Technology, agility and market development all progress alongside technological advances . Many businesses have adopted new technologies and changed their business models.
The Covid-19 pandemic has accelerated digitalization and automation, enabling companies to remain resilient even in difficult situations. So, an important and rapid digital revolution is taking place all over the world.
The impact of the pandemic will be felt for a while and the digital transition will continue. This mistake will be difficult to overcome if businesses cannot keep up. New technologies will continue to change our lives and the way we work, creating tremendous opportunities for businesses around the world.
Let’s take a look at some technological developments…
1) Artificial Intelligence
Artificial intelligence has played a big role in the last decade. Yet it remains one of the emerging technologies as its significant impacts on our behavior, such as how we live and work, are still in their infancy. Today, image and speech recognition are known for their presence in ride-sharing apps, mobile personal assistants, navigation apps, and various other applications. In addition, artificial intelligence can be used in real time to investigate interactions and identify dynamic patterns between sources and consumers to discover previously undetected connections. Machine learning , a subset of artificial intelligence , is used in a wide range of industries, resulting in an increase in skilled workers.
2) 5G and Improved Connectivity
Faster and more stable internet means more than making web pages load faster and spending less time waiting for YouTube videos to load. Since 3G, every development in mobile connectivity has revealed new ways of using the internet. As bandwidths increased, 3G enabled online access and data-driven services on mobile devices. 4G enabled the increase of video and music platforms. 5G will likewise support new developments as much as possible.
5G refers to networks that use the latest technology, including augmented reality and virtual reality . In summary, 5G and other advanced, high-speed networks allow all the other trends we’ve discussed to be accessed anywhere, anytime.
3) Edge Computing
Edge computing is a new technology that provides low latency and high-speed data processing. It increases application performance by enabling calculations to be made closer to data storage systems. The technology aims to run fewer processes in the cloud and transfer them to places such as the user’s computer or the edge server.
Closing the gap between data and computation eliminates long-distance communication between server and client, resulting in increased processing speed. Therefore, edge computing is used to process time-sensitive data stored in remote areas with minimal access to the central location. Cloud computing and IoT applications will also benefit from this technology.
4) Internet of Behaviors (IoB)
If you have heard of the Internet of Things (IoT), you know that IoT also includes the Internet of Behaviors (IoB). The Internet of Things deals with using data and insights to influence behavior. IoT devices provide massive databases for Internet of behavior (IoB) paradigms.
Businesses will be able to track customer behavior and use IoB to leverage their channels with the help of IoT. For example, a health tracking app may collect information about your physical activity routine, diet, sleep, and other habits. This information can be used for further behavioral improvements, such as creating personalized health plans.
5) Quantum Computing
Due to the ability to instantly query, monitor, interpret and act on data regardless of source, this incredible technology trend is also being used to prevent the spread of coronavirus and develop potential vaccines. Quantum computing is now used in banking and finance to monitor credit risk, conduct high-frequency trading and detect fraud. Quantum computers are much, much faster than traditional computers.
6) Blockchain
Bitcoin and other cryptocurrencies are just one part of Blockchain technology as a whole. Apart from cryptocurrencies, it also operates in areas such as healthcare, supply chain and logistics, and advertising.
It is a decentralized digital ledger that tracks any transaction through a global computer network. Various businesses are looking for Blockchain platforms to create high-level business strategies, which helps the blockchain technology market to develop further. Blockchain’s amount of protection and transparency may be the primary explanation for its massive increase in popularity.
7) Cyber Security
Although cyber security may not seem like the latest technology, it is advancing at least as fast as other technologies. This is partly due to the continued emergence of new threats.
Malicious hackers trying to gain unauthorized access to data will not give up quickly and will continue to find ways to evade even the strictest protection measures. Cybersecurity will continue to be a popular technology as it will continue to provide us with protection against hackers.
8) Human Augmentation
Human Augmentation is a broad term that covers innovations aimed at improving human capabilities and productivity. Physical augmentation such as prosthetics, AR lenses, and RFID tags implanted into humans are part of the field of human enhancement. This can help improve human cognition, perception and action abilities. Detection and actuation technology is achieved through information fusion and artificial intelligence.
9) Distributed Cloud
Distributed Cloud technology looks set to take cloud computing to new heights. Rather than offering a centralized solution, it focuses on having individual cloud locations help meet service needs individually. Meanwhile, companies will undoubtedly continue to benefit from this technological trend by reducing latency, reducing the risk of data loss, and lowering costs.
Artificial Intelligence (AI), Internet of Things (IoT) and other technologies that involve processing large amounts of data in real time will benefit from Distributed Cloud technology.
10) Augmented Reality and Virtual Reality
Augmented Reality and Virtual Reality are two popular technology trends that have exploded in popularity in recent years and are expected to continue so in the coming years. Virtual Reality (VR) deals with creating a realistic environment of the physical world using computer technologies, while Augmented Reality (AR) deals with enhancing the environment using computer-generated elements. They operate in various fields, including gaming, transportation, education, healthcare and others. For example, Ed-Tech platforms are increasingly opting for Augmented Reality and Virtual Reality to enhance students’ learning experiences.
What will be the technology trends of the coming years?
1) Voice Search
The trending technologies of the coming years will be incomplete without voice. Long gone are the days when the only relationship between voice and technology was talking using our mobile devices. The importance of the voice search feature cannot be ignored because these emerging technology trends use speech recognition to identify what a user is saying with high accuracy. The integration of Google Assistant and Siri into applications with the power of voice while performing daily tasks has already taken us over.
With a number of new technology trends coming up, the near future will find itself executing more operations via voice command.
2) Natural Language Processing
Within a year or two, Chatbots would reach their market potential and most of the businesses would be using them to redefine their customer interaction policies. However, the new technology in software development will reach a completely different level with the integration of Natural Language Processing ( NLP ). The e-commerce industry will increasingly use NLP and machine learning methods to generate customer engagement and analyze browsing patterns and shopping trends. According to a report by Business Insider, the chatbot market, which was worth $2.6 billion in 2019, is estimated to reach $9.4 billion by 2024.
3) Predictive and Personalized Medicine
New Technology innovations are pushing the healthcare industry forward at an increasing pace. The potential to extract information about an individual’s lifestyle from a smartwatch gives healthcare professionals the ability to predict and even treat potential medical problems before a patient shows any symptoms. When it comes to treating patients, this technology trend will help doctors prescribe more personalized medications, often referred to as predictive medicine.
Reports from Juniper Research reveal that wearable health devices, including health trackers and remote patient monitoring devices, will be essential in delivering healthcare, with an estimated annual spend of $20 billion by 2024.
4) Facial Recognition
Our faces are now becoming a good partner for technology. What started with facial recognition systems is now being developed further by a multitude of industries that will use our faces for a range of different applications. Our ability to unlock your phone just by looking at it will also be useful in unlocking our home and car that are connected to the internet. In the near future, it will be possible for a person to enter buildings, carry out official business more easily and use ATMs by simply presenting his or her face .
5) Automation
Automation has already gone beyond being included in production lines. This new technology is already working to solve much more complex decision-making tasks than routine tasks in the food chain, from packaging juice boxes to delivering pizzas in driverless vehicles. Automation processes blended with robotics, machine learning and artificial intelligence will bring services or services from multiple sectors such as food / beverage, medical and customer services to our door more easily and automatically.
6) Big Data
With the ever-increasing amount of interaction between machines and humans, the devices we carry with us every waking hour have become a huge repository of data. These big data are data waiting to be transformed into meaningful information and insight so that businesses can provide better service. This resource, which grows every second, will continue to be used more widely by more sectors in the future.
7) Chatbots
It is already a known fact that chatbots shape the growth stories of businesses by making them accessible 24 hours a day, 7 days a week. One of the newest upcoming technologies is that chatbots, powered by machine learning and predictive analytics technologies, will make customer communication more personal and intelligent, providing brand new experiences.
