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In order to function efficiently and effectively in today’s business climate, it is vital for businesses to keep up with changing technology trends. Keeping an eye over recent tech trends can help businesses to stay on the track towards speedy progress. Various smart organizations are already seeking the latest technologies to gain a competitive advantage.
Below, are few of the trending technologies that you must have heard about before, it’s good to stay up to date with these technologies as these tech trends could affect your business in 2020 and beyond, have a look:
The arrival of 5G wireless technologies can greatly impact businesses in 2020 and beyond. This next-generation communications network is all about the flawless, real-time interaction between humans and billions of intelligent devices. According to several industry experts, 5G is the future of communication that promises a rich, reliable, and hyper connected world.
This transformational technology will experience a major expansion in 2020 as soon as it will roll-out in most major metropolitan areas. As per Huawei’s report, “5G wireless networks will support 1,000-fold gains in capacity, connection for around 100 billion devices and a 10 GB individual user experience of exceptionally low down time and response times. The deployment of these networks will take place between 2020 and 2030.”
Another key breakthrough moment related to 5G is expected to come in September 2020, when Apple will disclose the iPhone 12. The all-new iPhone 12 will accompany with the 5G era and can be seen as the moment that 5G hit the big time. 5G will also affect AR and VR software producers as they will be able to develop experiences that current-generation networking technology does not support. Multi-user AR experiences, 3D content in real-time with zero lag, high-quality wireless VR headsets offering high resolution graphics and various other such display technologies will emerge by the end of 2020 and beyond.
Artificial Intelligence (AI)
As per Forrester prediction, 2020, “businesses that are using artificial intelligence (AI) and machine learning technology will gain $1.2 trillion annually from their market base.” According to Gartner’s 2019 CIO Agenda survey, the percentage of organizations adopting AI jumped from 4 to 14% between 2018 and 2019. When looking at the benefits that AI/ML offers in business analysis, risk assessment, R&D, and resulting cost-savings, AI implementation will continue to rise in 2020.
As soon as the 5G technology spreads around more cities, AI tech will be utilized more in everyday life applications. This is because, several AI-powered systems require a huge amount of data to operate, which is not possible to get by on 4G. Therefore, it would be right to say that 5G is the key to artificial intelligence.
There is no doubt that the AI’s outlook for 2020 is promising as several industries and companies are working on this technology. Many AI development companies are designing apps that make use of AI as a mainframe technology to help solve various real-life issues. In 2020 and beyond more use of AI assistants will be made as these assistants can streamline and automate worldwide customer service and sales tasks. Some of the AI personal assistants that are already making buzz and have gained a lot of popularity include Siri, Alexa, Cortana, and Google Assistant. In the coming years, many businesses will start using smart assistants to perform various important tasks.
Blockchain is another most trending technology that can benefit many different industries. Blockchain is a distributed ledger that keeps track of transactions and activities that are performed throughout the network. This distributed digital ledger has several advantages as it can keep the records of all data or money transactions made between any two parties in a safe and transparent manner. The most unique feature of blockchain is that once a piece of information is added to the distributed ledger, no one can change it. Therefore, the stored data or information remains absolutely safe and secure.
From a business perspective, blockchain is quite beneficial, especially for those businesses that have enough budget and appetite to manage the blockchain projects. Things that make blockchain worthwhile to businesses include reduced operational costs, removal of intermediaries, accuracy, improved efficiency, and growth. As several businesses are rapidly adopting blockchain, it is expected that the global blockchain market will improve to more than $20 billion by 2023.
With the help of blockchain tech, organizations can enhance their security, accelerate online processes, and improve order speed and capacity to get the best possible results. One of the most promising blockchain trends in 2020 is Blockchain as a Service (BaaS). This new blockchain trend is currently integrated with various startups and enterprises. It is a cloud-based service that allows users to build up their own digital products such as decentralized applications, smart contracts, and other services by working with blockchain. Looking at the potential, it would be correct to say that the blockchain seems to be the most promising and revolutionary technology as it can help to reduce risks to a great extent, eliminate the chances of fraud and bring transparency in a scalable way for various businesses.
Augmented Reality (AR) and Virtual Reality (VR)
Augmented reality (AR) and virtual reality (VR) are other major emerging technologies that will affect the way businesses carry out their operations. As per Goldman Sachs, the two technologies are estimated to grow a $95 billion worth market by the year 2025. With several well-known gaming studios declaring VR or AR games coming up, as well as prominent VR centers coming up and allowing people to go and play a VR simulation for a fee, both these technologies are set to hit the mainstream soon.
In 2020 and beyond, we can expect to see more announcements regarding AR and VR tech appearing in the gaming industry. Various mobile apps including Snapchat, Pokemon Go, Sketch AR, BBC Civilizations and many others are already offering a fantastic AR experience that too absolutely free. Other than gaming, various other industries will also get affected by AR technology. Similar to AR, VR is also gaining a lot of popularity. It offers a fully immersive experience to the users through the use of headsets and other VR equipment. In 2020, we can expect to see an increase in the purchase and use of VR headsets and equipment as developers strive to produce more VR content in the future.
As per a report developed, worldwide spending on AR/VR will reach $18.8 billion in 2020, which was $10.5 billion in 2019. By 2020, video games with AR/VR will have 70 million users worldwide and 216 million users by 2025. About 32% of retailers are expected to AR/VR for enhanced product experience in the next 3 years. Moreover, with 70% of consumers convinced for their benefits AR paired with IoT could be the next big thing. It is vital to know that about 50% of consumers are likely to shop at retail outlets that offer AR/VR. Therefore, the retails who have already integrated or planning to incorporate AR/VR to their business, can expect huge growth in their sales in the coming years.
Robotic Process Automation (RPA)
With dynamic technological developments taking place on a daily basis, RPA (Robotic Process Automation) is advancing at a rapid pace. This technology is all about the automation of monotonous and repetitive activities with the intent to improve efficiency and effectiveness. Automation is wide spreading throughout the world and a large number of enterprises, especially small and medium-sized businesses finding automation a great opportunity to boost ROI, more efficient use of human resources and embrace a future-oriented approach to business activities. By automating daily operations systems, organizations are able to free up their employees to focus on other tasks that are more important like interacting with customers.
Since 2016, global robotic process automation has come a long way. In 2016, RPA software purchases amounted to $73 million, which increased to $113 million in 2017, $153 million in 2018, and $192 million in 2019. As per the HFS Research, it is estimated that in the year 2020, RPA software purchases will rise to $232 million, which will further increase to $272 million by 2021. Moreover, it has been observed that the RPA services have improved swiftly since 2016, increasing from $198 million to $630 million in 2019. By the year 2021, this figure is expected to rise to $952 million. All these projections are surely the indication that there is a steady growth in RPA adoption in the global market and will continue to accelerate in the coming years.
RPA can prove to be a useful tool for organizations in handling various complex company functions including interaction with different departments, applications, programs, and more, thereby making a business more flexible and competitive.
Keeping up with changing technology trends can help businesses to stay ahead of their competitors in terms of improved customer services, streamlined operations, increased savings, improved efficiency, and a lot more.
In the coming years, businesses will be required to form a cyber-secure ecosystem and review their engagement on data analytics. In order to survive in the technologically advanced world, it is vital for businesses to start training their staff for the newest trends in technology and make them well-versed with the new processes.