4 Possible Ways 5G Will Impact Various Industries and the Economy

Right now, we are living in a 4G world. Your smartphone probably says “4G LTE” in the top corner and for the most part, this fourth generation of mobile telecommunications keeps us happy by quickly downloading movies, playing games, connecting to the internet and more.

In the next several years, we will move from 4G into the world of 5G, and this shift will mean much more than super fast speeds on our smartphones. From self-driving cars and the economy to the health care industry and the Internet of Things (IoT), 5G will be more of a paradigm shift than simply a faster network. Check out the possible impacts 5G will have on the economy and various industries:

5G Cellular Modems are Paving the Way

To get ready for 5G, some companies are already working on making products that will support the network. A great example of this is the 5G cellular modems from Qualcomm; the Snapdragon 5G modems, which are coming soon, are designed to support wider bandwidths and the next generation of mobile devices. The upcoming Snapdragon X50 5G will be able to immediately connect to the cloud through an increase in flexibility and speed.

5G’s Impact on Autonomous Cars

5G will be more than a network. It will be the connecting link to a huge world of fully-connected devices and sensors that will change the way we live, work and drive. For instance, with the upcoming 5G connection, along with future “smart cities” and self-driving cars, your vehicle will know which is the best way to get you to work based on the traffic data it is getting from other vehicles and the roads themselves. It is estimated that by 2035, 5G will be responsible for more than $2.4 trillion in economic output in the automotive industry alone — this equates to around 20 percent of the predicted economic impact.

The Internet of Things (IoT)

In a nutshell, the IoT is the idea of connecting any device to the internet, as well as to each other. Essentially, if the product can be flipped on and off, it can be part of the IoT. As for how 5G will have an impact on the IoT and how it might impact your life, it will help to connect virtually everything we have. By 2020, there are expected to be more than 20 billion installed IoT devices in the world, which are all cranking out tons of data. As 5G helps industries access this data, it will allow them to add more products and services. From your alarm clock connecting with your coffee maker and telling it to start brewing right after waking you up, to your copy machine at work automatically ordering more paper when it's almost out, 5G will have an amazing effect on IoT.

Health Care

When 5G becomes reality, it will be able to support medical device connectivity between patients and their caregivers. Instead of having to go see a doctor in person, 5G will be able to connect them — even if the physician is in another state or country. Digital imaging will be able to be sent anywhere around the globe to be analyzed, which will lower the cost associated with getting a second opinion. Wearable devices like the Fitbit will transmit data to physicians and let them know of any troubling changes in their patients’ statistics.

It will definitely be exciting to watch as 5G becomes reality in future years. While it is challenging to know exactly how it will improve the economy and various industries — mainly because the technology still has to be launched — it is safe to say it will have many positive impacts on our world and the people in it.