Guest editorial by Mohit Shrivastava, Chief Analyst ICT at Future Market Insights
With the deployment of a new generation of technologies, such as 5G, industries across the globe have shown a massive advancement. The benefits of 5G technology will grow over time as networks expand availability and technology advances, changing the way we work and learn.
Businesses of all sizes are trying to understand and leverage the opportunities that 5G presents.
Future Market Insight states that the 5G technology market is expected to register a staggering double-digit CAGR of 71.9% by garnering a market value of US$ 248.4 billion by the end of 2028. The growth of 5G technology is due to accelerated developments in telecommunication technologies.
Factors such as increasing adoption of the Internet of Things (IoT) and smart technologies, a growing number of internet users, ongoing digital transformation in telecom, growing demand for wireless communications, and increasing investment in the telecommunication sector by emerging countries are highly responsible for the promising growth of this market.
All the major industries such as IT sectors, manufacturing units of different consumer-based products, automotive, transportation and logistics, and energy & utilities to augment productivity, the 5G network is seamlessly integrating different domains of businesses.
In this article, we will discuss the major benefits that 5G is bringing to major companies across the world.
Benefits of 5G to Companies
Innovation in Telecommunication
As per statistics, the United States leads in 5G deployment, with as many as 270 million people having access to 5G services in the United States.
Furthermore, approximately $9.2 billion in support has been awarded by the Federal Communications Commission (FCC) via the Rural Digital Opportunity Fund (RDOF) to telecommunications companies, with the rest of the amount to be awarded in a second auction for the remaining locations.
The FCC subsequently established a 5G Fund for Rural America that will distribute $9 billion in funding over 10 years.
The rise in investments in the telecommunication sector is rapidly adding to the scope for improvement in telecommunication infrastructure. The government and public organizations of various countries are investing a high amount for the betterment of their telecommunication infrastructure, which, in turn, is driving the 5G technology market.
This is because of its high potential to boost economic growth and create employment, especially through innovation.
Offering Protection Against Cyber Crimes
Every day, there are over 590 thousand new, unique malware files, according to Interpol.
In a similar vein, the 2020 Remote Workforce Cybersecurity Report found that 34% of respondents had experienced a breach as a result of the move to telework, with nearly two-thirds of respondents reporting an increase in breach attempts.
Cybersecurity has been in the limelight for quite a long time now. However, as cyber threats and breaches of data security become more prevalent, the segment is seeing an evolution.
As more and more businesses are making a shift from traditional to contemporary ways of operating, the threat of cybercrimes is rising. Furthermore, according to statistics, 59% of Americans report they have experienced cybercrime or in some way fallen into the hands of a computer hacker.
70% of small businesses are completely unprepared for a cyber-attack. 88% of professional hackers can infiltrate an organization within 12 hours.
Therefore, businesses are deploying 5G networks to secure their data from external and internal threats to cybersecurity. In addition, hybrid cloud-based architectures have further increased the chances of digital threats in the technology world.
IBM and Palo Alto Networks have collaborated to help operators build secure 5G networks. Through this collaboration, the companies are working together to deliver cyber security solutions to enterprise and telecom customers around the world.
The collaboration of these two companies combines various features such as automation spanning multifunction network devices and VNFs, control plane security, and container security.
Thus, the combination of integrated security services and services designed for 5G networks and ecosystems is helping end-user industries combat cybersecurity threats in more ways than one. Furthermore, IBM is working with communication service providers on a “Security and Privacy by Design” (SPbD) strategy that will help build cybersecurity capabilities for every part of the business.
Transformation of Customer Experience
One of the significant advantages of or basically “THE” benefit of the 5G network is the faster and higher connection speed.
5G has the potential to reach speeds of 10 Gbps – a 100x improvement.
Moreover, in real everyday scenarios, this can go up to 10x faster download and upload speeds at a bare minimum. This kind of performance massively transforms the experience that the customers witness.
Less streaming time along with immersive augmented and virtual reality experiences could cater to the customer’s needs like no other network.
When we speak of customer experience, healthcare organizations find themselves in an increasingly complex network world. As the tides of data continue to rise, healthcare providers are working on transforming through virtualization and automation to optimize the cost and scale of experiences that they want to create.
Healthcare providers are also managing mobile devices, apps, and a variety of voice and collaboration tools so that their teams can connect across geographies, platforms, and devices.
In April 2021, a team of experts from Penn State University’s College of Medicine and the College of Information Sciences and Technology built an Amazon Alexa program to deliver care interventions to breast cancer patients in their homes.
The program, called “Nurse AMIE,” which stands for “Addressing Metastatic Individuals Everyday,” is aimed at providing supportive care interventions to supplement medical treatment and improve the quality of life for its users.
Nurse AMIE interacts with patients via voice to address symptoms such as pain, fatigue, sleep, anxiety, and depression, and offer interventions.
(Learn More. Nurse AMIE: Using Smart Speakers to Provide Supportive Care Intervention for Women with Metastatic Breast Cancer Ling Qiu, Bethany Kanski, Shawna E Doerksen, Renate Winkels, Kathryn Schmitz, Saeed Abdullah. Courtesy of ACM SIGCHI and YouTube. Posted on May 7, 2021.)
Therefore, to cater to such changing dynamics, deployment of 5G network technology is a must.
With the innumerable benefits, the 5G network has to offer, come new opportunities for automation, data collection, and analysis.
5G is projected to boom owing to the biggest technological trends and developments. Not just this, but the evolving lifestyles have changed the priorities of the people, making them more dependent on technology.
At a glance, 5G technology and its positive impacts are multifaceted across the global industries.
From an ordinary customer to a wider community of professionals, it is playing a leading role in transforming industries.
About the Author
Mohit Shrivastava, Chief Analyst ICT at Future Market Insights, has 10+ years of experience in partnering with globally large enterprises to identify new revenue opportunities in high-growth niche IT markets across Cybersecurity, the Internet of Things (IoT), Blockchain, Telecommunications, Cloud Computing, Big Data & Analytics, Electronics & Semiconductors, and others technology markets.
Future Market Insights (FMI), is an ESOMAR-certified market research and consulting market research company, serving clients in over 150 countries. Its market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition.
Now avail flexible Research Subscriptions, and access Research multi-format through downloadable databooks, infographics, charts, and interactive playbook for data visualization and full reports through MarketNgage, the unified market intelligence engine powered by Future Market Insights.
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The IC3 serves as the FBI’s central hub to receive, develop, and refer criminal complaints regarding the rapidly expanding occurrences of Internet crime
IC3 provides the public with a reliable and convenient reporting mechanism to submit reports of suspected Internet-facilitated criminal activity and to develop alliances with law enforcement and industry partners.
(Actress Kirsten Vangsness, who plays tech-savvy FBI analyst Penelope Garcia on the show Criminal Minds, is promoteing the awareness of Internet crimes and scams and encourages the public to report suspected criminal cyber activity to the FBI’s Internet Crime Complaint Center (IC3). Courtesy of the FBI and YouTube.)
Information is analyzed and disseminated for investigative and intelligence purposes to law enforcement and for public awareness.
Since 2000, the IC3 has received complaints crossing the spectrum of cyber crime matters, such as online fraud in its many forms, including intellectual property rights (IPR) matters, computer intrusions (hacking), economic espionage (theft of trade secrets), online extortion, international money laundering, identity theft, and a growing list of Internet-facilitated crimes.
It has become increasingly evident that, regardless of the label placed on a cyber crime matter, the potential for it to overlap with another referred matter is substantial.
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(According to the FBI, internet crimes against children include sextortion, where an adult will persuade a child to send sexually explicit videos. Courtesy of WTHR and YouTube. Posted on Apr 19, 2022.)
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American Security Today is delighted to announce, that Deputy Executive Assistant Commissioner (DEAC) Diane J. Sabatino of the Office of Field Operations, U.S. Customs and Border Protection (CBP), will be the opening keynote speaker at the much-anticipated 2022 ‘ASTORS’ Awards Presentation Luncheon, on Wednesday, November 16th, 2022.
American Security Today’s Annual ‘ASTORS’ Awards is the preeminent U.S. Homeland Security Awards Program, and now in its Seventh Year, continues to recognize industry leaders of Physical and Border Security, Cybersecurity, Emergency Preparedness – Management and Response, Law Enforcement, First Responders, as well as federal, state and municipal government agencies in the acknowledgment of their outstanding efforts to Keep our Nation Secure.
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