In the firm s annual Mobility Report, it said IoT connections will climb by 23 per cent annually for the next five years, hitting 16 billion in 2021.
See also: Are insurance devices the next billion dollar IoT market?
That s a much higher growth percentage than mobile, which Ericsson expects to grow at three percent annually over the next five years, rising from 7.4 billion currently to 12 billion in 2021.
IoT accelerating as costs drop
IoT is now accelerating as device costs fall and innovative applications emerge, said Rima Qureshi, Ericsson senior VP and chief strategy officer.
5G is being tested in multiple locations across the world, including South Korea, Japan, the United States, and the United Kingdom.
Most wireless operators have said they would like to start pushing the network standard—with speeds above 1Gbps—within the next five years, even though some networks are still struggling to provide adequate 4G LTE coverage in developed countries.