The 5G Revolution
What is 5G Technology and how is it revolutionising almost all industry sectors?
the fifth generation of wireless network.
5G is the fifth generation of wireless network technology that will boost innovation, support the digital transformation and lead the way towards fundamental industry changes, by enabling a plethora of unprecedented services based on its capabilities. 5G is not just an evolutionary upgrade of the previous generation technologies (namely 1G, 2G, 3G, 4G), but a revolutionary technology that is expected to overcome the barriers and limitations of connectivity worldwide and enable new applications and business models that until now were just inconceivable.
With features such as extended coverage, more efficient data transmission, ultra-low latency, improved security and extreme user mobility, it is anticipated to drastically transform the way we live, work and communicate. New mobile applications, self-driving vehicles, smart cities, smart homes and IoT (Internet of Things) are just a few of the innovations that will be based on this new technological development. The potential for 5G uses is almost limitless and includes fields like education, healthcare, automation, governance, public safety, new product development, productivity, gaming, entertainment and many more.
5G during covid-19 and in the post covid-19 era.
The COVID-19 pandemic and its socio-economic consequences came to highlight the great need for expanded connectivity as well as the crucial importance of communication technology in the post-covid era. Lockdowns and social distancing measures (teleworking, distance education, etc.) led to the sharp increase in digital interaction and fifth generation of wireless technology is called to support the emergent requirements for connectivity, flexibility and resiliency.
Additionally, in order to cope with the new challenges, businesses worldwide moved on to the reform of their structures and policies with the introduction and implementation of fifth generation of wireless technology. According to the EY (Ernst & Young Global Limited) Reimaging Industry Futures Study 2021 that was conducted through an online study of 1,012 global enterprises between February and March 2021, the pandemic has prompted greater interest in 5G and IoT for 52% of organizations, while 65% of respondents believe that emerging technologies will play a critical role in their business’ recovery from the COVID-19 pandemic.
Value Creation:
Since its introduction, fifth generation of wireless technology has revolutionized almost every industry sector, opened new ways to innovation and literally changed the way we live and interact with each other. According to an abundance of data and statistics, 5G technology could spur trillions of dollars in new investment and benefit a number of industries. That’s the reason why, despite the global financial crisis caused by the pandemic, the industry of IT and Information Services was among the few sectors that saw an increase of 6,3% in global investment in 2020 (IHS Markit | The 5G Economy in a Post-COVID-19 Era: The role of 5G in a post-pandemic world economy, November 2020). According to the same report, by the year 2035, fifth generation of wireless could enable an estimated $12.3 trillion in global economic value and it is estimated that it will contribute 0.2% of the average annual global GDP growth of 2.9%.
At a European Union level, the European Commission supported study “Identification and quantification of key socio-economic data to support strategic planning for the introduction of 5G in Europe” estimates that in 2025 benefits from the introduction of 5G technology could reach €113.1 billion per year. The study focuses on four sectors that are likely to implement 5G in early stages (automotive, health, transport, and energy). Moreover, findings indicate that investment from both the private and public sectors will have a multiplier effect in the economy and result in the creation of up to 2.3 million jobs in Europe, when 5G will be fully deployed.
EU initiatives towards 5G technology.
Due to the massive impact of 5G technology on every aspect of socio-economic life and its potential to introduce innovative and efficient solutions to global issues, European Union moved on to the development of a common strategy among its member states and the establishment of relevant entities.
More specifically:
- The European 5G Observatory, which aims, among others, to monitor market developments such as planning and commercial launch of 5G products and services with major impact, new developments regarding key 5G products, 5G pre-commercial trials and partnerships between actors of the 5G value chain, national strategies and plans by EU Member States. The Observatory also produces quarterly reports that provide national data on 5G deployment including coverage and quality.
- The 5G Action Plan for Europe, launched in September 2016 by the European Commission to boost EU efforts for the deployment of 5G infrastructures and services across Europe. Having identified that high capacity networks like 5G will be a key asset for Europe to compete in the global market, the action plan sets out a clear roadmap for public and private investment on 5G infrastructure in the EU.
Check our European Projects here!
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EU initiatives towards 5G technology.
Due to the massive impact of 5G technology on every aspect of socio-economic life and its potential to introduce innovative and efficient solutions to global issues, European Union moved on to the development of a common strategy among its member states and the establishment of relevant entities.
More specifically:
- The European 5G Observatory, which aims, among others, to monitor market developments such as planning and commercial launch of 5G products and services with major impact, new developments regarding key 5G products, 5G pre-commercial trials and partnerships between actors of the 5G value chain, national strategies and plans by EU Member States. The Observatory also produces quarterly reports that provide national data on 5G deployment including coverage and quality.
- The 5G Action Plan for Europe, launched in September 2016 by the European Commission to boost EU efforts for the deployment of 5G infrastructures and services across Europe. Having identified that high capacity networks like 5G will be a key asset for Europe to compete in the global market, the action plan sets out a clear roadmap for public and private investment on 5G infrastructure in the EU.
Check our European Projects here!