Plum Consulting launched a report that calls for European governments and regulators to prioritize the supply of 26GHz spectrum to accelerate the much needed rollout of 5G services across the European region and to enable its full potential. Commissioned by Qualcomm Technologies Inc. and Nokia, the report finds that incentivising innovation by ensuring mmWave spectrum availability will provide an important basis for economic growth over the next decade.

5G is predicted to provide benefits to consumers, transform industry and generate extensive economic value. The GSMA estimates that 5G is expected to yield $2.2 trillion in GDP between 2020-2034. mmWaveapplications will make up an increasing proportion of the overall 5G contribution to global GDP, achieving around 25% of the cumulative total by 2034, which amounts to $565 billion in GDP.

Plum Consulting research shows that 5G services based on mmWave will be deployable quickly and effectively once more spectrum is made available. The consultancy is recommending national regulatory authorities to stimulate the market by making available 26 GHz spectrum with the right licensing conditions to Mobile Network Operators and for private industrial use.

Recommendations in the report from Plum Consulting include removing the barriers of entry to promote the use of 26GHz, including lowering its cost compared to other mobile bands, implementing tax incentives, tax deductions or special depreciation schedules for investments by MNOs and private network developers and including the use of award mechanisms that seek to encourage investment.

The report can be accessed via Qualcomm’s website here.