Aspiring Entrepreneur and Blogger
The new 5G technology has been advertised to consumers for some time now. It is likely that the majority of these messages come from cellular service providers, so viewers may conclude that 5G only means better connectivity for their phones, and they can download files more quickly as compared to 3G and 4G. However, 5G's potential is greater than that and it's much more promising than it seems.
Almost everyone is expecting 5G to arrive, but it might take a bit longer than anticipated. The benefits of 5G are also much more as the leading network providers get ready to deploy their 5G offerings because the benefits 5G will bring to the individuals and businesses are exceptional as compared to previous technologies.
In 2003, 3G was introduced to the world as a sophisticated cellular technology that opened up the possibilities of what data could be used for and delivered the internet to consumers. With the introduction of 4G, the user experience improved massively, thanks to unprecedented download speeds and access to thousands of bespoke applications available through Apple's (iOS) and Android's (Google Play) Play Stores.
On the contrary, the transformation from 4G to 5G - the next generation of mobile technology - will prove far more beneficial for businesses than previous technological advances. Why? Because 5G offers more than just greater speed. Samsung's Vice President, Conor Pierce, said that "Everything has changed, and as a result, next-generation networks won't just benefit one market or industry - they'll have exponential global impacts."
Before jumping to the effects of 5G on businesses, it is necessary to understand the meaning of 5G and why there is so much fuss about this technology.
It was the 3G network that enabled smartphones to come into existence, and it was 4G that allowed a faster transmission of information, resulting in enormous productivity gains as we could download and watch videos on the move. But 5G is different.
With 5G, there will be even more potential on the cellular network. Things we may never have dreamed of can become possible on smartphones soon. In the meantime, many other devices that rely on this network may also have to undergo a similar transformation. Moreover, 5G makes it possible to create smart cities as everything will be connected with everything else.
In short, 5G is expected to deliver greater capacity and much better latency than its predecessor - in other words; you will be able to transfer more data to more devices in a faster and more efficient manner. With the help of 5G, thousands of devices can be connected; for example, IoT (Internet of Things) sensors can be connected simultaneously.
There are mainly three attributes 5G offers, and that will eventually bring positive results to businesses:
Now, let's dig into detail what impact 5G will create on the business landscape and how entrepreneurs can take advantage of it.
5G plays a significant role in business expansion, from agriculture to healthcare to manufacturing. All of these industries will be impacted in significant ways by 5G because it will greatly increase our customers' capacity to ingest and process data simultaneously.
With the speed of 5G in the future, virtual reality, augmented reality and extended reality applications will benefit from improved performance and low latency, making them more accessible for widespread use. Eventually, these systems must support these devices regardless of their latency, coverage area, etc.
So now, without any delay, we will examine how 5G can benefit businesses in general and telecom in particular.
5G provides significantly faster connection speeds than the 4G network currently available. Practically, the maximum 4G speeds are 60 Mbps, but 5G offers 100 megabytes per second. Besides, 5G could reach astonishing speeds of up to 10 gigabits per second, making it suitable for businesses of all sizes. Increasing amounts of data are being transmitted by enterprises every minute, hour, even every day. Moving significant amounts of data will be no problem for 5G, thanks to the speeds it promises.
Latency refers to the time between something being sent and received (such as a data packet). There is currently a 50-millisecond latency on 4G. In 5G, there will be latency in the vicinity of one millisecond, 400 times faster than the blink of an eye. Low latency is essential for autonomic driving and remotely controlled robotics, both of which require a real-time response. Additionally, it will open up more possibilities for using augmented reality (AR) and virtual reality (VR).
The pensive question, right? How does it benefit business? Streaming high-resolution video, audio, and images at lower latency means businesses can instantly communicate with remote workers and customers without waiting. A business that wants to leverage technologies like AR, VR, and 3D with the help of 5G will have a more meaningful experience.
The retail sector and customer behavior have changed dramatically over the last few years. Customer needs today are options with a high level of satisfaction at the lowest possible cost, and why not? Elluminatiinc.com revealed that investment in scalable solutions could improve customer service by approx. 50%.
A slow payment process, high waiting times, and longer delivery times are other factors they try to avoid. High demand exists for personalized experiences that provide them with the best deals. Due to the massive shift toward online shopping, it becomes imperative that e-commerce companies provide outstanding customer service.
Using behavior analytics, 5G enables service providers to improve customer experiences. 5G here enables brands to use customer behavior analytics to deliver a top-notch customer experience. The online stores can also cross-sell and upsell products based on the buyer's previous purchases.
There's no sign that remote work will reverse any time soon due to the lockdown and social distancing situation. Business models that allow for remote work (or hybrid work) are faced with an ongoing mobility challenge. Nearly 70% of workers will work remotely at least five days per month by 2025, according to some industry experts.
5G enables seamless connections whether you're working remotely or on-site, as mentioned above. As you become more mobile, you might also find that you can benefit from the gig economy in unexpected ways. Additionally, hiring remote employees for projects or adding temporary staff during busy seasons with 5G upgrades will be easier.
As 5G becomes more ubiquitous, emerging technologies such as VR and AR will experience a dramatic improvement, bringing innovation to industries such as retail, travel, healthcare, gaming, and much more.
An example of this is Pokémon Go, which enables you to view Pokémon in real-world locations through the usage of your camera. AR in business will likely have more significant potential; with AR/VR, you can now visualize how various sorts of furniture would fit in your living room as companies like IKEA offer this facility to their customers.
Other businesses could utilize this technology to offer virtual fitting rooms for clothing and bring historical exhibits to life. With 5G's greater capability, AR experiences will likely be mass, which will change entertainment experiences, such as theatre, live events, shopping, and escape rooms.
Mobile network technology, which has arrived in its fifth generation, has the potential to change business forever. In the coming years, numerous businesses will capitalize on 5G's potential. There will be a situation where businesses have to adapt or else fall behind. As a result, IoT innovation and commercial applications have opened up to businesses that are at the forefront of introducing and using such technologies - from driverless cars to drones to AI, robotics, and automatic machinery, to virtual reality and augmented reality.
Businesses are only limited by their imaginations when it comes to the possibilities of 5G, so now is high time to consider how you can make 5G work for you.
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