Is 5G as fundamental a technology as the printing press, electricity, the internet, the telegraph? IHS Markit believes 5G is among a handful of huge innovations that have broad economic impact. That’s a big claim.

IHS Markit predicts that, In 2035, when 5G’s full economic benefit should be realized across the globe, a broad range of industries, from retail to education, transportation to entertainment, and everything in between, could produce up to $12.3 trillion worth of goods and services enabled by 5G, supporting 22 million jobs.

The direct 5G value chain alone could generate up to $3.5 trillion in revenue in 2035.

That prediction is based on a couple of key assumptions, including the notion that although the initial applications might well support human use of mobile and fixed devices, the ultimate impact will come in other areas related to internet of things.

Over time, the total contribution of 5G to Real Global GDP growth is expected to be equivalent to a country the size of India. India currently ranks as the seventh largest economy in the world.