Friday, March 19, 2021
5G deployments spur economic optimism
Phased deployments of 5G-enabled devices and networks are fueling hope of better processing speeds, according to new studies by Accenture and HighSpeedInternet.com. As 5G connectivity improves in the United States and Europe, manufacturing, automotive, healthcare and agriculture will benefit as 5G creates new jobs in these sectors, Accenture analysts suggested.
The Accenture report, titled 5G accelerates economic growth, and published in February 2021, stated that the multiplier effects of 5G will be felt in every industry as new jobs create more new jobs. "5G has the potential to create or transform up to 16 million jobs across all sectors of the economy, which includes full-time, part-time and temporary jobs," Accenture researchers wrote. "U.S. economy will drive up to $2.7 trillion in additional gross output (sales) growth. 5G will add up to $1.5 trillion to the U.S. GDP, larger than the annual GDP of 94% of world economies."
Data analysis from HighSpeedInternet.com, based on a survey of 1,000 Americans, reported that next-generation, 5G-enabled Apple iPhone 12 and Samsung Galaxy S21 are driving mainstream adoption in the United States. A majority of respondents, who were located in all 50 states and ranged in age between 16 and 54, saw improvement in speed since upgrading devices, according to HighSpeedInternet.com researchers.
Device enablement
HighSpeedInternet.com researchers additionally noted that 48 percent of U.S. consumers use a 5G-capable device, and 69 percent of those consumers purchased the device within the last three to six months. Following are additional survey highlights:
- Disappointed by 5G speed: 37 percent of consumers surveyed stated they were underwhelmed by 5G speeds; 18 percent did not notice any change and 19 percent were unsure of any improvement in speed and performance.
- Worth the upgrade: 62 percent of respondents think 5G is worth the upgrade.
- Expecting to see improvement: 75 percent of respondents are optimistic that their 5G connection will improve in 2021 as mobile companies expand their 5G infrastructure.
A copy of the report is available at: www.highspeedinternet.com/providers/5G/#survey
Infrastructure enablement
Accenture researchers touted 5G as "the world’s next technological breakthrough," stating that it will be significant for the American economy and citing the following transformative benefits:
- Manufacturing: 5G-enabled factories could improve productivity by 20 to 30 percent, including up to 50 percent in assembly time, up to 20 percent in asset life and up to 90 percent in defect detection.
- Retail: 5G-driven in-store video streaming could increase sales by 50 percent when combined with human-focused processes.
- Healthcare: 5G connectivity enables more remote post-acute care and home-based care, improving operational efficiencies and driving better patient outcomes.
- Automotive: 5G-connected vehicles could reduce non-impaired accidents by up to 80 percent, saving approximately $3.6 billion in collision costs and possibly reducing traffic by up to 25 percent.
- New vertical industries: 5G will lead to the creation of industries not yet imagined. There are tangible and realizable acceleration opportunities to speed up the deployment process and maximize the benefits.
A copy of the Accenture report is available at www.accenture.com/us-en/insights/high-tech/5g-economic-impact
HighSpeedInternet.com researchers maintained that enabling 5G's transformative benefits would require a national 5G infrastructure. Noting that most 4G networks have average speeds of 30 Mbps compared to average 5G speeds of 47 Mbps to 500 Mbps, researchers acknowledged carriers have yet to reach the futuristic target of 10,000 Mbps.
"In comparison to 5G’s predecessors, 4G and LTE, networks that meet 5G standards deliver faster internet speeds with lower latency, making phones and other devices far more responsive to the demands of our interconnected world," HighSpeedInternet.com researchers wrote. "All major cellular networks, like Verizon and AT&T, are currently upgrading 4G networks to 5G across the country. The process will take several years but it could lead to some big changes in wireless communications and Wi-Fi."
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