China, the commercialization of 5G drives the growth of the digital economy

15/06/2019

 

The Ministry of Industry and Information Technology has granted 5G commercial licenses to the China Broadcasting Network and the three major telecommunications operators in the country

 

 

With the constant evolution of technology, China will see a faster growth of the digital economy. In particular, as confirmed by the international market research company International Data Corporation (IDC). The trigger is the granting of licenses for commercial 5G use, which will stimulate industrial upgrading.

IDC President China Huo Jinjie at IDC Directions 2019, an annual ICT industrial conference, also explained that in the future the digital economy will play a key role and could represent 60% of the global economy, with an even larger share high in China, where it will be at 65%.

 

The commercialization of 5G technologies will make the collection and exchange of data easier and faster

 

The road to this new economy began last week when the Ministry of Industry and Information Technology granted 5G commercial licenses to the China Broadcasting Network and the three major telecommunications operators in the country. The commercialization of 5G technologies will make the collection and exchange of data easier and faster, pushing the growth of fields such as autonomous driving and safe cities.

In China, in particular, the development of so-called smart cities will accelerate, as applications of related technologies will focus on specific fields, according to the IDC. IDC has predicted that Chinese companies will invest over one trillion US dollars in IT spending on digital transformation from 2019 to 2022.

The Chinese computer security market, for its part, could reach 13.8 billion dollars by 2022, with a compound annual growth rate of 24.9% from 2018 to 2022, according to data collected by IDC.

 

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