5G-enabled industries to add USD8 trillion to global GDP by 2030: Nokia

Furthermore, the report also highlights the key barriers to 5G adoption. These include- ecosystem availability, education and understanding, awareness, cost and complexity and 5G security. In addition to highlighting the principal barrier, the report identifies three key catalysts to improve the understanding and adoption of 5G. These include- improved regulation, collaboration and willingness to innovate.

Despite the economic challenges created by the COVID-19 pandemic, 5G-enabled industries have the potential to deliver USD8 trillion in value to the global economy by 2030, says new research from Nokia and Nokia Bell Labs.

Nokia's 5G Business Readiness Report underscores 5G's potential to drive sustainable economic growth and define the next decade of innovation. The company surveyed 1,628 technology purchasing decision-makers in eight markets including Australia, Finland, Germany, Japan, Saudi Arabia, South Korea, UK, and the US. and across six industry sectors, thereby providing a cross-sector view of the path to full 5G deployment.

To capture the tremendous opportunities of 5G, organizations must start or intensify their planning now and accelerate business model innovation to remain competitive in a rapidly digitalizing global economy. Beyond the investment in the technology itself, this will require digitalizing operations, processes and ways of working to capture the full potential of 5G.

Moreover, the biggest challenges we face as a society – from climate change to the pandemic- can be better tackled through at-scale use of the data and technologies that 5G will unleash

Gabriela Styf Sjoman, Chief Strategy Officer at Nokia

According to the report, enterprises at an advanced level of 5G adoption were the only group to experience a net increase in productivity (+10%) following COVID-19, and also the only group able to maintain or increase customer engagement during the pandemic. Companies who are most 5G mature are likely the most advanced in their overall digital transformation and showing the highest impact on business performance.

As enterprises seek to expedite digitalization, 5G will witness a rapid uptick in investment over the next three years while 72 percent of large companies will invest in next-generation technology over the next five years. As per the report, a third of companies across all regions fear being outpaced by the competition should they not invest in 5G within the next 3 years.

Furthermore, the report also highlights the key barriers to 5G adoption. These include- ecosystem availability, education and understanding, awareness, cost and complexity and 5G security. In addition to highlighting the principal barrier, the report identifies three key catalysts to improve the understanding and adoption of 5G. These include- improved regulation, collaboration and willingness to innovate.