Currently, the world of business is working on the 4G platform, which bought with it faster speeds and more benefits than its previous cohort, 3G.
With the onset of 5G fast approaching and set to make some important changes right from the ability to possibly totally replace fixed wireless networks, it’s reliability and connectivity, let’s take a look below at some of the major changes 5G will make to the way we do business across the globe.
As previously mentioned, the fifth generation of cellular technology may have the capacity to replace current fixed wireless networks. This is itself, will open up a vast array of new business applications. According to 5g.co.uk, this brand new breed of technology will be much faster for more people.
The fastest fixed broadband packages currently are often restricted to cities, large towns, and big businesses. The logistics of hooking up premises with fiber connectivity can be difficult to set up in more sparsely populated or remote arrears and current businesses in these kinds of areas can suffer from sub-par broadband.
Fifth-generation cellular technology is not only fast and efficient enough to potentially replace fixed wireless, which in itself will open up a range of new business applications, but It also is more reliable, costs less, enables massive device connectivity with Internet of Things applications (IoT) uses less energy, and more offers useful new features such as different networks over the same cellular signal.
According to research by Qualcomm, the benefits of 5G in our business world is set to boost global GPD by around $3 trillion dollars from 2020 through to 2035 and set to generate at least 22 million new jobs.
Thus cutting edge technology is arriving at the same time as other game-changing technologies such as cloud, edge computing with IoT and artificial intelligence. According to experts, these elements combined can create an environment which can totally transform industries such as retail, by building smart factories, along with self-driving vehicles a reality. It also has the capacity to revolutionize the healthcare industry.
“According to research by Qualcomm, the benefits of 5G in our business world is set to boost global GPD by around $3 trillion dollars from 2020 through to 2035 and set to generate at least 22 million new jobs.”
The new 5G technology enables network slicing, out simply, this allows the creation of several different networks over the same cellular signal. This means that businesses can run more effectively and efficiently, using their own bespoke networks, rather than relying on the public internet.
The Internet of Things is already is widely used in various business settings. The many devices that are used, around 7 billion according to IoT analytics, work more streamlined together with 5G and vastly improves how it can be used for companies according to experts.
The reason that IoT has more scope when coupled with 5G is that overall it requires less energy from wireless radios, can be used across a wider section of IoT video applications and also quickens speeds which help to eradicate the issues with latency on wireless networks.
5G is here and our lives are about to change for good.
Disclaimer: The author of this text, Robin Trehan, has an Undergraduate degree in economics, Masters in international business and finance and MBA in electronic business. Trehan is Senior VP at Deltec International www.deltecbank.com. The views, thoughts, and opinions expressed in this text are solely the views of the author, and not necessarily reflecting the views of Deltec International Group, its subsidiaries and/or employees.
About Deltec Bank
Headquartered in The Bahamas, Deltec is an independent financial services group that delivers bespoke solutions to meet clients’ unique needs. The Deltec group of companies includes Deltec Bank & Trust Limited, Deltec Fund Services Limited, and Deltec Investment Advisers Limited, Deltec Securities Ltd. and Long Cay Captive Management.