A new report from GSMA has revealed that unlocking spectrum for the mobile industry to deliver 5G services could add $565bn to the global GDP and $152 in tax revenue from 2020 to 2034.

However, government support is needed for the identification of sufficient millimetre wave (mmWave) spectrum for the mobile industry at the next ITU World Radiocommunication Conference in 2019 (WRC-19).

The report titled, “Socio-Economic Benefits of 5G Services Provided in mmWave Bands”, is the first of its kind to examine and quantify the impact of mmWave spectrum on the 5G networks overall contribution to society.

mmWave spectrum will carry the highest capacity 5G services which have the ideal characteristics to support very high data transfer rates and ultra-reliable, low latency capabilities. This will support new use cases and deliver the benefits of 5G to both businesses and consumers around the world.