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LONDON, Feb. 8, 2021 /PRNewswire=KYODO JBN/ --

- New analysis of 5G - the next generation of mobile connectivity - estimates

  the impact of new and existing applications.

- Over half the global economic impact (US$530bn) will be driven by the

  transformation of health and social care within the next ten years; a

  quarter by smart utilities driving savings in energy, water and waste

  management.

- Large manufacturing-based economies are likely to gain the most, including

  the United States (USA), China and Japan, but gains are projected globally

  as 5G integrates as a critical part of societal infrastructure.

- Transparency is critical to building trust with consumers and regulators

  5G's application.

Productivity and efficiency gains enabled by 5G's application will drive

business, skills and service change worth US$1.3 trillion to global GDP by

2030.

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In Powering Your Tomorrow (http://pwc.com/economic-impact-5g ), PwC quantifies

for the first time, the economic impact of new and existing uses of 5G in

utilities, health and social care, consumer, media, and financial services

across eight economies with advanced rollout: Australia, China, Germany, India,

Japan, South Korea, USA and the United Kingdom (UK).

More than a faster version of mobile connectivity on 4G, 5G's speed,

reliability, reduced energy usage and massive connectivity will be

transformative for businesses and wider society, enabling ubiquitous access to

super fast broadband. Used in combination with investments in artificial

intelligence (AI) and the internet of things (IoT), 5G can be used as a

platform to enable business and society to realise the full benefits of

emerging technology advances.

Economic gains are projected across all economies assessed in the study, as 5G

offers the potential to rethink business models, skills, products and services,

with the gains accelerating beginning in 2025 as 5G-enabled applications become

more widespread

Based on the study, the USA (US$484bn), China (US$220bn) and Japan (US$76bn)

will experience the largest uplift as a result of 5G technology applications,

due to the size of their economies and strong modern industrial production

sectors.

At a regional level Europe, Middle East & Africa (EMEA) is expected to benefit

the most from manufacturing applications of 5G, due to the size of the

manufacturing sectors. It demonstrates the potential for regional competitive

advantage through approaches to the adoption and regulation of the technology.

Wilson Chow, Global Technology, Media and Telecommunications Industry Leader,

PwC China, comments:

"These numbers quantify impact, but perhaps more important, our study reflects

the value of 5G - new levels of connectivity and collaboration mean companies

will be able to see, do and achieve more. It will open up new opportunities for

growth and change as organisations rethink and reconfigure the way they operate

in the post-pandemic world.

"With the pandemic accelerating digitalisation across all sectors, 5G will act

as a further catalyst. It will emerge in this decade as a fundamental piece of

our societal infrastructure and as a platform for driving the competitiveness

of national economies, new business models, skills and industries."

Achieving better, faster outcomes in health and social care

Over half the global economic impact (US$530bn) will be driven by the

transformation of health and social care experience for patients, providers and

medical staff within the next ten years.

While the acceleration of telemedicine during the COVID-19 pandemic provided a

glimpse of the future of healthcare, remote care is just one area in which 5G

can enable both better health outcomes and cost savings.

5G's applications include remote monitoring and consultations, real time

in-hospital data sharing, improved doctor-patient communications and automation

in hospitals to reduce health care costs.

Regional & Sector impacts

At a sector level, impacts vary for individual economies. The USA and Australia

are projected to gain the most from financial services applications: India from

smart utilities; China and Germany in manufacturing.  Other industries analysed

in the study show the significant potential of new and existing applications

over the next decade, driving changes in skills, jobs, consumer products and

regulation:

    -- SMART utilities management applications will support environmental

       targets to reduce carbon and waste through enabling combined smart

       meters and grids to deliver energy savings, and improving waste and

       water management through tracking of waste and water leakage

       (US$330bn).

    -- Consumer and media applications include: over the top (OTT) gaming,

       real time advertising and customer services (US$254bn)

    -- Manufacturing and heavy industry applications include: monitoring

       and reducing defects, increased autonomous vehicle use (US$134bn)

    -- Financial services applications including reducing fraud and

       improving customer experiences (US$86bn)

Wilson Chow comments:

"5G is more than mobile connectivity. It puts a new lens on advancing

productivity and rethinking entire business models for the future. Given the

scale of potential and its impacts, every organisation will need a plan for

5G's implementation within five years across technology and business strategies

to maximise opportunities and prepare for how they integrate their technology

and business strategies, and engage with customers, supply chain and

regulators."

Policy & Trust

The study highlights that the reach of 5G's technology potential will require

businesses and government to consider new approaches to regulatory and consumer

engagement - focusing on how the technology is used.

Wilson Chow comments:

"With any technology, policy engagement, transparency and public trust are

critical factors. Whether it's considering the use of self driving vehicles or

telemedicine, how data is managed, infrastructure deployed, or how different

sectors collaborate, business and government need to shit from focusing on

regulating a technology, to promoting transparency in 5G's application,

building and sustaining public trust in its use and potential."

Download the report here: (http://pwc.com/economic-impact-5g )

About the report

PwC drew on expert insight and using economic modeling, to examine the impact

of 5G's use across five industries. The projections in this study represent the

net economic impact of 5G technology, taking into account displacement effects

such as some economic activities becoming obsolete and focusing on economic

value added across value chains and throughout the economy, rather than only

the revenues of 5G telecoms businesses. Further details on the methodology can

be found here: (http://pwc.com/economic-impact-5g ).

About PwC

At PwC, our purpose is to build trust in society and solve important problems.

We're a network of firms in 157 countries with over 276,000 people who are

committed to delivering quality in assurance, advisory and tax services. Find

out more and tell us what matters to you by visiting us at: www.pwc.com.

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details.

(c) 2021 PwC. All rights reserved.

SOURCE: PwC Global Corporate Affairs