In March 2024, Business Insider characterized the rollout of 5G as âslow and underwhelming,â but also noted that âthere are blue skies ahead as 5G advancements finally arrive.â Additionally, industry giants (including Verizon) are saying 2024 will be a âbig yearâ for 5G technology. With that in mind, companies can begin (or revisit) their plans for leveraging the faster speeds, lower latency and enhanced connections 5G can bring.
While all businesses and consumers are likely to reap benefits as 5Gâs footprint grows, certain industries and functions stand to see a big boost in terms of efficiency, productivity and reach. Below, 15 members of Forbes Technology Council detail specific sectors and applications that will see big benefits from 5G and why.
1. Government And Education
State and local governments and education agencies stand to benefit greatly from the use of 5G technology for the development of private wireless networks. These private networks will enable smart city applications, including gathering a variety of useful data from sensors and computer vision. Further, underserved communities gain from expanded access to mobile and broadband services. – Bart Van Aardenne, Terranet Communications
2. Healthcare
The healthcare industry will benefit significantly from 5G. For example, 5G will allow advancements in smart connected care, such as better telehealth services, augmented home care, improved remote monitoring, an expanded Internet of Medical Things and so on. It will also allow for the movement of massive volumes of data for faster insights, better patient outcomes and an improved patient experience throughout an episode of care. – Will Conaway, NTT Data
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3. Travel
The travel industry will reap big benefits from 5G technology. Imagine planes, trains and automobiles being able to get real-time traffic updates, talk to each other and provide faster speeds for all commuters. Imagine all data and communications being fed into a neural engine, increasing productivity, incentivizing environmentally friendly behaviors and promoting enhanced safety. – WaiJe Coler, InfoTracer
4. Agriculture
Agriculture will benefit from 5G through more precise farming. With 5Gâs high-speed, low-latency communication, farmers can deploy drones and Internet of Things sensors to monitor crop health and environmental conditions in real time. This will lead to more precise water, fertilizer and pesticide application, optimizing crop yields and moving us toward more sustainable farming. – Marc Rutzen, HelloData.ai
5. Fintech
5G can bring significant benefits to the fintech industry, particularly in areas including mobile banking, payments and financial transactions. The high speed and low latency of 5G networks can enable real-time processing of transactions, enhancing the overall efficiency and speed of financial operations. Additionally, 5G can support the growth of mobile banking services in remote or underbanked areas. – Deepak Gupta, Cars24 Financial Services
6. Retail
Retail is going to see a ton of benefits from 5G. From hyper-focused personalization to augmented and virtual reality support for customers to the ability to track products, pricing and inventory in real time on the backend, the possibilities are endless. I fully expect to see more businesses embrace this technology to stay relevant and profitable over the next several years. – Thomas Griffin, OptinMonster
7. Entertainment And Media
The entertainment and media industries will see big benefits from 5G, especially when it comes to streaming services. With 5Gâs fast speeds, people can watch high-quality videos without buffering, even on mobile devices. This means everyone can enjoy their favorite shows and movies anytime, anywhere, with a super-clear picture and no waiting. – Margarita Simonova, ILoveMyQA
8. Logistics
The logistics sector is on the cusp of a 5G revolution. Envision drones and autonomous trucks, fueled by 5G, revolutionizing deliveries with speed and precision. This isnât just a speed boostâit can be a total game-changer, making global delivery networks much smarter. With efficient real-time tracking, lost packages and delayed orders will become a thing of the past. – Sandro Shubladze, Datamam
9. Automotive
The automotive industry would see great benefits from adopting 5G technology in cars that are Web-connected (as many electric vehicles are). 5G technology can handle the flow of real-time data and video transmission thatâs vital for carsâ AI functions, and it can do it faster than todayâs 4G networks. The amount of data cars transmit is huge, which makes 5G the better choice all around. – Jordan Yallen, MetaTope
10. Urban Planning
Urban planning can significantly benefit from 5G in smart city developmentâspecifically, traffic management. Using real-time data from sensors, 5G can optimize traffic lights to reduce congestion and pollution, enhancing urban mobility and living conditions. – Andrew Blackman, EZ Cloud
11. Manufacturing
The manufacturing industry is a significant data producer, but it underutilizes that data due to connectivity challenges, especially in remote areas. 5G can revolutionize this by enhancing data transfer from remote facilities to the internet or gateways, improving decision-making and efficiency. This connectivity leap enables better use of manufacturing data, fostering innovation and productivity. – Ravi Soni, Amazon Web Services
12. Space
The space industry benefits from 5G through enhanced ground-to-satellite communication, enabling more efficient data transmission and management of space assets. This capability is crucial for tasks including Earth observation, satellite constellation management and emergency response coordination. 5G can ensure timely and reliable data for various applications, from climate monitoring to global communications. – Shelli Brunswick, SB Global LLC
13. Remote Work
People should be aware that 5G will have a major impact on how we work and how companies hire. The work-from-home phenomenon and the trend of hiring talent from every corner of the world will be fully normalized as, with 5G, effective communication will be in place. – Aditya Malik, ValueMatrix.ai
14. Drones
High-quality 5G wireless connectivityâs best value proposition is in mission-critical scenarios. Leveraging 5G networks and AI vision, drones will be utilized more broadly for such applications as remote equipment inspections and maintenance and observation of wildlife, extending what humans are able to accomplish far beyond what we can do today. Those drone scenarios are impossible without 5G. – Pete Bernard, EDGECELSIOR
15. Private Business Networks
On-demand private networks are needed across industries and business environments. 5G network slicing can create a private network, reusing existing assets and supporting whatever configuration is needed. – Gautam Hazari, Sekura.id