Are you ready for 5G?
4g compatibility means devices can connect to the internet faster than ever before. On a daily basis we see more and more devices actively communicating with each other, and the regular upgrades of the present networks are no more enough to support endlessly increasing traffic. 4G has a limit to the amount of data it can transfer. We can now look forward to 5G as it not only offers a possible solution but also a whole new range of opportunities. In telecoms, digital engagement and 5G networks are the two big drivers powering this evolution. With the right digital platform telecoms can now capitalise on this. Life and business can be transformed in so many ways. From your home- to waking up with you, and managing health, to smarter working and immersive entertainment. For example, Telco and internet partners can provide health and wellness offers. Customers can now have real-time health checks and the information collected in real-time from the device is used for real-time analysis and action.
Now, when we speak of 5G we are talking about something more than connectivity. In the pandemic that the world is witnessing, what we now call the ‘new normal’ is defining and shaping businesses across the world as they are in the middle of a major digital transformation. Today, connectivity has become critical in terms of not only providing collaboration opportunities but also boosting organisational resilience. Beyond being an enabler of connectivity, the future value of telecom, lies in providing value services and customised customer experiences. Service providers and the content partners are taking entertainment to new levels. Opening a new era of personalised immersive entertainment and communication.
Examples range from AR and VR that lets fans be at their favourite live entertainment events, cloud-based interactive gaming services, to education and community-based projects. This is a very exciting era for the telecom industry. Technologies like 5G, Artificial Intelligence (AI), Augmented Reality/Virtual Reality (AR/ VR), Internet of Things (IoT) and Extended Reality (XR) promise to transform connectivity, creating better, more secure and personalised experiences for customers.
So, what can we look forward to?
There is no doubt that 5G is going to be a game changer for the telecom industry and is projected to yield massive economic opportunities over the next three to five years. As per a KPMG International survey report 2020, the augmentation of enterprise 5G will impact almost all major sectors, with the potential to unlock USD4.8 trillion globally through identified use-cases.
- In the healthcare sector, 5G gives way to more preventative care and better medical resource management leading to lower overall health costs.
- 5G brings in timely diagnostics, and the medical data can be transmitted and consumed by doctors faster than ever before, whether at home or in the office.
- Patients receive better care due to more reliable networks and use of smart machines that may be less susceptible to breakdowns or downtime.
- 5G technology allows patients to connect virtually with doctors and other healthcare providers, communicating via real-time video or live chat.
- Improves healthcare service delivery due to fast and intelligent networks, connected devices, back-end services, and extremely low-latency.
Overall, the adoption of 5G will lead to-Lower latency – which means that a myriad of devices & things can be connected wirelessly at home.
For example, Airport terminal buses can be operated remotely improving operational efficiencies and passenger transportation delays, Higher capacity – supports medical diagnosis virtually in remote location locations. Increased bandwidth (10x faster than 4g) – Automates Agricultural crop spraying deploying drones to ensure a better harvest / yield and reducing operating costs. Overall, you can expect a 24/ 7 smartly connected world.
Conclusion
After several years of continuous innovation and development, we can confidently say that networks have become the pillar stone of our constantly connected world. The availability of networks that are inter-compatible and compliant has defined the way people desire to communicate with each other and the way information is shared.5G makes it possible for networks to believe that they can keep up with the increasing demands and expectations of their customer and stand out in the competition.
While Service Providers will lead the implementation of 5G technology, governments would need to set industry-specific regulations to ensure that the devices and networks are well-secured to ease digital and cyber risks across the ecosystem.5G will involve a high level of associations and partnerships, and this interrelated ecosystem is set to provide substantial opportunities & new B2B business models for Communications service providers across the value chain and encourage the adoption of lighter and effective unified approach.
Though the considering factor is that a significant amount of investment is required to put 5G in place, understanding and strategizing the return on investment will require clear objectives and well-defined strategies. Defining the value of 5G use cases is key, however the business dilemma is what is the impact and consequence on your overall business if you don’t invest?
PS – The investment question is answered as of 17 March 2021 – UK Service Providers invested $2bn in 5G low frequency & mid-range Spectrum.
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