Findings from the IHS Markit 2020 5G Economy Study, commissioned by Qualcomm Technologies, reveal a 10.8 per cent net increase in global 5G investment and R&D over the next 15 years, compared to the 2019 forecast.
The study also shows an increase in 5G-related jobs to 22.8 million by 2035, up 22.3 million, despite the Covid-19 pandemic’s effects on the global economy.
IHS Markit attributed this increase to unprecedented demand for both 5G network infrastructure and devices, along with the realisation that 5G will transform industries across the board. This is further compounded by the realisation across businesses, governments and society of the critical nature of connectivity during the global pandemic. Digital transformation of industries that would typically take several years to complete are being accelerated dramatically.
“IHS Markit’s findings in their latest report confirm what we are seeing in the market – strong momentum in both the deployment of and demand for 5G around the world,” notes Cristiano Amon, president, Qualcomm. “Not only has 5G proven to be resilient in the face of the COVID-19 pandemic, it is proving to be the technology at the heart of the digital transformation across industries.”
“IHS Markit expects the continual and deepening deployment of 5G, and the products, services, and experiences that will flow from it, to fundamentally support and enable the emergent requirements of the post-pandemic world for connectivity, flexibility and resiliency,” advises Karen Campbell, Ph.D., associate director, IHS Markit Economics and lead analyst on the report.
Additional key takeaways from the study include: