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7 ways 5G is transforming businesses and everyday life

When many customers think of 5G, their smartphones’ performance comes to mind. While the fifth generation of wireless connectivity has helped mobile devices perform better and send data faster, it can do so much more, according to a Forbes expert panel. 5G technology has the ability to transform a number of industrial and consumer applications, which will bring new capabilities, but unfortunately some risks.

The combination of speed, latency, capacity and reliability will allow 5G to revolutionize marketing, manufacturing, medicine and more, according to Forbes. Here are just a few of the ways 5G is transforming both business and everyday living.

Better internet access for global employees

Teams all working under the same room has quickly become a thing of the past, making 5G networks’ rise even more critical. Stronger internet connectivity will make it easier for business to work with employees and contractors, regardless of where they are in the world, according to Mashvisor CEO and co-founder Peter Abualzolof.

Enhanced fintech applications

As 5G has generated faster data speed and lower latency, the financial technology (fintech) sector has enjoyed benefits such as real-time payments and enhanced fraud detection, according to Imane Adel, Paymob executive vice president of strategy. The downside is these solutions come with bigger security risks, meaning companies need to invest more in their infrastructure.

“Fintech companies must embrace this technology while addressing these challenges to ensure a secure and sustainable future,” Adel said.

Cloud native tech adoption in the RAN

Recent 5G network transformation has created cloud-native technologies in the radio access network (RAN), according to neXt Curve founder and executive analyst Leonard Lee. The adoption has virtualized the infrastructure and made it “cloud-like.”

5G networks’ expected expansion will enable mature developers to take the capabilities and create new “network-aware, mobile edge computing applications.”

Dynamic bandwidth allocation

Telecommunications companies have benefit from 5G — they’re now transforming from network or bandwidth providers to, “composable, consumption-based network architecture with software-defined service model” providers, said Rajat Sharma, Zensar Technologies senior vice president of cloud, digital and data engineering.

Tech companies can use the bandwidth allocation to their advantage, based on their business needs and consumption patterns. Additionally, 5G will expand coverage in areas where it’s hard to deliver low latency, high bandwidth service.

Improved collaboration through global data delivery

With 5G networks, individuals can access data from all over the world much easier than they could in the past. This same data can also be shared easily, which makes for better collaboration between people inside and outside and organization, according to Nasuni Chief Product Officer Russ Kennedy.

“The key is to develop information architectures leveraging cloud-based technologies to facilitate the delivery and protection of that data,” he said.

Analyzing data in real time

Businesses now have unparalleled opportunities to keep a continuous eye on their operations and become more efficient using real-time data analytics that the 5G-enabled Internet of Things makes possible, said Mark Brown, Digital Trust Consulting global managing director. On the other hand, businesses must be aware that their real-time data could become vulnerable to hackers and cyberattacks.

New work and social spaces

Inflectra Corp. founder and CEO Adam Sandman forecasts that 5G “will change urban design and the ways we interact with social spaces.” He points to how Starbucks was a place people would use for work because of the Wi-Fi. As Wi-Fi becomes less relevant however, the places with 5G data networks will likely be where people go when they want to get out away from the office but still get work done.

“It will change the economics of certain hospitality businesses,” Sandman said.

Click here for the Forbes expert panel’s complete list of ways 5G is changing businesses and everyday living.

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