- Media: Voice&Data
- Spokesperson: Pallab Chatterjee
According to a report from Fortune Business Insights, the global 5G infrastructure market, valued at $25.69 billion in 2023, is forecasted to skyrocket to $348.76 billion by 2030, exhibiting a CAGR of 45.2% during the forecast period.
In today’s rapidly evolving technological landscape, the rise of 5G networks marks a pivotal innovation, promising unmatched connectivity and transformative potential. This is the world of 5G and edge computing, a powerful duo poised to transform businesses of all sizes. Yet, to fully harness the capabilities of 5G, leveraging edge computing becomes imperative. This approach brings computation and data storage closer to devices and applications, catering to the demand for sub-millisecond latency. Edge computing reduces the network congestion and bandwidth consumption caused by the massive amount of data generated by the Internet of Things (IoT), Artificial Intelligence (AI), and other emerging technologies. According to a report from Fortune Business Insights, the global 5G infrastructure market, valued at $25.69 billion in 2023, is forecasted to skyrocket to $348.76 billion by 2030, exhibiting a CAGR of 45.2% during the forecast period. Meanwhile, the global edge computing market, valued at $11.24 billion in 2022, is expected to expand at a CAGR of 37.9% from 2023 to 2030. The synergy of 5G/LTE technology and edge computing not only reduces latency but also elevates security and reliability across various industry workloads.
Leveraging 5G for Business Advantages
· High Data Transfer Speeds to enhance overall efficiency: The omnipresence of 5G technology is more than just a leap in connectivity; it serves as an unparalleled catalyst for business innovations and evolutions. With the capability to deliver significantly faster data rates than its predecessor, 4G, 5G boasts peak data rates up to 20 Gbps. This high-speed data transfer capability holds immense potential to enhance overall business efficiency, facilitating faster communication, real-time data analysis with the handling of large data volumes, and seamless utilization of cloud-based services.
· Reducing Latency for Responsive Applications: While 4G technology typically offers latency of around 30-50 milliseconds (ms), 5G aims to slash latency to as low as 1 ms in ideal conditions. This dramatic reduction empowers remote workforces with seamless high-definition video conferencing and collaboration tools, redefines supply chains through real-time tracking and inventory management, and propels smart factories towards autonomous, data-driven operations. Furthermore, this minimal latency is crucial for applications demanding sub-millisecond response times, including autonomous vehicles, remote surgery, telemedicine, Augmented Reality (AR) / Extended Reality (XR) headsets, and real-time multiplayer gaming.