Many major and highly anticipated 5G networks have already been deployed and are expected to transform multiple industries. This will primarily happen because of how this technology is expected to provide more stable internet connectivity, quicker data transfer speeds and wider network coverage.
Ever since they came into being, mobile phones have already had a great impact on industries ranging from healthcare, retail, financial services to online casinos and more. With 5G technology coming into operation, things are expected to get even more exciting. There will be a rise in the volume of IoT (Internet of Things) devices as well as the data generated by them. Although 5G will offer many new opportunities in these industries, it’ll also disrupt them in multiple ways. Below-detailed are some industries that will be most impacted by the 5G technology in the near future.
Energy and Utilities
The introduction of 5G technology into critical infrastructure related industries such as energy and utilities will lead to the development of more innovative solutions related to energy production, distribution, transmission and usage. It will also lead the next wave of features and efficiency of the smart grids.
5G is expected to boost manufacturing industry by making the production operations more efficient and flexible, simultaneously improving their safety and lowering the maintenance costs.
As per a report, over 100 million US citizens made purchases with their smart phones in the year 2018. The transition from shopping on desktops/laptops to mobile devices was mainly because of 4G/LTE technology. The better internet connectivity and faster speeds promised by 5G technology will lead to new retail experiences such as VR dressing rooms and more.
5G technology is expected to improve the revenue and efficiency of the healthcare industry, by enabling creation of more efficient and quicker networks and better management of large amounts of data. The technology will also allow for usage of remote monitoring devices, thereby improving the overall quality of health services.
5G technology is expected to expedite the digitisation process in financial institutions, including customer service, internal operations and more. The improved speed and security offered by the 5G networks will enable users to make quicker transactions on their devices, also making remote tellers a reality.
Farmers world-over are already using IoT technology for optimisation of agricultural processes such as livestock safety, water management, crop monitoring and fertigation. The introduction of 5G technology will make real-time data collection possible in this industry, thereby allowing farmers to constantly track, monitor and automate different agricultural systems, and increase the safety, efficiency and profitability of their operations.
The reliability offered by the 5G networks will play a key role in determining the future of virtual reality (VR) and augmented reality (AR) technologies. Both require low latency and a less expensive wider network coverage. Since they require huge amounts of data processing, 5G is the only way these technologies can continue developing and achieve widespread adoption.