By 2030, the economic value of the Fifth-Generation (5G) network is predicted to be $7 trillion, outpacing the adoption of all preceding generations of mobile technology.
According to research from InterDigital and ABI Research, 5G will “drive a proliferation of connected devices from smartphones to consumer electronics to enterprise applications and beyond,” which will result in an extremely high amount of money being made.
The study highlighted enterprise-enabling features including low latency, deterministic networking, and sophisticated Internet of use cases, as well as applications like AR/VR and immersive content.
The adoption of 5G is outpacing all previous generations of mobile technology in terms of subscription rate and operator rollout, the report claims, and is gaining significant traction from the enterprise world. However, it can feel as though 5G has been slow to get off the ground in terms of the impact registered on the larger society.
The ‘private 5G addressable market is anticipated to expand swiftly, primarily propelled by the energy and utilities, healthcare, and manufacturing sectors, according to the report. The research also states that although governments and local authorities must “eliminate the impediments to ubiquitous 5G connectivity,” 5G will help the development of digital spaces, smart cities, and smart public services.
According to the report, the following phases of 5G will witness more innovation and activity in the fields of artificial intelligence, extraterrestrial networks, improved MIMO, unmanned aerial vehicles, and low-capacity devices.
Ahead of the anticipated August 24 launch date for the technology in Nigeria, MTN Group Chief Executive Officer Ralph Mupita said during a previous visit to the nation that MTN Nigeria’s 5G license would open up a whole new universe of opportunity.
Dimitris Mavrakis, Senior Research Director at ABI Research, continued, “5G is currently offering us a peek of what will be possible in the future and laying the groundwork for the next generation of networks.
The next wave of consumer and business applications is now beginning to take shape thanks to 5G’s high capacity, high dependability, and low latency characteristics, much as how 4G sparked the development of social networks, the collaborative economy, and rich content. We are currently in a really exciting technological period that will pave the way for networks like 6G in the future.
Mupita said in a television interview about what the telco plans to accomplish with the spectrum license, the transition from 4G to 5G is as revolutionary as the change from 2G to 3G, as we have frequently stated. Because of the low latency and apps that companies like ours will now be able to utilize, 5G opens up a whole new universe of possibilities for us. The potential for enterprises to leverage high technology in how they conduct business is what excites us about the industrial applications that come with 5G. People discuss the metaverse and web 3.0. All of that is made possible by 5G.
MTN Nigeria won one of the two 100MHZ spectrum licenses in the 3.5GHz frequency band that was up for sale by the Nigerian Communications Commission in December 2021. (NCC). It represented a crucial milestone in realizing the objectives of the Nigerian National Broadband Plan (2020-25).
Smooth communication and networking between smart devices will be made possible by 5G. According to Mupita, MTN is working to secure 5G frequencies in other nations. “We are arranging ourselves to be able to secure the frequencies across markets. There is a multi-band auction in South Africa that we will participate in, and other markets will be calling,” he said. We will make arrangements for the 5G frequencies in the upcoming years, and then we’ll create the ecosystem.