In a surprise announcement Friday, AT&T revealed its plans to try its next-generation 5G wireless technology this year. This will provide 5G services in fixed locations including homes and businesses but not on mobile devices.

Previously, consumers were eagerly waiting for the next 5G networks that can power up the speeds of existing networks up to ten times faster. Sadly, current technology won't be able to run smartphones with such lightning speeds until another 10 years.

Now, it seems that the wait will be cut short. At present, there is an intense competition going on between technology companies and nations seeking to be the first to make this technology available to all.

South Korea has been at the forefront of the fight seemingly intent on having a 5G network up and running when it hosts the 2018 Winter Olympics. Europe and China, not wanting to be left behind with their outdated 4G are also seeking to take the lead for the next generation network.

Joining the fray and not to be left on the sidelines is the U.S. with its leaders wanting to impress everybody that they too are in the race and trying to be the first to reach the finish line.

In the thick of the fight is AT&T which is trying to grab the lead in 5G network from Verizon Communications. After successful laboratory trials, this company will start testing its super-fast internet speeds outdoors in the summer of 2016.

According to AT&T, the company is not expecting to achieve real 5G standards until 2018 at the earliest. However, the communication giant assured that it will conduct experiments in such a way that the company could 'pivot' to the desired standards once it is already established.

Speeds of 5G networks can be up to 10 to 100 times faster than that of the 4G LTE connections which is currently being used.