While a new generation of wireless connectivity hits the market every couple of years, experts say the move to 5G will be unlike any leap of speed and performance the world has ever seen. The fifth-generation cellular system will nearly eliminate lag times to make real-time functionality and seamless connectivity a reality.

The tremendous leap forward in cellular performance could have big implications across the economy. Sandra Rivera, senior vice president and general manager of the network platforms group at Intel Corp., told Forbes.com that 5G will be the "true convergence of computing and communications and the idea that everything that can and should be connected will be."

5G will enhance data connectivity, communications, data analytics and the Internet of Things: A report by Transparency Market Research said it will make robotics safer, faster and speedier, something that is expected to grow demand in the global robotics market in the coming years.

The faster speeds, performance and bandwidth will ultimately transform every industry, says wireless analyst Jeff Kagan. But much like retailers didn't know in 2005 what smartphones would bring to retail, they can't yet predict the full implications of 5G.

"No one can tell you what the world will look like in 10 years, but because of 5G, the world will be very different," Kagan says, "the same as it's different today than it was 10 years ago."

What is known is that 5G will enable retailers to connect with consumers in real time in ways they never thought possible, says Corey Pierson, co-founder of Custora. Web performance has improved dramatically over the past decade, and 5G will be the infrastructure that pushes it all to real-time instantaneous data transfer.

"It's just going to take this big leap forward, in terms of what's possible from the customer experience," Pierson says. "No one has really figured out yet how to best take advantage of all this increased speed and data, but everyone is excited about the potential it unlocks."

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