A fifth of all mobile data traffic will be carried by 5G networks in 2023, according to Ericsson.

The number of connected smart devices is set to quintuple over the next five years as new high-speed 5G networks become available to handle their traffic, telecom equipment maker Ericsson said in a report Tuesday. 

The forecast, made in the Swedish company’s 2018 mobility report, sees the market for Internet of Things devices growing to 3.5 billion units by 2023, five times the 700 million devices currently in use. It also marks a doubling of the company’s forecast from November.

Patrik Cerwall, who runs industry marketing at Ericsson, said the growth in next-generation, 5G wireless networks, will fuel the growth. Nearly 1 billion devices will feature a 5G connection, he said.

“We have been reporting on mobile industry development for a number of years,” Cerwall said in a statement. “However, this report is probably one of the more exciting ones because we are at the start of a big change in the industry.”

The Ericsson report forecasts the launch of first commercial 5G networks later this year. The launches will occur in big markets, including North America, South Korea, Japan and China. By 2023, the company estimates 20 percent of all mobile data traffic globally to be carried by 5G networks.

5G – also known as fifth-generation network technology – has been the talk of tech town for the past two years. It’s ten times faster than 4G and will serve as a more reliable platform for new technologies. That will encourage the use of health monitors and pollution sensors, which will use mobile networks to transmit data, as well as augmented reality and other data-heavy technology.

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