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We are in second half of 2022, where IoT, 5G and AI is driving monumental data revolution with the smartest of solutions to ensure transforming industries with broader connectivity, creating untold opportunities for business growth.
IoT provides window to produce gigantic datasets which when fed to machine learning and AI algorithms, will transform data into insights. The fusion of AI with IoT data unleashes new avenues for revenue. The implementation of datasets is limitless.
5G is way more than just fast internet. It has ushered significant data flows and quicker data collection, allowing AI to generate more accurate models and predictions.5G will not only transform us digitally but with the convergence of AI and IoT it will lead the way to more opportunities for innovation and automation.
The Internet of Things (IoT) will underpin the convergence between 5G and AI.
According to Adam Bujak, CEO and Co-founder of the process intelligence company, KYP.ai, said that “5G will power the growth of the IoT. It will allow organizations to use more connected devices and intelligent sensors.
“We will be able to conduct our processes more digitally in the physical world and online by using connected devices and services. Therefore, we’ll see the growth of phygital [physical + digital] products and services, including virtual reality modes of operations and customer interactions.”
A large amount of data is generated from IoT devices which will only increase in the future. However, the massive processing of raw data with AI, reduces the data size. But in most of cases, cost and power constraints play their part at endpoints and IoT devices are connected with 5G edge devices such as IoT gateways and CPEs enabled with mMTC. The 5G edge devices not only collect endpoint data, but it also filters and process it, providing secure upstream and downstream channels.
It is expected that by 2023, IoT monetization is expected to reach USD $542.92 billion globally, which is at a CAGR of 52.95%. With the advent of 5G, data volume will boom manifold which generates an opportunity for insightful analytics out of data for future collaboration and monetization.