Today, consumer and industrial worlds are actively shaped by the Internet of Things (IoT). When anything new emerges that is capable of bringing about any convenience to the consumer or industrial domain—from retail to healthcare, or from finances to the logistic arrangement; it is critically adoptable.
And perhaps, in the present times, one of the most exciting developments in the IoT domain is data, with 5G impending to provide instantaneous communications of any size of data packages with a negligible amount of latency- 0.004.
While lately, advanced countries all around the world have started to roll-out their 5G connectivity to the governments, consumers, and businesses, we all can expect to witness incredibly amazing innovations that will change the way we work or communicate.
By 2020, the Internet of Things (IoT) is predicted to generate an extra $344B in revenues, and also to drive $177B in cost reductions. Smart devices and IoT and are already responsible in increasing the metrics of the performance of the major US-based factories. Wrapping the routine management issues, and improving their productivity by around 40-60%, they are in the hands of employees now.
How advanced is 5G than 4G technology to affect IoT in the future?
This is the age of digital information, and information flows in unlimited ways, and this flow never ceases. Sharing information wirelessly has benefitted not only the businesses in the technology sector but also healthcare, engineering, recruitment, retail, etc.
The current 4G network offers you a data speed of around 20 Mbps, whereas 5G speeds will be opening up new doors of high-speed data of 500-1500 Mbps. The anticipation is evident that it will offer businesses and consumers more opportunities in every aspect with better efficiency.
By the year 2021, experts predict that approximately more than 1 billion 5G customers exclusively in Asia and North America will be benefitted by the new realms of highest data speeds.
Along with the power of 5G technology, the IoT (Internet of Things) will enable us to penetrate into the new age of Big Data, where every decision relies on the fact and accurate measurements over rough estimations.
At the airports, you can expect the check-in desks opening up on demands; at the hospitals, special and exclusive access to the data from the smartwatches and the health wearables will be able to generate even more advanced treatments and advanced medicines. Talking about the sales, updated feedback will provide the data that the retailers need to pitch the right product to their target consumers.
Data-backed tools, it will increase sales, reduce waste, would be made able to fight climate change, allowing microgrids introduction when options for non-renewable energy are not available.
In the transportation aspect, you can expect better and smart traffic management that will help to remove the vehicle congestion on the roads. UK government has stated that IoT will be able to save $1 billion every year and will offer at least a 15% reduction in carbon emissions.
IoT in the business world can be used to make better and improved energy-efficient offices.
With AT &T and Microsoft welcoming and embracing the technology with open arms so as to reduce the energy consumption and build an eco-infrastructure via Azure.
What is SpaceX StarLink, and how does it affect IoT evolution in the Tech Domain?
The concept of Starlink was announced by the founder Elon Musk back in 2015. Under this project, 4,000 broadband satellites were launched into the lower orbit of Earth that offered low-cost access to the internet to the consumers spread all around the world.
SpaceX.com has managed to successfully launch the first sixty satellites in January 2020, along with the live streaming. It is predicted that more than 12,000 satellites will orbit around the Earth by mid-2020s.
This project not only has the capability to lower the internet costs but will also compete with the big players. Not to mention that Starlink will connect the world in better and more ways than ever before, brewing innovation in the development and urbanizing the remote/rural areas.
The impacts in economic terms of cheaper broadband and high-speed connectivity are surprising.
The IoT (Internet of Things) will be having a crucial impact on the world’s economy, and by the end of 2020, everyone will witness more internet-connected devices than human beings, sifting our daily routines into automated ones —suggested by the McKinsey Institute. They also indicated that it will open significant business opportunities for switched-on firms.
The Bigger Picture
With the onset of 2020, 5G on the ground, and private satellites in the Space blanketing the Earth, the internet and communication industry is all aboard to connect every person on Earth with the highest possible speed at, of course, minimal cost rendered. We are about to live in a world where anyone can have access to the world’s information from anywhere.