Emergence of 5G : Understanding the Talent Outlook
The emergence of 5G technology is set to revolutionize how we communicate and connect to the internet. With ultra-low latency, high network coverage, and increased reliability, 5G can drive growth across industries. The global 5G services market is expected to grow from fifty-three billion in 2020 to 249.2 billion in 2026, at a CAGR of 29.4%. Similarly, the global 5G infrastructure market is expected to grow from 784 million in 2020 to 47.7 billion in 2026, at a CAGR of 67.1%.
5G technology will likely impact the telecom talent ecosystem as it develops and spreads. The commercialization of 5G is expected to disrupt the telecom talent market and increase demand for skilled 5G workers. The emerging industry is expected to create 22.3 million jobs, with five million in the US over the next ten years. In Europe, 2.3 million jobs are expected, and 137,000 in Switzerland.
The commercialization of 5G will affect job roles across experience levels, as the technology will require a different tech stack than 3G and 4G. 60% of 3G/4G/LTE jobs will be lost within 3-5 years. As more industries seek 5G talent, demand and costs will rise. The virtualization of hardware and software-defined networks will increase 5G job skills.
In order to reskill and adapt to the changing 5G industry, it is important to identify the skills required for in-demand job roles, analyze the skills gap between starting and desired roles, and develop feasible transitions based on relevant reskilling parameters.