5G represents a “golden opportunity,” and when its capabilities are combined with artificial intelligence (AI), big data, cloud computing, or mixed reality, it could create entirely new industries and services, Huawei’s Rotating Chairman Guo Ping said during his keynote at Web Summit. The blending of 5G and other technology breakthroughs will drive innovation on a scale the world hasn’t experienced since electricity reached widespread adoption a century ago, he said.

Guo isn’t alone in his aspirational view of 5G. Many top executives at operators, vendors, device makers, and entertainment purveyors have made similar claims. But as the head of the telecom industry’s leading radio access network (RAN) vendor, Guo’s thoughts carry an extra amount of significance.

“Just as [the electric] age began with electric lighting, 3G and 4G solved the problem of connecting people. 5G and AI represent a tipping point for [information and communications technology],” he said. “This technology will be further applied in all industries, like electricity was over a century ago. This makes [information and communications technology] a key enabler of industry development.”

Because 5G can achieve speeds as high as 20 Gb/s and latency as low as one millisecond, it will facilitate a much greater densification of connections and a better experience for IoT, Guo said.

Companies like Huawei are building the framework of 5G networks, but applications and software build on top of those networks will “generate true value,” he said. “This is a huge market worth trillions of U.S. dollars. The biggest winners will be our partners.”

Beyond its legacy in RAN, Huawei is focused on enabling development in the cloud, AI, and mobile devices, Guo explained. While AI has attracted widespread interest, the technology is complex and the industry faces a serious skills shortage, according to Guo.

“We use AI itself to solve the problems of AI development,” he said. “Simply put, we want developers to be free to focus on their core work. Huawei will take care of the complex computing problems. Developers can just focus on designing service logic and creating the best possible products.”

The Chinese company recently announced a $1.5 billion investment in its developer program that will be spread over the next five years to build what it describes as an open computing industry ecosystem. Huawei says 1.3 million developers and more than 14,000 enterprise developers are registered in the program today, but it intends to reach 5 million developers by 2025.

5G in combination with AI, mixed reality, and cloud computing will foster more automated services and create a springboard for startups to target challenges in new ways, Guo said.