5G is expected to have more impact that originally predicted. According to the IHS Markit 5G Economy Study, the new mobile technology will generate US$13.2 trillion is sales enablement by 2035 — that’s a near US$1 trillion increase from the estimate in 2017.The Qualcomm Technologies-commissioned report attributed the rise to the early completion of the initial 5G standard and the subsequent accelerated rollout.
More than 30 live 5G networks and more than 40 OEMs have launched 5G-enabled devices to make this fastest ever rollout of a cellular technology generation.
Even greater news is that the global 5G value chain will support 22.3 million jobs in 2035 — 3.4 times as many jobs as a similar level of economic output supports today. This chain will invest an average of /US$235b annually to continue to expand and strengthen the 5G technology base.
Leading the research and development charge are the US with 27 percent average annual investment and China at 26 percent.
“Like electricity and the steam engine before it, IHS Markit views 5G as a catalyst that will thrust mobile technology into the exclusive realm of General-Purpose Technology. The profound effects arising from these innovations range widely, from the positive impacts for human and machine productivity to ultimately elevating the living standards for people around the world,” said Bob Flanagan, Economics Consulting Director of IHS Markit.