5G is all the rage on news and media sites today – but what will 5G’s impact be on the economy and US job growth? And how will 5G affect consulting firms? Let’s dive into a report recently published by BCG attempting to detail this impact.
BCG Report Shows that 5G Networks Could Create 4.5M Jobs and Boost GDP
5G is, of course, the 5th generation of wireless network technology that promises increased connectivity, higher speed, and greater capacity. A report published by the Boston Consulting Group shows that 5G could impact US job growth by 4.5 M jobs and boost the US GDP by $1.5 Trillion. 5G clearly holds lots of promise for the US economy. The impact extends in similar ways all across the globe. The “5G economy” is being counted on by policymakers to aid in job creation and help reinvigorate the global economy post-Covid.
But where does management consulting come into play when talking about the 5G impact?
What Role Will Consulting Firms Play in 5G Rollout?
Consulting firms, especially those with expertise in digital transformation, will be called upon to play key roles in the 5G rollout. Consultants can help organizations understand the benefits of 5G. Firms will also be hired by organizations to help with implementation, including strategy planning and execution. Companies like McKinsey, Bain, and BCG will utilize their deep knowledge and experience in the TMT sector to help take the marketplace into the new age of 5G. This is also relevant to aspiring consultants. Consulting firms will be actively looking to hire Subject Matter Experts (SMEs) and candidates with relevant technical skills. It’s time to upskill!
Conclusion
5G will bring with it myriad benefits and challenges, one of them being an influx of US job growth. The full impact of 5G, however, won’t be felt for several years. Between now and then, consulting firms will have opportunities to get involved in the rollout. It’s an exciting time to be a consultant!
Additional Reading:
- Impact Of Covid-19 On Tax Revenues
- McKinsey Hiring Record Number of MBA Students in 2021
- PwC To Lead Australia's Covid-19 Vaccine Rollout
- Pyramid Principle Applied