Highly-anticipated major 5G networks are expected to be deployed by 2020, and will transform a number of industries due to the technology’s ability to provide wider network coverage, more stable internet connections, and faster data transfer speeds, according to a recent report from CB Insights.
5G will also enable the rise in the number of Internet of Things (IoT) devices, along with the amount of data they generate, the report noted.
While 5G sets the stage for new opportunities across many fields, it also will bring disruption to those industries, the report said.
CB Insights identified the 20 industries that 5G will impact the most. Here are the top 10:
5G is poised to help manufacturing production operations become more flexible and efficient, while also improving safety and lowering maintenance costs.
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.
More than 100 million Americans made a purchase on their smartphone in 2018, the report noted, and the move to mobile shopping is largely due to the rise of 4G/LTE. The faster speeds 5G will bring will enable new retail experiences like virtual reality (VR) dressing rooms.
5. Financial services
5G will accelerated the digitization of financial institutions, including from internal operations to customer service, the report said. Increased security and speed will allow users to increasingly make transactions instantly on their devices, and make remote tellers a possibility.
6. Media and entertainment
5G will bring about new opportunities in mobile media, mobile advertising, home broadband, and TV, as well as interactive technologies like VR and augmented reality (AR).
In the healthcare industry, 5G could increase efficiencies and revenue, helping health systems create faster, more efficient networks to keep up with the large amounts of data involved. The technology could also enable the use of remote monitoring devices to improve health outcomes.
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.