Maximizing the effects of the 5G technology? It will pay off in terms of economic growth and jobs creation. It will also breed social and environmental benefits. According to the results of the latest EU study “Socio- Economic investigation of the impact of 5G in Eu Member States” presented this morning in Brussels, 5G technology is expected to generate benefits of € 95,9 billion per annum. 2,4 million jobs will be created. This work, it needs to be clarified, is an insight to the perfect scenario in 2025 if Europe can maximise the benefits of 5G.
The study, led by Tech4i2, Realwirelss, InterDigital and the Trinity College Dublin, focused on 4 verticals (automotive, healthcare, transport and utilities) and 4 environments (smart cities, non-urban areas, smart homes, and workplaces) to investigate the impact of 5G in the EU.
The first generation of 5G explicitly aims to deliver socio-economic value/benefits. Based on the study’s findings, healthcare insurances, drug testing costs are likely to go down; Energy consumption will decrease; There will be transport improvements and reduction in congestion. The study predicts 12.000 fatal and 740.000injury accidents in 2015. In 2012 the fatal accidents were 25.935. Studies suggest 5G techonoly could reduce all accidents to 30%.
The right environment to optimize the benefits of 5G to business, citizens and society in Europe will be vital, says the report. Benefits realization requires effective government frameworks and (capability and technical standards), with strong and clear regulation particularly in relation to data exchange and data privacy.
Cover photo: Getty/ Christopher Furlong