5G is a reality. Lightning-fast network connections are rolling into select cities now, and the new technology’s impact is likely to be pervasive within five years.
For business, 5G is about more than just mobile speeds. New levels of connection will amplify the insight leaders receive from connected technologies such as artificial intelligence (AI) and the internet of things (IoT).
For companies seeking to kick-start growth, 5G offers a route to reinvent industries and open up opportunities.
Powered by 5G, we believe businesses will be able to see, do and achieve more.
“With its super-low latency, security and reliability, reduced energy usage and massive connectivity, 5G will overhaul the way we live, work and play - and for businesses wanting to reap the rewards and make possible what was once unimaginable, the time to prepare is now.”
The local economic impact of 5G
We estimate that 5G technology is set to impact the local economy by a cumulative AUD$230bn over the next decade. 5G, combined with other emerging technologies, will create a vast array of new experiences leading to a positive impact on society as a whole.
Super charged healthcare
Predicted as the largest beneficiary of 5G, with the technology earmarked to improve efficiencies and productivity in hospitals by improving the utilisation of medical devices and patient beds, enhancing the functionality of telemedicine and enabling the application of AI to a range of sensor data for preventative care, remote diagnosis and more seamless patient handovers. This will contribute to better health outcomes, as 5G efficiencies add US$9bn to the AU GDP in 2030 (cumulative US$34bn) based on the following 5 use cases:
- Continuous and real-time communication between patient and doctors
- Driving fewer and shorter hospital stays
- Mobile health platforms powered by 5G
- Improved experience and efficacy of telemedicine
- Drone-transported medical equipment and therapies
A new era of smart utilities
Smart utilities management is on the rise—and 5G is on board to deliver value in the form of monitoring, tracking and automation. As utilities shift towards renewable energy and digitisation of the grid, 5G's ability to connect large numbers of devices and sensors will further transform the sector. This will contribute US$4bn to the AU GDP in 2030 (cumulative US$16bn) based on the following 3 use cases:
- Enhanced smart meters and smart grids
- Sensors and analytics for better waste management and reduced solid waste
- Sensors and analytics on water networks to reduce water leakage
Enhanced era of consumer and media applications
As the adoption of 5G enabled consumer devices increases, consumer retail and media companies will have the opportunity to use the technology to capture and enhance consumer interactions. From a retail perspective, this will mean more targeted and tailored marketing campaigns as well as the incorporation of augmented and virtual reality to boost shopping experiences. The findings show 5G will also offer a more immersive gaming experience for online entertainment as well as better and faster and more interactive access to online streaming content. Adoption of 5G with other technologies, will further boost the sector and the economy by contributing $US4bn to the AU GDP by 2030 (cumulative US$16bn) based on the following 2 use cases:
- Real-time marketing and customer relations
- Delivery of online gaming and OTT media
Building connected ecosystems in industrial manufacturing
5G has the potential to build connected ecosystems in the manufacturing industry. By replacing cables with wireless technology, this enables connectivity across on-premise machinery giving manufacturers a far greater degree of flexibility. By paving the way to more adaptable and responsive production lines that can be reconfigured faster and with less effort, 5G will make it easier to customise products to meet specific requirements at higher quality, scale and speed, and at lower cost—including labour costs. This will contribute US$2bn to AU GDP in 2030 (cumulative US$8bn) based on the following use case:
- Autonomous robots and vehicles in industrial settings
Interested to find out more about how 5G will affect the global and local economy and industries?
Download our report on the global economic impact of 5G and try out our data explorer tool to get up to speed on the quantifiable impact of 5G through 2030.
How we can help
PwC can unlock opportunities.
We help companies combine technology and strategy to commercialise and thrive through change, and prepare for the transformative opportunities created by 5G.
Together, we can strengthen connections, temper risk and reimagine what’s possible.
From ideation to implementation, PwC has the capabilities to support you bringing your 5G ideas to life.
Strategy
Use case identification, market sizing, price modelling and business case development.
Ecosystems
Connecting the ecosystem of partners needed to deliver the opportunity.
Product Development
Product and service design, customer and user research, prototype development, product roadmap development.
Go-to-Market
Capital funding, grants, legal and regulatory implications, tax considerations.
Implementation
Digital transformation, technology, data, process, change, program and portfolio management.
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