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Is Europe 5G-Ready?
The global disparity in the 5G rollout is evident. While Europe may not be lagging, the telecom groups in the region should go for quicker 5G coverage.
FREMONT, CA: Over the last decade, European telecom firms have experienced rapidly changing market dynamics due to the 4G-induced pricing wars. Now with 5G on the verge, European telecom companies are hoping for a market revival that could lead to better business. Although telecom companies in Europe are faced with numerous evolving regulations regarding data security and privacy, 5G technology is still an important stepping stone for companies and private users alike. While Europe is staking a claim in the global telecom competition, 5G is set to be the big differentiator.
The amount of investment required to build a full-scale 5G infrastructure is massive. According to the European Commission, full fibre connectivity might cost €500bn at the very least. Due to the high prices, investors in Europe have shown some apprehensions regarding 5G. In such a scenario, European countries can look to demarcate the incentives that 5G brings. Many experts believe that 5G might spark off growth and drive the lagging European telecom sector into the global spotlight.
The potential of 5G can be understood when its network speeds are compared to that of 4G and 3G. But telcos in Europe are looking for ideas to market it. Telecom companies can start designing products and services once they discover a way to attract more customers who are already happy with the benefits of 4G technology. With 5G, digitalisation will get a major boost, and industrial processes are bound to become much faster. This will result in rapid growth and improved delivery of products and services. Thus, the upgrade to 5G might actually be of immense importance for Europe. Telecom companies should develop 5G infrastructure and harness opportunities. Otherwise, Europe will have to open its market to foreign telecom companies to deliver 5G to its residents, as well as to the global enterprises it hosts .
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