5G to Give Global GDP Huge $8 Trillion Boost, Nokia Suggests

Business

According to the Finnish telecom giant, in the future, entire cities, hospitals and factories will fully depend on 5G and the capacity it offers to move, process and store vast volumes of data.

A fresh study by Nokia has forecasted that industries that have embraced 5G will have the potential to add $8 trillion to the global GDP by 2030.

Despite the economic challenges presented by COVID-19, a global boom in 5G investment will see massive investments in 5th generation telephony emerge over the next five years, Nokia’s report said.

“As organisations across the world move faster towards the deployment of 5G-enabled technologies, those who wish to be the first to leverage its potential cannot afford to lose more time. To capture the tremendous opportunities of 5G, organisations must start or intensify their planning now and accelerate business model innovation to remain competitive in a rapidly digitalising global economy,” Nokia’s chief strategy officer Gabriela Styf Sjöman said in a press release.

The study compared the adoption of 5G in eight countries – Finland, Germany, the UK, the US, Japan, South Korea, Australia and Saudi Arabia – and found significant regional variation, as Europe is lagging behind the US and Asia in the deployment of 5G-enabled technologies.

For instance, in the US, wholly 45 percent of companies intend to invest in 5G technology within the next year. In Finland, the corresponding figure is merely 29 percent….

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