Tag: Goldman Sachs

5G mobile technology predicted to revolutionize VR and AR platforms

5G may be the tech that will bring virtual reality (VR) and augmented reality (AR) to the masses.

5G mobile technology will change the entire virtual reality ecosystem according to two Chinese tech giants ZTE and Huawei Technologies. Both of these companies, which are based out of Shenzhen, are among the world’s top proponents of 5G. This next generation mobile communications technology is expected to deliver transmission speeds 100 times faster than current 4G networks. This makes it far more ideal for VR and AR, which currently lacks the technology needed to run optimally.

5G will deliver connection speeds of 1 to 10-gigabit per second and less than a millisecond of latency.

In other words, it will take less than a millisecond of time for data to get from one point to another. Presently, streaming 3D content is slow and latency is poor.

5G Mobile Technology to Boost VR - Image of VR HeadsetAccording to Roland Sladek, Huawei vice president of international media affairs, “The virtual-reality ecosystem is not mature enough now, in terms of content and bandwidth,” Sladek added that “If you want to stream 3D content, it’s very slow. Latency is not great. That will drastically change with 5G.”

Both ZTE and Huawei Technologies forecast that when 5G mobile infrastructure is widely deployed from 2020 there will be a boom in the global AR and VR markets.

The GSMA says that 5G Mobile Technology will lead to a “hyper-connected society.”

The GSM Association represents almost 800 wireless network operators and approximately 300 companies in the wider ranging mobile network, including ZTE and Huawei. The association believes that 5G will make mobile even more important than it already is to consumers and industries like virtual and augmented reality.

The association and the two Chinese network equipment and handset suppliers are not the only ones who are predicting that VR and AR will take off in the future. Earlier this year analysts from Goldman Sachs predicted that the global VR and AR market will reach $80 billion by 2025. An estimated $45 billion in sales will be generated from hardware and $35 billion from software.

Proponents of 5G mobile technology believe that the new tech will deliver a more seamless virtual and augmented reality experience that simply cannot be provided today.

Mobile commerce is influencing consumer behavior

The rise of mobile shopping is changing the way consumers behave in the digital space

Consumer behavior is beginning to have a significant impact on digital commerce. Many consumers are becoming more mobile-centric, relying on their smartphones and tablets to research and purchase products that they are interested in. A recent report from Forrester Research shows that merchants may have to begin focusing more heavily on the mobile space as a result, as mobile commerce is becoming a very powerful force in the retail space, especially as more consumers become comfortable with the concept.

More consumers are beginning to use their devices in physical stores

According to the report from Forrester Research, 82% of consumers in the United States make purchasing decisions while in a physical store, with 56% of these consumers using their smartphones to check prices online. The report also shows that the capabilities of mobile devices are also changing consumer behavior. When in stores, more consumers are beginning to scan barcodes with their mobile devices in order to read reviews and compare prices. Consumers are also scanning codes to take advantage of special deals being offered by merchants.

Loyalty programs may help secure the growth of mobile shopping

Mobile Commerce Research Mobile commerce has become a very significant concept for the retail industry. One-third of all e-commerce transactions made throughout the world are now done via a mobile device. A recent report from Goldman Sachs predicts that mobile commerce will account for nearly half of all e-commerce transactions made worldwide by 2018. As this sector continues to grow, loyalty programs may become much more important to retailers than they already are. Approximately 46% of consumers are more willing to provide personal information if they can make use of a loyalty program of some sort.

Consumers are less likely to share personal information outside loyalty programs

While loyalty programs may provide merchants with more information about their customers, these people have limits when it comes to the information they want to provide. Outside of loyalty programs, consumers are less likely to share personal information. This is something that retailers will have to keep in mind once they begin focusing more heavily on the mobile commerce space in the future.