5G could add $3.3 trillion of socio-economic value in LatAm by 2035: Report
The report titled “Why 5G in Latin America” stresses that 5G is essential to Latin America as the region lags its global peers in productivity and economic growth, both of which will be enhanced by digital transformation and significantly enhanced broadband communications.
- Country:
- Brazil
5G, the fifth-generation wireless technology could add USD3.3 trillion of social and economic value by 2035 and a USD 9 trillion improvement in productivity in Latin America, according to a new report from global technology research and consulting firm Omdia and Nokia.
The report titled "Why 5G in Latin America" highlights the long-standing issue of broadband penetration gap whilst stressing that 5G is essential to Latin America as the region lags its global peers in productivity and economic growth, both of which will be enhanced by digital transformation and significantly enhanced broadband communications. It also underscores the need for digitalization of essential sectors such as healthcare, emergency services, manufacturing, and supply chain in view of the COVID-19 pandemic.
5G is much more than access. With 5G, the security of telecommunications networks will be even more crucial since we will have millions of sensors connected per square kilometers. When we develop equipment in Nokia, we are addressing network security right on the architecture. We deploy a process we call Design for Security, which means safety and trustworthiness are integral to our products rather than patched on top
Further, the report throws light on how 5G impacts both consumers and enterprise and why it is vital to the region. According to the report, Brazil will see the largest total gain with USD1.216 trillion of 5G Economic impact and an increase in productivity of USD3,084 trillion with the ICT industry being the most affected in the country with a USD 241 billion Economic impact.
The report argues that next-generation 5G connectivity is essential and therefore inevitable in the region and also outlines recommendations for Service Providers and policy-makers for getting 5G ready and pushing fiber deeper into the network.
The full report can be accessed here.
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