5G development is well under way and its major deployment is set to occur between 2021 and 2025.

Until now the term “5G” was never used to describe the latest network technology. It was only used to describe a new generation of cell phones that are expected to reach a level of performance near cellular wifi that has never been achieved before. 5G networks that are developed in 2020 will supersede the current 4G network technology and will offer higher speeds, better coverage and could also be used to secure devices and do things in areas with inadequate WiFi signal coverage, according to industry officials.

5G is an important development for the Internet of Things (IoT), medical imaging, autonomous vehicles, and many other industries that rely on mobile data transmission and Internet connectivity. It is expected to revolutionize both how the world communicates and how business is conducted.

“5G is very much something that businesses need to be aware of, even though it will not officially exist until a few years from now,” said Bernard Marr, Partner and Chief Technical Officer at incubator global co-innovation programs with global businesses, Salesforce in Switzerland.

It is not surprising that the “5G” buzz is all the rage. The technology has been front and center ever since a tectonic shift in wireless communications occurred with the rollout of smartphones and the advent of connected cars. Today, in many parts of the world, the roaming of these connected mobile devices is seamless, the networks are based on new-generation technologies, and billions of people are using them. As the years passed, 5G capabilities were further enhanced, and 4G networks were progressively improved over the years. It was not long before wireless companies started to boast that their networks are as high-bandwidth as broadband fiber optic connections. In 2018, the 5G Forum announced that the roll-out of 5G networks had completed in 92 countries, with Africa, Western Europe, North America, and India all in the 4G/5G part of the partnership, which also has close ties with Japan, South Korea, and the Republic of Korea (Republic of Korea).

Given that ICT, or information and communications technology is increasingly becoming a fundamental part of business operations worldwide, business owners should be aware of the 5G networking infrastructure and ecosystem, how they could benefit from the technology, and what implications they would face in order to take advantage of it.

In the healthcare sector, 5G would open up a wide range of applications, including ultrasound and echocardiograms. Similar to previous technologies, wireless networks present a number of advantages in healthcare, including allowing health officials to link in directly with doctors and track patients in real time, for example, the level of disease affecting a patient’s brain, and to control any sort of device or machine that is connected to their system. According to Apple, all of the top five hospitals in the U.S. are owned or operated by tech companies.

In the automotive sector, 5G would see, for example, drivers and passengers commuting to work by flying in their cars, possibly while connected to a computer in their homes. On-board cameras and sensors would track vehicles, and body sensors would activate the airbags when wearers become unsafe. Furthermore, autonomous vehicles would be able to detect damage to nearby buildings as well as helping people come to the assistance of others. It is hoped that the potential revenues of the sector could reach $3.7 trillion by 2030, according to estimates, if regulators make smart-city technology, which includes IoT and 5G network development, a priority.

If you are ready to invest in 5G, make sure you are clear about the risks and long-term investment considerations. Put simply, while there are many potential benefits of the technology, it has not yet been proven to be perfect. 5G is not a complete solution to all of our current mobile communications.

Bernard Marr is the partner and Chief Technical Officer at Salesforce in Switzerland.