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The 5G economy will ‘spur massive GDP and job growth across the US’, says BCG

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5G networks in Washington, DC could create about 4.5 million jobs in the US and add roughly $1.5 trillion to the country’s GDP, according to a new report from Boston Consulting Group (BCG), commissioned by CTIA, the wireless industry association.

BCG’s analysis shows that 5G will contribute to US GDP and employment growth by enabling of innovation that will transform all sectors of America’s economy across cities and communities of all sizes.

“Our analysis shows that the 5G economy’s impact will be broad and deep, unlocking significant benefits across the US and enabling new use cases across all industries, including health care, education, and agriculture,” said Enrique Duarte Melo, a BCG managing director and senior partner and lead author of this report. “The GDP growth and job creation that America’s 5G networks are beginning to unlock will be instrumental in jump-starting the country’s economic recovery.” [Read more…] about The 5G economy will ‘spur massive GDP and job growth across the US’, says BCG

Venture capital investment in fintech more than doubles in second half of 2020 – expected to remain strong into 2021

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According to the Pulse of Fintech H2’20, a bi-annual report on global fintech investment trends published by KPMG, overall global fintech funding across M&A, PE and VC was US$105 billion across 2,861 deals in 2020: the third highest level of investment in fintech ever.

With the exception of M&A – which saw deal value drop over 50 percent (from $130 billion in 2019 to $61 billion in 2020) – the overall fintech market proved remarkably resilient in 2020 despite a broad array of uncertainties, from the global pandemic to the US presidential election. Following a short COVID-19 driven pause in H1’20, fintech investment bounced back strongly in H2’20, more than doubling from H1’20 ($33.4 billion) to H2’20 ($71.9 billion). The US was the dominant benefactor for fintech investment in 2020, while the payments space continued to dominate investment from a sector perspective.

Strong VC investment throughout the year helped buoy overall fintech investment. Global fintech-focused VC investment reached $42 billion in 2020, including $20.5 billion in H2. Both the Americas ($23 billion) and EMEA ($9.2 billion) regions saw record highs of annual fintech-focused VC investment. US-based wealthtech Robinhood raised the most VC funding in H2’20: $1.3 billion across two rounds ($600 million and $668 million). Several digital banks also raised funding rounds greater than $500 million, including Sweden-based digital bank Klarna ($650 million), UK-based Revolut ($580 million), and US-based Chime ($533 million). [Read more…] about Venture capital investment in fintech more than doubles in second half of 2020 – expected to remain strong into 2021

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Deloitte Global tech, media and telecom predictions: Growth in digital reality, virtual doctor visits, cloud, and sports tech intensify

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Deloitte Global has released its Technology, Media & Telecommunications (TMT) Predictions report, which highlights how worldwide trends in TMT may affect businesses and consumers worldwide. In addition, the report highlights how many of these trends are being driven by the global pandemic’s economic and societal impacts, resulting in intensifying growth in video, virtual, and cloud technologies, as well as in media segments such as sports.

“While some technologies followed expected growth patterns, the reality of a global pandemic has resulted in unprecedented technology acceleration that has fundamentally changed how we live and work,” said Ariane Bucaille, Deloitte Global Technology, Media & Telecommunications Industry leader. “A range of enterprise and consumer technologies—from 5G to the cloud to virtual reality—will continue to offer opportunities to the worldwide business ecosystem.”
Doctor visits move to video

One effect of COVID-19 has been jumpstarting a worldwide trend of telemedicine, including video-based doctor visits. The global pandemic not only necessitated the elimination of regulatory barriers to such visits but also helped consumers better understand and leverage video calling apps, especially consumers over the age of 65. [Read more…] about Deloitte Global tech, media and telecom predictions: Growth in digital reality, virtual doctor visits, cloud, and sports tech intensify