5G is expected to yield more than $960 billion in additional GDP value-add to the global economy in 2030
GSMA report, February 2022
Our in-progress 5G revolution promises a not-too-distant future with hyperconnectivity powered by speed and reliability. 5G brings a steady transformation into a ‘metaverse-capable world’ by capitalizing on the diversity of consumer gaming, manufacturing, healthcare, defense, and smart communities. By unlocking the true monetization potential of 5G, businesses in all industries can raise the bar for user experience with Augmented Reality (AR), Virtual Reality (VR), and the Internet of Things (IoT), just to name a few.
Sports fans, for example, can control camera angles as they watch games, music lovers can attend 5G-enabled concerts on their smartphones and watch their favorite bands perform through AR, and brands can offer a personalized retail experience with Smart Shelves and Fitting Rooms. The combination of 5G, AR, and VR has the potential to become a deadly combination blurring the line between virtuality and reality while bridging the gap between online and offline service delivery.
With improved throughput and transmission, wireless communication speed can be tremendously increased, offering real-time services on-demand to stabilize customers’ want-benefit equation.
5G’s monetization calibre can deeply intertwine the healthcare, manufacturing, and streaming industries to build a robust yet sustainable, functioning ecosystem. Technologies like Smart Homes or Connected Homes, according to Gartner, will enable seamless interconnection and interoperability in cities, making them Smart Cities through multiple devices, services, apps, and grids. When Smart Systems power a home, the resulting abode contributes to sustainability with less wasteful energy and power consumption.
The 5G Efficiency
According to a recent report from Nokia and Telefonia, 5G networks offer 90% more energy efficiency than their 4G predecessors. In the manufacturing sector, for instance, field technicians, with the help of real-time data management and incident monitoring, can offer better training schedules through remote support, preserving time and community safety.
Enhanced power line monitoring through the Internet of Things (IoT), drones, and AI will keep utility workers and residents protected at all times. 5G-connected IoT sensors can embed public assets like power grids, drainage pipes, and gas pipelines to visualize leakage and troubleshoot issues before a spillover occurs.
5G’s network connectivity elevates national defense operations for enhanced device connectivity that support training, mission control, and strategy development in innovative ways. Furthermore, 5G-enabled drones can live stream photos and videos and create digital maps in real-time using generative AI.
5G’s network slicing, the ability to create multiple virtual networks or ‘network slices’ on top of a common physical infrastructure, can be used for distinct applications with specific requirements. As a result, telecommunications players are exposed to new revenue opportunities through automation to drive profitable growth.
You can explore new application pricing models and sell a secure, high-priority slice to businesses where enterprises can access apps through fixed-wireless networks. The 5G phenomenon surely releases all hinges for the B2B model.
In the B2B2C scenario, for example, event promoters can use premium network slices to deliver the best AR experience in a concert, or superfans can purchase AR-enhanced experiences from the event promoter to access the content and the 5G slice.
To power the superlative use cases of 5G, you must adopt an agile, digital Business Support System (BSS). An optimized BSS is engineered to A/B test old and new pricing techniques across multiple target customer segments and derive unique combinations to offer tailored services to your varied customer segments.
Your biggest B2B revenue bet with 5G monetization, however, still needs to be explored. Software Defined Networking (SDN), in combination with 5G, gives rise to a new ‘as-a-Service’ model, NaaS, short for Network-as-a-Service.
5G gives every telco the ability to offer flexible subscription services and precision pricing models to its customers through NaaS. With NaaS, you can build, launch, and change offerings.
NaaS can automate order fulfillment by fulfilling customer needs on demand. Deploying 5G on a NaaS ecosystem, you can even implement low-touch subscriber onboarding, boosting customer loyalty and brand morale.
Partnerships and Ecosystems
Offering value-added services to your customers blurs the line between network and subscription management capabilities. Value-added services promote stellar user experiences powered by a robust partner ecosystem and even build a loyal fan community.
Building partnerships is crucial for 5G’s value proposition for reasons such as the following:
- Offering immersive experiences for loyal subscribers
- Creating rates and charging models for several value-added services catering to a spectrum of industries
- Stabilizing security and network governance
- Establishing a single source of truth for data
5G’s practical applications can be brought to light with more strategic partnerships, enhanced pricing strategies, and an ecosystem of businesses from varied industries attracting diverse customer segments. The Evergent Revenue & Royalty Management Platform (ERRM) elevates partner-centricity with hyperautomation and tailored segmentation, so your partners can bring their best to the table.
In addition, the Evergent Monetization Platform (EMP) can enhance your 5G monetization journey with value-enriched customer experience, superlative payment flexibility, and global subscriber management capabilities. To learn more about how Evergent can carve out a multi-faceted 5G business ecosystem, book an Evergent platform demo today!