In 2001, when 3G networks were first launched, it opened up infinite possibilities of what data could really do. A decade later, the launch of 4G revolutionized wireless networks, allowing consumers to download hundreds of bespoke applications at incredible speeds on their smartphones.
Today, the leap from 4G to 5G networks has opened up new business opportunities across industries and geographies. Let’s explore why.
What makes 5G networks unique?
- Speed: The average speed for 4G systems is 60Mbps. However, 5G networks offer speeds of around 200Mbps and up to 1Gbps, with greater capacity and much lesser lag than 4G.
- Latency: 5G networks can respond to commands in just 1ms, making the technology ideal for mission-critical and real-time applications.
- Capacity: 5G networks offer significantly greater capacity than the earlier systems, across a broader frequency spectrum. A typical 5G system supports a 100-fold increase in capacity and efficiency as compared to 4G networks.
“With 5G, everything’s changed, and as such, this next-generation network will not just be beneficial in one single market or industry — the global impact will be exponential.”- Conor Pierce
5G networks and new business opportunities
The low latency of 5G networks means that robotic surgeons can carry out remote surgeries using control machinery from anywhere in the world. In fact, according to recent studies, the UK digital health market is estimated to grow at 29.6% CAGR, with 5G significantly contributing to it. 5G also allows patient data to be uploaded in real-time, which can then be analyzed for any irregularities using AI technology, before being referred to a doctor. Research conducted by O2 shows that by facilitating services like these, can free up over 1 million GP hours. This transformation in the healthcare industry because of 5G networks will open up new business opportunities for app developers, pharmaceutical companies, government health organizations, wearable device manufacturers, and insurance companies.
Industry experts claim that 5G is the key to ‘Industry 4.0’ — the fourth industrial revolution. Today, manufacturing companies across the globe face immense pressure to deliver complex products faster, without increasing the operational costs. On the other hand, most industries have an aging workforce, and skilled workers are hard to find. 5G networks will help avert this crisis by ushering in automation like never before. Smart factories will not only help cut costs but will also create more efficient processes that do not depend on manual labor.
For instance, 5G-enabled drones can help check a building’s infrastructure for faults. Remote maintenance, virtual collaboration with engineers using VR headsets, sensors in wearable products, and drones in the workplace — the opportunities are truly endless.