5G is the ugly duckling of technology, yet it is the one that will radically change the world. According to the MIT Technology Review, 5G is a "technological paradigm shift, akin to the shift from the typewriter to the computer."
While another reference to Moore's Law -- Gordon Moore's prediction that processing speeds would double about every 18 months at lower prices -- makes me want to heave, it remains true to form.
5G will represent the greatest leap in processing speed since computing began, and it's predicted that 5G will be a staggering twenty times faster than 4G.
Its true impact will not only be felt as a result of faster processing. 5G is an entirely different technology, utilizing new radio frequencies and shorter wavelengths, providing a level of connectivity the world has never seen. Here are seven ways small and mid-market businesses will benefit.
One technology that has not broken through is holographic projection, the technology offered in head-mounted displays. While technologies such as Google Glass were a flop, they were introduced prematurely. The business implications for 3D are enormous.
In the near future, business meetings will be held in 3D, allowing for more meaningful modeling, use of CAD drawings, and more "lifelike" presentations. Imagine the use of holographs for purposes of proving an illustration of how a product could work, or in sales training. 3D will be a new world.
2. Enhanced Video
Companies will have access to higher resolution video with low latency. While this has implications for everything from video games to marketing, perhaps the most immediate impact will be in recruiting. Companies use video for recruiting, but in a clumsy fashion and usually only as a supplement for face-to-face interviews. Enhanced video will allow companies to expand the reach of whom they recruit and promote a faster process.
3. Opportunities for Telecommunication Companies
World War III has broken out in telecommunications, where Qualcomm has developed a modem that will deliver 5G. But the company is saddled by ongoing anti-trust issues with the EU, Apple and others. To date, the major cell phone carriers have not announced plans for 5G-enabled phones to be released in the near future.
According to the Bureau of Labor Statistics, the telecommunications industry employs over 760,000 workers, many of whom will take part in the rollout of 5G and related technologies. The greatest opportunities emerge when there is chaos in a market, and this market defines chaos.
Today's implanted wireless devices are unreliable. MIT News says the use of Internet of Things (IoT) in healthcare-enabled devices will dramatically expand, allowing patients and care providers real-time data and more predictive care.
5. Smarter Homes and Cities
5G will be the spark to ignite IoT as home and business devices like security, lighting and audio will become more capable and cheaper to operate. Companies in this space will thrive.
Companies in 5G-enabled cities will have an advantage over those who do not. AT&T is rolling out 5G in phases, beginning with this year's watered-down version expanding into 140 markets.
6. Connectivity for Customers
According to The International Journal of ICT Economy, Governance and Society, 5G will provide connectivity to 90 percent of the world's population by 2027. Companies offering payment systems, healthcare and business services to the third world will have access to new markets and customers.
7. Autonomous Vehicles
Hype about autonomous vehicles has been muted by recent accidents that highlight their unreliability. For roadways to support millions of autonomous vehicles will require more reliable networks. 5G will allow autonomous vehicles to better detect hazards, communicate with other vehicles, interact with smart signage and follow more precise maps.
There is a direct and linear relationship between the installation of 5G and the market adoption of autonomous cars. The commercial applications of autonomous vehicles will be substantial, cutting labor and reducing delivery times in the supply chain.
Gordon Moore must be so proud.