Deployment of 5G networks is likely to create up to 2.3m jobs directly and indirectly across Europe, according to a report from the European Commission.
According to the study, the total cost related to the radio network and transmission links needed for 5G deployment will be approximately €56bn (£49bn) in 2020.
The benefits of this investment will lead to potential benefits of €113.1bn for the four verticals examined in the study – automotive, healthcare, transport and utilities. This is made up of €62.5bn in first-order direct benefits, plus €50.6bn from the knock-on impacts from the use of goods and services.
However, the study also highlighted a potential challenge in terms of spectrum. If the conventional dedicated spectrum allocations per operator continue, Europe risks has having insufficient spectrum for 5G service providers.
The report found that supporting the planned applications of 5G in spaces such as utilities, healthcare and on motorways require larger quantities of spectrum to be available than is currently earmarked for allocation. The report suggests sharing in all frequency sub-ranges, particularly in the sub-6GHz ranges, as the best solution to this issue.