5G may not see full benefits for some time

(Image credit: Image Credit: Supparsorn / Shutterstock)

Businesses are hyped for 5G and understand the advantages of the technology, but they also understand that it is going to take some time, and extra effort, to fully utilise what it has to offer.

This is according to a new report by Syniverse. It says that underlying payment, partnership, and interoperability systems need to be developed further if 5G is to flourish.

Most respondents say 5G will have them focusing on enterprise ecosystems. They expect their organisations to lead 5G ecosystems and offer advanced enterprise services. Among service providers, most have 'made progress in identifying vertical market opportunities'.

But major roadblocks are on the way, mostly about practical challenges around having multiple partners and payment mechanisms that follow. Security challenges are also being looked at.

The report says that respondents worry about coordinating multiple partners, maintaining service quality and revenue-sharing mechanisms.

When there are multiple partners that need billing and charging, most respondents see security and immutability of ecosystem transactions as the most important feature. Then, there’s the ability to allocate revenue between all partners. Despite these challenges, half haven’t yet identified technical requirements of overcoming them.

“One of 5G’s defining aspirations is that it offers service providers the capability to expand beyond the traditional consumer boundary by supporting enterprise services brought about by the internet of things (IoT), with such innovations as smart cities, self-driving cars, and robotics,” said Bill Hurley, Chief Marketing Officer, Syniverse.

“The ability to ensure operators can monetize these ecosystems is a particularly important aspect, along with the ability to ensure that every contributor to those ecosystems gets their fair share of revenue. Without monetization and related financial security, ecosystems just won’t grow.”

Image Credit: Supparsorn / Shutterstock