The 5G economic impact could be $4.3 trillion worldwide, according to new research from business consultancy KPMG. The reason the value is so great is that there are several important emerging technologies that require networks faster than LTE. Without 5G, the full power of AI, smart machines and the IoT won’t be realized, KPMG argues.
“5G will amplify these technologies and allow them to interact in a way that will revolutionize the way we live, work, and connect with our environment,” Alex Holt, KPMG’s Global Leader for the Communications & Media sector practice, said in a press release. “These won’t just be incremental changes. The power and speed of these tools will drive meaningful advances to address environmental, human health, financial services, transportation and important social issues across the globe.”
The commentary points to several of the sectors that will benefit from 5G. They include:
- Intelligent communities: Municipal assets, systems and infrastructure will be linked in order to support next-gen monitoring, advanced data sharing and analytics.
- Connected vehicles: Cars and trucks will use 5G for GPS, sensors and onboard computers in efforts to enhance safety, efficiency and connections with other vehicles and smart infrastructure. Entertainment, and the advertising revenue it generates, also is a driver.
- eHealth: People will have great control and access to healthcare services. Real-time biometrics will enable delivery of personalized, proactive and on-demand care. 5G-supported eHealth will improve rural care, cut sometimes long trips to the hospital and enable some people to stay home who otherwise would have to be hospitalized.
- Intelligent agriculture: Use of machine learning, automation and 5G will lead to “unprecedented volumes, in more ideal environments and with higher yields,” according to the report.