Ultra-fast wireless connectivity has the power to handle burgeoning data volumes from connected sensors
To plug and play in and profit from an increasingly Industry 4.0 world, CSPs must harness the vast amounts of Internet of Things 5G + IoT = Opportunity data generated by clients in industries spanning entertainment and healthcare to manufacturing and logistics and convert this insight into highly verticalized solutions. Importantly, they must accomplish this with user consent upper most in their minds and within the bounds of an increasingly stringent regulatory environment that protects consumers’ privacy, including General Data Protection Regulation GDPR.
The risk could be worth the reward. 5G + IoT = Opportunity is poised to be a form of savior for businesses of all stripes and sizes and is expected to generate over $1.5 trillion annual revenue cognizant by 2030. And according to Gartner, by next year, one in four large organizations will either buy or sell aggregated data on formal online data marketplaces. CSPs have a unique opportunity to monetize their access to vast volumes of data flowing through their infrastructure. All of this is welcome news to CSPs, many of whom face increased competition and downward revenue pressure on their traditional voice and data services. AT&T and others are already marking their territory in this area.
Build a robust connectivity platform
CSPs must customize their technology assets to deliver IoT-enabled connectivity platforms. They need a connectivity layer that can handle any data volume, from millions of connections that send only a few bytes a few times an hour, to a small number of connections sending hundreds of gigabytes of data per minute. This connectivity layer should also be able to accept any interaction, from billions of devices periodically connecting and “dumping” logged data into the network, to millions of end points such as cars that require always-on connectivity.
Assemble an effective digital ecosystem
Perhaps the most promising approach to IoT is for CSPs to develop a digital platform that enables many partners to add services, features and functions that all participants can use as building blocks to develop new services. These components can cover everything from connectivity to location information, rewards programs, payment processes, specific vertical applications, etc. The platform should also support many ways to share revenue. In short, to be successful, a CSP must first establish itself as a genuine IoT provider and then partner with industry experts to meet key market requirements.
With a host of viable use cases across a variety of horizontal and vertical markets, the “IoT in 5G” realm presents CSPs with a unique opportunity to begin extracting value from their 5G investments. IoT in 5G is especially enticing since it means monetizing the enormous stores of customer and operational data that CSPs already have on hand. Concurrently, IoT points the way for CSPs to venture into new industries, offering initiatives and services beyond network connectivity.
To read full download the whitepaper:
5G + IoT = Opportunity