The Silicon Review ^Asia

The telecom industry has stood out as the major contributor tothe nation’s economy, and by 2020 the industry’s contribution to GDP is estimated to reach 8.2%. The sector slatedto leverage 5G technology, which will enable them to connect with the global markets on a larger scale.

The government of India in a recent report stated that the nation will be using 5G networks by the year 2020, and the 5G spectrum auctions will be held in the month of November. Countries like Japan, Korea, and the US are eyeing at this auction.  For India, the 5G network will provide an opportunity to reach out to global markets which in turn will help to scale up the availability of services such as; medical support, education, entertainment, benefit transfers, and data services.

According to the recent reports, the 5G network is said to contribute approximately $2.2 trillion to the global economy over the next 15 years which includes key sectors such as utilities, manufacturing, financial, and professional services which will benefit the most. The mobile technologies and services have generated 4.6% of GDP globally in the year 2018, and by the end of this year, there is an increase in the GDP, which is approximated to 4.8%. 

The arrival of the ultra-fast 5G broadband technology helps to increase the rate of interconnected smart devices on a large scale which will help to unlock the transformational impact on the machine to machine (M2M) technologies that are currently providing the citizen-centric services.