According to a recent announcement, Qualcomm (News - Alert) Technologies has commissioned and released a landmark study, The 5G Economy, which examines the potential economic and social impact of 5G around the world. The study was conducted jointly by research firms IHS (News - Alert) Markit, PSB and economist Dr. David Teece, director of the Tusher Center at the Haas School of Business, U.C. California, and principal executive officer, Berkeley Research Group (BRG).
The 5G Economy report includes an economic impact study conducted by IHS Markit and validated by Teece. It also includes opinion research about the expectations for 5G among business and technology leaders, carried out by PSB. The combined findings of the study show how 5G will profoundly affect the global economy and, further, that business decision makers in technology and other industries believe in the transformational nature of 5G.
“These respected researchers confirmed our strong belief that 5G will be a fundamental game changer,” said Steve Mollenkopf, CEO, Qualcomm. “We have been hard at work helping create some of the key technologies and applications that will make 5G a reality, pushing the boundaries of LTE (News - Alert), collaborating with industry leaders, and spearheading the critical research behind the next-generation global wireless standard.”
The study indicates that 5G will advance mobile into the realm of General Purpose Technologies with electricity and the automobile that provide the foundation for innovation, give rise to new industries and benefit economies. This will happen as 5G advances mobile from a set of technologies connecting people to people and information to a unified fabric connecting people to everything.
“I've spent many years studying the impact of general purposes technologies, and it's clear that 5G will propel mobile into that category, assuring the technology's long-term impact on society and continued growth for decades,” said Teece.
Economic Growth
According to the study, in 2035, when 5G’s full economic benefit should be realized fully, a broad range of industries, including retail, education, transportation and entertainment, could produce up to $12.3 trillion worth of goods and services enabled by 5G. Revenue could be as much as $3.5 trillion, according to the report, supporting as many as 22 million jobs.
Complementing the economic study, polling research done by PSB confirms that business decision makers and opinion leaders around the globe expect 5G to bring widespread benefits for society and the economy overall, enabling new products and services, increasing productivity and allowing for new industries to emerge. More than 90 percent of the more than 3,500 respondents agreed that 5G will enable new products, services and use cases that have not been invented yet.
For an in-depth look at the study, click here.