What Brands Need To Know and Do About Capitalizing Onto The Current 5G Market

Almost everyone we know has been talking about 5G for a while now. There are promises of an internet speed 100 times faster than 4G and how the technology will give life to the machines of the future - which are of course going to be based on autonomous features and artificial intelligence.

However, with all the positive news, a twist has emerged in the form of a report that states consumers in some parts of the world might have to wait a bit longer for 5G. This prediction has come right after UK and US both have canceled the plans to install equipment related to 5G while hinting towards a potential misuse of data as the reason and how national security can also be at risk if the advanced network is deployed on a widespread level.

But even if we don’t consider all the situation mentioned above, there is another big concern associated with 5G - Is the world looking for a more fast and capable cellular network or 5G has just only lost its momentum?

If you are looking for answers (just like us) then its about time that we both understand the markets. This also would further include our working on how businesses can use consumer data coming with the help of 5G to grow in terms of value.

No Idea About Key 5G Markets As Of Yet

Huawei emerged to be the leader in supplying 5G equipment. But just when they were ready to hand over such a technology to the world, some nations started questioning the use of data and sanctions were imposed to make sure that the ability of 5G technology was limited in respective regions.

Once that happened, there were more points to figure out about the 5G industry on the whole:
  • In which markets change is happened
  • The attitude of consumers about network security
  • What different audiences expect from 5G?
  • Device ownership across mobile, gaming, and smart technology.
  • Finding competitive landscape
To be precise, if you look at the overall picture of 5G market then knowing its size and consensus (also in places where 5G setup is delayed especially) has become a real challenge.

How Are Consumers Responding To 5G?

Despite the negative publicity, a recent research conducted by the Global Web Index shows that people in the UK and US are very much looking forward to using 5G.

And the fortunate ones, who have had a chance to check out the blazing speed of 5G are also happy with the kind of results that the network is built to deliver.

If the political developments don’t get involved, then 5G can serve to be that one technology which will bridge the gap between customers and consumers like never before! But as the landscape always changes at an alarming rate, we are never to sure about the future.

Rising Opportunities With Data

As knowing the way to collect data and cashing onto the opportunity that comes along with it is the key, here are a few things that can make such a goal happen

Behavioral Patterns: The way customers buy their tech products, use devices or even platforms for media streaming change constantly with the passage of time. So the first step should be to know what causes these shifts to happen and how can businesses benefit from it.

Geographic Data: Now that we know an increasing number of countries have postponed their plans regarding 5G, more insights will also tell you about the states where the need for 5G is high will remain high.

Attitude, Motivation & Perception of Consumers: Unfortunately, the topic of 5G has become a controversial one mostly because of the political tension built around it and because of that there is also now a need to know what people think about 5G in areas where there are more controversies revolving around it. This can contribute a great deal in figuring out why people side with negative or positive option about the 5G and what actions do they take.

Demographics: There are more and more old people buying new technology and as they are getting comfortable with it, it’s about time to know the right demographics that would be interested in products and services coming with 5G.

Market Size of 5G

A more detailed consumer data can also show your right market and guide you about its size as well.

Once you have consumer behaviors and attitudes, you can even forecast a potential ROI, along with monitoring trends and maximizing impact in the best way possible.

This, furthermore, will be a three-step process.
  1. First combine and then analyze all the data points - even if they are tens of thousands in numbers. By doing so, you will be able to see a clear picture of who is more likely to engage with your product or service in one specific region.
  2. Scrutinize all the detail in order to align well with the consumer demand. You can do this by profiling your audience as per the demographics, geographics, behaviors, lifestyles, and motivations.
  3. As soon as you’re done with perfecting your audience, GWI will show you the exact figures of the potential customers, which you can then see it on a global or regional view.

The attitude of US Tech Adopters Towards Data

There is no doubt in the fact that more US consumers are more careful about how their data is being stored and used today. In fact, in recent times, data privacy has also emerged to be a major concern for people along with other things like personal health, healthcare, gun crime, terrorism or climate change.

To shed more light on the issue, this chart below explains how tech savvy users are more concerned about the privacy of their data than an average consumer.

What Should Brands Do In The 5G World?

Overall, brands that want to operate in the 5G space will have to take care of every little thing that matters to the customer (even if it comes with the implementation of the 5G technology) if they want them to use their products or services.

In the end, the current data does provide a new fresh perspective on regional behaviors, attitudes and motivation of consumers and all brands have to do is look deep into the mindset of their set target market to find their answers.

Read next: The Annual Smartphone Network Testing Of PCMag Reveals That 5G Is Slower Than 4G In Several Places
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