The European Union is expected to earn more than €113 billion (£97.55bn) annually by 2025, from deploying 5G, according to a new and extensive study by the European Commission. The more than a year-long study, crafted by InterDigital Europe, together with Real Wireless, Tech4i2 and CONNECT, says 5G will create 2.3 million jobs in 28 member states by 2025.
The countries will need to spend approximately €56 billion (£48bn) by 2020 to deploy the technology. 5G’s benefits are ‘broad and varied’, the report says, but it identifies three main ones: high-speed internet everywhere, scalable solutions for sensor networks and ultra-tactile internet.
“Many people are excited about 5G technology, but the goal of this study was to investigate what 5G might actually mean for industries, including the mobile industry, as well as various other stakeholders,” commented Alan Carlton, Vice President, InterDigital Europe.
“This study should provide a basis for regulators, other public authorities and various stakeholders to plan future policy in areas such as spectrum allocation planning and future market regulation. The key in all this is to attain maximum benefit, both socially and economically.”
The earnings are split into two categories, with the first one being from four vertical industries and totalling €62.5bn, while the second one coming from four ‘environments’ and totalling €50.6bn.
Two thirds (63 per cent) of total benefits will arise for businesses, while the rest will go for consumers and society. The automotive industry is expected to earn most (€13.8bn), followed by healthcare, transport and utilities. Among environments (smart cities, non-urban, smart homes and the workplace), the workplace (€30.6bn) is expected to make the most.
To view more information on the full European Commission supported study “Identification and quantification of key socio-economic data to support strategic planning for the introduction of 5G in Europe” click here.
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