A new report by PWC suggests 5G-powered consumer and media applications will add $245 billion to the global economy by 2030.
The report, titled The global economic impact of 5G, found that productivity and efficiency gains will drive 5G adoption.
The report claims that the next five years will see modest returns for 5G, as the technology continues to roll out across the globe, but following this period of development countries that have adopted 5G can expect to see huge gains. Overall, it suggests 5G could add more than one trillion dollars in global GDP, with the US and UK accounting for $484 billion and $54 billion respectively.
The report adds that as 5G networks roll out globally, the technology’s low latency and ultra-fast data transmission may result in more ‘mash-up’ entertainment and media business models, in which different offerings are combined to produce something new based on innovative and collaborative uses of data. For example, digital platforms are morphing into performance spaces, streaming recorded virtual reality (VR) music performances to replace concerts and festivals cancelled by the pandemic.
“For the next five years, 5G’s contribution to economic growth will be fairly modest, as telecom companies focus on infrastructure construction and rollout,” the report stated. “But starting in 2025, we project these investments will have an increasingly energising effect on the global economy, as 5G-enabled applications become more widespread.”
“With the pandemic accelerating digitalisation across all sectors, 5G will act as a further catalyst,” said Wilson Chow, a global partner at PwC China. “It will emerge in this decade as a fundamental piece of our societal infrastructure and as a platform for driving the competitiveness of national economies, new business models, skills and industries.”
