Top Technology Trends [ In-Demand ]
Last updated on 16th Jul 2020, Blog, General
Artificial Intelligence (AI)
AI is one of the important technology trends for 2020. In 2019, the global spending on AI was $35.8bn. However, it’s projected to hit $46bn in the year 2020. Oracle says, by 2020, about 78% of brands will have implemented AI. AI is seen as a savior in redefining conventional business operations.
Apart from refining business processes, AI is also used to:
- Further enhance personalization
- Tighten cybersecurity aspects
- Test and maintain software applications
- Automate bug detection and fixing
- Optimize server operations and more
One of the most underrated technologies, AR/VR could see a revival in their implementation this year. It is estimated that 32% of companies would incorporate this technology to enhance their product experience in the next 3 years. With virtual try-on jewelry and fashion apparel concepts already hitting the market, we could say that the booming of IoT will also help boost its market penetration. From retail and real estate to manufacturing and training, we could see the use of AR/VR in diverse formats.Progressive Web Apps (PWA)
With billions of users connecting to the internet from their phones, it makes complete sense for businesses to go mobile-first. Arriving as a boon for such businesses to make their online transition seamless is the concept of PWA. The hybrid tech that bridged the gap between native apps and websites increased page views by 134%. What’s more, it also lowered bounce rates, increased engagement rates, reduced development costs, and increased delivery time. Some of the most popular websites like Trivago, Tinder, AliExpress have implemented PWA and this is the right time for your business to do it too.Programming Language Trends
While there are places where 4G technology is yet to reach, countries like the US and China have already implanted 5G networks into their infrastructures. The implementation across countries is so rapid and dynamic. Gartner predicts that worldwide revenue from 5G networks is anticipated to hit $4.2bn in 2020. CCS Insight forecasted that there would be over 340mn 5G connections by 2021 With the estimated reach of 5G, aspects around the network like privacy regulations, transparency in terms of data collection and usage, security and more will also be worked on.Business Intelligence (BI)
The amount of data generated today acts as one of the most perfect avenues for companies to make crucial business decisions. Thankfully, companies are seeming to understand the inevitability of business intelligence for their ventures. Data analytics is offering tons of insights and patterns on customer and employee behavior. This helps companies to make a lot of crucial changes to their workflows and go-to-market strategies.
In the coming year, this application is only anticipated to surge further. Some of the below-mentioned aspects will be trending this year as companies explore these to better suit their operations and strategies.
- Better Predictive analytics
- More Business intelligence platforms
- Smarter NLPs
- Newer data touchpoints
- Thorough Data governance
- Mobile business intelligence
This super-secure method of storing, authenticating, and protecting data could revolutionize many aspects of business – particularly when it comes to facilitating trusted transactions.
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Cloud computing – where data is stored on other computers and accessed via the internet – has helped to open up data and analytics to the masses. Edge computing – where data is processed on smart devices (like phones) – will take this to the next level.Digitally extended realities.
Encompassing virtual reality, augmented reality, and mixed reality, this trend highlights the move towards creating more immersive digital experiences.Digital twins.
A digital twin is a digital copy of an actual physical object, product, process, or ecosystem. This innovative technology allows us to try out alterations and adjustments that would be too expensive or risky to try out on the real physical object.Natural language processing.
This technology, which allows machines to understand human language, has dramatically changed how humans interact with machines, in particular giving rise to…Voice interfaces and chat bots.
Alexa, Siri, chatbots – many of us are now quite used to communicate with machines by simply speaking or typing our request. In the future, more and more businesses will choose to interact with their customers via voice interfaces and chatbots.Computer vision and facial recognition.
Machines can talk, so why shouldn’t they “see” as well? This technology allows machines to visually interpret the world around them, with facial recognition being a prime example. Although we will no doubt see greater regulatory control over the use of facial recognition, this technology isn’t going anywhere.Robots and co bots.
Today’s robots are more intelligent than ever, learning to respond to their environment and perform tasks without human intervention. In certain industries, the future of work is likely to involve humans working seamlessly with robot colleagues – hence the term “cobot,” or “collaborative robot.”Autonomous vehicles.
The 2020s will be the decade in which autonomous vehicles of all kinds – cars, taxis, trucks, and even ships – become truly autonomous and commercially viable.
These are the critical questions you need to ask yourself as an entrepreneur before assimilating the upcoming technologies of 2020.
According to the IDC Worldwide Semiannual Digital Transformation Spending Guide, the global annual spending on technologies and services is about to hit a whopping $2.3 trillion as forecasted. The spending on digital transformation (DX) is at an estimated compound annual growth rate of 17.1% for a period of five years (2019-23). In the post-digital world, along with digital realities, related products and services will be hyper-personalized. And to decipher that, we will require a technology vision that meets the requirements of constantly changing on-demand experiences.
In a digital ecosystem that’s transitioning from SMAC to the distributed ledger and quantum computing, where does your business stand? To understand this question, we have come up with the latest technology trends that you can incorporate into your business.
To understand such questions, we have come up with the latest technology trends that you can incorporate into your business.Medical Upgrade- The Rise of 3D Printing
A much-anticipated tech trend in 2020 will be the sophistication of technology upgrades in the medical field. 3D printing will open a new business of advanced prosthetics as many universities are expanding their research in 3D printing of bionic body parts.
Scientists at Princeton University, New Jersey, for instance, have 3D printed a “bionic ear” that can “hear” radio frequencies far beyond the range of normal human capability.
Similarly, telemedicine and virtual diagnosis powered by AI and AR will need businesses to rework their business model in medicine.
Facebook’s cryptocurrency project Libra is expected to be completely fleshed out and in sync with government regulations by 2020. As cryptocurrency gains stronger credibility and digital payment systems like Google Pay and Amazon Pay grow in use, traditional banking will lose its ground.