At a workshop in Brussels this week, the final results of our eagerly-awaited study on the socioeconomic impact of 5G in Europe, were presented to the European Commission and interested stakeholders.
The in-depth report has been produced by experts and academics from across the industry, including Real Wireless, who spent the past year researching the impact 5G will have on vertical industry sectors — and quantifyingthe economic value of this. The study gathered inputs from industry stakeholder workshops and existing 5G projects to determine which verticals and environments to examine in the study. It was decided to focus on four specific verticals which included healthcare, transport, automotive and utilities and four environments including smart cities, non-urban areas, smart homes, and workplaces.
Enabling verticals to explore new avenues
For the reasons we outlined in our recent report, 5G is much more than a new “mobile industry” technology, offering different benefits to different industries, enabling better machine-to-machine (M2M) communications to improve the way businesses operate.
For healthcare, 5G will pave the way for true preventative care, connecting patients with doctors anywhere, anytime. For automotive and transport, 5G can facilitate real-time telematics data to improve the way drivers interact with their vehicles, support the implementation of driverless cars creating a new media hub for passengers and also enabling authorities to better shape and manage traffic on the roads. And for utilities, 5G can turn the vision of smart meters into a genuine mass-market reality, helping consumers and businesses save money and reduce emissions.
5G — creating 2.4 million jobs and delivering benefits of €50.6 billion+
This project was established by the European Commission to fill a major void in 5G research so far, forecasting the quantitative and qualitative impact that 5G will have on society and the economy.
Real Wireless has played a pivotal role in the production of the report, working specifically on how to overcome spectrum challenges when different use cases run concurrently on the same spectrum band:
We also were at the heart of both 5G information gathering workshops. Our business and technical expertise enabled us to bridge the gap between representatives of different verticals and those from the telecoms industry.
Forecasts in the report suggest that deployments of 5G will cost around €56 billion, creating around 2.4 million jobs. The investment will in turn deliver benefits of €95.9 billion per annum in 2025 across these four verticals — and €50.6 billion in benefits for the other four environments. Businesses will benefit from more than half (63%) of the benefits, with consumers and society receiving 37% of the benefits.
A crucial milestone in 5G development
Given the lack of significant research in to the socio-economic impact of 5G, and the important role a vertical-industry led business-case will play in any role, this report is a defining moment for the future of mobile connectivity.
The European Commission plans to publish the full report including all results in April 2016.