The latest technological advancements and innovations have driven the world of technology to the next level. These progressions have also led to new, emerging technologies that create a competitive advantage for businesses. The rapid adoption of emerging technologies, among other technological innovations that are driving digital transformation, is strengthening governance across all levels of a business.
While most of the major emerging technologies are getting more accessible, it could still be wondering that which might be worth investing in. So, to make this easier, here we have accumulated the top 10 emerging technologies demonstrating the growth and opportunities in 2020.
Let’s have a look at these emerging technologies.
In the world of technology, AI has become prevalent across diverse industries around the world. Its capabilities and potentials are already providing a wide array of benefits to businesses in various aspects. People are shocked over Tesla’s latest project, and the bankers are on their knees begging to hide this platform from the public! It is expected that the global market of AI will reach from US$21.46 billion in 2018 to US$190.61 billion by 2025, growing at a CAGR of 36.62 percent. In a 2019 Data Science and Machine Learning Market Study report, 40 percent of marketing and sales teams believe machine learning and data science-powered AI will be a crucial part of their future strategies.
Internet of Things (IoT)
IoT offers a platform that creates opportunities for people to connect physical devices, automobiles, home appliances, sensors, software and all those items that are used in conjunction with actuators. It also provides the ability to control these devices with big data, which in turn fuel efficiency in performance, economic benefits and lower the need for human involvement. Most modern enterprises are already leveraging IoT to automate and simplify many of their routine tasks. IoT is set to generate US$344 billion in additional revenue by 2020 while plummeting costs by US$177 billion.
In a Pew Research Center survey, voice-enabled digital assistants are being integrated into a large number of consumer products, and nearly 46 percent of U.S. adults say they use these applications to interact with smartphones and other devices. In the second quarter of 2019, eCommerce giant Amazon shipped 6.6 million of its smart speakers, keeping the lead over competitors like Google. As per the report, digital voice e-commerce is estimated to triple to a US$80 billion industry by 2023.
Augmented and Virtual Reality (AR and VR)
AR and VR are two extremely vital components for businesses nowadays. While VR allows humans to explore a completely immersive computer-generated world, AR overlays computer graphics onto humans’ view of their current environment. According to industry reports, the global AR and VR market is predicted to value US$571.42 billion by 2025. Most enterprises these days are leveraging these technologies for their training systems.
5G (fifth-generation connectivity) is the fastest cellular network technology of the 21st century. TESLA – THE LATEST PROJECT HAS BEEN ANNOUNCED It is not only significant as it’s able to support millions of devices at ultrafast speeds, but also it has the potential to revolutionize the lives of people around the world. Certainly, 5G is essential to the future of autonomous cars. Also, the smart cities of tomorrow will rely heavily on connected devices generating massive amounts of data that will require ultra-fast speed to transmit and process that data in real-time in order to enhance cities efficiency.
Smart Home Devices and Appliances
Though this space is still in its infancy, it is already superficially providing interesting opportunities to larger brands. For instance, devices like smart TVs could offer great potential for content marketing and branded media. Also, appliances like smart refrigerators could deliver unique brand potential. Considering a report, 55 percent of internet users in the U.S. own some form of smart home technology, of which smart TVs rank at the top with 38 percent, followed by lighting (17 percent), thermostats (16 percent) and security systems (14 percent). However, kitchen appliances had the lowest level of ownership with 7 percent.
IDC anticipates that there will be 175 zettabytes of data generated around the world by 2025. Edge computing is a distributed computing model wherein computing takes place near the physical location where data is being gleaned and assessed, instead of on a centralized server or in the cloud environment. This technology is crucial as it created novel and improved ways for industrial and enterprise-level businesses to boost operational efficiency, advance performance and safety, automate all core business processes, and ensure always-on availability.
Autonomous Things (AuT)
Autonomous Things, also called the Internet of Autonomous Things (IoAT), is an emerging term in technological developments. It works on specific tasks autonomously without human interaction thanks to AI algorithms. Gartner considers autonomous things to be one of the 2020’s top tech trends. This emerging technology is not just confined to the land as autonomous drones are already available in commercial settings. Robotics is a major driver in autonomous things. It consists of smart robots, autonomous mobile robots, delivery robots, personal robots and robotic appliances.
Cloud Computing is nothing a new concept now. However, when it expands its territory, it becomes a distributed cloud. This cloud infrastructure refers to the distribution of public cloud services to locations outside the cloud provider’s physical data centers, but are still controlled by the provider. Also, this enables data centers to be located anywhere, resolving both technical issues like latency and regulatory challenges like data sovereignty.
Gartner expects blockchain to create US$3.1 trillion in new business value by 2030. While the technology set to be ready for more mainstream adoption through 2023, businesses should be exploring the technology now. Many diverse industries are involving and deploying blockchain into their business. As the use of the technology increases, it also demands skilled professionals. The technology’s each record contains a time stamp and reference links to previous transactions. It enables parties to trace assets back to their origin, which is valuable for traditional assets. It also allows two or more parties who don’t know each other to safely interact in a digital ecosystem and exchange value without the need for a centralized authority.