The fifth generation of mobile network is the long awaited new technology. The technology will provide wider application of Internet of Things (IoT) and other technology such as self-driving vehicle. On Sunday, Nokia CEO said that some part of 5G network could be available sooner by the end of this year.

Mobile telecommunication is in pursuit to launch a new generation of high speed data transfer. The fifth generation, or commonly known as 5G will be able to deliver 1 Gbps (gigabit per second) data transfer. It also has a significant reduced of network latency, compared to its 4G predecessor.

With the 5G network, all recent technologies will have the jumpstart in its application. Internet of Things and self-driving vehicle which relied on high speed data transfer will be avalailable for the mass market in a wider application. Based on the estimation from the Next Generation Mobile Networks (NGMN), 5G network will be available in 2020.

NGMN is is the association of mobile technology industry which responsible for evaluating and ensuring commercial launch of next generation of mobile broadband. The associaton consist of more than 80 partners from the mobile telecommunications industry and research.

It seems that we don't have to wait that long to see 5G network in action. Yesterday, at the Mobile World Congres in Barcelona, Nokia announced that the part of 5G network will be determined by the end of this year. "5G will happen faster than expected. This may surprise some of you," CEO Rajeev Suri said in the event, as quoted by Reuters.

Furthermore he added, "2020 is probably where we see global volume deployments. We will start to see a lot of action ahead of 2020 - in 2017, 2018, 2019." In the U.S., Nokia partnered with Verizon as mobile communication provider and working with Ericsson, Samsung and Qualcomm to conduct a field test of 5G network for Verizon in this year.

In January, the company acquired its competitor, Alcatel Lucent SA, a French global telecommunications equipment company. Nokia acquire the Boulogne-Billancourt-based company at €15.6 billion ($17.3 billion).

Following the acquisition of Alcatel Lucent, as reported by Fortune, Nokia warned investors earlier this month to expect "flattish" capital spending from network operators in 2016. The company also announced to brace for a possible decline in its mobile network business, as Nokia is looking to strengthen its growth in fixed line equipment by purchasing Alcatel Lucent.

Venture Beat also reported the Finland-company has prepared a $350 million investment fund in Nokia Growth Ventures to harness IoT projects. It also prepared to replace its existing Flexi base station with a 5G-ready radio access product. In a further move to execute its plan, Nokia has also acquired Canadian network security company Nakina Systems.

Nokia is speeding up faster in its 5G plan. The former leading mobile phone manufacturer is now charging forward to launch a 5G network infrastructure, along with its supported application such as Internet of Things. The company has also prepared investment fund to cultivate IoT technologies.