The immense growth capabilities, scalability, and overall value of mobile networks has been somewhat overlooked.

A recent research paper released by Imperial College of London has found that on average, a 10% increase in mobile broadband usage results in a 0.6-2.8% increase in economic growth. The forthcoming 5G revolution of faster networks, real-time data updates, and lower latency, thus could have immense implications for global growth.

So how is 5G different to current 4G, 3G, and other networks? The keys are speed and retention of microdata. Even relatively speedy 4G signals sustain a massive 130 decibels loss between leaving the base station and reaching mobile phones. 5G was developed by 3GPP, a group of major tech firms including Qualcomm (QCOM  ) who unite to pool talent and ideas.

The applications of such a technology are endless. Factories could now operate heavy machinery without cables or wires, storing more data online and improving in-house efficiency. This could lead to lower production costs and endless applications for design, predictive maintenance, and deployment. Operational efficiencies for large firms could improve tenfold, as data speeds will be 10 to 100 times faster than 4G.

The more competition there is for a certain service, the more efficient and cheap it will be. The service will thus be accessible to individual consumers as well as large firms. Many companies in the telecom industry are racing to churn out 5G tech first.

One such player is Verizon (VZ  ), which is working to secure a tangible 5G service. CEO Hans Vestberg is optimistic about its release: "I think that 5G has the potential to be one of the most transformative technologies that we've seen in a long time," Vestberg said. "That will spur a lot of innovation of course...So there are a multitude of use cases on this, but the good thing is there are so many people and organizations innovating on top of the network, and that's where we are going to collaborate and see that we get all of these efficiencies and this innovation out."

Perhaps more interestingly, 5G will add value to the existing Internet of Things (IoT), which entails day-to-day objects that are connected to the cloud. In fact, the World Economic Forum conducted a test to measure the improvement 5G could have on this industry: "We attached motion sensors to narrowband-IoT modules on more than 1,000 precision screwdrivers, which transmitted real-time data to a cellular IoT network. This allowed the factory to replace manual maintenance and usage tracking, extending the machines' lifespan significantly. Payback on the investment in the sensors in the screwdrivers is less than six months."