New 5G wireless networks will contribute as much as $40 billion annually to Canada’s economy by 2026, according to a new report from Accenture (NYSE:ACN). Commissioned by the Canadian Wireless Telecommunications Association and developed by Accenture Strategy, the report, “Fuel for Innovation – Canada’s Path In The Race To 5G,” found that the deployment of 5G networks across Canada will lead to the creation of hundreds of thousands of new jobs.
Specifically, more than 150,000 short-term jobs are likely to be created between 2020 and 2026 while the networks are being deployed, and the estimated $26 billion investment by facilities-based carriers required to deploy the networks is likely to create 250,000 more permanent jobs annually by 2026.
Additionally, the report notes that 5G networks will fuel Canadian innovation across industries and improve Canadians’ quality of life, with new applications in areas ranging from healthcare to agriculture.
“Wireless in Canada is a success story for our country because it is an industry that works: Canada’s wireless networks are among the fastest and most advanced in the world, and 5G offers a chance to build on this leadership,” said Robert Ghiz, president & CEO of the CWTA. “This report highlights the opportunities that lie ahead with 5G – opportunities for all Canadians, including those in rural areas where 5G can close gaps in broadband service using fixed wireless. To grasp these opportunities, stakeholders will need to work collaboratively to ensure that 5G will be a success here.”
Tejas Rao, a managing director at Accenture and global 5G offering lead for the company’s Network practice, said, “New generations of wireless technology have consistently brought waves of economic growth by improving the way people live and work, and the findings of this report show that 5G in Canada will be no exception. The investment in 5G will be a significant driver of jobs and provide new opportunities for innovation to drive Canada’s economy forward.”
The report discusses the benefits that 5G will bring – including increased throughput, broader coverage, low power needs and low latency – and identifies four significant areas of benefit to Canada: immersive entertainment; precision agriculture; “connected ambulance” (real-time remote diagnosis and treatment of patients); and predictive industrial maintenance. The report also identifies key factors that will affect the timeline and success of 5G in Canada, including the modernization of deployment rules and fees, spectrum availability and allocation, and the maintenance of a stable regulatory environment that encourages investment.
“5G networks have the potential to transform how Canadians experience wireless services and create new business models for businesses here,” said Sanjay Dhar, a managing director in Accenture Strategy. “However, collaboration is critical. Strategic partnerships between the private and public sectors that leverage agile ecosystems across industry lines can bring the 5G promise to life and make an enormous contribution to the country’s economic future.”
For a copy of the report or more information on CWTA’s 5G Canada Council, please visit https://www.5gcc.ca.
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