The firm's recent report on the integration of 5G in IIoT systems predicts that 5G will accelerate the realization of Industry 4.0 with high-speed, low-latency, and large-volume data transfer. While the application of 5G-enabled IIoT is currently limited to quality inspections, supply chain management, and generic machine control, says the firm, key system manufacturers are actively exploring other areas in industrial operations where the benefits of 5G connectivity can be leveraged for process optimization and increased automation.
"Incorporating 5G in IIoT devices will enable low latency, increase data throughput, and reduce operation time, thus leading to improved overall process productivity," says Mogana Tashiani, Frost & Sullivan Technical Insights Research Analyst. "Apart from enhancing the automation of industrial operations and control, 5G-enabled IIoT devices can also minimize the complexity of supply chain networks and warehouse management, helping businesses to efficiently operate in dynamic business environments."
"5G will play a key role in ensuring the sustainability of businesses in the wake of the COVID-19 pandemic," says Tashiani. "The low latency will aid in managing the high traffic to e-commerce by improving network accessibility at a faster pace, accelerating online purchases and order placements. Furthermore, 5G-integrated IIoT devices have the potential to disrupt traditional on-site job functions through remote working and virtual meetings. COVID-19 has led to a massive shift to remote working to maintain business operations on par with on-site job operations."
According to the report, key sectors that can leverage the growth opportunities from 5G-integrated IIoT include the following:
- Banks, Financial Services, and Insurance: The BFSI sector deals with millions of transactions every day and most of them are mundane and repetitive. 5G-integrated IoT devices and systems allow transactions to be completed and recorded at a faster pace, increasing accuracy by reducing human errors in the process, thus improving the overall productivity of the system.
- Retail: Businesses in the retail sector can automate in-store transactions with 5G-ready radio-frequency identification (RFID) tags,