5G is expected to add US$1.3trillion to the global GDP by 2030
Productivity and efficiency gains enabled by 5G's application will drive business, skills and service change worth US$1.3 trillion to global GDP by 2030.
In Powering Your Tomorrow, PwC quantifies for the first time, the economic impact of new and existing uses of 5G in utilities, health and social care, consumer media and financial services across eight economies (Australia, China, Germany, India, Japan, South Korea, USA and the United Kingdom where the technology has been in advanced rollout. Economic gains are projected across all economies assessed in the study with the gains accelerating beginning in 2025 as 5G-enabled applications become more widespread.
5G is more than a faster version of the 4G mobile connectivity. Speed, reliability, reduced energy usage and massive connectivity will be transformative for businesses and the wider society, enabling ubiquitous access to super fast broadband. Used in combination with investments in artificial intelligence (AI) and the internet of things (IoT), 5G will be the platform to enable business and society to realise the full benefits of emerging technology advances.
Achieving better, faster outcomes in health and social care
It is estimated that half of the global economic impact (US$530bn) will be driven by the transformation of health and social care experience for patients, providers and medical staff within the next ten years.
Beyond the acceleration of telemedicine which occurred during the COVID-19 pandemic, 5G’s applications include remote monitoring and consultations, real time in-hospital data sharing, improved doctor-patient communications and automation in hospitals to reduce health care costs.
Smart utilities management applications will support environmental targets to reduce carbon and waste through enabling combined smart meters and grids to deliver energy savings, and improving waste and water management through tracking of waste and water leakage (US$330bn).
- Consumer and media applications include: over the top (OTT) gaming, real time advertising and customer services (US$254bn)
- Manufacturing and heavy industry applications include: monitoring and reducing defects, increased autonomous vehicle use (US$134bn)
- Financial services applications including reducing fraud and improving customer experiences (US$86bn)
Finally, the study highlights that the reach of 5G’s technology potential will require businesses and government to consider new approaches to regulatory and consumer engagement - focusing on how the technology is used.
5G survey by PwC Cyprus
PwC Cyprus in collaboration with the University of Nicosia recently conducted a local survey to capture the level of awareness, the concerns as well as the level of engagement of the local ecosystem towards this new technology. The research results, which are of particular interest, will be presented in the coming weeks by PwC Cyprus. It is also worth noting that more than 400 people participated in the survey.