"They may be expensive to develop but, once built, their asset base is unlikely to reduce as they offer the best reliability, scalability and speed."
Peddy says this should make Europe's network better equipped to maximise the potential of 5G in areas such as manufacturing and automation.
“Until now, when it came to complex problems, it was often quicker for a human to synthesise data and make a decision. Increased network speeds should allow robots to make complex decisions and work more or less autonomously."
Peddy says 5G also has implications for e-health, and system monitoring, particularly of traffic networks.
“There has been a lot of talk about driverless car technology but, as reliability has to be foolproof, a truly driverless world is still some way off," he says.
"What 5G will more realistically change in the short term is traffic management, especially in high-density European cities - telling cars in real time where there is a quicker route, what they need to avoid and so on, in a much more comprehensive way."
Peddy expects the high barriers to entry in the European 5G market to lead to greater cooperation between carriers, who may join forces to purchase spectrum and build the required infrastructure.
“For 5G to really become transformative, you need 5G networks backing up 5G networks to guarantee speed and latency," he explains.
“That's an expensive exercise, so it makes sense for carriers to pool resources and cooperate."