A new analysis from Teléfonica-owned O2 has revealed the extent of economic benefits it expects 5G to deliver.
By improving productivity, the research anticipates 5G to deliver economic savings of around £6 billion a year. Each household is set to save around £450 per year on their energy, council, and food bills.
The research found councils should regain £2.8 billion through smart lighting and refuse collection, as well as improving social care.
Concerns are growing around the increasing cost of social care from a population living longer than ever. O2 calculates 5G will reduce costs by £890 million with technologies such as 5G telehealth and monitoring.
Pressure on the NHS in general should be reduced with faster and more reliable 5G technology. If just five percent of GP appointments are conducted using video conferencing, physical GP visits will be reduced by four million per year.
The decline in physical GP visits is expected to save doctors around one million hours of time; while reducing the wait times for those who need it. In addition, through less employee absence, it will provide gains to productivity worth £1.3 billion.
Commuters are set to benefit too, with 5G sensors on railway lines helping with predictive maintenance to save around £440 million in lost productivity for the UK economy and regaining the average rail commuter 2.6 hours a year.
Those who travel by car will find their time stuck in traffic reduced by 10 percent due to 5G-enabled road management systems. Even those on foot could have quicker journeys through optimising routes based on street infrastructure data such as traffic light changes.
Derek McManus, O2’s Chief Operating Officer said:
“There are more mobile connections in Britain than there are people and the demand for mobile frequency and easier access is only increasing. It’s clear from our report that 5G technology will play a vital role in ensuring that all citizens get the mobile service they deserve.
But while 5G promises a range of unprecedented benefits, we should be clear that these won’t be achieved without collective investment and collaboration. That means complete alignment from operators, public service providers, local authorities, landlords and technology companies to explore new opportunities for better connectivity and denser coverage.”
O2’s report shows 5G is set to have a significant impact on the economy as a whole, and the lives of individual citizens. We can’t wait to see it deployed.
What are your thoughts on O2’s report? Let us know in the comments.
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