According to telecommunications company Qualcomm, 5G could be behind a whopping £9.3 trillion worth of goods and services by 2023. This comes as new levels of connectivity and data transportation give rise to a new breed of start-ups, products, services, and even whole new industries.

Ericsson expect that by 2024, 1.5 billion of us will be connected to 5G. Other experts in the industry predict that it will be making the most significant waves in the retail, healthcare, education, transport and entertainment sectors.

But first…

What is 5G technology?

Literally, it stands for Fifth Generation wireless broadband. Conceptually, it’s all about increasing connectivity speeds to make transfer of data across the network quicker, smarter and more streamlined.

In fact, 5G will offer an increased data rate of up to 10 gigabits per second, which equates to up to 100 times better connectivity than what 4G is currently offering.

To simplify things and give you a bit of contextual perspective, 5G means that a full-length HD film can now be downloaded in a matter of seconds. So, in the time it takes to put a bag of popcorn in the microwave, your high-definition movie will be streamed and ready for viewing.

Examples of 5G technology in action

Around the world, 5G technology is inspiring all kinds of weird and wonderful innovations. There are doctors testing touch-sensitive gloves which connect to robots in order to perform surgical procedures remotely.

Self-driving cars are developing further, along with significant advancements in virtual and augmented reality experiences. There are even drones and other airborne gadgets communicating with each other to prevent crashes.

How will 5G technology benefit small businesses?

One of the most exciting things about the emergence of 5G technology over the coming months is that we don’t yet know the full scale of its potential. We know that it is going to open a whole host of new doors but what comes of this is yet to be discovered. We’re exploring uncharted territory here, people.

As a small business owner, this may all seem a little out of reach for you. You might feel that robotic gloves and talking drones are a million miles away from where you’re at right now. That doesn’t mean you can’t reap the rewards of 5G though.

The advantages for SMEs include:

• Competitive advantage on a more global scale.
• Being able to do more, in less time, which means increased efficiency and capacity to take on more work.
• Super speed connectivity for remote members of staff and whole teams, making agile working simpler and more effective.
• More sophisticated video conferencing and digital communication between both clients and colleagues.
• More responsive customer service.
• Opening up the talent pool as remote recruitment becomes a more viable possibility.
• Advancements in cloud-based software.

Speaking of the cloud… Did you know we have our own cloud-based bookkeeping software? Pandle is simple, intuitive and affordable, with unlimited support from our team of experts included as part of the service. Check out www.pandle.com/uk for more information.

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About The Author

Elizabeth Hughes

A content writer specialising in business, finance, software, and beyond. I'm a wordsmith with a penchant for puns and making complex subjects accessible. Learn more about Elizabeth.

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