According to a report published by Deloitte, released at Telstra’s annual innovation and technology showcase, 5G technology will help the Australian economy grow by a large margin. The report claims that the Australian GDP could be worth up to $2000/ person, or between a staggering $32 billion & $50 billion by 2030. This report was commissioned by Telstra, which is Australia’s largest telecom company, to analyze the potential benefits of 5G on the Australian economy and their business.
The Australian economy has expanded by 2% due to the productivity benefits which Australian businesses have received from better internet/ telecommunications. The survey has been done among 550 business leaders of Australia. 78% of them said that faster, reliable and responsive mobile communication would benefit their business.
The roll-out of 5G across Australia will bring better speed and improved network capacity, which shall help citizens and businesses lead better lives and conduct more business. 5G is expected to raise the technological capacity for Artificial Intelligence (AI) and Augmented Reality (AR). Almost 80% of all companies have implemented one of these technologies in their businesses. Earlier this number was at 65%. This will help in the growth of the digital economy in Australia.
The commonly cited barrier for companies to adopt emerging technologies, is that they are too expensive. Many companies are interested in investing in these products, but they are not willing to pay more than 10% of the current price to have a faster and a reliable telecom network. Most of them are pointing out that the biggest benefit of 5G will be better, flexible work hours and improved customer service.
What to expect from 5G:
- Faster Speed
5G will be a whopping 100 times faster than 4G. 5G can be as fast as 10 GBPS. Qualcomm simulation shows that apps in a 5G network are capable of 7 times faster browsing and 12 times faster download speeds.
5G is expected to be the choice for future systems responsible for self-driving vehicles, mobile payments, Virtual Reality (VR), Internet of Things (IOT) and drones.
- Less congestion
5G networks will use several spectrum bands, many with higher frequencies. It is expected to support around 1 million connected devices in a square kilometer area.
Handling a large amount of data is crucial and companies with data driven strategies will get increased productivity and profits.
Most Australian companies are expected to switch to the 5G network by 2020. The bigger conglomerates are planning to get it at the earliest, as they are expecting to get increased productivity, increased workforce participation and better business opportunities. In 2015 alone, mobile technology added $34 billion to the Australian economy. As estimated by the Bureau of Communications and Arts Research (BCAR), 5G helps in increasing productivity, which will ultimately add $1300 to $2000 in GDP per person by 2030.
Thus, anyone planning to work in Australia will definitely be in a position to work and grow along with the Australian economy.
Study in Australia with BSE Institute Limited and the University of Western Australia. Our Masters of Business Administration and Masters of Applied Finance program prepares you for an international career in finance, banking, funds management and corporate treasuries. For all those planning to study abroad, Australia, can be a great launchpad for your international career – as it’s on the cusp of a golden economic period.