5G is considered to be a game-changer for telecom industries. This technology has become quite a wave in the telecom industry over the past two years, creating massive technological disruptions and enhancing existing connectivity services.
The advent of 5G has expanded mobile networks expansively, offering ubiquitous connectivity for an extensive range of applications.
Besides, the technology has enabled a diverse range of industries to connect and enhance their efficiency, performance, and value.
The COVID-19 outbreak impacted the 5G industry in two ways. On one side, the onset of coronavirus created some serious disruptions to the 5G industry; on the other, it created enormous opportunities for the technology.
The pandemic delayed the launch of 5G in many developing countries such as India and other Asian and middle eastern countries.
Besides, the coronavirus-driven lockdown forced technology and component providers to reduce the output and shut down for some time.
Simultaneously, the economical setback caused due the pandemic encouraged industries to enforce automation and digitization, requiring high network speed more than ever.
Also, the shift to work from home setups and the massive leap people took to make a living online contributed to the 5G upend.
The opposition to 5G networks has been there in the pre-pandemic era as well. Although plenty of anti-5G and stop 5G groups on platforms like Facebook were there before the coronavirus pandemic, the onset of COVID 19 boosted conspiracy theories further.
Claims were being made that powerful 5G can cause more harmful radiations triggering cancer and other complications to humans and environments.
To make matters worse, conspiracy theorists started linking 5G and coronavirus. Conspiracy theories related to 5G and coronavirus misled users in harmful ways.
The pandemic presented an excellent opportunity to exploit this false claim even further. Today, if the recent vaccine movement is rather larger on social media platforms, it’s only 5G behind it.
5G Achievements So Far
5G technology has been widely spoken about lately, and most nations are adopting 5G into their cellular networks.
With the 5G advent, IoT/M2M applications and long-range connectivity between devices have increased exponentially. According to experts, the 5G technology market is expected to garner huge traction worldwide.
Market Research Future (MRFR) asserts that the global 5G technology market valuation is poised to reach USD 700 Billion by 2025, growing at a massive 70.83% CAGR over the forecast period (2020-2025).
5G advantages are immense for personal as well as commercial purposes.
With its higher network speed and bandwidth, 5G mobile technology allows quicker download speeds from 10Gbps to 20Gbps per second based on IMT-2020 requirements.
In today’s age, where most of the tasks and processes are performed online, 5G benefits cannot be overstated.
Faster network speeds would lead to much lower network latency/ lagging. From the economic point of view, the time wasted on buffering and waiting for WebPages to load is considered costlier.
As modern life largely relies on faster internet speeds, low network latency is appreciated, especially in applications such as healthcare & telemedicine, mobile & online banking, and hotel/flight booking & ordering products online.
Going forward, 5G would enable the development of new innovative and mission-critical technologies, offering much higher network capacity (approx. 100x more). Furthermore, 5G would foster automation and digitization, increasing IoT and IIoT uses across industries.
Increasing market penetration of web-based applications and government funding towards secured and centrally connected networks would provide a huge impetus to the 5G technology market growth. Especially, industry revolutions 4.0 and 5.0 advent would benefit from 5G innovations extensively.
Baffling Disadvantages of 5G
Alongside such staggering advantages, 5G technology also has some baffling disadvantages. The high cost required for setting up and the ambiguity of the potential problems that 5G might cause to health or privacy would restrict the market growth. As a completely new technology, it would take a very high cost to establish and maintain 5G eco-systems.
Building a 5G network reachable a large number of customers would involve billion dollars investments. Newly constructed 5G mobile towers have already become a source of controversies claiming that more health problems would arise from the extra radio waves.
Also, there are fears about the security of 5G networks and if user privacy can be compromised. Nevertheless, governments of several nations are already studying to improve 5G securities. These factors would help the 5G technology not only to sustain further but also to make significant strides in the market.
The Future of 5G
5G technology is set to be the future standard of network connectivity. With its host of advantages, mainly the increased network speeds, 5G is expected to drive the capacity support for IoT, smart devices, and mission-critical applications.
The technology would improve the performances of various devices ranging from IoT such as smartwatches and other wearable items to smart appliances on The Internet of Everything (IoE) to autonomous vehicles.
The rollout of 5G would precursor a new future for the digital age and make lives hassle-free. Subsequently, investments in 5G are also estimated to scale up.
According to the American Institute Center of Research for Citizen Research, investments in 5G networks can generate over USD 530 BN over 7 years.
In the future, 5G would provide many businesses with a new source of revenue. This means companies should make more investments in the 5G technology developments, delving on its potential market value.