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Companies Must Consider How 5G Will Impact their Businesses and their Services, Particularly within Smart Cities
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Existing 3G/4G networks may not be able to handle the advanced technologies in use in smart cities. 5G can act as an enabler of smart nations as it can provide the necessary technological support that can boost the efficiency of select smart city projects. Smart city ecosystem applications can support the business case for 5G and drive the growth of 5G networks.Asia-Pacific is on track to become the largest adopter of 5G by 2025. When 5G is implemented, it is typical to focus on smart city applications. Mobile network operators must look at smart cities—for initial volume—to get 5G at the right price point for the mass market. 5G can address gaps within smart cities, which will open up opportunities for enterprises in terms of new services and business models.5G requires specific skillset capabilities; system integrators will play an important role in bringing together end-to-end solutions. Industry partnerships are also critical to the development of 5G in smart cities. As a result, 5G represents an opportunity not just for mobile network operators but also for third-party infrastructure providers and ecosystem partners.The impact of 5G on businesses will depend on how industry ecosystem participants are able to leverage partnerships. From buildings managed by smartphones to self-sustainable elders, the future is what the industry will make of it. Bringing it all together through collaboration is now more feasible than ever.The study also takes a deep dive into fintech services within smart cities. Frost & Sullivan anticipates strong growth in B2C payments, especially across retail and transport. Security will be an area of key concern, and this will play a key role in shaping the payments landscape of the future.Companies mentioned in this study include, but are not limited to, AIS, AT&T, ATR, AU, Accenture, Amazon, Celcom, Digi, ETRI, Ericsson, Grab, Honda, Hyundai, IBM, Ingenico, Intel, KDDI, KIA, KT, LG U+, M1, Mastercard, Maxis, Microsoft, NICT, NTT Communications, NTT DoCoMo, Nokia, Oracle, PayByPhone, Qualcomm, Rakuten, Reliance Jio, SK Broadband, SK Telecom, ST Engineering, Samsung, Schneider Electric, Servo, Siemens, Softbank, T-Mobile, Telstra, TransferWise, U Mobile, Verizon, Visa, WeChat, Wireless City Planning, YoYo Wallet, and ZTE.Countries covered include Australia, China, India, Malaysia, Indonesia, Thailand, Singapore, Vietnam, South Korea, Japan, New Zealand, and the Philippines.
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