5G wireless will be a general purpose technology like the steam engine that will boost the global economy by $3 trillion by 2035

5G cellular could have a bigger economic impact than expected, according to an IHS study sponsored by Qualcomm. The report comes at a time when carriers are racing to test 5G prototype products and standards are still in development.

5G could enable as much as $12.3 trillion in goods and services in 2035 when its full effects are realized, the 5G Economy report said. By that time, companies developing 5G products and services could generate $3.5 trillion in revenue and 22 million jobs. The so-called 5G value chain will spend as much as $200 billion a year building 5G products and services.

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