What You Need to Know About 5G and the Internet of Things
Did you know that by 2020 it is estimated over 20 billion smart devices will be connected to the internet. And were not just talking about mobile phones. Any smart product – from your home thermostat and appliances to your car and wearable devices – that can connect and exchange data in the network is called the internet of things (IoT), and these things will need a network.
Now is the time to start creating a roadmap to 5G. Read on to find out how you can ensure your business can capitalize on the new opportunities this 5G technology will bring.
What is 5G Technology?
5G wireless services will use radio signals, rather than copper or fiber cables, to provide customers with unprecedented wireless speeds for Internet access, according to Verizon. As 5G continues to evolve, benefits will includea wide array of services – including broadband, mobile and IoT (Internet of things) — and the necessary bandwidth and low latency for 3D and virtual reality applications.a new generation of mobile and network technology. And it promises to deliver more than just faster speeds on phone networks. Industry experts anticipate 5G’s biggest impact to be on the IoT. In addition, they believe it soon to become the biggest driver of the IoT’s growth and expansion.
This new fifth-generation network can transmit data up to ten times faster than the current standard that is 4G/LTE. Where 4G developed high-speed connections needed for streaming video and data, 5G is projected to bring even faster speeds and increased connectivity.
From self-driving cars to internet-connected homes, the combination of 5G and IoT will connect even more people and devices. According to Juniper Networks, it is estimated that the number of IoT-connected devices will grow into the tens of billions.
The internet of things also refers to things on a larger scale like Smart Cities, which employs sensors to collect and share data to help municipalities understand and control the environment. This data and technology helps to create efficiencies, improve sustainability, create economic development, and enhance quality of life for people living and working in the Smart City.
To further paint the picture of this fifth generation and its interconnectivity to IoT, approximately 22.5 billion IoT devices will be installed globally by 2021. This innovation will ultimately reshape and disrupt the technology industry — even society.
Why You Need to Care About 5G and Its Impact
Are you questioning why you should be concerned with this fifth generation and be an early pioneer of this network evolution? The answer is simple: Anything that requires access to the internet will ultimately be affected by this fifth generation technology.
And to put it simply, the network tech in place today isn’t fit for the future of Industry 4.0 and IoT. With 5G, data can be transported at faster speeds than 4G. And perhaps the biggest appeal of all its promises is that it can reach these high speeds at a relatively low cost and energy consumption.
5G goes beyond just mobile devices, this technology will be critical in powering and connecting the internet of things including self-driving vehicles, artificial intelligence (AI), phone networks, computers, robots and more.
In the mobile payments industry, companies are already experimenting with future capabilities of this fifth network. Intel recently demoed 5G facial-recognition payment technology, which can drastically alter the FinTech industry.
Because of this, companies largely support the creation and advancement of IoT in congruence with 5G, as they seek to be a part of the inevitable boom that will become Industry 4.0. By 2021, 70% of Global 2000 companies will spend upwards of $1.2 billion on connectivity management solutions to meet the need of 5G’s broad enablement of IoT.
When is 5G Launching?
If 5G seems like a technology reserved for the far away future, you’d be wrong. At this year’s Winter Olympics in Pyeongchang, 5G was utilized by Samsung and Intel to stream virtual reality coverage of the games.
In the states, the west coast will see Verizon’s first commercial launch, planned to be in Sacramento, CA., in the second half of 2018. Details of that launch, and the announcement of additional markets, will be provided at a later date.
Verizon has already successfully tested 5th generation residential applications in 11 markets in 2017. The commercial launch is based on customer experience and on Verizon’s confidence in new technology powered by millimeter-wave spectrum.
The market opportunity for initial 5G residential broadband services is estimated to be approximately 30 million households nationwide, says Verizon.
As the number of digital devices such as smartphones grows and and evolves, the current network will need to evolve into 5G in order to keep pace with IoT technology. According to Juniper Research, the number of IoT-connected devices will “stretch into the tens of billions”.
The millimeter-wave spectrum technology, behind 5G and the explosion of the Internet of Things makes the combination a powerhouse — disrupting the tech industry and daily lives of consumers. 5G will further accelerate the efficiency and increase the number of connected devices. Not to mention the massive increase in data as the network surpasses 4G speeds.
It is an exciting time for the mobile industry, and it is important to ensure your business is equipped to evolve into this next generation.
Future-proof your business and stay at the forefront, by learning from top innovators and thought leaders in 5G technology, the cloud and the impact on the IoT. Attend this year’s Mobile Payments Conference to learn more about how the world of mobile technologies are evolving. Get your Mobile Payments Conference 2018 tickets today.