• October 3, 2019

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5G Industry Impact

5G deployments are expected to have a major impact on the U.S. economy over the next three years, as U.S. wireless providers are expected to invest over $275 billion on 5G infrastructure. As a result, the job market is expected to increase by 63 percent as 850,000 new jobs are created cumulatively over the network buildout, while an additional 2.2 million jobs will become available in local communities in the U.S.

To put these numbers into perspective, the U.S. wireless industry currently generates $475 billion in GPD, supports over 4.7 million jobs, and produces $1 trillion in economic output. This noteworthy increase to the job market will present an excellent opportunity for local communities.

According to Tejas Rao, Mobile Offering Network lead for Accenture’s North America practice, “These 5G attributes will enable cities to reduce commute times, improve public safety, and generate significant smart-grid efficiencies.”

5G is also predicted to impact both enterprise and industrial verticals, causing the wireless market to expand in ways never seen before. Whether it’s transportation, healthcare, manufacturing, hospitality, or others – by 2022 nearly 18 billion devices will utilize IoT, and half a billion people will have 5G subscriptions.

5G IoT Innovations

In fact, 5G networks are already revolutionizing IoT, as autonomous manufacturing, transforming energy, and transportation industries are estimated to contribute nearly $14 trillion to the global economy by 2030. This means 5G will not only become the nexus that enables all connected devices, but it will also serve as the foundation for a completely new and evolving system.

Lastly, 5G deployments will enable the labor force to adopt a digital focus that shifts away from the traditional marketplace. The customer experience would change significantly, thus allowing companies across the country to reap higher profits by cutting staff in favor of advanced interfaces.

Although these developments will reduce the amount of “people” jobs including salespersons, clerks, and teachers, it also creates demand for new kinds of jobs within the digital atmosphere. Mischa Dohler, a Professor in Wireless Communications at King’s College London, dubbed this shift as the “internet of skills” – an environment that allows workers to utilize unique skillsets in ways that were not previously possible in a traditional job.

Not only will jobs geared around servicing and sustaining 5G-connected infrastructure become available, but the Internet of Skills will serve as a new medium for innovators to develop applications that will revolutionize business needs.

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References:

Verma, U. (2019, September 26). 5G Rollout To Create 3 Million New Jobs, Adding $500 Billion To The US Economy. Retrieved from www.connectedremag.com/das-in-building-wireless/5g-rollout-to-create-3-million-new-jobs-adding-500-billion-to-the-us-economy/