This report outlines the profound
impact of 5G on the economy.
Our economic modeling analysis shows
that, over the next 5 years, 5G will significantly drive sales
growth, add to the U.S. GDP, and create & transform jobs*.
We examine the technological state
of five key industries with applicable 5G use cases, growth
opportunities and recommend acceleration.
5G is a force of economic growth and
resiliency, unlocking the potential of Artificial intelligence (AI),
edge computing and Internet of things (IoT).
5G is the world’s next technological breakthrough and hugely significant upon
the American economy. In this report, we examine the economic benefit driven
by 5G.
Our economic modeling analysis shows the impact of 5G on the US economy from
2021-2025 in several ways:
5G has the potential to create or transform up to 16 million jobs*
across all sectors of the economy, which includes full-time, part-time
and temporary jobs*.
U.S. economy will drive up to $2.7 trillion in additional gross output
(sales) growth.
5G will add up to $1.5 trillion to the U.S. GDP, larger than the annual
GDP of 94% of world economies.
Multiplier effects will be felt in every industry. For example, every
job* created by 5G within the Information and Communications
Technologies (ICT) sector will create an estimated 1.8 additional jobs*
for a total of up to 2.8 total jobs* throughout the economy.
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GDPJobs
$0-10B
$11-20B
$21-25B
$26-45B
$46-200B
$200B-Up
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5G labor effect
5G will generate significant employment throughout the economy, creating as
many as 16M jobs*. This represents a mix of temporary, part-time and
full-time jobs* across all industries.
5G industry transformation
5G can offer rich bi-directional communications, support potentially one
million devices per square kilometer and deliver ultra-reliable millisecond
response.
These capabilities enabled by 5G drive a variety of use cases, paving the way
for the economy to realize the cross-industry benefits of magnified
connectivity. These innovations impact trillions of dollars.
5G shapes key industry use cases and drives significant outcomes for
companies and individuals, alike.
Manufacturing
5G-enabled factories experience about
20-30% overall productivity
gains including up to 50% in
assembly time, up to 20% in
asset life and up-to 90% in
defect detection.
Retail
5G creates in-store rich video streaming
experiences, up to 50% increase
in sales growth combined with human-focused
processes and XR visualizations.
Healthcare
5G allows more remote post-acute care,
home-based models, with savings greater than
30% and driving better patient
outcomes.
Automotive
Connected vehicle technologies have the
potential to reduce the severity of non-impaired
accidents by up to 80%,
potentially saving $3.6 billion
in collision costs and possibly reducing traffic
by 25%.
Utilities
Transmission line monitoring using smart sensors
and drones reduce wildfire risk, potentially
saving billions of dollars.
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5G will lead to the creation of
industries not yet imagined. There are tangible and realizable
acceleration opportunities to speed up the deployment process and
maximize the benefits.
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5G acceleration opportunities
The benefits of 5G are immense, but require critical mass of network
deployment, R&D and production of new devices across industries, along with
significant investment from every major sector in the U.S. economy. There
are prominent opportunities to accelerate this benefit, securing America’s
role as a 5G leader:
Create a 5G national strategy for
innovation, industrial and ecosystem support with IP legal
protection.
Resilient wireless technology supply
chain
Develop policies to foster
innovation and design within 5G value chain: semiconductor,
wireless device, and network equipment, deployment & design.
Build out the radio access network
(RAN)
Open RAN, enables interoperability
and standardization of RAN functions to make integration
across the RAN ecosystem easier and to drive down costs.
End user return on investment
Establish subsidies & tax incentives
to encourage pilot projects demonstrating the benefits &
possibilities of the technology.
Mid-band spectrum availability
Prioritize and accelerate the
release and allocation of critical mid-band spectrum,
especially bands that are planned for global harmonization.
Regulatory restrictions
Foster collaboration in the private
sector and government to promote enhanced security and
economic benefits and accelerated timelines for 5G success.
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*Includes full-time, part-time and temporary jobs; Assumes no labor supply
constraints, some of these jobs will be replaced by upward pressure on
prevailing wages instead.
