Nokia predicted 5G-enabled industries would add $8 trillion to global GDP by 2030, with more than 70 per cent of large companies expected to invest in the technology within the next five years.
The forecasts come in the vendor’s 5G Business Readiness Report, produced along with Nokia Bell Labs following a survey of industries in eight markets conducted by Sapio Research.
In a statement, Nokia noted the research had uncovered a need for action on improved regulation, collaboration and “willingness to innovate” by stakeholders to bring about increased understanding, confidence and adoption of the technology in business.
Despite outlining several challenges, the report is bullish on the potential of 5G and highlights positives already being felt by early adopters.
Even in the light of the Covid-19 (coronavirus) pandemic, it predicts a global boom in 5G investment between now and the end of 2025. Nokia noted the report had uncovered those defined as “5G mature” was the only group found to have increased net productivity during the pandemic.
The wide-ranging report quizzed representatives from companies in Australia, Germany, Finland, Japan, Saudi Arabia, South Korea, the UK and US to assess opinions, attitudes and progress towards 5G.
It defined half of those asked as on a “midway level” to 5G readiness and 7 per cent as mature.
In terms of plans for the technology, 86 per cent of decision makers said they had “some kind of strategy”. Nokia noted many companies which were implementing 5G were actually still at the trial stage.
The report also cited a number of challenges to adoption, including limited 5G access outside of urban centres; lack of awareness or education on the technology; cost and complexity; and security concerns, which were cited by more than a third of respondents.