What the future of 5G networks looks like for businesses

By Jonathan Crowl

| Banking

Waiter hand holding an empty digital tablet with smart city and 5G network wireless systems and internet of things

iStock

There’s a lot of talk about 5G becoming the standard for wireless network speeds in the near future, but consumers and businesses are only slowly starting to get a taste of the future of 5G networks. CNBC reports that much of the early adoption of 5G is being driven by aggressive development in China, which could result in as many as 1 billion global consumers having access to 5G speeds by 2023.

The transition to 5G is not simply a small upgrade in download speeds. As Business Insider points out, while the average US home enjoys download speeds of about 6.5 megabytes per second, 5G can realistically hit speeds of 500 megabytes per second, blowing the roof off of today’s data download and transfer capabilities.

The benefits of 5G speeds will affect businesses in many different ways, from how they manage daily communications to their ability to leverage mobile technologies to create new efficiencies throughout the organization. Here’s a look at some of the most significant changes 5G will bring to the enterprise world:

The future of 5G networks: Smarter business applications

Faster download and data transfer speeds will give business applications the power to provide better services and experiences than ever before. Because these applications can handle more incoming and outgoing data, they will be capable of doing more. Lower latency rates will also allow for more consistent performance, which will be essential for business applications that can’t function properly if latency disrupts the user experience.

For businesses using cloud-based solutions, faster data transfer speeds will make these solutions more functional, powerful and responsive. Overall, business technologies and software will be much more useful and productive for remote workers relying on mobile technology to be productive while working in the field — or in any location outside of the business office.

Enhanced enterprise communications

Faster network speeds will streamline communications for enterprise organizations whether they’re working with people on the other side of the world or trying to communicate with customers in areas that don’t have fast, reliable internet service.

Enterprise collaboration on large, data-rich projects will be supported with ease. Meanwhile, weak connections and other pains of digital phone and video conferences will be dramatically reduced, allowing for high-quality connections and faster, more productive digital meetings.

Better support for IoT ecosystems

IoT technologies are an exciting opportunity for businesses on many different fronts, but providing a signal to ever-expanding internet-connected devices taxes a company’s bandwidth. The future of 5G networks will provide such strong internet service that IoT devices can be properly supported without putting too much strain on the company’s available bandwidth. This will make IoT solutions easier to implement, and as more IoT devices are added to the network, companies won’t have to worry about how these new technologies strain their current network.

Industry-specific gains in efficiency

Depending on your industry and organizational needs, 5G networks could offer additional opportunities that benefit your business more than companies working in other industries. Shipping and transportation businesses, for example, will discover that 5G improves fleet tracking and management capabilities, ultimately helping organizations reduce fuel consumption and encourage more efficient activity.

TechRepublic notes that the advent of 5G will also help smart buildings better regulate energy consumption and even assist in better security measures. Banking insitutitions will be able to process transactions and approvals faster, and hospitals can quickly transfer encrypted files and other information between clinics to improve patient care.

Ultimately, everything connected to mobile technology and the enterprise network will be affected by a transition to 5G. Consumers may feel these changes more directly, but access to 5G speeds will improve daily enterprise activities on a wide range of levels for almost every business, raising the bar for each company’s overall productivity.