With the several possibilities of the 5G network, it has opened a lot of gates for people from every sector. The several advantages and facilities of high speed, low latency, and high capacity networks make things easier. This does not only help people on a personal level but this can brew up new ideas that have the potential to reach the sky with this technology.
With the emergency of the 3G network, people were shocked by the potential and possibilities of data and networks. After 10 years, the 4G network again changed the way of working as well as living giving us a better experience in our hands.
With these changes, the devices are also evolving at a fast pace. Though the 5G network has been launched to some cities in specific countries, there are several devices in the market that support the 5G technology.
With 5G coming into our lives, the demand for data will increase significantly. This will result in an increased cost. The technology used in supporting this 5G network will also need to evolve, requiring the recruitment of more people and increasing business in the telecommunication business.
There are several places where 5G will benefit business, such as working remotely and managing production, making faster deliveries to customers by making relevant connections in the process to make it more efficient.
11 Best 5G Business Ideas
Several fields will directly be affected and benefit from the emergence of the 5G network. These fields will grow ultimately due to increased demand and production, increased recruitment, and employment making the whole process profitable to the concerned people.
Below are the 11 best business ideas that can flourish with 5G are as follows:
1. Healthcare Industry
We have talked about robots doing surgeries for a long time now. But, with the 5G network and technology, it has become a possible task to achieve. 5G technology has the feature of having low latency that can make remote surgeries done by robotic surgeons from any part of the world using control machinery a possible thing.
According to a recent and popular study, it is estimated the UK digital market can grow at around 29.6% CAGR with the contribution of the 5G network.
Other features of 5G like high speed and capacity also play a huge role in the development of this industry. With 5G, you can carry out the admin tasks in a few minutes saving time.
This also helps in regulating the delays that used to happen in analyzing problems and diseases. The analysis of these problems or irregularities can be done through AI technology within minutes.
Research conducted by the O2 has proved that with these fast services, it is possible to save up to over 1 million GP hours. These developments in the healthcare industry have opened up jobs and employment opportunities for several other people from different fields.
Now, an app developer, wearable device manufacturer, and other technology-related professionals can be a part here. This also promotes the existing businesses of pharmaceutical companies, government health organizations, insurance companies, etc.
2. Manufacturing Industry
The advancement to the 5G network has been seen as the commencement of the fourth industrial revolution, also known as Industry 4.0. Manufacturing companies for a long time have been struggling with the complexities of delivering products faster and more efficiently at a less costly price.
There is also a problem of finding a skilled workforce that would do these tasks effectively. 5G network can help with this crisis by providing the required technology that will make these processes faster than usual.
There will be the automation of processes and this will cost much less than before. There will be a decrease in dependency on the workforce and manual labor for all the work.
There can be drones, VR headsets, sensors in wearable products, robotic devices, etc that can help in various functions of infrastructure faults, maintenance, and virtual collaborations. With a 5G network all across the world, delivery of products will also become faster and more efficient than before.
3. Automotive Industry
There will be a boom in the automotive industry as the low latency 5G network will increase the production of autonomous or driverless cars. With a high-speed network, 5G will allow real-time communication of these driverless cars with other vehicles constantly. This will help in optimizing traffic flow and monitoring if a driver has a medical condition.
Not only cars, but vehicles like trains can achieve a greater speed up to 1Gbps with the help of a 5G network. This has also been tested in an experiment that happened in Tokyo.
There has been evidence of ease in the freight and logistics due to the low latency vehicle-to-vehicle communication with 5G networks. This can be done with driverless trucks that can become a reality in the coming next 10 years.
4. Retail Industry
The retail industry relies on technology to improve every type of customer experience as well as operational efficiency that goes into production. With the introduction of the 5G network, there can be a big transformation among the retailers that can change their industry in one go.
For example, we are all aware of the Mixed Reality experiences in which buyers have the convenience to try on different sizes, styles, and colors of different items of clothing. This can help in enhancing the consumer’s experience as well as building a relationship between the customer and the brand.
By using AR technology and application, it becomes very easy for a customer to personalize a pair of shoes for themselves before buying them. Similarly, a VR headset that functions with the help of a 5G network could enable the feature for customers to sit in the comfort of their homes and test drive a car.
There will also be IoT solutions for the retail industry that will directly affect their business. IoT solutions can easily track orders, and delays, asserts, providing efficient supply chain management. There will be scope for increase and expansion of business in small scale as well as large scale industry with 5G network.
5. Entertainment Industry
5G network in the entertainment industry can act as a developer of already existing technologies. There have been the inventions of AR and VR technologies before, but the 5G network can bring the required changes and develop them further giving a new and enhanced experience to its users.
One of the greatest examples of AR technology is the famous Pokemon Go. Several possibilities can be achieved with the advancement of this technology. The high speed and low latency provided by the 5G network means that game developers can change the whole industry. Playing games can become easier and can be done as efficiently on your mobile phones and TV screens as on consoles.
6. Agriculture
With a 5G network in all parts of the world, it will have a huge impact on farmers and help them on a large scale. Farmers can have easy access to the internet and technology that was not within their reach before.
Using IoT technologies developed, farmers can optimize their workflow more conveniently. This can include water management, crop management, livestock safety, etc. They can also look after their farms through real-time information using Internet of Things technology. They can automate their systems leading to profit and safety.
7. Insurance
5G has made data sharing and organizing much faster and easier than before. A lot of fields like insurance companies are benefiting from such facilities provided by the 5G network. With such a reliable and efficient organization, it also gets easier to make accurate decisions.
With different types of technology entering various fields, insurance companies get to offer different policies. These companies also have the provision to make and send real-time reports and data to their customers with the 5G network.
8. Supply Chain Management
With 5G IoT technology, supply chain management can improve by a huge margin. The possibilities of human errors as well as delayed responses and tracking can be eliminated from the process.
There can be a provision of 5G- enabled sensors installed on the products that can enable managers to have all the data related to the product at their fingertips at any given point in time. There can also be an easy logistic chain and reduced cost with a 5G network.
9. Fixed wireless
5G is a fifth-generation wireless mobile network. It is based upon wireless technology replacing broadband with wireless connections. 5G in business will help retail stores in staying connected to the headquarters. Even if the stores are in remote locations, with the 5G network it will become easier for their connection with other places.
Also, WAN will be used for fixed wireless connections and so you will see an increase in these. This will also help people who work from home from remote locations. They will not have to worry about their internet connection as they will be connected to the 5G network that will provide them with high-speed internet as well as increased bandwidth.
10. Sensor-based Systems
With 5G technology and its internet speed, it has become possible to support a large number of devices in one place. This also includes a large number of sensors that are used in manufacturing, agriculture, building support, etc. 5G makes it easier to transfer information to the analytics and operation system without any difficulty. With sensor-based systems, it becomes easier to maintain security as well as efficiency.
11. Metropolitan Areas and Smart Cities
5G is the next step that will make our dream of smart cities. It will not only help us in connecting with different metropolitan areas but also help in accelerating and improving the development among different sectors.
Smart cities include the ideas of residential services such as street lights, security, and traffic signals. This will also include surveillance cameras that can be installed all over the city in order to make it safer for the population.
Conclusion
5G with its numerous features and benefits of high speed and capacity and low latency can change the way we look at the world. There can be a lot more improvement in various business sectors. There will be the generation of more economic growth as well as the invention of ideas.
5G network will have its effect on several different fields such as the entertainment industry, healthcare industry, retail, automotive industry, manufacturing industry, etc. This will improve and generate more value as well as comfort in our experience with different aspects of technology.