While 2020 has brought unprecedented challenges, recent developments in emerging technologies have enabled companies around the world to quickly react and adapt in uncharted territory. Whether it’s switching to virtual meetings or managing a company remotely, we’ve seen significant changes in the way work is done, as well as consumer behavior. The increase in streaming and online shopping, coupled with the decline in in-person socializing, has led to a growing need among consumers for a reliable, fast way to connect virtually on both a personal and professional level. It is estimated that more than half of all employees in the U.S. are now working remotely, and three in five U.S. workers who have been working from home during the pandemic want to continue doing so. Shifts in the way consumers work, socialize, and consume products and services are forcing manufacturers to rethink how to solve one of the biggest pain points for today’s consumers: staying connected. Prior to 2020, companies in the technology industry had been investing heavily in, researching, and developing the next generation of connectivity: 5G. The new technology will offer a number of benefits to consumers, including connections as fast as fiber, more reliable connections, and smoother streaming and video calls with less buffering. (Motorola launched the first 5G-enabled phone more than a year ago, using the first commercial 5G chipset from Qualcomm Technologies. Both companies stand to benefit from the increasing adoption of 5G products.) But that's the future. Where are we today? Technology companies and industry players are participating in the expansion of 5G around the world. A forecast from Ericsson suggests that 5G user adoption will be significantly faster than LTE (4G) when the technology first became mainstream in 2009. With 25% to 30% of consumers expected to continue to work remotely several days a week by the end of 2021, the question becomes: How do we help more consumers stay connected? Mobile manufacturers can address current barriers to 5G adoption by creating products across price points that let users connect to so-called sub-6 or mmWave 5G networks — meaning they can connect to whatever type of 5G technology is available in their respective markets. While early 5G smartphones had poor spectrum compatibility and were priced higher, the 5G smartphones launched in 2020 are expanding the consumer base. However, expanding 5G devices and networks alone will not solve the current consumer need to stay connected. The tech industry must develop additional 5G applications that will impact everyday consumers. One way to achieve this is to open the door to telemedicine on a global scale. Through virtual assisted remote consultations and surgeries, 5G will help healthcare providers provide the telemedicine services that patients need and alleviate some of the associated costs. 5G networks will also equip patients with monitoring tools that can measure vital signs, medication compliance, etc., provide doctors with more accurate, real-time patient information, and provide a more personalized care experience. 5G can also help consumer shopping experiences become increasingly virtual, allowing shoppers to try on clothes and choose furniture without touching the products or leaving the house, for example. Just as it took time for 4G to achieve GPS tracking and live streaming, the full benefits of 5G have yet to be realized. While there is still a lot of work to be done, we believe that by the end of 2020, we will see 5G covering more people in more places. Once successful, the opportunities brought by 5G will be global. |
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