The sprint to 5G has begun with widespread deployments expected by 2020. The opportunities for both consumer and enterprise markets are massive. Access to high-speed networks will not only delight consumers as they traverse the web, but also set a new standard in the types of experiences businesses can create for their audiences. 5G will deliver speeds up to 1000 times faster than 4G, as well as much lower latency and the ability to support huge numbers of devices connecting to the network simultaneously.
With the proliferation of 5G just around the corner, here’s a few things to expect:
- Providers will get smarter with bandwidth: The benefits of 5G extend well beyond faster internet speeds. The directional nature of 5G networks allows CSPs to prioritize bandwidth through network slicing. This is important because the amount of data flowing through networks is set to grow exponentially. Rather than straining under the weight of providing one-size-fits all coverage, CSPs can distribute bandwidth to different “slices” of their network to ensure seamless experiences aligned to the profile of the service they are delivering.
- Fortune will favour the brave: 5G presents an incredible opportunity to embrace innovation and generate new revenue streams. CSPs that work with digital partners across industry borders will tap into premium revenue streams far beyond that which connectivity alone will offer. To achieve this, businesses must integrate with 3rd party providers, streamline and simplify ecosystem processes, and focus on automation to operate efficiently and at low cost and risk. The sharing of knowledge to develop new applications, products and services will become essential.
- A stepping stone for smart cities: Connected communities require a massive network ecosystem for information to flow, be processed and analyzed in near real-time. 5G moves the construction of smart cities from the theoretical to the practical. For example, underpinned by the speed and data flexibility of 5G, cities can completely transform their traffic systems. This is already starting to occur as ride sharing replaces traditional transportation options – a study by MIT found that New York City traffic could be reduced by 75 percent by ride sharing. Smart cities and the algorithms that power them can create new efficiencies throughout all aspects of urban life.
- A need for balance between innovation and privacy: Between the enactment of GDPR in Europe in 2018 and the growing cost of data breaches – a recent study estimated an average of $3.68 million in 2018 – consumer awareness around data privacy is at an all-time high. The conversations around regulating this new environment extend to 5G networks, particularly how CSPs look to deliver services through access to private data. Consider emergency services. In the event of a catastrophe, location data can be used to ensure individuals are safe or if additional resources need to be dispatched. But customers need to allow that data to be shared in the first place. CSPs, like all companies learning how to balance data privacy and personalization, are still testing the waters of how to deliver the best experiences.
For businesses embracing 5G, every organization is unique in their digital maturity, customer need and the types of service they offer customers. It is vital to understand the opportunities and challenges in this rapidly emerging market, and leverage 5G as a way to enable smarter, faster experiences that ultimately delight customers and capture their loyalty.
CSG simplifies the complexity of transformation in the digital age for the most respected communications, media and entertainment service providers worldwide. Talk to CSG about your needs from 4G and 5G, to IoT and Internet TV. For over 35 years, CSG has delivered revenue management, customer experience and digital monetization solutions for every stage of the customer lifecycle. CSG is a trusted partner for leading global brands including Arrow Electronics, AT&T, Bharti Airtel, Charter Communications, Comcast, DISH, Eastlink, iflix, MTN, TalkTalk, Telefonica, Telstra and Verizon. CSG has one vision: flexible, seamless, limitless communications, information and content services for everyone.
For more information, visit www.csgi.com.
