Visionet Systems India’s MD and Global Head of BFSI Business mentions how 5G will revolutionize the Indian business landscape across various sectors
The Indian digital space is on the cusp of a revolution with the Department of Telecom deploying 5G services across 13 cities. This will be further expanded to other cities in the later phases. This means that more consumers than ever before will experience enhanced services like 5G FWA home broadband, multiplayer mobile gaming, and AR and VR services. 5G will also help bridge the urban-rural gaps that are prevalent in various sectors including education, banking, and healthcare. 5G will connect digital devices, objects, and machines by delivering high data speeds with low latency and increased reliability.
Commenting on what this development means for Indian businesses, Visionet Systems India’s MD and Global Head of BFSI Business, Alok Bansal says, “This 5G rollout will see a tremendous rise in digital adoption in India. As per the 2021 Ericsson Global Mobility Report, 4.4 billion people will subscribe to 5G by the end of 2027 and 5G deployment could also lead to many breakthroughs in various fields including banking, IT, healthcare, and e-commerce.”
IT companies will use multiple access edge computing architectures for decluttering crowded networks. This will further increase the performance of the corporate companies. 5G networks will assist the banking sector to carry out complex operations in less time and with more efficiency, thanks to increased digitalization and faster data transfer. “To improve customer experience with interactive banking, banks are now increasingly using AR and
VR. The increased bandwidth and low latency of 5G will further enhance the AR, VR, video analytics, and facial recognition features in banking,” adds Alok.
“With work-from-home becoming the new normal, employees will definitely benefit from reliable and stable network infrastructure and massive bandwidth. Also, the combination of AI and 5G will create a huge economic impact on the Indian business landscape including the metaverse, autonomous vehicle industries, 3D robotic research, and remote medical monitoring. More IoT devices will also be developed with the launch of 5G,” adds Alok.
He foresees 5G accelerating the Industrial Revolution 4.0 and expanding and augmenting the potential for quantum growth in various industrial sectors. He cites the India Mobile Broadband Index 2022, according to which the country’s 5G revenue will reach USD 9 billion by 2026. The nation, he believes, is on the cusp of a revolution where smarter cities, homes, and offices will become normative. 5G could also create more employment opportunities, thereby increasing the nation’s GDP and improving India’s ranking on the prosperity index.