5 Ways 5G Will Revolutionize Business

5G networks are something we hear about constantly in the news, tech updates, and in general conversations about the future. 5G is often called the future of the internet, and for a good reason. With incredibly fast speeds, stable connections, and greater available bandwidth, 5G is on course to change the world as we know it, including business small and large.

5G

Here are a few predictions about how 5G will specifically impact the world of business.

1. Greater IoT Implementation

The Internet of Things (IoT) already exists and is being used in different industries. IoT devices create a network of communicating devices that can all be controlled and monitored centrally. While they’re convenient and have many applications, they’re difficult to use on existing networks.

A major problem with IoT tech is the high latency. Latency refers to the delay in communication between devices, or how long it takes data to get from one point to another, also known as lag. High latency means devices are not communicating efficiently. 5G will reduce latency exponentially.

With lower latency, IoT devices will be able to communicate across a vast network almost instantaneously. The ability to reduce latency will make IoT more attractive for use in varied industries that may or may not already be interested in the tech. Once 5G networks are available, vast IoT networks that weren’t viable before could become a reality.

2. More Cloud Storage

Cloud storage is limited at the moment because of accessibility. Although it’s a popular solution for data files that aren’t constantly being accessed, it’s harder to use for everyday file transfers. It takes too long to access files stored away on the cloud. Even with a very strong network connection, cloud access is generally not seamless, especially when multiple users are accessing a cloud server from the same connection.

With the speeds brought by 5G, it will become easier to access the cloud at any time. Large and small companies will all be able to integrate cloud storage seamlessly into their daily operations. Instead of keeping devices with large data storage capabilities or maintaining in-house storage networks, cloud storage can become a regular feature for all businesses connected to 5G.

3. Accelerated AI Usage

A large chunk of AI tech that already exists or is ready for development isn’t fully compatible with existing networks. While it can work with these networks, the AI systems need a much more powerful connection and higher speeds to operate at full capacity.

Many AI, AR, and VR technologies are just waiting for 5G to bring them to life. They’re underutilized and impractical now, but they won’t seem so futuristic and out of reach once we have 5G networks in place. These tech innovations are set to change the business environment massively in everything from customer service to client interactions and user experience.

4. Reduction in Phone Line Dependence

Once 5G has settled in and phone carriers have adapted to it, we’re going to rethink how we use our phones. Any landlines still around will need traditional phone line access, but there’s little reason that cell phones will need to call through traditional lines anymore.

We could see a dramatic shift towards VoIP (Voice over IP) calls because of the abundance of excessively fast bandwidth. When you think about online calls now, you always have to think about dropped calls and poor signals. Considering most internet providers operate at speeds less than 100Mbps (mega-bits per second) and 5G is set to operate at or above 1Gbps (giga-bits per second), there’s no comparison.

Even now, finding the right VoIP service can save you money spent on phone calls. If you have a solid enough connection, VoIP is already a solid solution. Imagine how much better it will be once you don’t have to worry about connection speeds and dropped calls. With 5G, you could have a voice or video conference with multiple people around the globe in full HD without any risk of dropped signals or poor connections.

5. Increase in Remote Workers  

There are already more than 8 million fully remote workers or digital nomads in the US alone. This number is set to rise even with existing network speeds and capabilities. With the growth of 5G, it could happen even faster.

Part of the reason remote work isn’t an option for more employees is the problem of communication and connection between co-workers, bosses, and the office in general. If you could use 5G to host AR or VR meetings with remote staff, it would almost feel like you were all together in the same room. This stronger connection would make it a lot easier to keep up with one another and work as a team.

The other thing 5G will do to increase remote work is make it simpler to access and share data. No more long waits and slow transfers. You can instantly access shared networks, make changes in real time with other workers, and submit documents or files of any size within seconds. Even traditionally data intensive tasks like video editing, rendering, and uploading can be done faster on 5G.

Overall, remote work is set to benefit from 5G introduction. We’re probably going to see people from many different industries getting the option to work remotely once 5G accessibility is more widespread.

BONUS: 5G will usher in new products, services, and industries

A survey conducted by PSB Research asked business leaders, analysts, tech workers, and other professionals about 5G predictions. The results revealed that 91% of respondents anticipate new industries, products, and services coming into existence. These are completely new industries and offerings that don’t exist right now.

5G will breathe life into new industries and create opportunities for radical innovations. It will break down the barriers of entry into many industries and offer people the chance to build new and exciting tech solutions. Some of these new things we can expect probably revolve around high-tech solutions like AI, IoT, and VR.

Get Ready for 5G

No matter what it brings in its wake, 5G is coming. It’s time to position yourself now to respond appropriately and adapt to industry changes when they happen. If you don’t adapt quickly to the new tech, you could miss out on great opportunities!

About Mohit Tater

Mohit is the co-founder and editor of Entrepreneurship Life, a place where entrepreneurs, start-ups, and business owners can find wide ranging information, advice, resources, and tools for starting, running, and growing their businesses.

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