The telecom industry is always innovating, and we are now in the 5G or, fifth-generation of cellular network technology.
Canada is still in preparation for a 5G roll out, which has already been done in the United States and Asia.
Part of Canada’s preparation are unlimited data plans and spectrum auctions, where the government uses an auction system to sell the rights to transmit signals over specific bands of the electromagnetic spectrum.
In Canada, 5G is expected to be mainstream by 2021.
With this change, consumers will have a better user experience because 5G mobile technology is much faster than 4G networks, with practically no latency.
Telecom companies will be able to seize on this new technology to both innovate and monetize their business model.
Here are five ways that companies can take advantage of global trends resulting from 5G technology:
1. The Internet of Things (IoT) is Taking Off
The prevalence of connected devices means business opportunities. There are forecasts of 41.6 billion connected devices that will generate 79.4 zettabytes of data in 2025.
Because of this, 5G technology will force consumer adoption. Devices will be smarter, and integrating them easier. There will be decreased load times and more power to process more data. That translates into faster network speeds.
This will create opportunities for industry advancements. Companies will need to forecast how connected devices may be used to innovate their business model.
2. Data Security and Privacy
More data from connected devices means plans will be needed to handle the data securely. Consumers have an expectation of privacy and will lose trust if their data is mishandled and their privacy isn’t managed responsibly.
With the increase of data, companies will have to implement their own data and privacy policies to protect data security.
3. More Power and On-Demand Accessibility
Cloud and edge computing are everywhere, making computing more powerful and accessible than ever. More diverse datasets can be accessed, silos can speak to each other and there will be faster network speeds. This allows data processing at lower cost.
Telecom companies can benefit from this availability if they find a way to monetize it.
4. AI and Machine Learning Are More Accessible
5G technology allows artificial intelligence (AI) and machine learning (ML) algorithms to process and analyze data more efficiently. More accessibility to AI and ML means more impact and benefit to more people.
Companies will have to address the ethics of how they will use this technology. Will it be used to provide value to their customers, or will it be used for leveraging bots for call centres?
5. Access for All
5G will increase connectivity for those who already have access. But 40% of the world’s population is not connected to the internet. There have been efforts to include remote and rural areas through Google’s Project Loon, but more needs to be done.
Telecom companies will have the opportunity to connect the whole world.
5G technology is a great opportunity for companies that think ahead and innovate before their competitors do.