Last Updated on March 2, 2023 by Awais Aftab
Keeping your business on track requires you to stay up-to-date with the latest industry trends, including technology. Managed IT Services, for instance, provides a wide range of services to business leaders constantly looking for new technology that will improve their results and workflow.
The fourth industrial revolution continues; the COVID-19 pandemic has proven to be a wake-up call for many businesses. It also proved to be an innovation, collaboration, and sustainability opportunity. According to a recent report by Mckinsey & Company, the COVID-19 pandemic pushed the companies over the tipping point of technology and transformed business forever.
Here are the top 5 technology trends for the next ten years. Considering these trends, you can start planning your business strategies and future tech roadmap.
Top Tech Trends for Your Future Business
Datafication of the World – The Internet of Behaviours (IoB)
Data is a key component of all tech trends. In fact, it’s so critical that some believe it will lead to billions being earned by millions of wasted man-hours. Making sense of this enormous amount of data and determining its value through analytics and big data techniques has come to be known as the Internet of Behaviours (IoB).
The human-generated data, along with the machine-generated data (through the Internet of Things and other similar sources), can be used by businesses to provide services and products to serve their customers better. This is an important tech trend. Technology integration into people’s lives can give them cognitive or physical enhancements, improving their lives. For companies that take a deep dive into an efficient collection of quality consumer data and emerging technology such as ubiquitous computing, not only do they add value to their services for consumers but also create new revenue sources.
Artificial Intelligence and Machine Learning – The buzz continues
From datafication, we are moving on to the buzzwords at the top of the list for businesses today, Artificial Intelligence (AI) and Machine Learning (ML). In organizations, the importance of this tech trend will grow exponentially. The combined global market size of AI and ML, which stands at approximately USD 408.62 billion, is expected to grow to about USD 1.604 trillion by 2029.
AI is already known for its superiority in image and speech recognition, navigation apps, smartphone personal assistants, ride-sharing apps, and much more.
Machine learning is a subset of AI, and it is being deployed in all kinds of industries. This has created a huge demand for skilled professionals. AI and machine learning are driving many industries forward, including healthcare, transportation and logistics, industrial automation, cybersecurity, and public governance.
Edge computing- Bridging the Gap Between Data Storage and Computation
The laggy approach that sometimes affects the overall operations management is the primary concern of every industry today. Therefore, the industries are focusing more on the efficiency and response rate of computing. And here comes the role of edge computing.
Edge computing, one of the top technological trends in 2022, will help businesses to store and process data more efficiently, thereby improving the customer experience, and increasing the value of the products. Also, this is one of the growing technological trends of 2022 because the industries are rapidly empowered with sophisticated and specialized resources that reduce latency.
Edge computing will increase as the use of the Internet of Things (IoT) devices increases. By 2022, the global edge computing market is expected to reach $6.72 billion.
Software 2.0 – The future of programming
We are in the direction of programming that is low-code or no-code. It would work differently in two different ways. First, the code for new software or a second graphical interface for programming would be written by neural networks and ML. Modal windows and drag-and-drop actions have allowed developers to create complex applications with very simple window structures. It will reduce complexity, and coding skills wouldn’t limit any individual!
For Software 2.0 to succeed for any company, the business and IT aspects must come closer and mingle well. Hence ensuring that desired business and technology outcomes.
Blockchain – Digital currency, digital trust, and beyond!
Blockchain is a decentralization technology that can help companies increase security, cut costs, and provide transparency. It includes public and private blockchains, smart contracts, and decentralized ledgers. The main benefit of blockchain technology is that data can only be added to the existing data. No one can change or delete a property that says it can be used as a chain in a data set. Hence it is completely secure and transparent.
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What are the 5 upcoming technologies that may change the world?
- Quantum Computing: Quantum computing has the potential to revolutionize the way we process data. It’s based on quantum mechanics principles, allowing for faster processing and more powerful computing than traditional methods.
- AI and Machine Learning: Artificial intelligence and machine learning are already changing the world, but technology is still evolving. As AI and machine learning become more sophisticated, they will transform the healthcare, finance, and transportation industries.
- Autonomous Vehicles: Self-driving cars and trucks are already on the roads, but they will become more common as technology improves. Autonomous vehicles have the potential to reduce traffic accidents and make transportation more efficient.
- Blockchain: Blockchain is a decentralized ledger system that securely stores and transfers information. It can potentially revolutionize industries such as finance, healthcare, and logistics.
- 5G Networks: 5G networks promise faster internet speeds and lower latency than current networks. This will enable new applications such as remote surgery, self-driving cars, and virtual reality.
Businesses must keep pace with emerging business-building opportunities by designing operational improvement programs relating to technology development, procurement, manufacturing, and cost reduction.
Post courtesy: Nora Erspamer, Director of Digital Marketing at New Charter Technologies.