Aeris recently held a webinar (WAN and 5G: Expanding IoT Connectivity) to talk about upcoming advances in cellular connectivity because just when you get used to some technology, we get teased with better, newer, faster technology that we are told will replace what we have now. Is this change for the sake of disruption? Or is this change for the better? For cellular connectivity, the fast approaching inclusion of 5G technology definitely will create business opportunities. So, what’s the buzz?
The impending advent of 5G networks will see IoT reach new heights of device integration and analytics with real-time responses. A 2015 report by Gartner estimates that 20.8 billion internet-enabled devices will be in service worldwide by 2020, many of which will utilize the 5G network to handle processing power while offering solutions in real time through cloud-based platforms. With 1-gigabit throughput and latency times of less than a millisecond, 5G technology represents a great leap forward in speed and connectivity.
The Internet of Things (IoT) provides a new way for companies to offer their products to consumers. Fusing physical products, accompanying services, and monitoring software, the Products-as-a-Service (PaaS) business model maintains ownership in the hands of the seller, who leases their product to customers on an as-needed basis. From ride-sharing companies like Uber and Zipcar to General Electric’s line of jet engines, consumers have shown increasing interest in leasing certain products for specific uses rather than buying them outright.
There are two general ways the Internet of Things adds value to businesses. The first is by improving existing business operations. Predictive maintenance, supply chain monitoring, and automation are a few of the IoT solutions that fall into the first category. This approach is great for businesses that want to invest in IoT incrementally in order to save money on expenses that they previously had little control over.
The second way that businesses can leverage IoT is by creating new offerings to transform their business model. The potential that IoT has to truly innovate a business lies in this approach. Over the past 25 years, the companies that have made the biggest splash in their respective marketplace―or have created a market space all their own―have used the Internet of Things to connect their products and services in a way that gives end users more options. Thanks to the Internet of Things, we have online shopping, ride-sharing, and a plethora of subscription-based services that range from food delivery to music to entertainment and television.
Renewable energy continues to play a growing role in the energy sector as technology becomes more efficient and cost-effective in order to meet government mandates. According to Ren21, renewable energy accounted for 19.3% of global energy consumption in 2015, and an International Energy Agency (IEA) report states that renewable energy sources accounted for almost two-thirds of net new power capacity around the world in 2016.