Oh, the anticipation of it all. Long before enough of the new devices get into users' hands to make a mainstream impact, 5G connectivity has been stirring up increasing attention in many sectors. From IT, retail, transportation and manufacturing to health care, entertainment, education and agriculture, nearly every industry will be impacted in some way by 5G.
Increasingly connected devices are driving the shift. In fact, IDC predicts more than 30 billion--yes, 30 BILLION--devices will be connected to networks globally by 2020. With connectivity at the heart of this new level of frequency, 5G will not only give a much-needed boost to IoT innovation but also present new and lucrative opportunities for small businesses.
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A projective study from Qualcomm suggests that 5G will generate up to $3.5 trillion in revenue in 2035 and support as many as 22 million jobs. Furthermore, a PSB Research report surveying business leaders, analysts and tech enthusiasts found that 87% of them expect small business growth and more global competition as a result of 5G. It's clear that this next iteration of connectivity will offer many benefits for small businesses that decide to take advantage of it.
With 5G set to officially start rolling out in 2020, businesses will need to start preparing now in order to stay ahead of industry competitors and use the full potential of this fifth generation of wireless connectivity.
Data Point No. 1: Unique Characteristics of 5G
By far the most defining characteristic of 5G is its unprecedented speed that’s like nothing we’ve seen before. In fact, many experts predict that 5G will be up to 100 times faster than 4G. To put that into perspective, whereas downloading a movie on LTE might have previously taken 10 minutes or more, it may now be possible to do this in under 10 seconds with 5G. In addition to faster speeds, 5G will offer lower latency with less delay or lag, greater bandwidth and capacity to handle many applications at once. All this speed is expected to improve battery life for smart devices.
Traditionally, smart devices were considered a consumer trend, but now more and more businesses are turning to Teltik Small Business Plans and adopting mobility solutions to ensure that operations can run smoothly and efficiently. The advent of 5G means that devices will become instantly responsive and networks will be able to support many more of those devices at the same time. These features make 5G a true game-changer and will bring new opportunities for businesses.
Data Point No. 2: Network Slicing
One key ability of 5G is network slicing. With network slicing, operators can split a single physical network into multiple virtual networks. These virtual networks can then be tailored to different kinds of services or customer segments. This means that a business can essentially have its own private 5G network tailored to its specific business needs. Additionally, businesses will be able to receive new products and services more quickly from operators. These products and services can easily be adapted as demand changes and evolves. Network slicing also has cybersecurity benefits because if a cyberattack breaches one virtual network, the attack won’t be able to spread to another virtual network. All of this ultimately means more services and a better user experience for businesses.
Data Point No. 3: Remote Working
Remote working already comes with great benefits, such as business agility, improved scheduling and lower turnover, but the constant access to a fast, reliable internet connection that comes with 5G will make these benefits even better. With 5G, remote workers will have greater access to remote access software so that they can more easily communicate and collaborate with colleagues as well as work more effectively. Network-related tasks, such as online sales or sharing large files in the cloud, will become faster and more efficient. Additionally, this seamless connectivity gives businesses the ability to use augmented reality and virtual reality to make remote meetings feel as if colleagues are in the same room. 5G will not only make businesses more integrated and productive, but also will lower overhead costs associated with being physically present in the workplace.
Data Point No. 4: Small Business Innovation
5G will be able to meet the speed and connectivity that IoT demands, unlocking huge opportunities for businesses. Businesses will be able to more easily experiment with and leverage disruptive technologies such as drones, artificial intelligence, robotics and others. For example, small businesses can use virtual reality to create dynamic video experiences for customers; 5G holographic projection allows users to view 3D video without 3D glasses, enabling small businesses to give 3D presentations at meetings, demos, conferences, and events to enhance visual experiences, make compelling use cases, and stand out from competitors. Those businesses that decide to incorporate these innovative technologies will be seen as the leaders in their industries.
Data Point No. 5: Conclusion
In the past, consumers have benefited the most from each new wireless generation; however, businesses will be the biggest winners this time. The power, bandwidth and speed of 5G certainly will transform the way small businesses work and operate. With faster, more reliable mobility, 5G will help small businesses better meet the demands of their industry and customers, making them more resilient and competitive. Those businesses who are the first to leverage the power of 5G will be the ones leading the way in the always-connected future world.
Is your business prepared?
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