Productivity and efficiency gains attributed to 5G will add US$1.3 trillion to global GDP by 2030 says PwC - and Australia looks set to see a very healthy economic benefit .
The economic impact of new and existing uses of 5G technology in multiple sectors across eight economies with advanced rollout, including Australia, have been gauged in PwC's "Powering Your Tomorrow" report.
In relation to Australia specifically, PwC forecasts 5G’s boost to the economy in 2030 (excuse the US dollars):
- healthcare: USD $9 billion
- industrial manufacturing: USD $2 billion
- smart utilities: USD $4 billion
- consumer and media: USD $4 billion
- financial services: USD $2 billion
..for a total 5G impact of around USD $21 billion in 2030.
So, how will these gains be realised with the use of 5G technology? Here are some examples PwC provides:
Healthcare - productivity gains from 5G related applications in healthcare include drone transported medical equipment and therapies, and improved telemedicine.
Smart utilities - enhanced smart meters and smart grids, better waste management and reduced water leakage through the use of 5G connected sensors and advanced analytics.
Consumer and media - enhanced delivery of online gaming and OTT media, and capture and analysis of customer data for the targeting of campaigns and improving customers' shopping experiences.
Industrial manufacturing - autonomous robots and vehicles in industrial settings and improved efficiency from reduction in defects.
Financial services - improved customer experience and reduction in fraud.
"These numbers quantify impact, but perhaps more important, our study reflects the value of 5G - new levels of connectivity and collaboration mean companies will be able to see, do and achieve more," said PwC's Wilson Chow.
Mr. Chow says given the scale of 5G's potential and its impacts, every organisation will need a plan for 5G implementation within five years.
At Lightning Broadband, we're ready to assist by providing one of the tools some businesses will need to stay competitive; fixed wireless 5G broadband. For example, where fibre broadband that we offer may not be desirable or possible for whatever reason, it doesn’t mean a business has to miss out on truly superfast connectivity. Our enterprise-strength 5G broadband options offer up to a 500/500 Mbps millimetre wave fixed wireless business internet connection.
PwC's "Powering Your Tomorrow" 5G report can be viewed here and the accompanying data explorer here.
