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With the world taking bold strides towards next-gen communication networks, there is a rising demand for new technology architectures, standards, and solutions. This evolution is meant to ease the functionality of several compelling businesses and consumer use cases. It is also leading to an increase in investments in network applications, infrastructure, and devices.
The latest attraction in the field of next-gen wireless technologies, 5G networks have marked the onset of an era adorned with secure, universal, and high-capacity radio networks. From low latency levels, comprehensive Gbps capacity to high energy efficiency, 5G technology extends across various industries beyond the telecom arena. A few exciting applications of 5G networks include telehealth services, self-driving vehicles, and smart manufacturing.
VA/AR Technology
Poised to be the most viable application for 5G technology, VR/AR technologies come with increased data transfer speed, throughput, and efficiency. Its ability to enhance user experience in activities like autonomous driving, PlayStation, and online gaming has earned massive popularity for it.
IoT Technology
The effective functioning of IoT technology depends on the interconnection of multiple devices on a single platform. 5G provides the much-needed foundation for its success. The combination of 5G and IoT can produce wonders like receiving smart home camera notifications on your phone after a parcel is delivered at your door. 5G IoT devices make use of a narrow bandwidth that supports a thousand things per device, provides great coverage in challenging areas, and offers enhanced battery life at nominal costs.
Cloud and Edge Computing
The cloud and edge computing business is bound to benefit on a large scale, through 5G technology. The development of 5G technology is mainly characterized by the massive growth in traffic and low latency that is able to keep up with the rising demands of mobile networks and edge computing. The high transmission rates allow storage and infrastructures to be shifted successfully to Cloud. Thus, a customer can store high-quality content along with 4K videos in cloud, without any performance issue.
B2B businesses, which account for 70% of the total value that is unlocked by IoT, are transforming their application models to make the most of the IoT opportunity. Speaking of IoT, elaborately known as the Internet of Things, you might not be aware of the concept. Put simply, IoT is a grid of connected devices that exchange and collect data. With an increase in these devices capturing large amounts of data, IoT products have opened the gates to new opportunities for B2B businesses to prosper beyond their conventional markets, discover new revenue streams, and most importantly, drive innovation.
Businesses that grab the IoT opportunity are expected to reap the following advantages:
Predictive Maintenance
IoT products come with inbuilt sensors that help product managers identify issues and predict when a piece of equipment is wearing and needs repair. This can highly reduce the cost of maintenance by almost 40% and halve the unplanned downtime.
Optimization of Products
Substituting assumptions with real-time statistics on how products are being used by customers can bring about substantial improvement in the designing, production, marketing, and servicing of products.
Strong Customer Relationships
Due to the data unlocked by IoT products, for the first time, manufacturers have enough information about end-users as compared to retailers. IoT data empowers businesses to ensure personalized experiences for customers through real-time insight into their behavior.
Inventory Efficacies Replenishing stocks and managing inventory levels efficiently poses to be a great challenge for manufacturers. Nevertheless, IoT products reorder parts and consumables automatically as and when needed. This reduces the need for large quantities of inventory.
Supply Chain Efficacies
An increase in the number of internet-connected devices is likely to increase the visibility of your business across the complete supply chain while providing end-to-end shipment tracking.
5G is poised to drive growth in the Telecom industry, as operators are looking to capitalize on it. Under performance pressure, vendors and operators are hoping that 5G will spur new investments that reinstate the industry on the growth curve. There is great scope for 5G cases to be realized to offer solutions in the B2B and IoT market segments. So, there is immense market potential in 5G, which looks promising going ahead.
Source links:
https://www.infosys.com/about/knowledge-institute/insights/Documents/5G-evolution-technology.pdf https://hsc.com/Blog/5G-Networks-The-evolution-and-trends-today
https://www.jabil.com/insights/blog-main/5G-technology-the-revolutionary-evolution-of-wireless
https://www.regalix.com/insights/b2b-businesses-need-iot-part-2
https://www.bcg.com/publications/2018/how-internet-of-things-iot-data-ecosystems-transform-b2b-competition.aspx
https://magento.com/blog/best-practices/how-iot-changing-b2b-business-models
Sundi Balu
CTO of XpertiseNow and Business Entrepreneur in Digital Telecommunications
