5G technology has the potential to transform the economic landscape of a country in many ways. According to a PricewaterhouseCoopers (PwC) report, 5G is expected to have a trillion-dollar impact on five industries by 2030. The report also states that North America will likely experience the biggest percentage uplift to GDP from 5G, followed by Asia and Oceania, and then Europe, the Middle East, and Africa (EMEA).
5G is expected to contribute $2.2 trillion to the global economy over the next 15 years, according to Business Insider Intelligence. The spread of 5G is pivotal for the connected world, as its technical upgrades will supercharge the adoption of transformative technologies and strengthen the value of old ones.
In a new report, Business Insider Intelligence looks at the Global 5G Landscape across the United States, South Korea, China, India, Mexico, and Brazil. The report compiles 5G snapshots of the six countries, with each providing an overview of the market’s telecoms space and details on what is contributing to — or hindering — its development.
5G will serve as the backbone of the fourth industrial revolution, and the global pacesetter for the new standard could become the same for connected technologies. Emerging markets have been making a concerted effort to prepare for the transition to the next-generation network, and they’re expected to be among the first developing markets with widespread 5G availability, with anticipated adoption rates higher than other emerging economies.
In summary, 5G technology can transform a country’s economic landscape by contributing to its GDP, supercharging the adoption of transformative technologies, and strengthening the value of old ones. The spread of 5G is pivotal for the connected world, and emerging markets are making a concerted effort to prepare for the transition to the next-generation network.
The Nigerian Government must therefore give full support to private sector companies that are ready to drive the implementation of 5G technology in Nigeria. The government must provide the enabling environment for PPP initiatives towards this direction. Effective policy direction and government support for 5G technology adoption in Nigeria can become an economic game-changer for the country.
Written by:
Destiny Young, MSc (First Class), Digital Transformation, MBA (Distinction), MTech (Information Technology), BSc (Hons), Computer Science, PGD, IT, HND, Computer Science
