“In 2035, 5G will enable $13.2 trillion of global economic output. That is nearly equivalent in current dollars to US consumer spending ($13.9 trillion) and the combined spending by consumers in China, Japan, Germany, UK, and France ($13.4 trillion) in 2018” (Qualcomm, 2019)
There is a consensus in the market that 5G is not just another G but has the potential to revolutionize every aspect of our life.
As 5G rolls out across the globe, new 5G opportunities emerge for CSPs to develop new business models, use cases and applications that make use of 5G’s high-speed, low latency and always-on mobile connectivity.
Initially, 5G use cases are centered on enhanced Mobile Broadband (eMBB) and fixed wireless access applications. But, while 5G offers a cost-effective technology to handle the ever-growing data traffic demand from consumers business, it presents CSPs with a massive revenue opportunity for B2B engagements. In fact, according to the GSMA, 69% of CSPs believe that enterprise revenue is the most important source of 5G growth.
Faster data throughput, lower latency, improved traffic capacity, maximized data volumes, network slicing – these 5G capabilities open an exciting new playing field of advanced B2B solutions and IoT applications, where enterprise businesses will be the central players.
However, in order to succeed in the multi-trillion-dollar enterprise services market and capitalize on the 5G revenue opportunity, CSPs must adopt leaner, more agile operations that prioritize experimentation, collaboration, innovation, and rapid time to market.
Many of the 5G enterprise use cases are centered around CSPs ability to collaborate and co-innovate with partner ecosystems. An effective partner ecosystem can help CSPs close capabilities gaps, accelerate innovation and allow them to better support their customers’ growing needs with more comprehensive solutions, utilizing 5G together with other advanced technologies such as cloud, IoT, AI and more. In this way, CSPs will create a win-win business model for all players in the value chain. Our recent survey revealed that 74% of enterprises believe it is very important for CSPs to extend the level of collaboration across the ecosystem to develop solutions that will better fit their business needs.
5G presents CSPs with a unique opportunity, but to monetize 5G at scale, CSPs must ensure that their operational and business support systems can meet four main requirements:
In addition, to rapidly benefit from the 5G opportunity, CSPs should not be contemplating a large-scale IT transformation project – rather ensure that a 5G orchestration and monetization platform can be deployed as an overlay over existing IT legacy. This streamlines the business process across different IT systems without costly and risky system replacement.
Infonova Digital Business Platform delivers all these capabilities as a true cloud-native SaaS solution, thus ensuring 5G resilience and elasticity, high availability under load, scalability and security, with minimum risk and low cost. It allows CSPs to rapidly create and roll out new 5G business models and services leveraging partner ecosystems, packaging 5G connectivity with new connected devices, AR, VR-based applications, IoT capabilities and many more.