However the report highlights a number of challenges that need to be overcome
New research has revealed that 5G-enabled industries have the potential to deliver £6.1 trillion ($8 trillion) in value for the global economy by 2030.
That is according to research carried out by Nokia.
The coronavirus pandemic is expected to further fuel the potential of 5G in the medium and long-term and underpin sustainable economic growth for the next decade of innovation.
Despite the economic challenges and uncertainty around the pandemic, a worldwide boom in 5G investment is predicted.
The 5G Business Readiness Report – which sampled 1,628 technology decision-makers across six industry sectors – estimates that 72 per cent of large companies invest in the latest technology in the next five years.
So far 86 per cent of decision makers said that they have some kind of strategy for 5G, however only 15 per cent are currently investing in its implementation.
The report outlines a correlation between those businesses that have deployed 5G and the overall business performance.
Those companies at an advanced level of 5G adoption were among the only group to experience a net increase in productivity (up 10 per cent) following Covid-19.
Nokia chief strategy officer Gabriela Styf Sjöman has called on organisations to begin plans now to fully utilise the capabilities of 5G.
“To capture the tremendous opportunities of 5G, organizations must start or intensify their planning now and accelerate business model innovation to remain competitive in a rapidly digitalizing global economy.
“Beyond investment in the technology itself, this will require digitalizing operations, processes and ways of working to capture the full potential of 5G.”
She adds that 5G will also be vital to the future of how cities and the infrastructure in place in those cities will operate.
“As 5G enables businesses to transform, it will also accelerate wider technological and economic trends, with unimaginable possibilities for global economies and societies. The cities, hospitals and factories of the future depend on 5G and the unparalleled ability it offers to move, process and store vast volumes of data.”
The report does also highlight a number of challenges that have so far hindered the adoption of 5G technologies.
These include the availability of 5G outside urban areas, education and understanding, awareness of the benefits to businesses, the cost and also security concerns.
Security in particular has been a big barrier, according to the report, with 34 per cent of decision makers concerned about 5G security.
A call to action has been urged by Nokia to improve understanding, confidence and the adoption of 5G through improved regulation, collaboration and a willingness to innovate.