Wireless connectivity has arrived with its new avatar, 5G. With its powerful connectivity it can support a large number of connections simultaneously. It facilitates improved speed, reliability and latency to devices on Internet of Things (IoT).
We are all waiting to see how 5G is going to redefine our lives as we know it. Though there are various apprehensions on its impact on health, 5G is set to be adopted worldwide in the years to come. A few industries are going to be directly impacted by this high power service that we are waiting for.
Based on the report released by CB Insights, it is estimated that these ten industries will get transformed due to the advent of 5G:
Data drawn by a survey of over 100 manufacturers worldwide have shown that 5G can bring the growth of about 4% in the global manufacturing Gross Domestic Product (GDP) by 2030.
- 5G will gather vast amounts of data to predict the operational outputs. Thus, it will help in minimizing unplanned downtime.
- It will enable continuous monitoring of the entire plant and control the defects early to maximize productivity.
- It will deploy augmented reality to support workers maintaining operational processes and, in turn, improve operational efficiency.
- It is expected that 5G will improve safety in the manufacturing sector while lowering maintenance costs.
5G will have a great deal of impact on augmented and virtual reality (AR & VR) technologies. A study published by the Ericsson ConsumerLab merged reality report has estimated that 7 out of 10 adapters are most likely expect AR and VR to change everyday life to no small extent.
AR and VR applications with 5G can provide new avenues and business models to service providers. The combination of edge computing, new device form factors, and high-end distributed core capabilities of 5G will vastly transform the AR/VR industry.
Digital transformation led by 5G has the potential to resolve numerous challenges faced by the healthcare sector.
- Transfer large medicinal imaging files quickly: MRIs and other medicinal images are usually large files. It takes longer to transfer such files at lower bandwidth of connectivity. It creates delayed diagnosis and successive treatments. In case of medical emergencies, the 5G network serves the quicker transfer of such files.
- Telemedicine market will experience growth in today’s time, thanks to the situation created by Covid-19. However, telemedicine requires a network that can run high-quality videos in real-time. Capabilities of 5G will support this program by enabling the high bandwidth network so the patients can take online appointments over mobile networks.
- 5G will also assist in delivering real-time remote monitoring.
The next-generation wireless network, 5G, has the potential to offer enhanced visibility and control over transportation systems. It provides high capacity, low latency and reliability that enables transformation in the transportation industry.
5G facilitates V2V (vehicle-to-vehicle) and V2I (vehicle-to-infrastructure) communication for companies.
Unifying network protocols supported by 5G makes it easier to communicate with a connected device.
Enhanced fleet visibility will offer better safety and control. Drivers can get notified about adverse road conditions and other emergencies in real-time that allow them to reroute their trips if needed.
Self-driving vehicles have a great chance of running over roads as V2V and V2I supported by 5G can make autonomous driving safer and reliable.
5. Financial services:
Digital technology has a great stake in applications in the financial and banking sector, be it ATMs or mobile banking. It is reflected in research done by AT & T and IDG recently as it states that about 81% of financial institutions have geared up with advanced technological changes in recent years.
Mobile banking has been accelerated, and it’s only going to rise with the advent of 5G in the financial sector.
Technologies like remote teller and wearable devices will become easy to implement in the financial sector with the kind of connectivity offered by 5G networks.
Applications of 5G has no exception in the agriculture industry. Using improved connectivity, farmers can monitor different farm conditions, which allow them to make informed decisions if their crop needs watering or pesticides. Further, they can deploy livestock tracking, manoeuvring agricultural drones and operating self-driven tractors.
Smart farming treats each row of plants precisely and not treats an entire field the same way. 5G enabled network supports this kind of farming. It further facilitates the machine-to-machine communications to speed-up the different agricultural processes.
The retail industry is experiencing facing a challenge today as customers prefer online shopping over in-store shopping. Customers these days are less excited to visit shopping malls; rather, they sit back home, open a shopping site on their devices and shop as per their convenience.
In the context of this challenge, 5G technology presents new avenues of retail interactions. Retailers can exploit advanced technologies such as augmented reality, virtual reality, pattern recognition of shoppers, personalized digital signage etc., to connect with customers in a better way. Apart from such interactions, data collection and related advantages will become possible with 5G.
8. Energy and Utilities:
5G will play a key role in utility-driven fieldwork. It will empower the energy and utility sector by helping with real-time operations, integrating distributed energy systems, lowering costs, increasing workers’ safety, and boosting overall efficiency.
Intelligent solar and wind energy asset monitoring will soften the operations of renewable management.
Apart from that, 5G will offer various avenues to the energy sector such as smart grids, smart meters, remote monitoring of energy sites, maintenance enabled by predictive systems, remote operation centres (ROC), virtual rig simulator and smart exploration etc.
Insurance agencies usually rely on carriers to share data for exchanging policies. With 5G, more data available to agencies. It will undoubtedly impact the efficiency of various insurance operations. It will help agencies to maintain their customer base. 5G will also improve computing speeds that will boost the interaction with customers.
10. Media and Entertainment:
The media and entertainment industry is going to experience unforeseen transformation with 5G. How?
- Enhanced real-time entertainment experience
- Ultra-rich visual experiences with 5G enabled wireless headsets and glasses
- Boost in AR/VR sector
- Enriched audience engagement with high-quality visual experience