Welcome to our weekly news round-up. In today’s blog, we’ll cover some of the latest goings-on in key markets, using related reports to give context to company deals and daily news. We’ll examine current and future trends and identify opportunities we think all market participants should be aware of.
Here are today’s stories:
Qualcomm Invests in Chinese AI Facial Recognition Startup
US chipmaker Qualcomm Inc on Wednesday said it has invested in Beijing-based facial recognition startup SenseTime, as part of a funding round that will close later this year.
“SenseTime is dedicated to developing cutting-edge AI technologies to connect upstream partners with the downstream market,” said Xu Li, founder of SenseTime. “With Qualcomm’s strategic investment and collaboration, SenseTime can bring AI technologies to more terminal devices and boost the development of the entire intelligent device ecosystem. We look forward to exploring more intelligent implementations with Qualcomm Technologies to offer partners a one-stop solution that covers the entire industry chain.”
The two firms did not disclose the size of the investment.
Market Insights: Analysts expect the global facial recognition market to grow at a CAGR of 22.5% during the period 2017-2021. Facial recognition is largely used in the government, financial, transit, and aviation sectors to identify and authenticate individuals. Facial recognition systems are widely accepted as they are non-intrusive, and they can work from a distance of more than two feet.
T-Mobile to Roll Out U.S. 5G Network by 2020
Mobile communications firm T-Mobile has outlined its ambitions to roll out its fifth-generation network across the United States by 2020. “We are committed to roll out 5G across the nation by 2020,” Chief Technology Officer Neville Ray said at the Morgan Stanley European Technology, Media and Telecoms Conference in Barcelona.
Market Insights: The 5G infrastructure market is forecast to reach USD 33.7 billion by 2026, at a CAGR of 50.9% between 2020 and 2026. The major factors driving the growth of the 5G infrastructure market include the increasing demand for mobile data services, rising importance of software implementation in a communication network, the growth of machine-to-machine (M2M) communication in industries, and growing demand for high speed and large network coverage. However, delay in the standardization of spectrum allocation is the major restraining factor for the growth of the 5G infrastructure market.
Amex Launches Blockchain-Based Business Payments
American Express Company, also known as Amex, has introduced instant blockchain-based payments using fintech startup Ripple. Earlier this week, the company said its FX International Payments (FXIP) business had partnered with Ripple to provide real-time, trackable non-card payments from the United States to Britain.
“American Express has a long history of integrating new technologies,” said American Express’s chief information officer Marc Gordon, in a statement. “This collaboration with Ripple and Santander represents the next step forward on our blockchain journey, evolving the way we move money around the world.”
Market Insights: Anticipated to be in use by up to 65% of enterprise by 2020, blockchain technology represents a distributed ledger approach to authentication, clearing and settlement that is poised to rapidly move beyond the FinTech sector into many other areas including the Internet of Things (IoT).
Accordingly, leading incumbent banks are in various stages of development, testing, and deployment of the technology to enhance various applications including remittance management, smart contracts, identity management, asset trading, ownership management, digitization of physical assets, and many more.
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