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 essential 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 technology trends like Blockchain technology, Big Data, and AI to enhance 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 there are 57.4 million VR users and 90.9 million AR users in the U.S. and IoT could be worth $20 trillion in the coming years. This makes it clear that universal digital transformation is not far away.
Artificial Intelligence:
The first technology trend we are discussing is Artificial Intelligence. Also known as AI, it 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, and 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 survey, McKinsey stated that AI adoption could increase the global GDP by as much as $13 trillion by 2030. Moreover, AI is predicted to create 97 million job opportunities by the end of the year 2025. Job opportunities are likely to be created in the fields 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.
Generative AI
The next technology trend is Generative AI. If you are unfamiliar with the term Generative AI, it is the content generation model which employs novel approaches such as deep learning algorithms to create interactive content which includes text and 3-D designs. In recent years, generative AI has experienced an explosive expansion due to advancements in large scale computing, existing massive datasets and breakthroughs in model architecture which include, for instance, The Transformers. Here is an overview of the major trends shaping generative AI today:
1.Proliferation of Large Language Models
2.Breakthroughs in text-to-image and other generative models
3.Growth of Specialized Applications
4.Responsible AI and Ethical Considerations
Industries such as software engineering, content development, healthcare, and finance have already experienced a transformation owing to the change that the generative AI has created. This is in tandem with the increasing sophistication of models together with proactive incentivisation aimed at prompting responsible use of broader functionalities. In order to leverage the expansive transformation that generative AI will encapsulate in the future, organizations will need to keep themselves aware and up to date with efficient technologies as well as ethical considerations.
Want to know how to find/ hire developers for your startup?
AR and VR
AR and VR is another technology trend taking the world by storm. With the rise in display resolution, motion tracking, and interactive aspects, VR technology significantly penetrates gaming, training and therapeutic settings. With the new developments in the VR technology, the now available VR systems come with light-weight battery packed headsets which makes them more user-friendly and could also promote daily usage and acceptance to the general public. Due to the renewed vigor in VR technology, new experiences and movements appear more realistic and engaging than before.
2025 is predicted to be a breakthrough moment for AR as it is going to blend itself into the consumer and enterprise application. The hardware revolution combined with AR glasses and improved mobile phones enable Augmented Reality to create enticing and captivating experiences. This technology is predicted to transform the retail, real estate, and the education sector by altering the traditional user approach towards product construction, learning and getting comprehended with the surroundings and situational behavior. It will provide a solution to the users by interlacing the tangible and virtual experience where the real world is supplemented with audio video information.
Robotic Process Automation or RPA:
The next technology trend is 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.
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 a 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 the 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 managers, business analysts, solution architects, developers, and consultants.
Internet Of Things (IoT)
Another up and coming technology trend is Internet of Things. IoT refers to an immense network comprising physical devices including appliances in homes, wearables, or even machinery in manufacturing sectors with sensors, adaptor software, and connectivity. Such devices are often referred to as smart devices that collect and exchange data among each other almost instantly, which facilitates automation, analytics, and intelligent decision-making in various domains. For instance,
Smart Homes: These include connected thermostats, security systems, and household appliances that learn user patterns and automate lifestyle activities for convenience purposes.
Industrial IoT: Sensors and devices used in manufacturing, logistics, and supply chains to maximize efficiency, minimize downtime, and increase security.
Healthcare: Wearable devices and tools for remote monitoring of patients that gather major health and care data to aid in better personalized care and early health issue detection.
Want to know how to hire an offshore developer?
Machine Learning:
The next Technology trend is ML. 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 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.
- The efficiency of logistics and transport networks would be enhanced with Machine Learning
- It helps companies utilize preventive care to reduce 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 increase efficiency, enhance customer relations, and increase earnings.
Researchers estimate that machine learning can put $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 production projects.
Chatbots:
Chatbots enable businesses to answer customer service inquiries of all types at any time of the day, from anywhere, and even on holidays when customer support staff is not available. Earlier, we covered what are chatbots and what are the benefits offered by chatbots. Today, we are bringing to your notice how chatbots will be evolving in the coming years.
Chatbots can interact with customers bias-free. Moreover, chatbots synthesize metadata, and AI-based applications and hence easily personalize the customer experience.
It would not be wrong to say that the chatbot industry is sure to become a driving force in business communications. With technological advancement, bots will become more intelligent to understand the intent of the queries and conversations.
To remain aligned with customer expectations, businesses are now focused 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 the user brand and hence aid in building brand presence.
- Deliver personalized customer experience to build better relationships.
- Positively affect customers’ perception and help you build a satisfied customer base.
Conclusion
In this article, we have discussed all things technology. It is clear that big things are coming our way, bringing many changes and exciting opportunities. So, instead of resisting the inclusion of technology in your day-to-day life, try and embrace it- it cannot work without your support.
If you are looking to hire remote developers skilled in various tech stacks who can work on awesome projects with or for you, contact us at GraffersID today!
