Guangdong flourishes on high-tech road to growth(4)

Ideas thrive

The tale of Guangdong's digital revolution in traditional industries is a familiar one, championed by companies in Foshan and Guangzhou. However, the province's vibrant tech haven of Shenzhen is the real epicenter of strategic emerging sectors, where bold ideas take root and flourish.

In February, ZTE Corporation, headquartered in Shenzhen, made waves with its announcement of a slew of 5G-Advanced products and plans for their commercial deployment at the Mobile World Congress 2024 in Barcelona, Spain.

"This year marks the starting year for the commercial use of 5G-A technology," said Tang Xue, vice president of ZTE.

Compared to 5G, 5G-A technology offers users a blazing-fast 10 Gbps experience, boasting a connectivity increase of tenfold and delivering speeds and coverage that are ten times superior.

"But 5G-A isn't just about faster internet; it represents a paradigm shift in the way we live, work, and play," said Tang, emphasizing its potential to revolutionize industries, from express logistics to emergency rescue, by enabling two-way low-latency communication, it is crucial for managing unmanned aerial vehicles effectively.

Although the burgeoning significance of 5G-A extends beyond mere speed enhancements, as Tang highlighted, the findings from market research firm Custom Market Insights highlight the monumental growth trajectory anticipated for the global 5G services market. This growth also signifies a profound shift in the telecommunications landscape and its imminent impact on various sectors worldwide.

The report from the market research firm revealed that the global 5G services market's value reached $28.9 billion last year and is forecast to skyrocket to $250.2 billion by 2032, a remarkable compound annual growth rate of 26.5 percent.

The information technology and telecom sectors reigned supreme in the market in 2022, claiming a substantial 35 percent share, closely trailed by the banking and healthcare industries. Projections indicate that the IT and telecom sector will maintain its dominance through 2032, as per the report.

Technological advancements have paved the way for innovative services like autonomous driving, augmented reality, and virtual reality, all of which rely heavily on network efficiency enhancements and drive the demand for robust 5G infrastructure, according to the report.

"Like things happened in Guangdong, the development of new quality productive forces needs concerted effort across various domains, which includes prioritizing innovation in science and technology, fostering the application of these innovations in industries, promoting green development models, and reforming production relations to align with the requirements of modern productivity," Ding from the Chinese Academy of Science and Technology for Development said.

Talent development is also crucial, with a focus on education, innovation, and talent mobility, he added.

"By establishing robust mechanisms for talent management and fostering an environment conducive to innovation, Guangdong's high-quality development is more than a local success story. From intelligent manufacturing in Foshan and Guangzhou to technological breakthroughs in Shenzhen, it's a model of modernization and innovation much anticipated by China," Ding said.