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5G Technology Set To Fuel Technological Change And Transform Global Economy

Five key themes will shape the world in the next five years, fuelled by an unprecedented increase in the pace of technological changes, in particular the roll-out of 5G mobile technology, according to Bank of America Merrill Lynch.

The financial services giant says in its report, Transforming World – The Next 5 Years, that the “the five most influential themes that should shape our world over the next five years” are big data and artificial intelligence; the rise of electric vehicles; demographics; climate change; and privacy and cyber threats.

With the amount of data doubling every two to three years, computing power becoming every cheaper and the world becoming ever-more connected, Big Data and AI will create “vast opportunities that span multiple sectors”, the bank says. The amount of global data stored and analysed could swell from 1% today to 37% by 2025, implying up to US$5 trillion in annual benefits.

“These trends, enabled by 5G as the bedrock platform, will hasten the rollout of next-gen technologies (autonomous vehicles, augmented reality etc),” the report adds.

BofAML says 5G will power the fourth industrial revolution, “support a ubiquitous connected world and accelerate the digitization of businesses”. By 2025, there will be more than 30bn connected devices by 2025 and “5G will be the key enabler and influencer in a transforming world”.

These changes will boost the prospects of sectors such as technology, e-commerce and payments, along with capital goods and consumer durables, while the apparel, retail and old media sectors will face significant headwinds, along with the energy industry. – Forbes

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