After nearly a decade in the making, 5G is now a reality. With lightning-fast speeds, greater stability, and reduced data costs, 5G offers many impactful benefits for enterprises. So, is now the time to invest in 5G? Or should you wait for further development? This blog will explore the current market and look at some compelling reasons to make a business case for 5G in 2021.
The 5G Market in 2021
While full implementation has been slower than expected, thanks to COVID-19, 5G rollouts have gained considerable momentum in 2021. All of the major carriers like T-Mobile, AT&T, and Verizon currently offer 5G, with other carriers following closely behind.
Coverage is also ramping up considerably. By the end of July 2021, 80% of the US population is expected to have 5G coverage at home or work.
While the cost of compatible handsets is still high for the typical consumer, the market is evolving quickly. More and more 5G-ready devices are hitting the shelves every day. And the competitive nature of rollouts is pushing the prices of these handsets lower with every new release.
Is There a Business Case for 5G?
With the market reaching a pivotal point in its development, investing in 5G can bring with it some impressive long-term benefits.
Here are some important things to consider when building a business case for 5G adoption.
5G is around 10 times faster than current LTE networks, making it easier to communicate and share data faster than ever before. This means more and more devices will be able to benefit from near-instant connectivity.
One of the most exciting things that this enables is Internet of Things (IoT) devices, services, and platforms. Around 75 billion IoT smart devices will be online by 2025 and 5G will enable them to be deployed on a widespread scale.
IoT solutions can streamline asset management, remote systems monitoring, analytics, cloud devices and more. Enterprises that adopt 5G early will be well-positioned to capitalize on these powerful benefits, ahead of the crowd.
For end-users, 5G will help facilitate more efficient remote working, real-time collaboration, and better communication between disparate teams. With instant and reliable connections, working from anywhere is a real possibility for businesses.
The speed and reliability of 5G will also enable end-users to use wearables, digital assistants, and more to support them in their daily roles. Also, remote monitoring of applications and services will be easier and more streamlined, thanks to improved connection stability.
Reduced Data Costs
Mobile traffic is increasing at an exponential rate. Current 4G networks are expected to struggle to manage the growing volumes of traffic sustainably. This means meeting capacity, user, and service goals will become increasingly expensive, making it a lot harder for carriers to remain profitable.
Conversely, 5G has been purpose-built to more efficiently manage higher volumes of mobile traffic. It allows for greater connection density without impacting speed, stability, or latency. This makes it a lot cheaper for carriers to deliver data.
It's predicted that the cost per GB is around 5 to 10 times lower with 5G compared to 4G. For large telcos, this represents a substantial cost improvement that's hard to ignore.
Get Ready for 5G
The business case for 5G in 2021 is impressive. And businesses that make the leap early stand to gain the most from this innovative technology.
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