5G: 7 Industries That Will Be Affected The Most
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The first phase of the fifth generation of cellular mobile communications, also known as 5G, is slated to launch in April 2019. When that happens, enterprises across numerous industries will leverage and benefit from 5G. Over time, 5G will impact nearly every business in every sector. Here are the seven leading industries that will likely benefit the most from 5G.
One industry that is expected to benefit the most from 5G is manufacturing. Over time, the technology’s higher bandwidth and lower latency will help manufacturers reorganize the factory floor layout and improve production standards. Smart factories, which are already leveraging automation and the Internet of Things (IoT), will experience faster production thanks to 5G. In addition, the technology will enhance the collection of data and facilitate real-time data analysis for machines in the factory, as well as for devices out in the field. This lasting connectivity enables manufacturers to realize new efficiencies and it helps workers be more productive.
Walk into any store within the next year and you might see 5G in action. The use of data analytics in every aspect of the retail experience will be enhanced, with more personalized digital signage and mixed reality technologies in stores. Adding 5G capabilities to network architecture strengthens the flow of data between in-store IoT devices, which lets managers know if an item is out of stock. Dressing room mirrors will soon be installed with RFID tags that allow customers to access information about products. The strength of the 5G network will help new retail stores and kiosks open. Mobile commerce will be improved, with 5G slated to drive $12 billion in new mobile commerce revenue by 2021.
The promise of 5G in media and entertainment is huge. With this technology in place, media companies will be able to provide consumers with a seamless viewing experience. Everything from watching videos to streaming music to playing games will be better and faster thanks to Enhanced Mobile Broadband (eMBB) being built into the technology. 5G enables for a lower cost per gigabyte ratio, which means that streaming capabilities will be more cost efficient. The faster speed improves the production of streaming live events on mobile devices.
4. Health Care
Health care is one of the top sectors undergoing digital transformation by leveraging innovative technologies, including 5G. Several aspects of health care will be revolutionized due to 5G, including an increase of telehealth on mobile devices to patients in underserved areas. Similar to other industries, data analytics will be a key benefit from 5G. In the case of health care, that includes analyzing health data in real-time and the expansion of wearable technologies with health applications. The way that patients receive care will be completely different.
The travel industry will get an instant upgrade when 5G is integrated. Many hotels are already installing fiber internet connections to meet the demands of 5G. With faster mobile speeds, hotel guests will be able to preview a hotel room in a fully immersive experience. Before checking into a hotel room, the mobile devices can be used to preset room temperatures, television options, and refreshments. On the internal side, hotel staff members can use 5G to improve communication and to ensure that guests are satisfied.
5G will enable smart vehicles and the entire transportation industry by empowering the use of vehicle-to-vehicle communications. This use of real-time data communication, collection, and analysis can be harnessed by both private vehicles and public transportation to make the road safer. The use of sensors will allow cars to send and receive information from other vehicles. In addition, the accelerated data collection will improve transportation times for freight shipping, and pinpoint ways to make vehicles more fuel-efficient and pollute less.
7. Financial Services
Finally, the financial services industry is expected to leverage 5G in a big way. The technology will improve back-end processes, with insurance adjusters able to quickly send photos via mobile devices, and banks offering lightning-fast services to remote customers. Data will also play a key role in the financial services industry’s use of 5G. Along with machine learning, financial services companies will be able to gain a deeper understanding into customers’ behavior in real-time and offer personalized products and services. 5G will also improve the speed of mobile pay applications.
As 5G gets rolled out throughout 2019 and 2020, enterprises need to prepare for all the specficiations in order to reap the opportunities. With nearly every industry impacted, the repercussions of 5G will be significant.