The worldwide move to 5G networks is on the horizon. Ericsson is testing the technology now with 80 percent of the top mobile operators, from Verizon and AT&T, to Sprint and Vodafone Group. In 2020, a transformative commercial 5G system will already be in use. This will launch a global market opportunity projected by Ericsson to garner a $582 billion market for telecom operators by 2026, which is expected to increase revenues by an impressive 34 percent.
The future in 5G
5G will enable new applications and technologies that will offer real-time, intuitive experiences. This will include self-driving cars, smart homes, remote-controlled robots, and drones featuring haptic feedback technology. Traffic safety, infrastructure, and even the delivery of education will be impacted. IoT applications will skyrocket, and the battery life of IoT devices will improve tenfold.
The “Networked Society” will become less of an idealized notion and more of a reality. 5G technology makes smart cities and intelligent transportation tangible. Individuals will be more mobile, collaborative, and connected, which will alter the way people live, work, and interact.
Unmatched speed, data handling
With the advent of 5G, information will be transmitted at speeds never experienced before. For instance, 4G LTE download speeds are maximized at one gigabit per second. 5G will achieve 10 gigabit per second downloads, making an entire HD movie downloadable in mere seconds. This is partly because 5G’s MIMO radio technology leverages higher radio frequencies that can travel unencumbered at longer distances. Combined with the flexibility of network slicing, 5G delivers the high capacity and network throughput that results in the lightning-fast data transfers customers want – and will soon experience.
The 5G platform will also enable extremely low latency, making delays negligible. It will uniformly make data available regardless of location and be able to handle an incredible amount of traffic. However, it will also significantly reduce energy use and lower device costs. It will create virtual on-demand networks and will expand transaction security. This groundbreaking end-to-end solution will produce entire segments of new customers, services, and revenue sources for telecom operators.
Ericsson predicts that the project manufacturing and energy/utilities industries will enjoy the most revenue boost from 5G implementation. In September, Ericsson, Telia, and Intel Corporation launched successful 5G trial cases for public use. Attendees of the EU Digital Summit were able to remotely control a construction excavator with augmented reality 5G technology. In addition, approximately 2,000 Tallink cruise ship passengers in the Port of Tallinn, Estonia were given the opportunity to use Wi-Fi 5G technology while docked. The ship’s communication systems were also supported by the platform.
With 5G technology slated to solve problems, improve public safety, and create new market opportunities, it is critical for telecom operators to act now. Creatively identify and define 5G use cases, strategize how to target these new customers, and advance infrastructure changes to build the 5G network required to enhance the customer experience. Happy customers are loyal ones, so as you map your customer-targeting 5G strategy, include tactics that will make customers uniquely yours. You’ll be glad you did when the increased revenues are going your way.
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