Qualcomm investigates the impact of 5G technology

17-04-2017 22:06 PM
Qualcomm has commissioned a landmark study called 'The 5G Economy' which investigates the economic and social impact which 5G technology will have around the world.

Qualcomm has commissioned a landmark study called 'The 5G Economy' which investigates the economic and social impact which 5G technology will have around the world.

Conducted by leading research institutions HIS Markit and PSB – along with renowned economist Professor Dr. David Teece  the study promises to offer a glimpse into what can be expected from 5G and whether it will be as transformational as many technologists believe. 

The full economic benefit, according to Qualcomm's study, will be realised by 2035 based on widescale deployments beginning in 2020. Up to $12.3 trillion worth of goods and services will be produced by applications of 5G technology across industries such as retail, transportation, education, and "everything in between," the survey predicts. 

“Researchers confirmed our strong belief that 5G will be a fundamental game changer,” said Qualcomm CEO Steve Mollenkopf.  “We have been hard at work helping create some of the key technologies and applications that will make 5G a reality, pushing the boundaries of LTE, collaborating with industry leaders, and spearheading the critical research behind the next-generation global wireless standard.” 

General Purpose Technologies (GPT) is a term coined for groundbreaking innovations which have a grand impact on society and the economy; such as IT and electricity. The study believes 5G will propel mobile into this arena to become the enabler of new industries and the fabric of connecting people to everything around them. 

“I’ve spent many years studying the impact of general purposes technologies, and it’s clear that 5G will propel mobile into that category, assuring the technology’s long-term impact on society and continued growth for decades.” said Dr. David Teece. 

Such an expected major advancement will lead to a growth in 5G-related jobs around the world and could support as many as 22 million jobs. Global GDP growth is expected to grow by $3 trillion dollars cumulatively from 2020 to 2035 which is "roughly the equivalent of adding an economy the size of India to the world in today’s dollars." 

Wise decision makers are keeping abreast of 5G developments for the benefits is can bring to their respective businesses. In polling conducted by PSB, over 90 percent of more than 3,500 respondents agreed that 5G will enable new products, services, and use cases that have not been invented yet.