Verizon CEO sees 5G rollout spurring new uses for wireless

By TechnologyFOXBusiness

Verizon CEO on what 5G means for consumers

Verizon CEO Hans Vestberg on the opportunities for growth, what 5G will mean for consumers, the telecom's cost cutting and the outlook for the U.S. economy.

The CEO of Verizon said Tuesday that as 5G, or the fifth generation of cellular mobile communications, rolls out new markets or “use cases” for the company will emerge.

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And those use cases are a key to growing the telecom giant’s American presence, Hans Vestberg, speaking with Maria Bartiromo from the World Economic Forum in Davos, Switzerland, said Tuesday.

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“5G will get [consumers] even better service than they have today,” Vestberg, who became Verizon CEO last year, said.

"There are so many people on smart phones, when they will have 5G with those capabilities they are going to innovate a lot of new services … that they can do with that speed, with that throughput, the low latency."

New uses for the technology will not just be limited to consumers, though, he said.

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“But we also will do with 5G Home where we actually are addressing a market we don’t address today. And then of course the real-time enterprise solution based on 5G, the way to transform an enterprise: It can be a production floor or it could be a campus that you transform with 5G. So we see other use cases beyond consumers."

He also said the spread of 5G will lead to more collaboration for Verizon.

"I think that our work is to work with the different developers using our platform or our networking service in order to get the local innovation on top of it and that’s going to create a lot of new services."