With 5G getting nearer, it’s impact on the global economy is becoming clearer and the consequences are significant. As our previous blog comments, the 5G network deployment is expected to ramp up after 2020 and its market size may reach $247 billion worldwide by 2025.
Now an article from International Business Times identifies some reasons why nations are hurrying to become the first 5G users in the world.
The step change in the move to 5G Internet connectivity means faster and more efficient service delivery, easier access to information and accelerated innovation, all driving international investment. In this way, it is anticipated that 5G will make tangible changes to the global economy, particularly amongst developing nations.
The World Bank forecasts “a 10 percent increase in high-speed Internet connections will deliver global economic growth of 1.3 percent.”
But beyond economic power, improved welfare and quality of life are likely to follow too. According to research from World Economic Forum, the countries that invest more time and money on developing their broadband infrastructures will be the ones that experience the biggest improvements in living standards. With 5G it is feasible that improved service delivery will allow governments to make real improvements to financially stretched social services across the world.
The only problem is that, at a time when the world could use some help right now, we have to wait another three years. Roll on 2020.