The global race to own 5G technology is on — and China is winning.
That’s according to a report released Monday by CTIA, a trade association for the US wireless industry.
The study, which was conducted by telecom research firms Analysys Mason and Recon Analytics, found that China is most prepared to launch the next generation of super-fast wireless technology. South Korea is second, while the United States ranks third.
Around the world, mobile carriers are sprinting to adopt 5G networks, which will ultimately be used to power self-driving cars, virtual reality and smart cities. Whichever country gets 5G networks up and running first will have a huge global investment and hiring advantage.
The US wireless industry is prepared to pump $275 billion into 5G deployment, which could create up to 3 million new jobs and boost the country’s GDP by $500 billion, according to a 2017 Accenture study also commissioned by CTIA.