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Qualcomm has commissioned a comprehensive study titled “The 5G Economy” that examines the economic and social effects 5G technology is expected to have worldwide.
The research, carried out by leading institutions HIS Markit and PSB in collaboration with renowned economist Professor Dr. David Teece, aims to provide a clear view of what to expect from 5G and whether it will live up to the transformative potential many technologists foresee.
According to the study, the full economic benefits of 5G will materialize by 2035, assuming widespread deployments begin in 2020. The report estimates that up to $12.3 trillion in goods and services could be generated by 5G-enabled applications across sectors such as retail, transportation, education, and many others.
“Researchers confirmed our strong belief that 5G will be a fundamental game changer,” said Qualcomm CEO Steve Mollenkopf. “We have been hard at work helping create some of the key technologies and applications that will make 5G a reality—advancing LTE, collaborating with industry leaders, and leading the critical research behind the next-generation global wireless standard.”
The study frames 5G as a General Purpose Technology (GPT): a foundational innovation with broad, long-term impacts on society and the economy—comparable to the roles of information technology and electricity. It argues that 5G will elevate mobile connectivity into this category, enabling new industries and forming the connective tissue that links people to their environments.
“I’ve spent many years studying the impact of general purpose technologies, and it’s clear that 5G will propel mobile into that category, assuring the technology’s long-term impact on society and continued growth for decades,” said Dr. David Teece.
Such a major technological shift is expected to create significant employment opportunities worldwide, potentially supporting as many as 22 million jobs. The report forecasts cumulative global GDP growth of around $3 trillion between 2020 and 2035—an increase the study describes as roughly equivalent to adding an economy the size of India to the world in today’s dollars.
Business leaders are watching 5G developments closely to capture potential benefits. In PSB’s polling of more than 3,500 respondents, over 90 percent agreed that 5G will enable new products, services, and use cases that have not yet been invented.
For an in-depth look at the study, please consult the official report published by Qualcomm.
What major economic and societal impacts do you foresee 5G having? Let us know your thoughts in the comments.