A new study commissioned by Qualcomm projects that 5G technology has the potential to create 22 million jobs worldwide and produce up to $12.3 trillion worth of goods and services by 2035.
The landmark study into the potential economic and social impact of 5G worldwide projects that by this time, 5G’s full economic benefit should be realized across the globe.
The 5G Economy study was jointly conducted by research firms IHS Markit, PSB and UC California economist Professor Dr David Teece.
According to the study, the 5G value chain itself is anticipated to generate up to $3.5 trillion in revenue in 2035.
Over time, 5G will boost real global GDP growth by $3 trillion dollars cumulatively from 2020 to 2035, which would be the quivalent in today’s dollars of adding a new economy the size of India to the world.
“I’ve spent many years studying the impact of general purposes technologies, and it’s clear that 5G will propel mobile into that category, assuring the technology’s long-term impact on society and continued growth for decades,” Teece said.
Polling research conducted in tandem with the economic study also suggests that business decision makers and opinion leaders around the globe overwhelmingly agree than 5G will enable new products, services and use cases that have not been conceived yet.