By 2030, fifth-generation (5G) related initiatives will contribute over $7.5 trillion to the global gross domestic product (GDP) compared to $5.1 trillion 4G contributed in 2019.
This is according to Dimitris Mavrakis, research director of ABI Research, highlighting the impact of 5G technologies on the global economy, businesses, and consumers across the globe.
Mavrakis noted that the low latency, high-speed 5G connectivity has opened infinite opportunities for businesses, resulting in productivity gains and operational efficiency, boosting economic growth.
He was speaking at the Huawei 5G+, Better World Summit, where various operators and industry partners shared their view on how 5G applications can drive significant business and industry efficiency.
“We expect that 5G will transform businesses in the same way 4G transformed consumers,” said Mavrakis.
However, he cautioned that it could take several years for the manufacturing world to adopt the technology.
Mavrakis also implored governments to provide opportunities for 5G to flourish within their countries and highlighted ways that this is already being done, such as in the provisioning of free 5G spectrum and the reduction in taxation of carriers.
Several Huawei partners also highlighted the different industries that are already getting great benefits out of 5G.
Ports of trade
Xu Mengqiang, General Manager of China Mobile Ningbo, highlighted that several 5G implementations have resulted in substantial benefits to a Ningbo port.
These include 5G-powered self-driving container trucks, remote-controlled cranes, and backhaul HD video streaming – which shows key cranes in real time.
The Ningbo port envisions that efficiency will be increased by over 260% while labour turnover will significantly reduced as a result of better and safer remote working environments using new 5G-powered technologies.
Dr Thomas Anken, head of the Digital Production Federal Department of Economic Affairs Education and Research in Switzerland highlighted that 5G is enabling a variety of smart farming methods that have a significant impact on the yields of farms in the country.
Guo Lihong, Deputy Director of the Engineering Equipment Department of Hunan Valin Xiangtan Iron and Steel, explained that 5G is expected to increase the factory’s efficiency by 30% while reducing costs by the same margin.
5G is used with remote-controlled cranes and slag-adding arms to streamline the factory’s processes, and these cranes have improved production efficiency by 33%.
The ability of production line surveyors to watch real-time production through HD video has also optimised these workers’ jobs.
In total, the factory plans to build 100 5G macro sites as well as three management centres to continue to reap the benefits of 5G.
5G- enabled Smart Tourism will generate benefits across the whole economy value chain.
During the current pandemic, 5G enables higher-quality broadcasting of tourism and wildlife attractions as well as in Virtual Reality to help with marketing and attracting tourists in the future.
Imagine if a 5G enabled camera was strapped on an animal, surrounded by thousands of other animals during the migration, and you could experience that in high quality from home.
For tourists who come to Kenya, 5G will let customers use Augmented Reality on their phones or special wearable devices to experience tourist sites differently—just imagine overlaying images and seeing and hearing what Lamu Old Town and Port, or Fort Jesus used to look and sound like hundreds of years ago, or seeing some of the items in the National Museum in their original environment, or passing an item in a museum and immediately being able to see on your phone videos explaining it, or even helping you see inside it.
Such experiences can not only enhance the visitor’s experience, but also generate additional revenue for the industry, and extend tourists’ stays.
Finally, hotels and tourist attractions can also use 5G to very quickly set-up wi-fi in hotels and wi-fi hotspots at tourist attractions which is a must nowadays.