After years of planning and implementing infrastructure upgrades, the time for 5G has finally arrived. Tech experts have speculated for years that 5G would have an enormous impact on business and customer applications, promising impressive speeds and broad connectivity across the globe. While those two advancements are impressive enough, the technology also has the potential to bring new streams of revenue for businesses by harnessing massive amounts of data that can be transferred effortlessly. This topic was covered in detail during Monetizing 5G: New Solutions That Would Add Value and Revenue in Next Generation Networks, featuring Allen Proithis (CEO Capstone Partners), Daniel Quant (Vice President of Strategic Development, MultiTech), and Joe Ward (CEO and President IKIN).
During this hour-long discussion, the three panelists talked about the limitations of 4G, and how the widespread application of 5G could revolutionize industries that most would fail to consider. For instance, Formula 1 racing teams are utilizing 5G for real time data analytics, allowing engineers and team managers to adjust performance and monitor systems without lag. Medical experts will be able to apply 5G for telemedicine purposes, allowing patients to interact with doctors from home without common technical issues that arise from WiFi. Clothing manufacturers will be able to offer customers customizable options instantly without requiring bulk orders, due to the ability to adjust machine operations accurately from a distance.
The panel collectibly agreed that informing the public is critical for fostering innovative technologies supported by 5G. Over the last decade, 4G has provided excellent coverage for mobile users, and has been perfectly acceptable for general connectivity. It was also made clear that 5G is a noteworthy step forward in networking, and its reliability is second to none. With 5G officially off and running, the public is likely to see incredible technical developments that will have lasting impacts on business and society as a whole.
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Edited by Luke Bellos