As companies look to revolutionize their networks, 5G technology is set for immense growth over the coming years. Research and Markets have recently forecasted that the market for 5G networks, especially those that are satellite-based or come from high altitude platforms, will grow by an impressive 38% a year.
This is evidenced by one of Ericsson‘s key projects – whereby they have built a private 5G network for the Swedish mine operator Boliden. Mining operations are just one possible application area due to its increased connectivity but there is also significant demand stemming from vessels requiring high data rates, such as video streaming and large file transfer.
The potential of this market is noteworthy and many technology experts predict that it is ripe with potential, both for businesses and customers alike. Companies are already taking advantage of this new era of connectivity and many more are expected to join in the coming years.
However, there are some challenges associated with 5G technology. While it can potentially increase speed, reliability, and accuracy – it comes with a hefty price tag which may put off some smaller businesses who may be put off by upfront investment costs. Security concerns have also been raised by skeptics as newer technologies can often be vulnerable to attack from malicious actors.
Nevertheless, as infrastructure develops and companies become more comfortable with the technology – we should see rapid proliferation of 5G technologies across various industries over the next few years. The benefit provided to customers could be immense – where bills could reduce significantly due to fast download speeds; leading to increased efficiency along with economic benefits through reduced energy consumption related costs.