According to an IHS study sponsored by Qualcomm, the impact of 5G mobile communication technology on the economy may be more than expected. The timing of the launch of the survey comes at a time when telecom operators are racing to test the still-developing 5G prototypes and standards.
According to the research report entitled "5G Economy", when 5G reaches its full potential, it is expected to achieve up to 12.3 trillion US dollars of goods and services in 2035. By then, it is expected to generate $3.5 trillion in revenue and bring in 22 million jobs for companies developing 5G products and services. The so-called 5G value chain is estimated to cost up to $200 billion a year to build 5G products and services.
In another survey, also sponsored by Qualcomm, more than 90% of the 3,500 respondents surveyed agreed that 5G will bring new products, services, and untapped applications. In addition to increasing the wireless broadband to 10Gbits/s, 5G expands to support large-scale Internet of Things (IoT) deployments and provides low latency response for new wireless services. IHS is working on 21 applications across 5 major application areas for 5G research.
Qualcomm CEO Steve Mollenkopf said the report further "confirmed our belief that 5G will be the fundamental technology for changing the rules of the game!"
IHS expects US spending on 5G related services will be as high as $20 million per year (source: IHS)
In addition, Hakan Andersson, product manager of Ericsson's 5G strategy, said: "The demand for operators to actively promote 5G services is very strong."
Ericsson began working with Japan Docomo on 5G in 2014 and has been conducting laboratory tests with operators since 2015. Currently, the company has also conducted field tests in cooperation with Qualcomm, SK Telecom, AT&T and Verizon.
Andersson said that the 5G standard set by the 3GPP team began with issues affecting hardware design and therefore has a longer lead time. In addition, the team will reserve space for future compatibility features that will be added in the future.
Compile: Susan Hong
(Reference: 5G Report Gauges Trillion-Dollar Impacts, by Rick Merritt)
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