The Roles

Equipment Vendors

• The role of equipment vendors is "to contribute industry security standard work, comply with standards, and integrate security technologies to build secure equipment."
• Equipment vendors are responsible for providing the capability to assist operators to ensure secure operation and cyber resilience.

Government

• The government is responsible for "establishing regulatory and policy frameworks; and fostering innovation by encouraging R&D through funding."
• Another major role of the government is to ensure the security of 5G. "Security is fundamental to 5G’s success and this may be where government interventions are most important." For example, in the health sector, 5G will allow the use of augmented and artificial intelligence, and this will require government regulations on how information should be shared.
• Other roles of the government/policymakers include; "streamlining regulatory conditions to facilitate 5G deployment, releasing sufficient spectrum for 5G that is harmonized and affordable, and easing financial demands of 5G by reducing costs."

Mobile Operators

•  Secure operations and cyber resilience of networks are the responsibility of operators in the success of 5G.
• According to Huawei, "operators need to develop a consistent end-to-end security framework that addresses both their network equipment and their network management." This security framework should contain more than an operator's backhaul and core networks and base stations including other network elements, such as interconnection gateways, firewalls, and IT servers.
• According to Huawei, "operators are the major responsible body for the operation of network infrastructure and implementation of risk management depending on each country's security regulations and official standards bodies."

Collaborations

• The United States' Department of Defense is "engaging with industry on large-scale experimentation and prototyping of 5G technologies at military installations."
• The National Science Foundation is testing 5G platforms through a public-private partnership as part of a broader 5G development effort in the United States.
• Korea has established the "5G Forum" as the public-private 5G promotion and mobile communication strategy. To promote the application of 5G to various industries and create a sustainable 5G ecosystem, the Korean government announced the "5G + strategy."
• The United States Department of Homeland Security has announced "its plans to make 5G-related research grants and pursue partnerships."
• Ericsson as a vendor is "working closely with telecom operators across the world." This vendor, "in collaboration with its partners, is continuously testing, learning and pushing the boundaries of how 5G can meet its diverse present and future need."
• Vendors such as Ericsson, Nokia, and Samsung are in partnership with mobile network operators (MNOs) such as Verizon, T-Mobile, Sprint, and AT&T to accelerate 5G deployment by developing underlying infrastructure.
• Ericsson is in partnership with Italy’s largest operator, Telecom Italia Mobile (TIM), together both companies are exploring the technologies and use cases that could make 5G services possible in the country.

Global State of 5G Infrastructure and Infrastructure Readiness

• According to a recent report from SDX Central, 5G infrastructure is growing rapidly on a global scale. However, it still has quite a way to go. This is further enforced by the delays in 5G technology auctions and developments because of the COVID-19 pandemic.
• One of the areas that has been identified as an obstacle to the full deployment of 5G technology is the wholesale adoption of 5G devices. It is, however, anticipated that this will not be an issue by early 2021.
• Another consideration is that a significant number of business owners are unsure about the possibilities of 5G technology. In fact, only 28% of those surveyed were aware of what it was. That opens up doors for 5G companies to educate potential customers.
• When it comes to mobile communications, the Global System for Mobile Communications Association (GSMA) is working to coordinate communication between mobile agencies and other organizations, such as governments, private institutions, and healthcare providers.
• The GSMA anticipates that at least a third of the global population will be using 5G-enabled networks by 2025. As companies work on integrating 5G technology into their networks, GSMA provides support through its resolution center. Its Future Networks is also compiling a useful directory of 5G operators.
• As they work towards a global rollout of 5G technology, companies have continued to expand their physical reach. For example, KDDI and Softbank are working together to use existing base stations so persons in rural Japan will have access to 5G services. Similarly, two French companies, Bouygues Telecom and Phoenix Tower have formed an alliance to develop 4,000 new towers countrywide.
• In another collaboration, Lufthansa, Vodafone, and Nokia are working together to determine the viability of having its own 5G network. Currently, this pertains to two projects in the aviation industry: real-time engine inspections and component design checks.

Top Countries in 5G Infrastructure

United States

• The United States (U.S.) has been identified as a leading developer of 5G technology.
• By establishing rules for 5G technology in 2016 through the Federal Communications Communication (FCC), the U.S. got the jump start on its competitors. Growth in 5G availability has occurred because the spectrum bands are available to those who are licensed and unlicensed.
• As of January 2020, 5G technology was available throughout all 50 states via numerous carriers.

China

• The recent report from Foreign Policy also noted that China was one of the leaders in 5G technology as well.
• In November 2019, it was noted that China was outspending the U.S. in the development of 5G infrastructure. The country has a $400 billion investment earmarked for 5G-related expenditure in particular and had spent at least $24 billion of that budget since 2015.
• In spite of the global pandemic, China still moved forward with the planned expansion of its 5G network. On March 25th, the Ministry of Industry and Information Technology maintained that 5G infrastructure was a strategic priority for the country.
• When checked in January 2020, China had rolled out 5G technology in 57 of its cities.

South Korea

• South Korea has also been identified as one of the top countries when it comes to 5G technology.
• According to Raconteur, South Korea used large investments in 5G infrastructure to secure its place as a leader in deploying the technology. In April 2019, the country became the first one in the world to offer nationwide 5G service.
• By December 2019, South Korea was encouraging its telecom providers to expand their reach even further though there were already 4 million subscribers as of November 2019.
• In March 2020, the country announced that three of its major network operators would be investing a combined $3.36 billion in 5G infrastructure for areas such as subways, railroads, and universities.
• While South Korea has deployed 5G technology to 85 of its cities, the country has plans to ensure that at least 90% of the population had 5G access by 2026.

Regions That Are Falling Behind in 5G Infrastructure

Europe

• According to the Carnegie Endowment, Europe as a whole is falling behind in the development and deployment of 5G technology.
• This is happening in spite of the fact that a few of the top 5G technology manufacturers are based in Europe.
• One of the main reasons that have been identified for this lag is the region's history of adopting technology slowly. That led to inconsistent 4G technology across networks and may involve heavy financial investment for the upgrade to be seamless.
• As a result of this, Europe has a much further expected deadline for the rollout of 5G technology than its counterparts. While other countries projected progress in 2019 and 2020, Europe proposed the end of 2021 for its rollout of 5G.

Africa

• Africa is another region that has been noted as being behind in 5G infrastructure and technology deployment.
• Though there are many applications that would benefit from 5G technology, the high cost of building the necessary infrastructure has been a significant deterrent.
• With this in mind, it's projected that it will take another four to five years before the region has widespread structures in place to facilitate the full deployment of 5G technology.

Overview

• The new wireless technology called 5G is exceptionally fast, significantly reduces delays while supporting multiple devices simultaneously. The internet speed that shall be provided by 5G networks is expected to be around 300–1,000 Mbps and even more.
• 5G technology is expected to grow swiftly in the near future as a Cisco report predicts that by 2023 around 10% of global mobile connections shall be supported by 5G, and the average speed for 5G shall be 575 megabits per second. 
• As per IDC, the total number of 5G connections worldwide stood at 10 million in 2019, which is expected to grow to 1.01 billion by 2023 at a 217.2% compound annual growth rate (CAGR) between 2019 and 2023.
• Countries around the world have already started switching to 5G technology, while most of them have a detailed plan and timeline ready for this transition. North America seems to be at the forefront of this trend as, by 2023, 32% of North American mobile connections are expected to work on a 5G network.
• With the growing demand for better connectivity in the modern-day 5G technology is expected to transform mobile technology's role in society.
• By 2025, the 5G network is forecasted to support 1.35 billion connections globally. The goals for the mobile industry in the 5G era shall be to provide boundless connectivity for all, deliver sustainable network economics and innovation, transform the mobile broadband experience, drive growth in new use cases for massive and critical IoT, and accelerate the digital transformation of industry verticals.

Contributions to the global economy

• 5G technology is expected to generate about $2.2 trillion towards the global economy by 2034, and this contribution in terms of various services and industrial sectors is represented here. 
• Broadband availability is an excellent contributor towards overall economic growth as the activities of the mobile telecom industry have resulted in substantial GDP contributions, as indicated in GSMA’s Mobile Economy report.
• The 5G technology is also expected to provide $2.2 trillion in global GDP and $588 billion in worldwide tax revenue cumulatively between 2020 to 2034, and this economic contribution to the worldwide economy by 5G technology over the next 5-10 years is conclusively shown here. 
• IHS Markit also anticipates 5G technology to contribute $13.2 trillion towards annual global economic output by 2035, and the cumulative global impact of 5G technology in the next 5-10 years can be adequately seen here. 
• A Tech4i2 study indicates that 5G shall alone generate an economic output of 42.4 billion Swiss francs in Switzerland by 2030, while another study by the European Commission anticipates 5G technology to have an economic output of €141 billion in the 28 European Union member states.
• The 5G technology, which enables more efficient connectivity, is expected to contribute towards global GDP through various sectors. 5G connectivity in mobility shall provide $170 billion to $280 billion by the global economy by 2030.
• Similarly, effective connectivity in the healthcare industry can generate $250 billion to $420 billion in global GDP impact by 2030 and up to $400 billion to $650 billion in manufacturing and other advanced industries in the next ten years.
• The currently struggling retail industry shall also benefit through better connectivity, and it is expected to generate $420 billion to $700 billion towards global GDP in the next ten years. The overall impact on the worldwide GDP on account of a more connected world is adequately represented here.
• Various countries around the world have already recognized the significance of 5G towards economic growth. A report by Development Economics for O2 claims that about £7 billion a year shall be contributed towards the UK economy by 2026 through the 5G infrastructure and an additional £3 billion per year indirectly through the 5G supply chain.

Industrial growth and job creation

• 5G represents a monumental change in the technology sector as it has the potential to take control of economic and business policies while providing flawless and uninterrupted connectivity for industries, thus driving their growth.
• 5G is also expected to generate new revenue streams leading to $12.3 trillion revenue through several industries. The total output from the 5G global value chain is estimated to reach $3.5 trillion by 2035 and creating 22 million jobs around the world.
• The projection for job creation in the USA on account of 5G technology is also quite bright. As per estimates, investment on 5G technology could lead to 350,000 new construction jobs and about 850,000 jobs across the USA.
• The long term benefits through the roll-out of 5G technology in the USA would see the generation of over 2.2 million jobs across the USA and a 63% increase in build-out network infrastructure jobs across the USA.
• 5G shall also drive industrial innovation by encouraging the development of new industries and thus leading to industrial solutions involving smarter living and healthier lifestyle choices. 
• 5G technology would lead to higher productivity and greater regard for safety within the industry. As this technology would encourage smarter equipment development and implementation within industries, it would minimize the possibility of factory workers working in a hazardous or hostile environment. At the same time, the adoption of automation in production shall significantly enhance process efficiency.
• The application of predictive intelligence enabled by 5G in the manufacturing industry is expected to create high economic value. The 5G technology shall thus encourage sustainable industrialization while enhancing infrastructure.
• The highly efficient mobile broadband connectivity courtesy of 5G technology shall drive innovation in artificial intelligence, mixed reality, and drone-based application sectors.

Socioeconomic and other benefits

• In addition to the significant impact on the GDP, daily human life is also impacted by 5G technology in several ways.
• 5G technology also has other potential benefits that include advanced healthcare facilities leading to improved health and a longer lifespan, accessibility to better education, efficient transportation and shorter commute time, and more efficient public safety response abilities.
• 5G technology can also significantly alter the commercial world by encouraging innovation. This may lead to the development of better connectivity devices for real-time weather and environmental monitoring, smart building systems, artificial intelligence databases like smart cities systems, and advancement in the transportation sector, which may even include self-driving cars.

Transaction Speed Will Increase Purchasing

• 5G is expected to add $12 billion in mobile ecommerce revenue by 2021.
• Consumer experience will be enhanced with higher speeds, lower latency, improved bandwidth and better overall reliability.
• Mobile commerce is growing: Cyber Monday 2019 saw record $9.4 billion spent and the majority of consumers shopped online during Black Friday weekend. As 5G expands, so will the ease and speed of mobile ecommerce.

Virtual Reality and Augmented Reality Market Possibilities

• 5G will allow e-commerce consumers to use augmented reality to shop online, allowing a consumer to see how a product would look in their home, for instance.
• The global virtual and augmented reality market is forecast to be worth $80 billion by 2025.
• The immersive shopping experience provided by augmented or virtual reality and made possible by 5G technology is expected to enhance and increase the options for consumer online spending, for example an online shopper able to virtually paint a room in their house to test a color.
• 5G will open up the possibility of ecommerce remote interactions such as virtual dressing rooms or browsing the actual shelves in a store.

Improving Remote Assistance and Artificial Intelligence for ecommerce

• To help ecommerce customers with decisions, 5G's speed and latency gains will allow responsive, quick AI chatbots.
• Remote, real time connections to sales associates will also be a remote customer service option made possible by 5G.
• Businesses in Australia rank 5G's benefit of engaging ecommerce customers in a better experience through more immersive and tailored remote experiences as their number one customer based 5G benefit.

Business Efficiency

• 5G will allow retailers who have adopted cloud storage data tracking to update their inventories in real time, improving overall supply chain efficiency and subsequently reducing shipping time to customers.
• Businesses will have constant unbroken access to a fast, reliable internet connection with 5G, providing money saving options in employee travel and meeting times and places.
• Dash buttons were an early Internet of Things (IoT) roll-out, but 5G will allow a similar model to have ultimate connectivity and data sharing directly to the retailer, improving a company's business efficiency and real time customer insights.

Industry Applications

•  Sensors in industrial applications with 5G capability can increase operating efficiency and relevant data transmission, conserving resources and alerting operators remotely of equipment issues, saving businesses' time and money.
• 5G capability will enable remote farming, driverless cars 
• 5G IoT connections will surge to $8 billion in 2024. It cited the automotive and smart cities sectors as key growth drivers for 5G adoption over the next 5 years.
•  Changes in production across sectors such as automation, machine vision, and remote object manipulation will be enabled by 5G.

Research Strategy

International Harmonization - Interoperability

• Given that the 5G network cannot utilize the existing macro system provided by mobile operators, the development of infrastructure requires an enormous amount of investment. To commit to such an investment, Internet and telecommunications providers require that their devices and services can be used globally.  
• The success of 5G deployment relies on interoperability. Regional and national decisions regarding the frequency spectrum, band allocations, technical, and licensing conditions will affect the possibility of enterprises to exploit economies of scale.

• The key players for developing such regulations are the FCC, the NTIA, the UN's International Telecommunication Union, the 3GPP, the IEEE, the CTIA, and the GSMA.

Privacy and Data Security

•  Countries and government agencies are currently looking at the architecture, cybersecurity, and privacy impacts of new 5G networks.

• According to Steve Bellovin, a computer science professor at Columbia University, 5G and its infrastructure could decrease privacy. This is because communication operators will have to install a high number of cellular towers due to the sorter signal range of the 5G network. Moreover, 5G signals are not very penetrative, so there will be more cell towers inside buildings. The increased number of cell towers will enable precise location tracking.

• As a result, many states are developing polices and laws that impose security mandates on manufactures and other entities inside the supply and distribution chains.

Regulating New Entities

• Currently, there is much uncertainty regarding the implementation of 5G, witch is making it very challenging for regulators to determine the most efficient use of the frequency spectrum. Regulators need to create an environment that is boosting creativity and innovation in order to encourage both small and big enterprises to invest in this sector.
• There is a lot of controversy about who should lead the way and who the most efficient users of the frequency spectrum are. Regulators are currently assuming that mobile operators with their already developed infrastructure are the right choice. However, the 5G network requires investment in the new infrastructure of small cell towers. For that reason, many see other top technology players such as Amazon, Netflix and Google as more suitable for driving investments, creativity, and innovation.

Overcrowding is Causing Congestion for Existing Applications

• 3G and 4G networks have become congested, particularly during periods of heavy consumer traffic. The congestion causes slower access and download speeds, disconnections, or outright loss of service.
• The congestion is occurring due to the continually increasing number of users accessing the mobile networks both globally and regionally. In 2016, the amount of data being streamed by mobile users outpaced the amount being streamed by desktop users for the first time.
• Another factor driving overcrowding on mobile networks is video streaming. As an example of the rate of increase, the number of consumers using their phones to stream video increased almost 12 percent between 2017-2018 to 1.87 billion.
• Not unlike a multi-lane highway, 5G networks allow for more traffic. A larger number of users are able to access and stream on the network at increased speeds. Consumers can download movies in 3-4 seconds instead of 6 minutes (on a 4G network) or 10-26 hours (on a 3G network).
• More than 70 percent of consumers cite higher performance capacity as the reason 5G interests them, according to Ericsson's research.
•  Sprint is responding to the mobile traffic challenge by deploying a mid-band 5G network. Mid-band networks (as opposed to low-band or mmWave high-band networks) provide a balance between coverage area and performance, meaning Sprint will need to build fewer towers overall (compared to a high-band network) while still generating better performance (compared to a low-band network) to meet the general traffic needs of its consumers.

New Applications Require Higher Data Streaming

•  New applications such as virtual reality (VR) and immersive media experiences are becoming increasingly available on the consumer market. Each has a high streaming data demand that will require 5G networks to function on mobile devices.
• A 720p VR stream requires a 50 Mbps connection since the stream must be sent to both eyes. Higher quality streams (such as 4K VR) require a streaming rate of 500 Mbps to run smoothly.
• Live-streaming of 4K and 8K VR video through 5G networks is becoming a reality as a result of expanding infrastructure.
• VR streaming and other new technologies are driving the development of particular 5G networks capable of sustaining higher performance. Low-band 5G networks commonly peak around 225 Mbps. Mid-band 5G networks are capable of peaking between 480-900 Mbps, with more common speeds of 125-200 Mbps. High-band networks commonly peak between 1-3 Gbps, making them the best option for reliable VR streaming.
•  AT&T, Verizon, and (to a lesser extent) T-Mobile are aiming to offer the fastest-possible 5G connectivity in populated areas to respond to the increased data demand of new applications. In specific cities, these providers are building mmWave high-band networks for the best performance (albeit with the lowest coverage area).

Growth of IoT — Overall Market and Spending

• Market research indicates that the global market for IoT increased from $157 billion in 2016 to $457 billion in 2020, indicating a compound annual growth rate (CAGR) of 28.5%.
• Fortune Business Insights released data in 2018 estimating that the worldwide IoT market, then valued at $190 billion, would reach $4.4 trillion by 2026, demonstrating a predicted CAGR of 24.7% between 2019 and 2026.
• A Business Insider report suggests that by 2027, the global IoT market is slated for more than $2.4 trillion in annual growth.
• The International Data Corporation (IDC) released statistics forecasting a "double digit annual growth rate" in IoT spending through 2022, with annual spending beginning to surpass $1 trillion in 2022.
• Research published by Verizon Wireless also predicts 35% annual growth specifically in the IoT platform market, with anticipated expenditures of $1.16 billion in 2020.

Growth of IoT — Number of Devices and Connections

• The development of global 5G networks is expected to directly contribute to the rise of IoT-connected devices, with an anticipated yearly growth rate of 30% among cellular IoT connections through 2023.
• Ericsson, an international telecommunications company, estimates that there will be 3.5 billion cellular IoT connections worldwide by 2023.
• Research firm Gartner published data revealing that the number of IoT-connected devices increased to 8.4 billion in 2019, a 31% increase over numbers from 2016.
• Verizon estimates that the number of IoT endpoints will reach more than 20 billion by the end of 2020.
• Estimates for the global number of IoT-connected endpoints in 2025 range from 75 billion to 82 billion.

Growth of IoT — Business Applications

• Though end-user applications for IoT tend to take the spotlight, data published by Verizon indicate that B2B applications can produce almost "70% of potential value enabled by IoT".
• IDC predictions indicate that the greatest share of IoT spending will likely be seen in the manufacturing, transportation, and utilities industries, with industrial IoT applications potentially generating more than twice the value than that of consumer IoT.
• Gartner suggests that in 2023, CIOs may be responsible for maintaining as many as three times the IoT endpoints they were managing in 2018.
•  39% of respondents to a Business Insider survey indicated their plans to support "5G in IoT" among their organization's products and services by 2021.
• As costs associated with IoT and network technologies decline and 5G networks promise better connectivity, organizations are reportedly deploying more IoT sensors than ever, utilizing them to collect data and track assets.
• A recent Verizon survey reveals that in the B2B market, IoT deployment is concentrated most among customer service (33%), asset management (26%), and delivery and production (25%) applications.

5G Impact on Future IoT Growth

• Since 5G networks are anticipated to be as much as 100 times faster than current networks, the resulting increases in efficiency and decreases in latency are expected to "massively expand IoT applications" and innovations across industries.
•  Ronan Dunne, Executive VP and Group President at Verizon, predicts that 5G will contribute to $12.3 trillion of economic output and 22 million jobs worldwide by 2035.
• In a 2019 mobile industry report, Ericsson published data showing that 63% of mobile subscriptions in North America and 47% in East Asia now offer 5G service, which is expected to directly benefit the adoption rates for "short-range IoT devices".
• GSMA, a mobile industry analysis firm, asserts that the most significant benefit of 5G, which will likely provide at least 100GB of data each month to average customers, will be its ability to support increased volumes of data, traffic, and users, especially for IoT devices.
• Research by Ericsson suggests that service providers who address IoT opportunities while 5G networks are still being established could realize additional revenue of "up to 35 percent" by 2030.
• 5G has the potential to greatly benefit many time-sensitive industries that rely on speedy data transmission through IoT, such as healthcare, transportation, construction, manufacturing, and agriculture.
• IoT hardware supported by 5G network communication will allow for real-time control of devices such as heavy machinery and medical implements, allowing for benefits such as increased worker safety and remote surgery.
• According to a recent survey, 73% of healthcare executives anticipate that 5G networks coupled with IoT devices will allow the healthcare industry to introduce products and services that will "improve quality of life for the general public".

Improved Latency and User Experience

• 5G is expected to bring a 10-times decrease in latency (from 10 milliseconds to 1 millisecond), which is the time lag between a request and a response, and improve data rate, which is the time it takes to send requested data. This improvement will bring better user experience across the AR market.
• In gaming, for example, this change in latency will allow "instant interaction between devices and players," hence improving the gaming experience as the time-lapse between click and action will probably not exist.
• With 5G, users will have the ability to experience augmented reality with their smartphones at any location, away from WiFi signals. The improved latency also allows developers to offer users other types of "interactions and integrations."
• AR applications will be more sophisticated with the help of 5G, allowing "truly shared and social real-time augmented reality experiences." For example, users will be able to experience AR-enhanced live events.

Adoption Acceleration

• The broad distribution of 5G mobile networks and the elimination of current latency issues may "accelerate the adoption of augmented reality."
• By 2021, 200 million people, especially living in the US and Asia, are expected to have 5G access. With these regions experiencing 5G, gamers in other areas will demand the same benefits and help to increase the adoption of 5G.
•  Millennials are also expected to influence the adoption of 5G as they like to adopt new technology and their decisions influence the rest of the population and soon they will have the largest buying power.
•  Companies in the gaming industry are expected to experience a rise in revenues derived from millennials' buying power and their interest in 5G, which will encourage them to invest further in 5G technology, hence accelerating adoption.

Increase in AR Investments

• With the adoption of 5G, many companies are increasingly investing in AR technology. Google and Apple, for example, are investing in AR. Apple invested in its ARKit framework, while Google announced its ARCore.
• Apple is also investing in its macOS and iOS support for AR headsets and is developing its AR glasses, while Google is investing in its Google Glass project after an initial failed public run. The Glass Enterprise Edition 2 will run on Android and is powered by Qualcomm’s AR-focused XR1 chipset. The company is also adding 3D augmented reality models to its search results.
• Facebook is also investing in advanced AR glasses and developing AR features to its social platform since 2017.
• Microsoft is investing in HoloLens, its AR hardware project that has developed AR applications, like an augmented reality version of Minecraft.
• Also, businesses will increase their investments in devices and apps that enable AR to help support use cases, like medical AR and real-time data integration in different industries.

Improved Access to Payments

• Currently, less than 1% of mobile devices is 5G enabled. While 60% of the United States will have 5G coverage by mid 2020, mobile devices are still struggling to catch up, according to PwC. However, Gartner projects that global sales of 5G devices will be 489 million in 2021, more than double of the projected 221 million in sales this year.

• The introduction of 5G technology is expected to shake up the payments industry through its high speed and reduced latency. This includes streamlining transaction processes, improving transaction speeds and supporting a user-friendly experience.
• It is reported that 5G download speed is 100 times faster than 4G.

• The technology is also expected to increase the use of mobile payments.
• According to a Performance Against Customer Expectations (PACE) survey by FIS, nearly 20% of senior millennials say they have recently replaced cash payments with mobile payments. 5G is expected to add to this trend.
• In FIS's UK Consumer Behavior & Payments Report 2019, 60% of respondents say their phones will replace their bank cards in 5 years.
• While mobile shopping is already on the rise, 5G technology is expected to accelerate the growth, with Vodafone projecting a £30 billion boost by 2030 in London's economy alone.
•  Big-ticket purchases (such homes and cars), which usually require lengthy time to process, will see an improvement in speeds. 5G technology offers the possibility to streamline processes such as credit checks and personalized financing options.

• It has been reported that 5G technology, which improves machine-to-machine communication, may also increase the ability of machines to pay each other.
• An example of this is an autonomous vehicle paying for its own energy, maintenance and insurance.
• Such autonomous machines could also rent themselves out to other machines and get paid by the other machines based on usage.
• Thanks to the dramatically reduced latency, 5G will allow autonomous vehicles to respond 10-100 times faster than over current cellular networks.
•  Machine-to-machine communication is expected to be a big part of 5G impact and there are new business models that may emerge as a result.

Enhanced Security and Fraud Prevention

• By allowing more data to travel across networks in real-time, 5G will enhance proactive fraud prevention.
• The technology allows banks to gather data as soon as the customer initiate a transaction. Therefore, banks are able to instantly detect frauds or approve legitimate transactions with fewer errors.
• One of the most important security features of 5G is the new authentication framework, which allows mobile operators the flexibility to choose authentication credentials, identifier formats and authentication methods for subscribers and IoT devices.
• Pre-5G technology requires frequent app updates to enhance security. With 5G, banks can update and add enhancements in real-time without requiring customers to take action.
• With enhanced security, it is believed that more consumers will be likely to switch to digital payments.
• Despite all the 5G benefits, the European Union has raised concerns over potential risks of 5G-connected devices, particularly from non-state actors.

Research Strategy