5G technology will contribute an additional £43 billion to UK GDP by 2030, according to analysis from consultancy firm PwC. The technology will allow for productivity and efficiency gains across various sectors, such as health and social care, finance, manufacturing, utilities and more.
The next generation mobile network is expected to be more widespread in devices and applications by 2025 and will set the stage for marked improvements in business models, products and services.
“5G will have a profound effect on the UK economy in the second half of the decade and can play an important role in building back the economy after the coronavirus pandemic,” said Rolf Meakin, TMT Partner at PwC.
“The technology has significant potential to improve productivity and create new customer and employee experiences in combination with other emerging technologies including AI, virtual and augmented reality and edge computing.”
According to the report, the healthcare sector stands to gain the most from the 5G rollout, which will facilitate improvements in medical devices and patient beds.
Retail and media companies will also utilize 5G technology to boost shopping, streaming and gaming experiences for consumers. In financial services, meanwhile, 5G will facilitate advances in security, minimizing fraud losses.
“5G is more than mobile connectivity. It puts a new lens on advancing productivity and rethinking entire business models for the future,” says Wilson Chow, global leader, Technology, Media and Telecoms, and partner, PwC.
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