Isn’t it fascinating how technology is influencing the various sectors of the market? Ever since the advent of digitalization, the fundamentals of industries began to change for the better. One of the main reasons behind the drastic changes in the operation of industries is user needs and competitiveness.
To sustain in today’s competitive marketplace, it has become quintessential for every industry to utilize innovative technologies that make their solution more powerful. Even big companies like Facebook, Amazon and Google are investing valiantly in the latest technological trends like Blockchain technology, Big Data and AI for enhancing the user experience.
It is visible that technology is not changing but transforming at a great pace. There are exponential innovations in the world of business. It is estimated that over 1 billion people will use AR/VR in the year 2021 and IoT could be worth $20 trillion in the coming years. This makes it clear that universal digital transformation is not far away.
Here is a closer look at the technology trends that will bring considerable innovation the next year and in the coming decade.
1) Artificial Intelligence:
Artificial Intelligence or AI has already created a lot of buzz in the past few years, and it will surely be a trend to watch as its effects on our day-to-day life are still in the early stages. Machine Intelligence or Artificial Intelligence is a modern approach, which can be defined as the simulation of human intelligence processes by a computer system. These processes include the acquisition of information and rules for using the information system, reasoning i.e. using rules to reach approximate conclusions and self-correction.
Presently, AI services are being used in navigation apps, smartphone personal assistants, streaming services, ride-sharing apps, home personal assistants, smart home devices, in one or the other way. In addition to consumer use, AI is used to assess business risk, predict maintenance, schedule trains and improve energy efficiency.
In a recent survey, McKinsey has stated that AI adoption could increase the global GDP by as much as $13 trillion by 2030. Moreover, AI is predicted to create 23 million job opportunities by the end of the year 2020. Job opportunities are likely to be created in the field of development, programming, testing, support and maintenance, to name a few. And, in the next decade, we are sure to witness AIs that don’t require any human intervention to grow smarter.
Image Credit: Grand View Research
2) Mobile Commerce:
Mobile Commerce is now emerging from big brands to startups. In fact, everyone around the globe is embracing Mobile Commerce. Ever since the launch of smartphones, mobile commerce has become a crucial part of personal and professional lives. Simply put M-commerce entails the e-commerce transactions done using the mobile phone. Mobile commerce utilizes e-commerce background and WAP technology. Wireless technology (WAP) is utilized to conduct sales of goods, make payments, provide services and perform other financial transactions.
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With over 80% of internet users owning a smartphone, retail m-commerce sales are expected to increase from 74.8% to 85.5% until 2025. Mobile commerce is expected to outpace non-mobile commerce in 2021. Undoubtedly, m-commerce is the rising star of the e-commerce world, however, there are few more innovations in the e-commerce industry, which will make the e-commerce industry more sustainable.
By understanding m-commerce and keeping tabs on where it’s going, business owners put themselves in the best position to take advantage of what all m-commerce has to offer.
3) 5G Mobile Network:
5G technology was the talk of CES this year and by the start of the year 2020, 5G will be the driving factor in wireless technology. It will benefit users with features like lower latency, higher capacities and for sure faster internet speed. With 5G, automation and technological advancements in cities and remote areas will certainly expand.
Along with the 5G mobile network, there will be development and implementation of WiFi 6. These technologies will make the operation of driverless-cars easy by offering real-time data. Moreover, the 5G system is going to offer facilities like drones for home delivery.
It is expected that 5G can cover up to 65 percent of the world’s population in 2024. According to the recent stats, 5G subscriptions for enhanced mobile broadband could increase to 1.9 billion by the end of 2024. In India, 5G subscriptions are expected to become available in 2022 and could rise. In US, service providers have already launched commercial 5G services, both for mobile and fixed wireless access. By the end of 2024, 5G subscriptions are expected to rise to 270 million, which will account for more than 60% of mobile subscriptions.
Image Source: Digital Trends
4) Robotic Process Automation or RPA:
Like Machine Learning and AI, Robotic Process Automation is another technology that is automating jobs. RPA is the use of software to automate business processes such as interpreting applications, dealing with data, processing transactions and even replying to emails.
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Robotic Process Automation automates the repetitive tasks that people used to do. Not only the menial tasks of the low-paid worker but the work of doctors, financial managers and CEOs can be automated using RPA. Although researchers estimate that RPA poses the risk to the livelihood of 9 percent of the global workplace. There are chances that RPA might create new jobs while altering existing jobs.
Rapid growth in the e-commerce industry is a crucial factor that adds to the growth of Robotic Process Automation market. Online sales in the USA are expected to double by 2025 and are likely to contribute to 30-35% of the overall retail sector.
For IT professionals who want to remain aligned with the technology trends, RPA offers plenty of career opportunities, including project manager, business analyst, solution architect, developer and consultant.
Although most people think of blockchain technology as cryptocurrencies such as Bitcoin, blockchain also offers security that is useful in many other ways. In simple terms, blockchain can be described as data that you can only add, not change or take away. Hence, the term “chain” is being used, because you are making a chain of data. What makes blockchain secure is the fact that previous blocks cannot be changed. Also, blockchain is consensus-driven, which means no single entity can take control of the data.
Image Source: Document Media
Several industries are implementing blockchain and as the use of blockchain technology is increasing, the demand for skilled professionals will also increase. According to Techcrunch.com, blockchain-related jobs are the second-fastest growing category of jobs, hence creating a wide number of job opportunities. So, if you are planning to make a career in the fast-growing industry and intrigued by Blockchain, then you must consider learning blockchain and gear up for an exciting future.
6) Machine Learning:
Machine Learning is an application of computer programs that is capable of making decisions, making algorithms and generating outputs without any human involvement. Hailed as one of the significant and impactful technological developments that we have seen in recent times, machine learning has already helped us to perform key-real world calculations.
Supply chain technology vendors are incorporating machine learning into their applications, helping the solutions to understand changing circumstances.
Here is how machine learning will help companies in improving their performance:
- Machine learning will aid companies in developing applications that are capable of understanding natural human language.
- Efficiency of logistics and transport networks would be enhanced with Machine Learning
- It helps companies utilize preventive care for reducing gear failures and raise profits.
- With machine learning, companies can take customer information to boost sales, construct useful clients and enhance brand loyalty.
Machine learning has become the most crucial technology to work in the future. AI-driven applications, combined with machine learning will help businesses in increasing efficiency, enhancing customer relations and increase earnings.
Researchers estimate that machine learning has the capacity to put in $2.6 trillion in value into the advertising and sales sector by 2020. In the recent report of Univa, it has stated that Machine Learning is predicted to skyrocket in the coming 5 years with 96% of companies expecting to use it for the production projects.
Chatbots enable businesses to answer customer service inquiries of all types answered at any time of the day, from anywhere and even on holidays when customer support staff is not available. Earlier, we have covered what are chatbots and what are the benefits offered by chatbots. Today, we are bringing into your notice how chatbots will be evolving in the coming years.
Chatbots have the ability to interact with customers bias-free. Moreover, chatbots synthesize metadata, AI-based applications and hence easily personalize the customer experience.
According to the recent stats by Global Market Insights, the overall market size for chatbots worldwide would be over $1.3 billion by 2024. Hence, it would not be wrong to say that the chatbot industry is sure to become a driving force of business communications. With technological advancement, bots will become more intelligent to understand the intent of the queries and conversations.
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To remain aligned with customer expectations, businesses are now focussed on creating chatbots with the help of Machine Learning, Artificial Intelligence and Natural Language Processing (NLP). Chatbots with a more conversational AI will:
- Improve the user experience with user brand and hence aid in building brand presence.
- Deliver personalized customer experience to build better relationships.
- Positively affect customer’s perception and help you build a satisfied customer base.
So, this was all about the trends that will be evolving in 2020
For more such updates, stay tuned!