The next generation of wireless tech has arrived. Here's how 5G will reshape business, spur fresh innovation, and yes -- make your phone faster.

5G wireless technology promises to change the world.

And it might! Millions of people expect to experience the new superfast wireless tech on smartphones this fall, but the reality is that 5G is complex and might change business sooner than it improves your phone's download speed.

5G is here. Now what? - CNET https://t.co/GomDcOGYan

— Smart Phones (@SmartPhones12) October 26, 2020

Even as more 5G-ready phones are arriving, we're still watching as networks get set up beyond their initial, and not very widespread, footholds.

New tests reveal that in the right conditions, some types of 5G, can download at up to 5 gigabits per second, orders of magnitude faster than the current 4G LTE speed. This will enable faster and higher-quality movie and game streams.

The tech is already enabling a new class of next-generation smartphones, capable of transmitting large, high-resolution media files to the cloud in seconds.

But Dan Rodriguez, general manager of Intel's Network Platforms Group, thinks 5G will be a powerful driver of digital transformation for the next five years and impact a variety of markets.

"5G will be able to deliver all sorts of new business outcomes across a wide variety of vertical markets," said Rodriguez, because the technology enables more data to be delivered faster. "It sounds simple," he said, "but think about life before broadband or even LTE. 5G could be just as transformative."