The world is several steps closer to the widespread implementation of 5G, a technology that will impact consumers as well as a broad range of industries. According to IT executives from around the world, the automotive industry will be particularly affected. The automobile industry is experiencing exponential growth of self-driving features, and this trend is expected to continue. 5G network connections will have a major influence on the development of self-driving cars making them faster, smarter, and safer. The expanded data capacity and lower latency of 5G will make it possible for vehicles on the roads to "talk" to each other, as well as with traffic lights and general road infrastructures, using a wireless network.
Check out the complete article at www.acementorclub.com which industries will be most affected with the implementation of 5G.
Let's understand the impact of 5G implementation on various industries :
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.
2. Energy and utilities
Critical infrastructure like energy and utilities will benefit from 5G technologies, which could create more innovative solutions in energy production, transmission, distribution, and usage, as well as the next wave of smart grid features and efficiency.
Farmers worldwide are using IoT technology to optimize agricultural processes including water management, fertigation, livestock safety, and crop monitoring, the report noted. 5G could enable real-time data collection, allowing farmers to monitor, track, and automate agricultural systems to increase profitability, efficiency, and safety.
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. The faster speeds 5G will bring will enable new retail experiences like virtual reality (VR) dressing rooms. Mobile commerce will be improved, with 5G slated to drive $12 billion in new mobile commerce revenue by 2021.
5. Financial services
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.
6. Media and entertainment
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.
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.
Transportation systems ranging from public buses to private logistic fleets will gain increased visibility and control thanks to 5G, the report said. 5G will allow improved vehicle-to-vehicle communications, enabling more self-driving car testing. These networks will also help cities gain access to more data around their transportation systems.
The future of AR and VR depends on reliable 5G networks, according to the report. These technologies require a less expensive, wider network with lower latency to continue developing and reaching widespread adoption, as they require massive amounts of data processing.
5G will help insurance agents make more effective decisions, as they will have access to more accurate data, the report said.
Evolutionary Change, Then Revolutionary Updates
In the near term, the implementation of 5G is an evolutionary update. It will enable connected devices and networks to work faster and better than they did before. Cars will be able to stream navigation information faster, doctors will be able to virtually visit more patients, and machine productivity will be improved. Although these changes are an improvement compared with current operations, at the end of the day, they really are just incremental steps.
In the years ahead as the technology reaches widespread adoption and the number of use cases grows, 5G will be revolutionary. The faster, more robust and more reliable network will power smart cities, smart cars and more. 5G will deliver the connected future people have been dreaming about for decades and create a safer, more productive and more exciting world for all. With nearly every industry impacted, the repercussions of 5G will be significant.
The great growling engine of change - technology. - Alvin Toffler
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