The Covid-19 epidemic has advanced digitization and automation, helping businesses to thrive even in the face of hardship. Around the world, a significant digital revolution is taking place. Technological improvements have boosted innovation, agility, and market development.
The Covid-19 epidemic has advanced digitization and automation, helping businesses to thrive even in the face of hardship. Many companies have adapted disruptive technology and changed their business strategies as a result.
The impact of the epidemic will last a long time, and the digital transformation will continue. It would be difficult for firms to recover if they do not stay up with technology changes. Advanced technology will continue to transform our lives and how we do business, creating massive potential for enterprises worldwide.
Let’s look at some recent technological advances so that everyone understands what to look for, embrace, and take with them.
Machine Learning and Artificial Intelligence (AI)
artificial Intelligence, or AI, has generated a lot of hype over the last decade. Still, it remains one of the newest technological trends since its significant implications on how we live, work, and play are still in their infancy. Nonetheless, AI is well-known for its dominance in areas such as image and speech recognition, navigation apps, smartphone personal assistants, ride-sharing apps, and a variety of other applications.
Aside from that, AI will be used to analyze interactions to uncover underlying connections and insights, predict demand for services such as hospitals, allow authorities to make better resource allocation decisions, and detect changing patterns of customer behavior by analyzing data in near real-time, resulting in increased revenues and personalized experiences.
The AI market is expected to be worth $190 billion by 2025, with global investment in cognitive and AI systems surpassing $57 billion in 2021. In addition, as AI extends across sectors, new jobs will be created in development, programming, testing, support, and maintenance, to name a few.
AI, on the other hand, offers some of the highest salaries today, with salaries ranging from over $1,25,000 per year for a machine learning engineer to $145,000 per year for an AI architect, making it the most important new technology trend to watch.
Automation of Robotic Processes (RPA)
Robotic Process Automation, or RPA, is a technology that automates jobs like AI and Machine Learning. RPA uses software to automate business activities such as application interpretation, transaction processing, data management, and even email response. RPA automates tasks that formerly required human intervention.
RPA automation, according to Forrester Research, will threaten the careers of 230 million or more knowledge workers, or around 9% of the global population. However, RPA is also generating new jobs while changing current ones. According to McKinsey, only about 5% of jobs can be completely automated, but roughly 60% can be somewhat automated.
The Use of Edge Computing
Cloud computing has gone mainstream, with big businesses like Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform dominating the market. As more organizations switch to a cloud solution, cloud computing usage continues to rise. However, it is no longer a new technology trend. Instead, it’s called the edge.
Organizations have recognized the limitations of cloud computing in various instances as the volume of data they deal with continues to grow. Edge computing aims to solve some of these problems by eliminating the delays caused by cloud computing and allowing data to be delivered directly to a data center for processing. It can live “on edge,” as it were, closer to the point where computation is required. As a result, edge computing may process time-sensitive data in remote areas when access to a centralized site is restricted or non-existent. Edge computing can function as a small data center in these scenarios.
Edge computing will become more prevalent as the number of Internet of Things (IoT) devices grows. The global market for edge computing is estimated to reach $6.72 billion by 2022. And this new technological trend will only continue to expand, providing a variety of opportunities, especially for software engineers.
Quantum Information Processing
Quantum computing, a kind of computing that makes use of quantum phenomena like superposition and quantum entanglement, is the next significant technological development. Because of its capacity to quickly query, monitor, analyze, and act on data from any source, this great technological trend also limits the spread of the coronavirus and develops possible vaccines. Another sector in which quantum computing is being used is banking and finance, where it is being used to control credit risk, high-frequency trading, and fraud detection.
Major businesses such as Splunk, Honeywell, Microsoft, AWS, Google, and others are working on quantum computing breakthroughs. The global quantum computing business is estimated to be valued at over $2.5 billion by 2029. And you’ll need skills in quantum physics, linear algebra, probability, information theory, and machine learning to establish a name for yourself in this new trending technology.
Augmented Reality and Virtual Reality
Virtual Reality (VR), Augmented Reality (AR), and Extended Reality (ER) are the next great technological trends. AR improves the user’s environment while VR immerses them in it. Although this technological trend has largely been utilized for gaming, it has also been used for training, such as with VirtualShip, a simulation program used to teach ship captains in the United States Navy, Army, and Coast Guard.
We may expect this kind of technology to become much more interwoven into our lives by 2021. AR and VR have great promise in training, entertainment, education, marketing, and even injury rehabilitation. They usually operate in unison with some of the other innovative technologies we’ve covered in this list.
Both might be used to educate doctors on how to operate, give a more immersive experience for museum visitors, better theme parks, or even boost marketing, as in the case of this Pepsi Max bus stop.
In 2019, 14 million augmented reality and virtual reality gadgets were sold. By 2022, the worldwide AR and VR industry is anticipated to reach $209.2 billion, resulting in more possibilities in the emerging technology and more people prepared to enter this game-changing area.
Although most people connect blockchain technology with cryptocurrencies like Bitcoin, it may also be used to provide security in other ways. Because you’re creating a data chain, the term “chain” was coined. The fact that prior blocks cannot be changed is what makes it so secure. Furthermore, because blockchains are consensus-based, no single party can control the data. You don’t need a trustworthy third party to supervise or validate transactions using blockchain.
Several sectors are incorporating and adopting blockchain technology, and as the demand for qualified individuals grows, so does the demand for blockchain technology. From the perspective of a bird’s eye view, a blockchain developer specializes in creating and executing blockchain-based architecture and solutions.
Internet of Things (IoT)
IoT is another potential new technological development. WiFi connectivity is now built into many “things,” allowing them to connect to the Internet—and one another. The Internet of Things, or IoT, was born as a result. The Internet of Things (IoT) is the wave of the future, and it has already enabled gadgets, household appliances, automobiles, and much more to connect to the Internet and share data.
We are already utilizing and benefiting from IoT as consumers. We can lock our doors remotely if we fail to do so before leaving for work, and we can preheat our ovens on our way home from work, all while keeping track of our fitness with Fitbits. Businesses, on the other hand, have a lot to gain right now and shortly. As data is collected and processed, the IoT may help organizations improve their safety, efficiency, and decision-making. It has the potential to enable predictive maintenance, enhance medical treatment, and provide benefits we haven’t yet considered.
And we’re only getting started with this new technology trend: According to projections, over 50 billion IoT devices will be in use throughout the world by 2030, resulting in a vast web of interconnected gadgets ranging from smartphones to kitchen appliances. In 2022, the worldwide Internet of Things (IoT) investment is expected to exceed 1.1 trillion dollars. In the future years, new technologies such as 5G are projected to fuel market expansion.
Following the IoT, 5G is the next technology wave to emerge. Whereas 3G and 4G technologies allowed us to access the internet, use data-driven applications, boost bandwidth for streaming on Spotify or YouTube, and much more, 5G services are predicted to transform our lives completely.
By enabling services that use advanced technologies like AR and VR, as well as cloud-based gaming services like Google Stadia, NVidia GeForce Now, and others. In addition, it is projected to be utilized in factories, with high-definition cameras that aid in traffic management and safety, smart grid control, and intelligent retail.
Almost every telecom firm, including Verizon, T-Mobile, Apple, Nokia Corp., and Qualcomm, is developing 5G apps. Moreover, 5G services are projected to start globally in 2021, with more than 50 operators delivering services in about 30 countries by the end of the year, making it a new technological trend to keep an eye on and save space for.
Given that it has been around for a long time, cybersecurity may not appear to be a trendy technology, yet it is evolving much like other technologies. This is partly because threats are continuously evolving. Malevolent hackers attempting to access data illegally will not give up easily, and they will continue to discover methods to circumvent even the most stringent security measures.
It’s also due to the use of new technology to improve security. Because cybersecurity will continue to improve to protect against hackers as long as we have them, it will stay a popular job for your website development company. Cybersecurity positions are rising three times faster than other tech occupations, demonstrating the high need for cybersecurity specialists. Furthermore, the demand for good cybersecurity is so great that $6 trillion will be spent on it globally by 2021.
For enterprises to succeed after COVID-19, they will need an everywhere operations model. This operational paradigm, at its heart, enables the business to be accessible, provided, and helped around — even when consumers, employers, and business partners are physically separated.
For example, thanks to their mobile app development company, mobile-only banks manage everything from transferring cash to creating accounts with no physical touch using the “digital-first, remote first” approach for everywhere operations. At all times, digital should be the default setting.
That isn’t to argue that physical space doesn’t have a role; it does, but it should be digitally improved, such as contactless check-out at a physical store, regardless of whether its physical or digital capabilities are supplied seamlessly.