According to a recent study by Nokia, 5G-compliant industries have the potential to add $ 8 trillion to global GDP by 2030.
"As organizations around the world move faster towards the adoption of 5G technologies, those who want to be the first to realize its potential can’t afford to lose more time. To realize the enormous potential of 5G, organizations need to start or step up design now and accelerate business model innovation to remain competitive in a rapidly digital world economy;" said Gabriela Styf Sjöman, Nokia ‘s Chief Strategy Officer, in a press release on Monday.
The study compared the deployment of 5G in eight countries – Finland, Germany, the United Kingdom, the United States, Japan, South Korea, Australia and Saudi Arabia. Nokia found that Europe is lagging behind the United States and Asia in adopting 5G technology.
In the U.S., 45 percent of companies plan to invest in 5G technology over the next year. In Finland, the corresponding figure is 29 percent. However, 11 percent of Finnish companies say they are already investing in the transition to 5G.
A quarter of Finnish companies fear losing a competitive advantage if investments in 5G are not made within the next three years. Only 13 percent said they don’t see a connection between the company’s success and the use of 5G technologies.
Although internationally, corporate investment in 5G is growing strongly, according to a Nokia study, many companies are exploiting only a small part of its potential.
"There are many organizations that do not understand 5G," Nokian Sjöman says.
The Finnish telecommunications and information technology company has bet on the big 5G, but tried to take advantage of the opportunities offered by the new technology and changed its CEO in March.
COVID-19 accelerates digital investment
Sjöman emphasizes that the cities, hospitals and factories of the future will depend on 5G and the ability it provides to transfer, process and store large amounts of data.
The report shows that the coronavirus pandemic is accelerating medium- and long-term digital investment and value creation, especially in areas that have lagged behind so far.
More than a third of Finnish companies say that they have intensified their investments in digital technology and services as a result of the pandemic.