As the need for high-speed internet and data connectivity becomes important these days, the emerging 5G network is poised to create a market worth a staggering $984 billion, industry officials estimated on Wednesday.

Over the past years, people's form of communication has been transformed from voice calls to a plethora of data-based experiences such as video calls and social media, thanks to mobile broadband internet access. Together with the evolution of communication, technology also advances further to provide and satisfy users' mobile broadband needs.

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Tech giants have been competing head-to-head to build the first 5G cellular network. In fact, companies such as China Mobile, Qualcomm, and ZTE announced its plan to kick off outdoor 5G testing in China within the second half of this year. This is in preparation for its target to make 5G commercially available between 2018 and 2020.

The top two economic giants, the United States and China, will lead 5G investment and development across the world by the end of the decade, according to Shanghai Daily. IHS Markit estimates that China's 5G network and services will establish not only a $984 billion market but will also open an estimated 9.5 million new jobs.

From 3G to 4G and now to 5G technology -- the next face of development on the highly dynamic broadband sector could offer a swift bandwidth of above 1 gigabytes per second. And take note, this is 20 to 50 times faster than the current 4G networks.

Dubbed as the "future of connection," the 5G network and service is deemed necessary to cater the highly dynamic demands of Internet of Things (IoT) applications (from remote sensors and Internet-based cloud service to drones and autonomous vehicles) in the most efficient and effective way. 5G aims to almost get rid of transmission delays (or latency).

"Now we are in this time in-between Gs... But every time we have an opportunity... to bring brand new technologies, it is an opportunity to change everything in the industry," Cristiano Amon, Qualcomm's chip making division head, said.