How small businesses will benefit from 5G

Before enough new devices enter the mainstream market, 5G has already attracted increasing attention in many fields. From IT, retail, transportation and manufacturing to medical, entertainment, education and agriculture, almost every industry will be affected by 5G in some way.

The growing number of connected devices is driving this transformation. In fact, IDC predicts that by 2020, there will be more than 30 billion devices (yes, 30 billion) connected to the web worldwide. Connectivity at the core of this new level of frequency will not only greatly advance 5G. IoT innovation, but also bring new and lucrative opportunities to small businesses.

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A predictive study by Qualcomm suggests that 5G will generate up to $3.5 trillion in revenue and support up to 22 million jobs by 2035. Additionally, a report by PSB Research surveyed business leaders, analysts, and technology enthusiasts and found that 87% of them expect 5G to bring small business growth and more global competition. Clearly, this next wave of connectivity will bring many benefits to small businesses that decide to take advantage of it.

With 5G scheduled to begin rolling out in earnest in 2020, businesses will need to start preparing now to stay ahead of industry competitors and harness the full potential of the fifth generation of wireless connectivity.

Here's a breakdown of 5G and how it will benefit small businesses.

Data Point 1: Unique Characteristics of 5G

By far, the most distinctive feature of 5G is its unprecedented speed, something we’ve never seen before. In fact, many experts predict that 5G will be 100 times faster than 4G. To put that in perspective, while previously downloading a movie on LTE might have taken 10 minutes or more, now it can be done in 10 seconds with 5G. In addition to faster speeds, 5G will offer lower latency, less delay or lag, greater bandwidth and capacity to handle many applications at once. All of this speed promises to improve the battery life of smart devices.

Traditionally, smart devices have been seen as a consumer trend, but now more and more businesses are turning to Teltik Small Business Plan and adopting mobile solutions to ensure operations can run smoothly and efficiently. The arrival of 5G means that devices will respond instantly and networks will be able to support more of these devices simultaneously. These features make 5G a real game changer and will bring new opportunities to businesses.

Here are the business benefits of 5G.

Data Point No. 2: Network Slicing

A key feature of 5G is network slicing. With network slicing, operators can split a single physical network into multiple virtual networks. These virtual networks can then be customized for different kinds of services or customer groups. This means that enterprises can essentially have a private 5G network that is tailored to their specific business needs. In addition, enterprises will be able to receive new products and services from operators more quickly. These products and services can be easily adapted as needs change and evolve. Network slicing also has cybersecurity benefits because if a cyber attack compromises one virtual network, the attack will not be able to spread to another virtual network. All of this ultimately means more services and a better user experience for enterprises.

Data Point No. 3: Remote Work

Remote work already offers huge benefits, such as business agility, improved scheduling, and lower turnover, but constant access to fast, reliable internet connections that come with 5G will make these benefits even better. With 5G, remote workers will have better access to remote access software, allowing them to communicate and collaborate with colleagues more easily and work more efficiently. Network-related tasks, such as selling online or sharing large files in the cloud, will become faster and more efficient. Additionally, this seamless connectivity enables businesses to use augmented reality and virtual reality to make remote meetings feel like colleagues are in the same room. 5G will not only make business more integrated and efficient.

Data Point No. 4: Small Business Innovation

5G will be able to meet the speed and connectivity required by the Internet of Things, unlocking huge opportunities for businesses. Businesses will be able to more easily experiment with and leverage disruptive technologies such as drones, artificial intelligence, robotics, and more. For example, small businesses can use virtual reality to create dynamic video experiences for customers; 5G holographic projection allows users to watch 3D videos without 3D glasses, allowing small businesses to conduct 3D presentations at meetings, demonstrations, conferences, and events to enhance the visual experience, make compelling use cases, and stand out from competitors. Those businesses that decide to adopt these innovative technologies will be seen as leaders in their industry.

Data Point 5: Conclusion

In the past, consumers have benefited the most from new generations of wireless. However, businesses will be the biggest winners this time. The power, bandwidth, and speed of 5G will undoubtedly change the way small businesses work and operate. Through faster and more reliable mobility, 5G will help small businesses better meet the needs of their industry and customers, making them more resilient and competitive. Those businesses that are the first to harness the power of 5G will be the leaders of a future world that is always connected.