LIVE FROM GLOBAL 5G EVENT, TOKYO: Chris Pearson, president of industry trade group 5G Americas, said services using the next-generation technology will permeate every part of society and offer the potential for huge cost savings across all industry sectors.
Pearson (pictured left) told delegates 5G services could produce $160 billion in annual benefits and savings globally. In the US alone, he said connected devices could create $3 billion to $5 billion in annual health system savings.
Looking at improved publc safety, he cited reseach from Deloitte showing a one minute improvement in the response time by early responders translates to an 8 per cent reduction in mortality rates.
Pearson said global spending on IoT devices and services will reach $1.7 trillion in 2020.
The long-term implications are even more staggering. By 2035, the global 5G value chain will generate $3.5 trillion in economic output and support 22 million jobs, according to data from 5G Americas.
Several other speakers agreed tight collaboration with vertical industries is essential if the economic impacts cited by Pearson are to be achieved.