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This study identifies how 5G technology has been effective in saving the global economy post a pandemic situation. “The International Monetary Fund has forecasted that world-wide progress has stopped at -4.9% in June 2020, which is around 1.9% lower from April projections”. Under these circumstances GDP growth rates have dropped. It is essential for technology to hold onto the systematic projections of the economy. Current situation is required to be managed by technology to give support to domestic business. They will be selling online and a moderate value will be gained in the national market. Now, connectivity can be assured in terms of stabilizing the global economy largely and improving the telecommunication sector with providing fastest networks.
This research is done with respect to the management of the falling economy of the global market due to Covid. The purpose of this research is to investigate the effective role of 5G in order to generate sustainable network management under the concepts of connecting telecommunication with other sectors. This might include selling of products online and increasing the function speed of computers, laptops and smartphones. The overall effectiveness of 5G's role in improving the future condition of the world economy has been highlighted in this context. Poor people are not able to fulfill their life demands due to covid and therefore, it becomes essential in indulging in technology to help them to lead a normal life. It has become important to understand how 5G can support the stakeholders or firms in establishing a global economy.
Research aims and Research questions
This research aims to ensure connectivity between different people and sectors to encourage competitive advantage gaining. It is important to understand how the process will be encountered and shifting towards a better network will occur after this pandemic. Every private and government sponsored organization is needed for understanding the recession handling process engaged with the world economy. This study also wants to explore the process of stabilizing the economy in different sectors and identify how it is influenced by the 5G network. Research question can be identified as:
How can the 5G network can help in stabilizing the world economy in the post-pandemic world?
What is the impact of an ongoing pandemic on the world economy?
How different sectors of the economy are influenced by the 5G network?
What are the benefits of the 5G network and its contribution to economic development?
Concepts of 5G network
5G network concepts have been revolutionized over the last few years and Volte is taking over all available networks. High-speed communication services have been gained at an affordable rate that are giving benefits to the users. Voice over low energy concepts have been utilized for making calls over the internet while no connection or poor connection is available. High quality voice calls at a relatively low rate have been introduced along with unlimited calling benefits. There is a significant internet use facility available for the engagement of business and ensuring more connectivity. Millions of users are relying on mobile internet connectivity for connecting with their loved ones. Even in covid situation, this mobile facility has ensured constant connectivity with patients and doctors. Therefore, the spread of ideas can be prevented by breaking the gathering of people. Now, with an application of 5G it is expected that complete network optimization will occur and process transitions will be managed.
Impact of 5G on economy after pandemic
The people of this world always welcome new technology and communication. Telecommunication operators and suppliers are creating a dramatic change in network plans. Telecommunication market is expected to see a rapid growth in the market within the next 5 years. 5G will help to create a connectivity of one million connections per square km. Large data sets are gathered together for applying AI in smart power plants. “. 5G will unlock the next wave of rapid data- and insight-driven decision making”. Optimization of business functions are expected to be done along with creation of new values of customers. 5G is expected to hold up the falling economy by creating new industries and sub industries. Cost optimization will be done for increased economic output and it will directly leave an impact upon the GDP and jobs generated for the people. 5G is expected to drive up to newer sales across the US by $2.7 trillion and transformation of jobs will be done upto $1.5 trillion GDP. A newly created ICT workers job is expected to indulge in $403.9 billion of the $2.7 trillion in additional sales in the United States.
Future of 5G network sector
5G is expected to fuel innovation at the edge as it speeds the computing and processing power of networking. 5G and IoT connected business spaces are expected to create sustainability and indulge in absolute improvisation of data transferring. Using data speed quicker transportation of medicine is also possible. Countries like the US are getting more security over this connectivity and smart homes and parking lots are encouraged with energy saving and constant connectivity with 5G. 5G is quite cost effective and business ventures are expected to evolve according to the experts. Peripheral manufactures and services are expected to be pushed and moved forward for leaving a complete footprint on business domains. “Furthermore, it can be added that in such a volatile market, the telecommunication sector will experience tremendous growth for management of enhanced VoIP services”.
Research Approach and design
This research approach is consisting of inductive and deductive segments. Major differences are underlined with undertaking an approach of hypothesis development. While consulting a deductive approach, a research hypothesis requires to be articulated at first. Inductive approach usually goes on with quantitative assessment. However, in this case, a qualitative approach has been undertaken. It results in contradiction, as there is no hypothesis developed at an ultimate and no statistical testing done. Analysis is completed based on how 5G is reacting with economics to improve stabilized connectivity. In this research a secondary form of data collection is done and it includes incorporating information on statistics from internet sources.
Data collection method and search strategy
Primary and secondary information sources are required to be managed for any research. However, the most reliable sources are on the internet and academic journals have been considered. Secondary data is identified as it is already verified and there is no discrepancy observed in that particular source of data. Inclusion and exclusion criteria of obtaining information engaged in journals and articles from the year 2017. Google scholar and porqust libraries are identified as one of the trusted platforms of gaining information and involving them inside research. 5G is identified not to be restricted to specific organizations; it is also going to help the financial institutions and manufacturing sectors as well.
Ethical consideration and limitation
Ethical issues are prioritized in any research as they are supposed to be enhancing the quality and ensures that the research is trustworthy and reliable. In this case, the researchers have not copy pasted any work and researched on their own to come up to a conclusion. Plagiarism inside the content is absolutely avoided and integrity is maintained. A proper referencing is followed while research is conducted in the form of citation to give credit to the actual author. Limitations of this research is budget. The research consists of reliability factors as the population is quite large and limited resources are available to the researchers to continue working.
Based on the research analysis it is found out that low cost and timely operations are part of the procedural breakdown of 5G. Consumers are utilizing technology to get better results. Telecommunication is expected to help in faster communication connectivity with patients in remote areas. 5G has identified the process of dealing with a series of issues in terms of por network and bandwidth. All appropriate ways are encouraged for the faster and effective communication between businesses and selling the product online in the global market. Developing new software products with a better connectivity of the internet has also been encouraged.
This research recommends the companies to implement and utilize 5G networks that can contribute towards a better economic growth and development of systematic processes. Operation development and annual output generation of 5% in the telecommunication sector is also encouraged. Gaining support in telemedicine is identified as a great initiative and connecting doctors and patients has become easier in medical sectors and they recommended the use of this technology. 5G is also recommended to be used inside politics to hold up meetings online and take decisions that are appropriate for people's well being.
The 5G network has been growing intensively and they indulge in business operations to the core. A bunch of facilities is availed through systematic indulgence of 5G. It can be concluded that 5G has effectively helped education sectors to ensure that the studies have continued during pandemic. It can also ensure growth of business by ensuring compatibility within business sectors. Creating overall economic output of the 5G network is important for effective utilization of high-speed networking.
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