The number of 3G and 4G connections will dwarf 5G and account for 72% of total machine-to-machine (M2M) connections in five years, according to a new study by ABI Research.
Global cellular connections are estimated to grow from 620 million this year to 3 billion in 2024.
Connection revenue is projected to grow to $32 billion over the next five years.
Despite the launching and growth of 5G cellular networks, 3G and 4G technologies will continue to dominate machine-to-machine value-added services, according to ABI.
Connected vehicles are expected to continue to rely on 3G and 4G technologies over the next five years.