The Five Technologies for the Next Decade
Heraclitus, the Greek philosopher of Ephesus, is credited with the quote, “The only constant in life is change.” It comes as no surprise that technology is gradually taking over all aspects of our day to day life.
The rise of cutting-edge technology, including cloud-based computing, big data analysis, wearables, machine learnings, Internet of Things, AR/VR, and drones has been exhibiting nothing but change. Moreover, the rise of 5G technology is establishing even further growth prospects.
So, looking at the coming decade, these top 5 technologies are set to have the most significant impact and change:
- Artificial Intelligence (AI)
- Augmented Reality and Virtual Reality (AR/VR)
- Big Data
- Internet of Things (IoT).
Artificial intelligence (AI)remains a hot spot, with its ever-increasing impact on numerous industries all over the world. AI is the most substantial and significant driving technology factor with its speedy execution in sectors like banking, retail, healthcare, agriculture, manufacturing, and defense. AI applications allow machines to learn from experience and work like humans by simulating human performance.
Whether it’s Apple’s self-driving car, Amazon’s Alexa and Echo, or Google’s Lens, the application of artificial intelligence holds the most vital prospect.
AI can impact the world economy on numerous grounds, like aiding or replacing human labor to finish the assigned work more rapidly. Consequently, it expands production, speeds up the processing of data flows, increases production and service development, thereby generating more wealth worldwide.
According to several media reports, 80% of emerging technologies will implement AI technology by 2021.
The important spheres where AI is used:
• Knowledge Reasoning
• Machine Learning
• Natural Language Processing.
Blockchainis significantly speedier and more reliable than the legacy technologies in completing a transaction and recording it securely. This is primarily due to the lack of manual processing or verification by mediators as it applies a distributed consensus.
Additionally, blockchain technology is expected to be honest and intended to deliver unaffected information. Thus, the probability of financial deficits is low, with the slightest possibilities of double counting and hacking.
Overall, the cohesive use of the technology can enable countries to attain better economic growth with streamlined day-to-day systems. Bitcoin is one of the best examples of blockchain technology use.
The important spheres where blockchain is used:
• Encrypted Messaging
• Decentralized Internet
• Distributed Cloud Storage
• Networking Sites
• Stock Exchange
• Real Estate
Augmented Reality (AR) and Virtual Reality (VR)is seeing significant new implementations due to the shift in consumer desires and business demands. With hardware possibilities and digital capabilities becoming more easily accessible and inexpensive to the ordinary person, AR/VR technologies have evolved extraordinarily well in the last few years.
Almost every major sector, including healthcare, retail, pharma, gaming, entertainment, automobiles, and construction, are utilizing the technology to interrelate between the actual world and 3D virtual objects in real-time.
The important spheres where AR/VR is used:
· Design & Modelling
· Business Logistics
· Field Service
· Entertainment Properties
· Medical Training
Big Data is turning out to be an essential component for businesses to remain aggressive and competitive in most industries. Companies are utilizing this technology to identify and calculate consumption models or enhance operational effectiveness.
Investments in big data analytics software, hardware, and services are anticipated to increase in the new decade, due to the enormous amount of structured and unstructured data generated universally. This pervasive implementation of big data analytics is a significant tailwind driving the big data market on a global basis.
Big Data technology aids in controlling vast amounts of structured and unstructured information, thereby making it more straightforward for companies to make better business decisions. Moreover, big data analytics acts as a booster for marketing strategies, thereby improving customer relationships.
Additionally, with rising cyber-threats and cyber-crimes, big data is the best answer to fight fraud in online deals.
The important spheres where big data is used:
- Location Tracking
- Precision Medicine
- Fraud Detection & Handling
- Entertainment & Media.
Internet of Things (IoT)unites manufacturing, medical devices, vehicles, and a range of consumer and everyday products, which allows enhanced monitoring, analytics, and more.
IoT, in simple terms, implies connecting devices over the network or internet for the intent of interaction. In IoT, devices gather and distribute data that is accumulated in the cloud, thereby helping in faster analyzing information, gaining more accurate insights.
According to media reports, by 2025, the total installed base of IoT connected devices is expected to be around 75.44 billion globally. This represents a 500% increase over the last decade.
The important spheres where IoT is used:
- Connected Devices
- Smart Homes
- Smart Cities.