5G, the latest leap in wireless technology after the current 4G, operates at vastly improved speed, lower latency and greater capacity and reliability to allow a large number of interconnected devices to deliver much enhanced services. While it’s still at an infancy stage in most parts of the world, 5G’s vaunted power is expected to bring about peak performance resulting in new revenue streams to critical industries.
Here are the ‘lucky’ seven.
1. The Healthcare Industry.
• Allow provision of medical services, including remote surgery
• Access to patient’s health data in real time, 24/7
• Assist in training health professionals through Augmented and Virtual reality (AR/VR)
• Minimize downtime and preventive maintenance through sensors that accurately represent the status of every machine
• Use of cobots/robots to help ensure top quality outputs and workplace safety
• Coordination with other aspects of logistics leading to overall worker productivity and plant efficiency
3. Banking and financial services
• Streamlined services that enable 24/7 access even to remote customers
• Personalized products and services to suit different needs of various clients
• Expanded client base with mobile banking
• Reduced accidents and fatalities through the power of real-time data from sensors on-board the vehicle and on the road
• Roll-out of self-driving vehicles that will speed up deliveries and response to emergency situations
• Transformation of human drivers into office-based tele-operators of autonomous vehicles on long-haul journeys
• Effective management of retail space and inventory management
• Customized customer experience and immediate access to in-store promotions
• Faster e-commerce shipping with automated check-out and omni-channel strategies
• Optimization of agricultural activities from land preparation to water management and livestock protection
• Real-time data collection including the use of drones to monitor and track crop and livestock
• Better management of agricultural processes for efficiency, profitability and safety.
• Provide immersive digital experience prior to visiting the destination for prospective visitors and tourists here and abroad
• Use of IoT accommodation features to personalize visitor experience from adjusting room temperature to in-house entertainment options and easy communication to management and staff
• Revive the hospitality industry that has been adversely affected by the lockdowns and related emergency impositions in the wake of the Covid-19 pandemic
Top of mind, these are just the top seven industries that will fully take advantage of the promises of 5G but the wealth of benefits do not stop at these ‘lucky 7’.
There is the impending boom in augmented reality/virtual reality (AR/VR) as a service industry supporting the other economic actors, the introduction of new production, transmission and distribution systems in the power and energy industry, and the rise of new opportunities in media and entertainment with the heightened interactive experience inherent in 5G.
All told, 5G will be a game changer across industries in the coming decade.