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In: Industry Analysis

Valued at more than $5 billion in 2020, the global 5G technology market is growing at a CAGR of nearly 66% and is forecasted to reach a whopping $800 billion by 2030. 5G is the next generation of wireless connections, faster and more reliable than 4G. It promises to deliver speeds of up to 20 gigabits per second. Encompassing an entire ecosystem of hardware, software, and services 5G technology comprises advanced technologies like broadband, low latency to massive machine-type communications. 5G has been deployed in more than 60 countries and is on its way to greater impact creation across the globe. With major phone manufacturers and telecom providers capitalizing on the booming market, more and more people will soon have access to it. Currently heading the rollout of 5G technology is China with more than 350 cities having access to it, followed by nearly 300 cities in the USA.  

5G is being viewed as a revolutionary agent that will transform how we see digital mobility at current times. Operating at millimeter wave (mmWave) of high frequency ranging from 24 to 100GHz, 5G is up to 100 times faster than the current 4G spectrum and will drastically redefine how people communicate and access the internet. The biggest difference between 5G and 4G is that 5G requires much less space to operate, which means it can cover more with less latency.

Companies await an exciting path to unfold following the advancements made in this technology. Even though 4G has been more than optimal for driving innovation, there can be a lot to leverage from the high reliability, high availability, and low latency of 5G to create a tangible difference.

Here are some compelling use cases that are worth delving into:

  • Automation in Manufacturing: To meet changing market demands, 5G can support the ability to reconfigure traditional manufacturing operations. Securing connectivity, 5G networks will facilitate real-time data collection and analysis thus, improving product customization and output. Troubleshooting and seamless connectivity within processes can be ensured at much lower cost and time efficiency. Incorporating technologies like automation, artificial intelligence augmented reality and the Internet of Things (IoT) brands can leverage 5G technologies is set to transform the future of manufacturing across sectors.
  • Monitoring and Tracking capabilities in Energy and Utility sector: It is critical to monitor mission-critical data in the energy utility sector. Until now 4G/LTE network delimited the ability to monitor and track capabilities in most facilities given the higher costs of installation and logistics. Now, 5G technology can modernize operations in oil and mining industries by leveraging computing capabilities to create automated monitoring machinery at minimal rates. Making it a truly intelligent and efficient process, the ultra-low latency of 5G technology can help achieve operational productivity and precision.
  • Enhancing customer experience: With personalized advertisements tailored to each customer’s needs, 5G can create novel brand experiences. Leveraging technologies like VR, and AR in the metaverse will reinvent the retail experience for customers.
  • Optimizing transportation and logistics: Already utilizing IoT to monitor shipments as they move across, 4G and LTE networks lag in providing an edge to comprehend heaps of data generated from several sensors. Removing this barrier of cellular capacity, 5G can revolutionize the industry to expand its horizons.

With high speeds, superior reliability, and negligible latency, 5G is set to impact industry-level operations and extend capacity to enable next-generation user experiences. It is thus imperative that businesses look out for the advancements made in this field to leverage the maximum out of it.