5G networks can carry 10,000 times the traffic of today’s 4G networks with 20 times the speed and significantly reduced latency. Alex Holt, Global Leader for KPMG’s Communications & Media sector practice relates this change to drinking from a fire hose. He continued to state that, “significantly reduced latency will catapult us beyond current technological limits and enable unprecedented connectivity between people, organizations, and intelligent connected devices.”

Current networks cannot properly leverage emerging technology such as artificial intelligence (AI), smart machines and sensors. While companies struggle with the cost of upgrading, not upgrading could be even more costly. A recent report from KPMG International predicts that the speed and power of 5G will unlock some US$4.3 trillion in economic value across the globe.

The biggest expected value will be seen by companies that can connect all aspects of their own business as well as connecting with their technological partners. 

  • Connecting infrastructure, municipal assets, and systems will create Intelligent Communities and lead to data driven user-centric city planning. 
  • Connected Vehicles enhance passenger safety, travel efficiency, and interactions with other vehicles 
  • AI and mobile enhancements for eHealth give patients more control over healthcare services. Real-time biometrics will assist healthcare practitioners in delivering more personalized, proactive, and on-demand care.
  • Machine learning, automation, and 5G connectivity will enable Intelligent Agriculture which will grow food at unprecedented volumes, in more ideal environments and with higher yields.

Dan Wilson, National Technology Sector Lead, KPMG in Canada, notes that, “many were caught off guard underestimating how significant previous 3G/4G network deployments would be on the way we consume media content and how broadband speeds would impact certain other sectors.

“It is imperative that Canadian companies and government take a thoughtful and proactive approach to plan for 5G deployments in order to be both a major driver and beneficiary of the resulting mass of new real time data insights that will become available… To push forward, we must work together to recognize and harness the scale of impact these 5G supercharged technologies will bring, and how it will expand the limits of what we can do as companies and as a nation. If we don’t act fast enough we risk being left out of this revolution.” Wilson warned that, “other nations will leap far ahead of us and impair our economic competitiveness as consumers and businesses bypass Canadian companies to access products and services from around the globe at an unprecedented speed.”

Source News Wire