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1 PwC The global economic impact of 5G The global economic impact of 5G. Powering your tomorrow ATM2 PwC The global economic impact of 5G Contents 3 Executive summary 4 Introduction: The next quantum leap 8 Healthcare: Achieving better, faster outcomes 10 Smart utilities: Creating agility and control 12 Consumer and media: Transforming the at-home experience 14 Industrial manufacturing: Building connected ecosystems 16 Financial services: Supporting virtual interactions 18 Conclusion: Reinventing your future with 5G 20 Contacts 21 Appendix3 PwC The global economic impact of 5G Executive summary The promise of 5G has been echoed throughout the business world for years. 5Gs faster speed, lower latency and ability to connect vastly higher numbers of devices than previous generations of mobile technology offered executives a glimpse of a more efficient and productive future. By providing the basis for ubiquitous ultra-fast broadband, 5G opens up possibilities far beyond the reach of 4G or Wi-Fi 6. This promise has only grown more critical today, as leaders consider how best to repair, rethink and reconfigure their business for the postCOVID-19 world. As 5Gs adoption and rollout accelerate, we can begin to quantify the technologys potential impact in economic terms. Drawing on expert insight and using economic modelling, we started at the use-case level to assess what that impact will be. We focused on five industrieshealthcare, smart utilities, consumer and media, industrial manufacturing, and financial servicesthat stand to benefit significantly from 5G technology and calculated what that benefit could look like through 2030. As with any such analysis, the absolute figures can only be directional and are most interesting when looked at in relation to one another. More than 80% of the economic potential appears to lie in healthcare applications (projected to contribute US$530bn to global GDP), smart utilities management (an additional US$330bn), and consumer and media applications (US$254bn more). Smaller contributions from the other industries in our study bring the total estimated uplift to US$1.3tn. As leaders contemplate the decade ahead, 5G demands strategic attentionboth to where and how it can create competitive advantages, and to the implementation and integration imperatives that must be met for it to generate value. Wilson Chow Global Technology, Media and Telecommunications (TMT) Leader Partner, PwC China4 PwC The global economic impact of 5G As 5Gthe next generation of mobile connectivityrolls out in coming years, it will create value in many industries and for society as a whole. Innovative uses of the technology show promise in a wide variety of settings: hospitals equipped with 5G devices that enable remote patient monitoring, and smart ambulances that communicate with doctors in real time; digital wallets that connect phones, wearables, cars and other devices to create seamless financial transactions; and 5G-enabled factories in which connections can be maintained among more sensors than ever before. Such scenarios illustrate the economic impact of 5G mobile technology, which we measured through its ability to increase efficiency and productivity (see Methodology). This impact will be amplified by the fact that 5G isnt just a faster version of 4G or Wi-Fi 6 with wider reach. Besides offering up to 100 times the speed and 1,000 times the capacity of todays mobile networks, 5G will provide ultra-reliability, low latency, reduced energy use and massive connectivity both inside and outside of buildings. The result will be broadband thats not just superfast but ubiquitous. Moreover, when 5G is used in combination with AI, extended reality (XR), edge computing and the Internet of Things (IoT), it will enable business and society to realise the full benefits of these other technological advances. The size and nature of 5Gs economic impact will vary by industry and country. In healthcare, for example, in a single-payer, taxation-funded system, the effect may be to free up government resources to spend on other programmes and possibly lower taxes. In a private insurancebased system, the efficiencies of 5G could enable consumers to reallocate spending to other sectors. Introduction: The next quantum leap5 PwC The global economic impact of 5G When these effects are added together, the potential impact is huge. Healthcare will be far and away the biggest contributor to the economic gains from 5G: our model predicts that it could add more than half a trillion dollars to global GDP . But other industries also show significant potential, as 5G enables a vast wave of innovative solutions and use cases (see Exhibit 1). In this study, we analysed use cases, both new and established, in five sectorshealthcare, smart utilities, consumer and media, industrial manufacturing, and financial servicesand found that, in aggregate, the adoption of 5G will add US$1.3tn to global GDP by 2030. Exhibit 1: 5G boost to global GDP by industry by 2030 (US$, 2019 values) Source: PwC 5G-powered financial-services applications US$85bn 5G-powered industrial manufacturing US$134bn 5G-powered consumer and media applications US$254bn 5G-powered smart utilities US$330bn 5G-powered healthcare US$530bn Total impact US$1.3tn6 PwC The global economic impact of 5G These numbers quantify impact, but perhaps more important, our study findings reflect the value of 5G. The new levels of connectivity and collaboration that 5G enables will amplify and deepen the insight that organisations can gain from connected technologies. Companies will be able to see, attempt and achieve more, opening up new opportunities for growth as they rethink and reconfigure the way they do business in the post- pandemic world. 1 5G will be a key part of their new operating environment and technology toolkit. By enabling new use cases and business models, 5G will result directly in the creation of higher valuefor businesses, employees, customers and, ultimately, entire economies. For the next five years, 5Gs contribution to economic growth will be fairly modest, as telecom companies focus on infrastructure construction and rollout. But starting in 2025, we project these investments will have an increasingly energising effect on the global economy, as 5G-enabled applications become more widespread (see Exhibit 2). 1 Blair Sheppard, Daria Zarubina and Alexis Jenkins, “Adapting to a new world,” strategy+business, 13 May 2020, strategy- a-new-world. 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 $USbn, 2019 values $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 5G contribution to GDP uplift 0.0% 0.1% 0.1% 0.2% 0.2% 0.3% 0.4% 0.5% 0.7% 0.9% 1.0% Source: PwC Exhibit 2: Projected contribution of 5G to global GDP , 202030 (US$bn, 2019 values7 PwC The global economic impact of 5G At the regional level, North America will experience the biggest percentage uplift to GDP from 5G, followed by Asia and Oceania and then by Europe, the Middle East and Africa (EMEA). In absolute dollar terms, North America also will rank highest, and Asia and Oceania is projected to outpace EMEA because of its larger overall economy. (The scale of a national economy will influence its absolute impact on global GDP: a 2% increase in the US economy is about six times the size in dollar terms of a 1.3% expansion in the Japanese economy.) Among the countries analysed (see Exhibit 3), those with strong, modern industrial production sectors may benefit more than those that rely on service industries such as banking. Exhibit 3: 5Gs projected economic impact by country by 2030 (US$, 2019 values) United States US$484bn China US$220bn Japan US$76bn Germany US$65bn United Kingdom US$54bn India US$42bn South Korea US$30bn Australia US$20bn Source: PwC8 PwC The global economic impact of 5G The rapid rise of telemedicine during the COVID-19 pandemic provides a glimpse of the future of healthcare, but remote care is just one area in which 5G can enable both cost savings and better health outcomes. For example, 5G will improve efficiency and productivity in hospitals through advances such as 5G-enabled tracking of medical devices and patient beds and the application of AI to 5G sensor data to trigger actions automatically and accelerate patient handovers. We believe that the rising use of 5Gboosted by advances in robotics, IoT and AIwill enable the emergence of a new, connected healthcare ecosystem aligned with the concept of 4P medicine: predictive, preventative, personalised and participatory. This ecosystem will use 5G connectivity to meet patient and provider needs accurately, conveniently, cost-effectively and at a massive scale. 2 Our analysis reveals that 5G could enhance healthcare applications and generate higher economic value through the following four use cases. Fewer and shorter hospital stays. 5G will vastly improve communication among doctors and with patients by enabling it to be continuous and real-time, both within and outside hospitals. This will allow doctors to use their time more efficiently, produce better patient outcomes and reduce the number and length of hospital stays. Net contribution to global GDP by 2030: US$161bn Healthcare: Achieving better, faster outcomes 5G-powered healthcare applications will add US$530bn to global GDP by 2030 2 PwC, 5G in healthcare: How can 5G connect a post-COVID healthcare ecosystem? 2020, in-healthcare.html9 PwC The global economic impact of 5G Streamlined doctorpatient interactions. Mobile health platforms powered by 5G will enable faster and more accurate collection and sharing of health information both among health systems and between healthcare providers and patients. It may also enable doctors to use surgical robots or scanners controlled remotely over 5G to help them treat patients. Such applications will allow doctors to use their time more efficiently. Net contribution to global GDP by 2030: US$89.5bn Drone-transported medical equipment and therapies. A defibrillator dispatched using a 5G-enabled drone could arrive at the patients location four times faster than if it were brought by ambulance. Drones can also deliver medicines, blood and vaccines over long distances at high speed, or pick up and transport blood or tissue samples to a central laboratory for analysis. Net contribution to global GDP by 2030: US$155bn Improved experience and efficacy of telemedicine. Compared with previous generations of mobile technology, the combination of higher speed and efficiency with lower latency makes 5G better able to support remote, real-time interactions between doctors and patients. Healthcare providers will also be able to receive remote monitoring data from a large base of patients in real time, often through 5G-connected wearable devices and complemented by cloud analysis and processing (referred to as the Internet of the body). These benefits mean 5G will expand the reach and effectiveness of remote health monitoring and telemedicine programmes, including in rural areas without easy access to hospitals. Net contribution to global GDP by 2030: US$123.5bn Source: PwC Exhibit 5: 5G boost to healthcare by country by 2030 (US$bn, 2019 values) US China Japan Germany UK India Australia South Korea Gain in real GDP $0 $50 $100 $150 $200 $250 $300 Source: PwC Exhibit 4: Productivity gain from 5G applications in healthcare by use case by 2030 (US$, 2019 values) Fewer and shorter hospital stays Streamlined doctor patient interactions Drone- transported medical equipment and therapies US$161bn US$89.5bn US$155bn US$123.5bn Improved experience and efficacy of telemedicine10 PwC The global economic impact of 5G The global utilities industry is at the forefront of a sweeping energy transition that will radically alter business models and customer interactions. For example, in the new, lower-carbon energy landscape, electric utilities will need high levels of agility and control, including the ability to predict and manage contributions from a vast array of distributed, renewable energy sources. At the same time, consumers want the ability to track and minimise their energy use. To ensure market competitiveness amid these demands, the worlds 40 largest utilities 3 spent an estimated US$2.1bn on R securitisation and payment; identity and credentials; agreements, thresholds and disputes; and loyalty and rewards. These inputs were then transformed across countries and time based on an assumed S-shaped adoption curve. Assessing wider impacts. Using a computable general equilibrium (CGE) model to quantify the rippling impacts of the use cases across the rest of the economy, including on overall GDP and productivity. The CGE model captures all economic interactions in the global economy, including trade and spending between firms on one anothers goods and inputs; spending by consumers on goods; investment decisions; and dynamics in the market such as demand for factors such as capital and labour, trade, employment and wage effects. Scope and assumptions The projections in this study represent the net economic impact of 5G technology, taking into account displacement effects, such as certain economic activities becoming obsolete, and focusing on economic value added across value chains and throughout the economy, rather than only on the revenues of 5G telecoms businesses. Also, we have assumed reasonable uptake over time, with the quality of 5G products and services developing as forecast by experts across the PwC network. And we have made the judgement that COVID-19 will not have a material impact on 5Gs longer- term economic contribution. 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