5G tech seen to create US$1t sector

Next generation 5G network is expected to create a huge market valued at about US$1 trillion in China by 2035, which will also change and redefine various industries like automotive, an industry report said yesterday.

China is conducting second-phase 5G outdoor test covering core network and other 5G technologies, which is the world’s biggest 5G research and test base, said industry giants including Ericsson and Huawei.

By 2035, the “5G Economy” will create a market valued at US$12 trillion. China leads in all regions with an expected market value of US$984 billion, which will create 9.5 million jobs by 2035, said Qualcomm in the report conducted by several researchers.

The 5G technology, which offers about 100 times faster network speed, has become a “general purpose” technology rather than a telecommunications technology. It will influence markets like industrial on smart manufacture and automotive on self-driving, said Qualcomm, the world’s biggest smartphone chip designer.

China is conducting test in various cities including Shanghai. The new technology will become commercially ready around 2019.