Noun

1. The succeeding generation.
2. The next in line; upgrade.

Adjective

1. Of or pertaining to any method or technology that is expected or intended to supersede present day techniques.

   Mr. Smith dominated his competition by using next generation wool spinning machines which were 20% faster.

   WiMax has already established itself as a next generation technology with ideal credentials in the broadband wireless space for point-2-point applications.