A new report from Accenture forecasts that the new 5G wireless networks will contribute as much as $40 billion annually to Canada's economy by 2026, creating hundreds of thousands of new jobs in the country.
The report entitled "Fuel for Innovation – Canada's Path In The Race To 5G" was developed by Accenture Strategy, and Commissioned by the Canadian Wireless Telecommunications Association.
More than 150,000 short-term jobs are likely to be created between 2020 and 2026 while the networks are being deployed, and the estimated $26 billion investment by facilities-based carriers required to deploy the networks is likely to create 250,000 more permanent jobs annually by 2026. Moreover, 5G networks will fuel Canadian innovation across industries and improve Canadians' quality of life, with new applications in areas ranging from healthcare to agriculture, the report added.
"Wireless in Canada is a success story for our country because it is an industry that works: Canada's wireless networks are among the fastest and most advanced in the world, and 5G offers a chance to build on this leadership. This report highlights the opportunities that lie ahead with 5G – opportunities for all Canadians, including those in rural areas where 5G can close gaps in broadband service using fixed wireless. To grasp these opportunities, stakeholders will need to work collaboratively to ensure that 5G will be a success here," said Robert Ghiz, president and CEO of the CWTA.
The report also identifies key factors that will affect the timeline and success of 5G in Canada, including the modernization of deployment rules and fees, spectrum availability and allocation, and the maintenance of a stable regulatory environment that encourages investment.
5G is the next generation of cellular technology that will bring high capacity in and out broadband access, higher user mobility, Internet of Things, extreme real-time communication, ultra-reliable and lifeline communication, as well as broadcast-like services.