Everything around us is connected, whether we realize it or not. From cars to smart home devices to speakers, the connection or potential for connection between the “things” we use everyday will only increase. As a matter of fact, Gartner predicts by 2020 we’ll see 20 billion internet-connected things and they will outnumber humans 4-to-1.
Enter the emergence of 5G technology, another layer helping provide connection as well as new dynamics for how we communicate with each other and new areas of opportunity for businesses.
Everyday consumers and businesses are growing their digital footprint and the need to increase speed between devices and the World Wide Web is fueling innovation in 5G technology. Today, 5G technology is being implemented across Verizon’s network and others. There are a few ways in which 5G technology will impact consumers, businesses and how investors are looking toward the future to back tomorrow’s most innovative companies.
Why is 5G Technology Important for Businesses and Consumers?
For consumers, it’s no surprise that we expect web pages and our applications to have a flawless user experience and load quickly. Though, the need for increased compute speed to ensure a seamless customer experience is growing and 5G technology is at the forefront of these changes. In the 2018 State of UX, the findings highlighted that as more social media applications implement live streaming platforms, there is a larger need for a faster network. Consumers “always on” mentality will only continue.
As businesses are competing to stay innovative and ahead of the curve, they are looking to immersive technologies to either partner, provide potential M&A or integrate into their product as a feature. It’s no secret that the cloud has won, artificial intelligence is having a positive impact on the economy and there is a vast need for a quicker network. More companies are pushing research and development (R&D) budgets behind 5G technology as it’s helping fuel innovation to create user oriented applications such as autonomous vehicles and AI-powered applications.
Why Verizon Ventures?
As investors, we are both consumers ourselves and looking to back innovative companies built for the 5G network. Just look at our current portfolio revolutionizing the way we use connected devices such as BL Healthcare (a healthcare service that links of patients, health advisors, service providers, and caregivers), Sfara (a mobile safety technology that harnesses the processing power and sensors of smartphones and tablets) and Swiftmile (a solar-powered, cloud connected eBike sharing system). 5G technology will help allow these startups to run more efficiently and unlock further potential to connect with their users. We are excited to see how they grow with the implementation of 5G and see what new companies arise.