A Qualcomm report and a CTIA Wireless Association report both released in the last week are championing 5G technology for its potential to create millions of jobs and contribute trillions of dollars to the economy.
In the Qualcomm report, which was produced by IHS Markit, the analyst firm said that 5G will impact virtually every industry sector and could result in $12.3 trillion in global sales by 2035.
Manufacturing would see the biggest share of sales, accounting for about $3.4 trillion, or 28 percent. The information and communications sector will see the second-largest share, about $1.4 trillion, according to IHS.
In a separate 5G report commissioned by CTIA and compiled by consulting firm Accenture, the firm predicted that U.S. operators alone will invest $275 billion in 5G. Of that amount, $93 billion will be spent on construction, with the remainder being allocated for network equipment, engineering, and planning.
In the IHS report, the firm said that 5G will lead to more investment in research and development and capital expenditures by companies in seven countries — the U.S., China, Japan, Germany, South Korea, the United Kingdom, and France — that are on the forefront of 5G development. The U.S. alone, according to IHS, will invest $1.2 trillion in 5G over the next 16 years.
On the jobs front, IHS says that 5G will likely generate $3.5 trillion in output and support 22 million jobs. The company didn’t go into great detail about where those jobs would be, but said that because 5G will create new business models it will touch all areas of industry including public safety, cyber security, privacy, public infrastructure, healthcare, and education.
The Accenture report provided more detail on job creation but was focused primarily on the U.S. market. Accenture said 5G will create about 3 million jobs in the U.S., and said that it will likely result in 50,000 new construction jobs in the seven-year buildout period.