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How Telcos Can Accelerate a Digital Future for All
Research shows that 5G alone can generate €113 billion an annual GDP impact and 2.4 million new jobs in 2025 in Europe. Based on an analysis conducted by BCG, €150 billion investment is still needed to achieve a full 5G deployment in Europe. This has resulted in a sense of urgency within the European telecoms sector to push for more transformation and resources to bring about this transformation. As entire industries are moving towards digitization, the progress within industries outstrips the efforts towards full digitization.
5 Key Areas have been identified for which European telcos could help work and contribute towards full digitization.
Constructing the full foundation
An estimated additional €150 billion to upgrade fixed infrastructure to gigabit speeds and €150 billion to build full infrastructure to enable a comprehensive 5G vision. Government and regulators will also have to assist in speeding up the process for a comprehensive rollout.
Take the lead in solutions for data and services
Today, 78% of the global cloud market is controlled by the top four players, none of which is European. Having a European leader will allow the region to create platforms based on European needs and values.
Expanding the Reach of Opportunity
Today, 83% of EU SMEs do not use advanced cloud services and over 60% nine-year-olds are in schools which are still not digitally equipped. Telcos and policymakers will need to work together to provide solutions and policies that will help accelerate digitization in areas of high societal values.
Advancing the Digital Skills of European Citizens
Europe needs to develop programs to help upskill and reskill the population and take their digital literacy to the next level.
Revitalize the spirit of European Innovation
Intensify the Telco industry’s active role in orchestrating cross-sector and cross-industry collaborations to develop innovations and new technologies. Invest in new and upcoming technologies and venture capital to strengthen the European tech sector.