Under the existing industrial structure and policy environment, 5G holds the potential to unleash $134 billion in gross output of goods and services and support 510,000 Taiwanese jobs in 2035, according to a new study from IHS Markit.
The research firm said Taiwan is well positioned to play a vital role in the emerging global 5G supply chain and many Taiwanese firms are investing in 5G, particularly in applications built for Massive IoT (MIoT).
However, the study found Taiwan will need policies that encourage innovation and investment in higher-value aspects of the 5G value chain to stimulate additional output and employment.
“These respected researchers confirmed our strong belief that 5G will be a fundamental game changer,” said Jim Cathey, SVP and president of Asia Pacific and India, Qualcomm International.
“The ‘5G Economy’ study also reinforces our confidence in the tremendous opportunity for further collaborations with the mobile ecosystem in Taiwan,” said Cathey. “Together with our Taiwanese partners we will continue accelerate and drive the future of 5G technology in IoT, mobile and compute, enabling Taiwan to access the global economic benefits of 5G.”
Further, the study indicates that 5G will catapult mobile into the exclusive realm of General Purpose Technologies such as electricity, which have throughout history provided the foundation for massive innovation, giving rise to new industries and transforming entire economies.
This mobile-enabled transformation will take place as 5G advances mobile from a set of technologies connecting people to people and information — to a unified fabric connecting people to everything.