Qualcomm’s subsidiary Qualcomm Technologies has released a report into the potential economic and social impact of 5G on the world.

The study was conducted jointly by research firms IHS Markit, Penn Schoen Berland (PSB) and leading economist Professor Dr David Teece, director of the Tusher Center at the Haas School of Business at the University of California Berkeley, and principal executive officer of the Berkeley Research Group (BRG).

Entitled ‘The 5G Economy’, the study includes an economic impact study conducted by IHS Markit and validated by Dr Teece, as well as opinion research about the expectations for 5G among business and technology leaders carried out by PSB.

The combined findings of the study show how 5G will profoundly affect the global economy and that business decision makers in technology and other industries overwhelmingly believe in the transformational nature of 5G.

According to the study, 5G will “catapult mobile into the exclusive realm of general purpose technologies,” like electricity and the car. This will provide the foundation for massive innovation, give rise to new industries and benefit entire economies.

Dr Teece said: “I’ve spent many years studying the impact of general purposes technologies, and it’s clear that 5G will propel mobile into that category, assuring the technology’s long-term impact on society and continued growth for decades.”

According to the study, in 2035, a broad range of industries could produce up to $12.3 trillion (£10 trillion) worth of goods and services enabled by 5G and support up to 22 million jobs.

Over time, 5G will boost global GDP growth by $3 trillion cumulatively from 2020 to 2035, which is roughly the equivalent of adding an economy the size of India to the world in today’s dollars.

Furthermore, polling research done by PSB shows that business decision-makers expect 5G to bring widespread benefits for society and the economy overall by enabling new products and services, increasing productivity and allowing for new industries to emerge.

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