By Manish Vyas
5G, the 5th generation of wireless connectivity, is not just a step up from 4G; it is the glue that will bind our digital future together and solve challenges such as weak technological infrastructure, unequal access to education, cyber risks, polluted cities and poor waste management, among others . It is at the heart of emerging technologies such as the Metaverse, Artificial Intelligence (AI), Internet of Things (IoT), cloud computing, etc. that will change the world.
On World Telecommunication and Information Society Day, let’s understand how fifth-generation networking technology will provide individuals and businesses with the fuel they need to take advantage of new era technologies.
Digital connectivity: the backbone of a digital economy
The COVID-19 pandemic has had a lasting impact on individuals, governments and businesses around the world. As a semblance of normalcy returns, organizations are betting heavily on rebuilding rather than repairing, and we envision telecommunications technologies as the catalyst for this process. As leaders around the world continue to navigate uncharted waters, a strategic approach fueled by emerging technologies such as 5G will help organizations not only address issues within the ecosystem, but also help rebuild the business. in its entirety.
5G has the potential to solve the digital divide by improving public infrastructure and creating smart, hyper-connected communities. Over the next few years, 5G is set to become the standard for mobile communications technology, ushering in a new era of connectivity, speed and possibility.
Additionally, one of 5G’s core service areas – massive machine-type communication (mMTC) – has huge implications for building hyperconnected smart communities. Cities, ports, warehouses, etc. Integrate sensors into infrastructure, including sidewalks, buildings, traffic lights, water and sewer lines, and public transportation. Using a combination of wireless and wired 5G connectivity, public works departments would be able to track the exact location of assets across the city.
5G: a new era of customer experience
With the rise of 5G, data analytics, artificial intelligence and machine learning will penetrate new market segments and enable businesses to make better data-driven decisions. It will also provide more accurate real-time and predictive analytics for a better customer experience. The ability to distribute processing across devices, edge, and cloud will facilitate flexibility for new solutions and new use cases.
Fueling innovation with 5G
The new era of all things “smart” and “connected” is driven by innovation. What businesses need today is the freedom to truly innovate and break new ground. A space with the freedom to exchange ideas and collaborate to co-create future-ready solutions that deliver high impact, profitability and a superior customer experience. The arrival of 5G makes all this possible and more.
5G gives businesses the ability to experiment with a myriad of ideas, start small, fail early, and learn quickly. Pick a particular challenge and take it on as a pilot, test and iterate until you get to the finish line. This makes the fifth generation of wireless networks enterprise-centric, as it means innovation without affecting current operation and faster processing which will result in faster test and deployment times, enabling faster realization of the value.
A billion-dollar industry-wide transformation fueled by 5G
Industries from agriculture to automotive and aviation, healthcare to home automation, and manufacturing to mining are building on the promise of 5G. Industry estimates indicate that 5G is expected to create $3,667 million in healthcare opportunity by 2026 by increasing accessibility and improving patient care. It can redefine the way healthcare is delivered and start the healthcare revolution. Remote monitoring and surgeries, better image processing, the use of drones in emergency situations, and faster data transfers are some of the major use cases in the industry.
The trend should be the same for the other segments as well. The growth is also reflected in the 5G technology segment, which is expected to reach a global market value of $797.80 billion by 2030.
5G, spearheading the next wave of digital transformation
Today, the role of telecommunications networks in digital transformation cannot be compromised. With 5G, the scope of digitization is endless thanks to the ultra-fast, low-latency network, which also promises greater flexibility and reliability needed to manage multiple applications and devices on a single network. We anticipate that 5G will spearhead the next wave of digital transformation and those who leverage the technology today will have the power of the “edge”, a competitive advantage and an opportunity to build the businesses of tomorrow.
(The author is President, Communications, Media and Entertainment Business, and CEO, Network Services, Tech Mahindra)