Vodafone’s New Report Sets Out Why Telecoms Matters For European Competitiveness
By Ray Sharma
A new report published by Vodafone – Why Telecoms Matters – sets out how next-generation telecoms connectivity and the digitalisation of industry can play a critical role in improving European competitiveness.
Why Telecoms Matters argues that restoring Europe’s competitiveness should be a critical priority for the EU and Member State governments – and demonstrates how digitalisation driven by new 5G technologies is a trillion-euro opportunity to boost innovation, increase industrial efficiency and improve public services.
By connecting machines and applications with cloud-based intelligent services, the digitalisation of industry through advanced 5G connectivity represents the ‘fourth wave’ of the industrial revolution – worth an estimated US$2 trillion annually for the manufacturing sector alone.
But with Europe some way from achieving its 5G Digital Decade targets, an alarming ‘connectivity chasm’ is opening between Europe and competing regions that could leave EU citizens, businesses, and society at risk of further economic decline.
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This could be reversed if Europe prioritises the deployment of technologies including 5G Standalone (5GSA) that upgrades the telecoms network core as well as the radio antennas. An advanced 5GSA network delivering low latency applications and private ‘network slicing’ for industries of all sizes would revitalise Europe’s industrial base.
Why Telecoms Matters highlights how a lack of private investment available for 5GSA infrastructure leaves Europe facing a multi-billion Euro funding gap, widening the lead of the US and China in critical growth areas like Artificial Intelligence and Cyber Security.
Europe is on the cusp of a major innovation and productivity boost through next generation 5GSA and the digitalisation it enables for businesses and the economy. Just as 4G unlocked the mobile internet for consumers, 5GSA can herald an industrial internet age and restore Europe to growth. Europe has a trillion-euro opportunity to digitalise its industry and compete globally, but this prize depends entirely on the speed of adoption. The five-year mandate of the next European Parliament and Commission must allow Europe to course correct, rebooting legacy telecoms regulation and creating a Single Market framework that attracts the investments needed to roll out 5GSA at pace.
