5G is set to unlock a new world of connected opportunity. As the fastest-growing mobile broadband technology to date, 5G has already surpassed 1.5 billion connections by the end of 2023, marking a significant milestone in the evolution of telecommunications, according to GSMA Intelligence.
The global 5G services market, valued at $121.8 billion in 2023, is projected to experience explosive growth, reaching $1,002.3 billion by 2028 at a staggering CAGR of 52.4% during the forecast period (2023-2028). This growth trend extends to total mobile operator revenues, expected to soar to US$1.93 trillion by 2028.
The transformative potential of 5G technology extends far beyond mere connectivity, it represents a platform technology poised to boost innovation and unlock unprecedented economic growth, projected to contribute a staggering US$13.2 trillion to the global economic value by 2035, as projected by PwC. That also means a new future of customer anticipation and expectation, creating new challenges and opportunities for telecommunications operators.
While much of the public focus on 5G technology has been around coverage, application, connection speeds, perhaps the greatest potential of this opportunity comes from the real-time reliability of the 5G bandwidth itself. The technical reality of the 5G spectrum is a fresh guarantee of dependable and low latency connections. That means connected devices can communicate seamlessly in 5G areas without risk of connection dropout or lost data.
This real-time capability is the driving force behind the wider internet of things (IoT) that is such an integral part of the overall 5G technology and opportunity. Projections indicated that the global IoT market, worth around $336 billion in 2024, is set to triple its revenue to more than $621 billion by 2030, fueled by the demand for instantaneous data exchange and analysis.
The promise of smart connected cities and industry is at the heart of a future enabled by real-time 5G solutions. But beyond the near-science-fiction nature of smart connected infrastructure, this is a technology which is set to transform the operating landscape for providers and customers alike.
Communication service providers (CSPs) will need to meet the changing needs of billions of new and existing telecoms customers, each with growing expectations of a rapidly evolving digital ecosystem. This requires real-time data responsiveness and personalized solutions tailored to the individual needs of enterprises and consumers alike.
While still evolving, 5G network slicing is one aspect of innovation set to unlock new opportunities for business and telecoms customers. This innovation in 5G network architecture enables CSPs to provide virtualized, independent networks using shared physical network infrastructure.
The commitment of network bandwidth to dedicated use cases provides a real enabler to key technologies and opportunities across industry verticals. 5G slicing means dedicated bandwidth for smart meters in utilities, reliable networks for connected smart cities, and guaranteed 5G data speeds and transfer times for business-critical infrastructure in industries from oil and gas to manufacturing. These are just some of the opportunities that 5G network slicing could offer.
The global network slicing market size is forecasted to increase from $759.0 million in 2023 to $13,662.9 million by 2030, with CSPs working to deliver customized products and services to meet evolving customer needs.
One of the primary challenges for 5G service providers will be meeting dynamic customer needs in a rapidly changing environment.
As 5G technology continues to proliferate, service providers must adapt to meet the dynamic needs of customers in a rapidly changing environment. A one-size-fits-all approach to network slicing is no longer sufficient. Instead, providers must prioritize customized services that address the diverse requirements of different industries and sectors.
From utility companies seeking to enhance smart grid technologies to municipal authorities developing smart city infrastructure, each entity has unique needs that require tailored solutions. By delivering simple, effective solutions with flexible pricing models based on real-time data analytics and understanding, service providers can ensure customer satisfaction and drive market success.
In this dynamic environment, where real-time data insights are paramount, data management solutions will have to be responsive to these changes, with processes that can adapt to complex enterprise service needs. With the accelerating expansion of 5G projected to see it account for 45% of global mobile data traffic by 2025, these solutions will need to be rapidly scalable to roll-out new services as demand grows.
Neural Technologies’ suite of Data Integration solutions offers flexible, scalable solutions that are designed to meet the needs of this challenging growth environment. One of the key highlights of our DI solution is its real-time data processing capability, powered by Kafka. By leveraging Kafka's robust architecture, our solution ensures that data is processed and analyzed in real-time, providing CSPs with valuable insights and enabling them to make informed decisions instantly.
For instance, our converged Online and Offline Charging Engine solution, equipped with cloud-native charging capability, enables CSPs to rapidly adopt innovative tariff structures, providing a simple solution to test and deliver effective new 5G models. Additionally, the solution incorporates real-time data analytics, allowing CSPs to gain valuable insights into usage patterns and trends, facilitating informed decision-making. Automated charging workflows and customizable tariff structures make our solution perfectly suited to this fast-changing network landscape.
In our digitally-enabled world, the advent of 5G technology heralds a new era of connectivity and innovation, with far-reaching implications for businesses, industries, and society as a whole. By embracing innovative and data solutions and adapting to meet the evolving needs of customers, service providers can capitalize on the vast opportunities presented by 5G and pave the way for a more connected and prosperous future. As we look ahead, the transformative potential of 5G remains boundless, promising to unlock new realms of possibility and shape the world of tomorrow.
More Data Integration solutions offered by Neural Technologies:
>> Data Mediation solution
>> Data Orchestration solution
>> Complex Event Processing (CEP) solution
>> Streaming Data Analytics solution
>> API Application Integration solution
>> IoT Integration solution
>> Diameter Integration solution
>> Data Migration solution
>> ActivML solution (AI-Machine Learning)