With the introduction of 5G cell networks, the world is about to change forever. 5G has been hailed as a panacea for any connectivity issues that have arisen in the past, as well as a road towards a completely wireless future. There are many 5G business implications, as well as implications for consumers.
The current cell network generation, 4G, has ushered in a major mobile revolution, allowing many of us to stream high-definition shows anywhere and at any time. That will be taken a step further with 5G. Even though we’re only going from 4 to 5, the upgrade is a significant stride forward in data transmission technology.
For mobile devices, 5G will deliver faster internet speed, lower latency, and higher data caps. Major sports networks are already using 5G micro-networks for entirely wireless streaming live sports events. Imagine a network of 30 4K cameras all broadcasting live to a single network — that’s what 5G can do. By 2035, 5G is estimated to produce $10 trillion in revenue.
Let’s look at what is 5G, its advantages, and most importantly what it means for your business.
What Is 5G?
5G mobile wireless communications technology is a step up from the current 4G network (the G stands for generation). It employs radio spectrum bands that are shorter and higher in frequency, resulting in lower latency, faster speeds, and higher load capacity.
5G is expected to give somewhere between 10 to 20 times quicker browsing and a higher download speed than its predecessor.
Furthermore, 5G will allow for many more simultaneous connections to the Internet of Things (IoT) devices, such as sensors in manufacturing plants, industrial control systems in power plants, in-car Wi-Fi, and smart thermostats. However, the attack surface will rise by an order of magnitude as a result of all these additional connections to IoT devices. As a result, we’ll need to beef up security with 5G, and we’ll have to integrate security into these 5G-enabled IoT devices from the start.
5G Business Implications – How Will It Affect Your Business?
As we said earlier, 5G is going to add to your overall internet connectivity and accessibility. For businesses, this means faster networking, more apps to do work faster, and even reduced expenditures. However, these are only a few of the many benefits that 5G offers. Here is how 5G will impact your business:
Enabler for IoT
The introduction of 5G corresponds with the rise of the Internet of Things, and thanks to its enhanced speed and capacity, it should always be up to the challenge. Because of smarter routing and enhanced network monitoring, there is minimal contention, latency, or outages. The Internet of Things relies on these factors and 5G will deliver on all fronts.
With the advent of 5G, businesses will be able to leverage the Internet of Things to improve internal processes or sell IoT devices to customers.
Increased productivity for employees
5G has the ability to not only generate new ways of working, but also to improve existing ones. Employees can be supplied with low-power devices that run strong analytics to deliver premium services or streamline warehouse management and operations, thanks to 5G’s low-latency connections to the cloud.
Better quality conference calls on the go are also made possible by faster speeds and lower latency. With 5G, executives and employees can hold spontaneous meetings and collaborate virtually from anywhere, ensuring that every minute of the workday is productive.
Increased productivity for sales channels
New means of communication that make training easier are another benefit of 5G that organizations can take advantage of. For example, Augmented Reality (AR) improves on-the-job training by providing outgoing input that employees require as they start new positions.
Providing sales teams with a higher-bandwidth connection to the office and to channel partners can help them sell more effectively.
Augmented or Virtual Reality (AR/VR) business cases are growing, but they’ll be easier to access with technologies that ensure high-definition information at a high frame rate with no discernible lag.
This is exactly what 5G provides, and it does so wirelessly.
Transforms customer experiences
We’ve established that 5G brings speed and that this level of performance can be used to improve customer experiences by allowing them to see products without lag.
Retailers might improve their abilities to try on the latest trends digitally or walk through manufacturing processes without having to visit the store. These methods are already in use, but 5G will make them better, faster, and more accessible to any company with a unique, customer-centric idea.
It encourages innovation
The availability of 5G technology will make our economy and businesses more innovative, resilient, and competitive.
New technology inspires new ideas, and 5G opens the door to new business models, products, and services that are ripe for the taking.
One of 5G’s main benefits is the capacity to collect and use more data more quickly, which will help organizations of all sizes to revolutionize their business models and generate new opportunities.
5G Business Implications – Benefits
Let us take a look at the advantages of the 5G network:
5G is going to be a big upgrade on the latency issue for businesses. High-speed connectivity service providers are expecting connectivity latency to reduce to as low as 1 millisecond. This is going to be a massive boost for all kinds of businesses across B2B and B2B channels. In particular, businesses will be able to work remotely far more effectively. This will also help multinational enterprises share projects across countries or continents even more easily.
5G is set to break current benchmarks for internet speeds by a large margin as well. It is expected to clock up to 10 Gbps from the start and added network enhancements will result in even greater speeds later on. Businesses can expect to share massive amounts of data and a considerably increased capacity for conducting all internet-enabled processes.
5G is going to offer a lot more reliability as compared to 4G and previous networks. This is going to increase the overall quality of all voice and video communications. In particular, companies are going to witness a considerable increase in both the health and hospitality industries. The same benefit will accrue to all industries that heavily rely on connectivity.
5G capacities are going to exceed 4G levels by a significant margin. 5G puts special emphasis on increasing throughput and minimizing latency will greatly increase multi-device support. Utilizing 5G will naturally result in high-capacity internet access which allows for prompt and clear working with minimal lag time.
5G’s launch is imminent and the event will definitely mark a new era of business and innovation across the world. As a company or an entrepreneur, you can take advantage of the tech by preparing for it beforehand. The first businesses off of the starting line always have an advantage and everyone in your industry will be vying to be first on-scene with it. So, it can also be utilized for promoting your business and edging out the competition. The above list can help you make the most of 5G right from the first launch. Be sure to cover all key IT areas for your business so that your business stays a step ahead.
Have any questions about your 5G business implications going forward? Contact us today for help.