It is no surprise IT pros plan to quickly implement 5G over the next year. The reason the rollout has hit a roadblock is because of the Huawei ban and the pandemic. Without these two incidents, carriers would be moving ahead with their rollouts. But even that is not stopping businesses from deploying 5G with the available infrastructure currently in place in select cities.
According to a report from Atlas VPN, 82% of chief information security officers (CISO) and chief information officers (CIO) are planning to adopt 5G in the next six to 12 months. Fifty-three percent of them say it is going to take place in the next six months.
IT Pros Implementing 5G Rapidly Across US
The data for the report comes from a survey carried out by VMware Carbon Black. From March 2019 to March 2020, representatives from 250 North American companies took part in the survey. Industries in finance, healthcare, and government along with other segments were represented.
From these, as many as 53% of the CIOs and CISOs plan to adopt 5G in the next six months. While 29% plan to adopt 5G within the next 12 with only 17% admitting to having no plans in regards to 5G.
Why are businesses keen on 5G?
When it comes to industries, a whopping 93% of healthcare providers have plans to adopt 5G within the next 12 months. This is because 5G networks provide ten times faster internet speed compared to 4G technology. It also drastically improves the connectivity between the Internet of things (IoT) devices. This along with its reliability and no connection-loss is crucial for critical services in the healthcare industry.
The technology will help improve the reliability of remote robotic surgery. These procedures require high-definition video streaming, low latency, and massive bandwidth, all of which 5G provides.
Next to the health care industry financial firms are also keen to adopt 5G as well. With over 77% of financial firms saying they would adopt 5G in the next 12 months. Financial institutions are eager to adopt 5G as it opens out more opportunities to store and protect value, move money, and access credit. The 5G connection speed can help expedite transactions and investment trading.
Other sectors too will also benefit. With faster download speeds, users will be able to download and upload Ultra HD and 3D videos with greater ease. For marketers, it means high-quality promotional materials and promotional activities with enhanced cloud computing. The faster speed will help improve company processes, speedy transfer of bulk files and processing of orders.
Despite all the interest in 5G, security is an issue for some. Speed aside 5G networks are also expected to provide increased security for financial and other institutions. With more data coming in, fraud prevention systems will need to detect fraudulent transactions more quickly. In fact, 14% of them believe that 5G adoption will cause increased spending on security and control systems.
5G Forecasts By 2025
The 5G technology industry is estimated to reach $5.53 billion by the end of 2020 and $667.90 billion by 2026. Within the next five years adoption of 5G is projected to reach 3.23 billion globally, growing by a staggering 1919%. A meteoric rise from the current 160 million.
The US and Canada had 1.18 million 5G connections during the first quarter of 2020. They are set to reach 10 million 5G connections by the end of the year- 100% growth within a year.
Across the globe, 5G network connections are expected to reach 570 million in 2021 – a 256% growth from 2020. 5G connections will cross the 1 billion mark by 2022 reaching over 1.22 billion users.