Nokia 5G Readiness Report: Forecast $8 Trillion Impact on Global GDP by 2030

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October 13, 2020Source: NokiaCoverage Type: Research

Nokia uses the term “5G+” to encompass 5G and related technologies including edge cloud infrastructure, private networks, augmented intelligence, automation, sensing and robotics, as well as platform and as-a-service business models. Although only a small fraction of ICT spending goes toward 5G+ technologies today, 5G+ will represent the majority of ICT spending within six or seven years, according to the Nokia 5G economic forecast. By 2030, 5G+ technologies will represent $4.5 trillion of total ICT spending of $6 trillion. 

Industries that Nokia considers “digitally mature” have been investing the most in ICT, but that’s set to change, according to the report. “With several years of strong ICT spend—during which digital industries outspent physical industries 70:30 in spite of having only 25% of the workforce and only 30% of GDP contribution – digital industries have attained a level of digitalization maturity that enabled them to meet the COVID-19 challenge aggressively.” Digitally mature industries include communications and media, banking and securities and insurance, while “physical lagging” industries that underspend on ICT include construction, agriculture, mining, wholesale trade, live performance arts and entertainment and accommodation and food services. While overall ICT spending is forecast to grow 6.5% annually over the next decade, physical industries will see a 40% greater increase in comparison with digital industries, according to the

5G Report by NOKIA