For world economy, having 5G will be like having another India

Qualcomm's new report expects some great things from the new technology.

(Image: © Image Credit: Sergey Nivens / Shutterstock)

5G’s full potential should be realised by 2035, and by that time, the technology is expected to make its way in pretty much every industry in the world. It will support 22 million jobs, and generate up to $3.5 trillion in revenue. Over time, it is expected to boost real global GDP growth by $3 trillion cumulatively (from 2020 to 2035). 

To put things into perspective, that’s "roughly the equivalent of adding an economy the size of India to the world in today's dollars." 

All of this was released in a report entitled 5G Economy, which was released by Qualcomm, together with research firms IHS Markit, PSB, and economist Professor Dr. David Teece, director of the Tusher Center at the Haas School of Business, U.C. California, and principal executive officer of the Berkeley  

"These respected researchers confirmed our strong belief that 5G will be a fundamental game changer," said Qualcomm CEO Steve Mollenkopf. 

"We have been hard at work helping create some of the key technologies and applications that will make 5G a reality, pushing the boundaries of LTE, collaborating with industry leaders, and spearheading the critical research behind the next-generation global wireless standard." 

5G will help ‘catapult’ mobile into General Purpose Technologies, like electricity and the automobile, the report said. These will provide the foundation for what the report calls ‘massive innovation’, and is expected to give rise to new industries. Entire economies should benefit.  

"I've spent many years studying the impact of general purposes technologies, and it's clear that 5G will propel mobile into that category, assuring the technology's long-term impact on society and continued growth for decades," said Dr. David Teece. 

The full report can be found on this link.

Image Credit: Sergey Nivens / Shutterstock