73% of Americans believe that high-quality internet is a necessity and 5G is the answer to not only for them but to adding fuel to the U.S. economy. 5G has the potential to create or transform up to 16 million jobs across all sectors of the economy, which includes full-time, part-time, and temporary jobs. It is estimated the development of nationwide 5G will result in the U.S. economy adding up to $2.7 trillion in additional gross output (sales) growth. 5G can add up to $1.5 trillion to the U.S. GDP, larger than the annual GDP of 94% of world economies.
How 5G can fuel the Manufacturing Industry
The above-noted growth in the U.S economy can be linked to growth in the manufacturing sector, with 5G-enabled factories experiencing about 20-30% overall productivity gains, including up to 50% in assembly time, up to 20% in asset life, and up to 90% in defect detection. In the retail sector, online and brick-and-mortar 5G create a faster and more efficient shopping experience estimated to increase sales growth dramatically.
How 5G can fuel Labor
5G is said to generate significant employment throughout the economy, creating as many as 16 million jobs across all sectors of the economy. This represents a mix of temporary, part-time, and full-time jobs across all industries. The nature of these jobs will also change. For example, within the agriculture industry, we will likely see a focus on digitalization and automation, driving new jobs for drone operators to work alongside traditional farmers.
How it can fuel Healthcare
5G has the ability to allow more remote post-acute care, home-based models, with savings greater than 30% and driving better patient outcomes. This can provide much better healthcare to the U.S. Healthcare is facing fundamental shifts—longer life expectancies and the aging baby boomer group are exponentially boosting demand for services, with increasingly complex medical cases and comorbidities.
How it can fuel the Automotive Sector
According to Accenture’s research, connected vehicle technologies have the potential to reduce the severity of non-impaired accidents by up to 80%, potentially saving $3.6 billion in collision costs and possibly reducing traffic by 25%. 5G in the automotive and transportation sector will drive up to $230.1 billion in total GDP for the United States. These figures encompass sales of CAVs, connected-car services from automakers, mobility-as-a-service business models, improved logistics solutions, and more.