectivity in tables, phones and computers and move towards all network connectivity players including the automotive industry. For example, Elon Musk, CEO of Tesla, considers his company a software company, not a car manufacturer. Tesla provides continuous software updates to their cars remotely and as their auto-pilot feature in their current and future models continue to gain traction, network connectivity is ever more important. This is important because companies with Musk’s mindset will thrive with 5G technology to transition their hardware company into software corporations and allow a pivot in their business models to support SaaS.
5G will have substantial effects on the economy. From inception to service support, 5G will create roughly 22.3 million jobs and provide an additional $13.2 trillion in goods and services ((The Impact of 5G on Businesses 2019). 5G network will have major impacts on the economy not only directly but also indirectly, by becoming a platform for inventions in different sectors. From a PSB public survey report, 91% believe new products for 5G have yet to be invented, 87% expect industries to emerge and 83% of people believe 5G will inspire small business growth and competition (Samsung U.S. Newsroom, 2020).