Addressing an audience at the Global 5G Event in Tokyo, an executive of industry trade group 5G Americas predicted late last week that fifth-generation (5G) wireless services and technologies will enable $12.3 trillion in global economic output by 2035.

Members of 5G Americas include many of the top electronics manufacturers and providers of telecommunications services in the Western Hemisphere. The group’s stated mission is to “advocate for and foster the advancement and full capabilities of LTE wireless technology and its evolution beyond to 5G, throughout the ecosystem's networks, services, applications and wirelessly connected devices in the Americas.” Chris Pearson, the president of 5G Americas, delivered his remarks as officials with Japan’s Ministry of Internal Affairs and Communications confirmed the launch of 5G trials in Tokyo and in surrounding rural areas in preparation for the debut of commercial 5G services in Japan in 2020. During a separate, but related presentation, the director of ICT and Broadcasting Technology Policy at South Korea’s Ministry of Science, ICT and Future Planning anticipated the commercial deployment of 5G mobile network services in South Korea during 2019, following the launch of trial 5G services in support of the 2018 Winter Olympic Games in the South Korean city of PyeoungChang.

Projecting that the global 5G value chain will generate at least $3.5 trillion in economic output by 2035 while supporting 22 million jobs, Pearson told his audience that “the 5G GDP contribution from 2020 to 2035 will be the size of the economy of India.” As he forecasted that global spending on devices connected to the Internet of Things is likely to reach $1.7 trillion in 2020, Pearson indicated that 5G technology will eventually permeate every aspect of society while offering the potential for significant cost savings. Highlighting the benefits of 5G technology for energy, transportation, health, public safety and the development of “smart cities,” Pearson also stressed that “all involved parties must communicate, cooperate and work together when it comes to regulations and the 5G ecosystem.”