Speedy enhancements and advances to the 5G technology are ready to support and boost the economic growth of India by epidemically increasing the effectiveness and capacity of the network. A wide range of opportunities will become available with the introduction of 5G technology across many sectors. These opportunities and the new technology will help to innovate and bring excellence to the operations of various businesses. According to the GSMA intelligence analysis, between 2023 and 2040, the Indian economy will gain 36.4 trillion dollars ($455 billion), or more than 0.6% of the GDP predicted for that year.
Industry 4.0, digital supply chains, blockchains, and advancements in virtual reality, augmented reality, big data, and artificial intelligence will all be fuelled by 5G technology. Each industry will get a boost because of its improved performance and efficiency.
The new 5G technology has been designed to deliver higher data speeds as compared to the already existing networks, increased reliability, the enormous capacity of the network, along with a user experience that is great and uniform. Other salient features of the 5G network include:
- Ultra-low latency — Quicker interaction speed allows for quicker responsiveness
- Higher data speeds for multi-Gbps peak, which will enable the users to download data faster than the existing 4G services
- Network slicing- which will allow users access to multiple 5G networks at the same time while providing higher information density
- Enormous network capacity - wider bandwidth that enables devices to handle many streams of complicated data simultaneously
The two-fold effects of 5G will result in a considerable expansion in commerce and a corresponding exponential shift in the supply chain sector.
In terms of accuracy and efficiency, the new 5G network will enable retailers to work with reliable networks which have the potential to handle the pinnacle traffic which will result in uninterrupted business. Personalization is made simple, and unmatched AR/VR applications are made available in both industrial and consumer areas. It is anticipated that there will be an 80% decrease in auto accidents, a corresponding reduction in repair expenses, and a 25% decrease in traffic. 5G is expected to sanction more than $1.4 trillion in sales by the year 2035, in the business sectors which make use of transportation. These sectors include agriculture, mining, construction, logistics, and various others.
Everything in the business sector is interconnected with the economy through 5G and it also allows the procreation of autonomous vehicles, smart homes, smart cities, and so on. Additionally, it will guarantee safer transportation, remote medical treatment, precise agriculture, and digitalized logistics.
The new 5G technology has been designed to deliver higher data speeds as compared to the already existing networks.
The two-fold effects of 5G will result in a considerable expansion in commerce and a corresponding exponential shift in the supply chain sector. Leading supply chain businesses will make smart technology investments and take advantage of its advantages by participating in this exponential expansion.
In all various sectors from design to sales, 5G will be grasped by the supply chain industry enacting as a facilitator and driver for the transformation of the supply chain industry. It will help to provide the infrastructure which is needed to bring the concept of a digital supply chain to reality. The 5G network will enhance several operations in the production and management of the supply chain sector. 5G will become a factor of hygiene and significantly increase supply chain efficiency thanks to its ultra-low latency and availability of faster, cheaper, and more ubiquitous networks.
The introduction of ‘smart inventory’ management with the help of 5G will boost the business for logistics service providers as well as the whole supply chain industry. The implementation of augmented reality and 5G enhances picking and packaging procedures, inventory management, and warehouse storage. Additionally, it facilitates quicker and simpler inventory storage, betterment, and distribution, as well as more effective real-time data collection for temperature, humidity, and other factors that are crucial for the quality or safety of delicate goods.