As today’s market continues to churn out new technologies which revolutionize entire industries overnight, many business leaders are scrambling to prepare themselves for the next disruptive innovation. Increasingly, astute corporations and bold startups alike are coming to realize that 5G is the next big thing which will reshape how they operate, and they’re taking steps to prepare for it.
So how exactly are today’s leading brands and companies preparing themselves for 5G’s arrival? What common pitfalls have these preppers encountered, and how can a savvy businessman avoid making them himself? Is 5G really worth all of the sound and fury?
A new type of telecom industry
While a market where 5G is ubiquitous will see a plethora of changes, few stand to be revolutionized more than the telecom industry. In the past few years alone, consumers all around the globe have flocked to digital devices like smartphones, tablets, and personal computers en masse, forcing businesses to up their wireless systems and the standards they follow. When 5G inevitably arrives, these same businesses will have an even greater hurdle set before them.
The generation and exploitation of data has exploded recently, largely thanks to the Internet of Things phenomenon which has placed a digital device in virtually every pocket. 26 billion devices are expected to be working around the world as soon as 2020, many of them mobile devices which will eventually rely on 5G networks to properly function.
Savvy businesses hoping to get ahead of the forthcoming 5G storm before it arrives understand that one chief area of concern is in coverage. In order for 5G to truly take off in the market, consistent, reliable coverage must be offered virtually everywhere; telecom providers must prepare themselves to expand their existing infrastructure if they truly intend to offer better storage services, higher speeds, and millions of more connections on a yearly basis.
A mainstream embrace of 5G isn’t expected until around 2020, but that isn’t stopping today’s industry leaders from getting onboard the bandwagon now. Verizon and AT&T are already laying the foundations of tomorrow’s telecom industry by developing fixed wireless networks based on the earliest available 5G tech. While these efforts are relatively small for now, they’ll soon come deliver fewer delays and extraordinarily faster data delivery in no time.
A market where 5G is truly ubiquitous won’t only drive change on behalf of the telecom industry, however; this phenomenon is leading businesses everywhere to invest heavily so as not to be left behind.
Reaping the benefits of 5G
A recent report made available by Sierra Wireless shows how massive investment in 5G will be in the next decade alone, where it could reach a dizzying $247 billion by the mid 2020’s. As business leaders realize the goldmine that the next generation of connectivity offers them, these figures are only likely to increase. App developers, such as io Games and any business that relies on the IoT or the internet accessed on mobile phones in particular should understand just how big of a change is coming to our tech.
5G will increase the volume of data available to businesses and consumers alike tenfold, much in the same way that past developments, like going from 2G to 3G, drastically spiked the amount of data used across the economy. 5G also stands to lower the amount of time data spends in transit, cutting back on dreaded low-latency which cost business of all fashions their valuable time.
5G will quickly become the foundation of a data-driven market which relies on sensors everywhere; as today’s trends like smart cities or IoT-based businesses continue to grow, more sensors will come to be embedded in our devices and infrastructure, which will in turn demand greater data services that only 5G will be capable of offering. In a recent jaw dropping report, IHS determined that as much as $12.3 trillion of revenue could be unlocked by 5G-driven innovations, for instance.
Like many other groundbreaking technologies, 5G will also drive sustained job growth, as well. IHS’ report also determined that 5G could support 22 million jobs globally in 2035, for instance. 5G will most likely do this, and carry out its other expected impacts, by speeding up existing business capabilities and reshaping how consumers receive and transfer their data, particularly when they’re on their mobile phones.
Wise businesses hoping to cash in on the forthcoming 5G revolution understand the importance of overhauling their digital infrastructure. Service providers, too, are coming to realize they’ll need to reevaluate their industry standards as technology moves forward at an ever more rapid pace. The biggest challenge for businesses may be determining exactly how they intend to monetize their 5G platforms, given that it’s hard for them to comprehend just how fast tomorrow’s services may be.
One way or another, 5G is coming to reshape how businesses operate. It’s now a question of when, not if, and shrewd business leaders understand they’ll need to take the right steps now to avoid future headaches.
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