On farms, roadways, hiking trails and office buildings humans have become connected to an electronic framework fretted with sensors. We know the news, the speed of our journey, the moisture content of a crop or the time of our wine delivery within the nearest deciliter, kilometer or minute. Our guardian angels are a multitude of measurers, watchers, alarms and pulse oximeters
A smart space is a physical or digital environment in which humans and technology can openly interact with each other in an increasingly connected, coordinated, and intelligent ecosystems. Multiple elements such as people, processes, services, and things come together in a smart space to enable a more automated, immersive, and interactive experience for a target set of people and industry scenarios.
At present, applications of smart space technologies are primarily focused on energy management and optimization, emergency management, and security management. Over the forecast period of the next 5 years, the commercial sector is expected to account for the highest share of global smart space market. Among corporations there is a growing focus among to enhance security and public safety, reduce operating costs through energy optimization, and enhance the customer experience as a differentiator from competitors.
Looking further out, one potential scenario gaining traction among marketers is smart billboards. Given that an individual billboard can only target a small proportion of people who view it, by integrating smart technologies in public space and tailoring the ads on a billboard to an individual who is detected to be passing by, the efficiency of targeting through billboards can be increased significantly. What John Kenneth Galbraith once decried as a desecration to the highway driving experience, can now become a series of “tableau advertisements” tailored to ones reading or television habits. This will be especially welcome if one is no longer actually driving the car anyway. But the traditional brick and mortar stores will participate in many foreseeable and unpredictable ways.
Retailers can use various 5G enabled developing technologies for:
- In-store analytics: - This is very useful for determining consumption/demand patterns, retail trends, providing retailer insights and optimizing pricing that are essential for decision making.
- Interactive fitting rooms: - Interactive “magic mirrors” have the capability to identify a specific product the moment someone tries it in a store. Hence, this data can be used to send tailored alerts on a near real time basis to improve customer experience and increase sales.
- Interactive storefront windows: Exciting and interactive messaging on touch-screens linked to motion-sensors could appeal to customers and invite them into the stores which will help to increase the store’s footfall.
- Beacons: This technology will help retailer to send push notifications to consumer’s various 5G enables devices such as smart watch, smart phones and tablets among others while in the store. This feature can also help in enlightening in-store navigation for customers.
- Out-of-stock instances: - Using RFID tags, it is estimated that retailers could target at accomplishing 99% inventory accuracy, a 50% lessening in out-of-stocks, a 70% decrease in shrinkage, and sales boosts in the 2% to 7% range.
Global 5G Chipset Market for Retail, by IC Type, Through 2024 ($ Millions)
|
IC Type |
2018 |
2019 |
2024 |
CAGR% |
|
Cellular IC |
44.08 |
78.41 |
987.66 |
66.0 |
|
RFIC |
1.37 |
5.25 |
244.82 |
115.6 |
|
ASIC |
0.99 |
2.45 |
80.22 |
100.9 |
|
mmWave IC |
0.27 |
0.82 |
34.54 |
111.0 |
|
Total |
46.71 |
86.93 |
1,347.24 |
73.0 |
Source: BCC Research
In addition, the emergence of 5G technology will provide better support to the sensors in Internet of Things (IoT) and enhance communications between them. Compared to 4G, 5G will be capable of embracing up to an estimated 100 times more connected devices per unit area. Though there is still some time for 5G to become mainstream, it is imperative for companies to begin reimagining and developing products and services to leverage the superior capabilities of 5G. The 5G chipset market is poised to experience massive demand, and this can be attributed to the rapid development of automated devices, that depend on wireless internet such as home automation devices, drones, and autonomous cars. Furthermore, the increase in penetration of pervasive computing, which is inclusive of a surge in trend of embedding high performance microprocessor systems into daily life objects, such as smart speakers, or smart locks, boost the need of ultrafast network speed, thus driving the demand for 5G chipsets.
A remarkable growth in the market of 5G chipset is expected by the end of 2024. The market was valued $490 million in 2018 and is expected to reach nearly $10.9 billion in 2024, growing at a CAGR of 65.7% during the forecast period.
Global 5G Chipset Market, by Deployment Type, Through 2024 ($ Millions)
|
Deployment Type |
2018 |
2019 |
2024 |
CAGR% |
|
Smartphones |
265.29 |
468.41 |
5,690.16 |
64.8 |
|
Network infrastructure |
93.94 |
167.13 |
2,107.74 |
66.0 |
|
Smart gadgets |
69.22 |
124.00 |
1,617.09 |
67.1 |
|
Routers/modems |
43.25 |
77.09 |
980.16 |
66.3 |
|
Others |
18.30 |
33.37 |
476.05 |
70.2 |
|
Total |
490.00 |
870.00 |
10,871.20 |
65.7 |
Source: BCC Research
Since North America is a quick adopter of technological advancements the 5G chipset market has swiftly formed a strong base in the region. High demand for advanced technologies such as artificial intelligence, machine-to-machine communication, and connected cars will provide huge opportunities for the development of the 5G chipset market in North America.
If one were to examine the schematic wiring diagram of any human being, we would find reality resides in the presynaptic vesicles of the sensory neurons. If a stimulus does not cause these neurons to fire and cascade, to the human the stimulus never existed. Nothing existed. In this way sensors have immensely multiplied the gross and scope of our existence. These sensors divide and organize our movements through a connected web of electronic metronomes that explain the why, the when, and the where of our existence. Our earthly presence has gone digital, and we are connected to all other humans, and THEIR sensors, in a manner as pervasive and entangled, as our very thoughts themselves. Businesses need to be thinking smarter about the spaces humans inhabit, and the spaces they interact with.
Be sure to visit BCC Research at Sensors Expo & Conference 2019 in Booth #245.