The world has seen a rapid technological evolution over the last few decades. Technology has completely transformed how we live and work, from large personal computers, analog telephones, CRT televisions, and dial-up modems, to artificial intelligence, quantum computing, robotics, high-speed fiber optics, and cloud computing. The evolution of technology continues to astound the world with new inventions every day.
In the post-COVID era, technology has become the most important factor that has made us live in a better world. A lot is going on in technology today as it’s enabling faster change and progress. Organizations, businesses, and individuals that rely heavily on technology must stay up to date with emerging trends to survive and grow in the fiercely competitive digital world.
These technology trends have a direct impact on an organization’s cyber posture, future strategies, and long-term goals. Scroll down to discover the top 8 emerging trends in the tech industry today:
1. Big Data Analytics
The inception of IoT and collaborative work environments have allowed businesses to receive and process a huge array of real-time data. It helps businesses analyze raw data and make inferences about changing market trends and consumer opinions. Businesses use these inferences to predict future sales, improve products and services, develop agile supply chains, and fill the void between product design and consumer expectations. With big data analytics, decision-makers have a deeper insight into business operations.
For this purpose, businesses hire expert data analysts to retrieve real-time data and use various techniques and tools to convert raw data into meaningful information. It is the work of a data analyst to streamline data collection and analyze what happened, why it happened, what will happen in the future, and what should be done if unexpected happens. Data analysts create effective visualization of data using business intelligence and analytical tools and create reports using these visualizations. It allows businesses to develop key performance indicators, make informed decisions, improve business efficiency, and mitigate physical and financial risks.
2. The Age of AI and ML
The modern world is undoubtedly living in the age of artificial intelligence and machine learning. Artificial intelligence has been around for over a decade, but we have recently seen its application in nearly all fields of life. Artificial intelligence continues to be a groundbreaking technology trend due to its increasing impact on how businesses operate in the digital economy and how people live and work. The AI software market is expected to reach $126 billion by 2025.
The application of artificial intelligence in the e-commerce industry has allowed businesses to provide a personalized shopping experience to customers. Natural language processing has enabled artificially-intelligent chatbots to deliver instant customer service and address customer concerns without human intervention.
Educators, businesses, and digital marketing firms can use intelligent tools to create digital content that fulfills user needs. Machine learning combined with artificial intelligence has started a new era of autonomous vehicles, robotic cabs, facial recognition, easy navigation, agile logistics systems, medical diagnosis, and the discovery of new drugs. The evolution of AI and ML has opened new avenues to create machines that learn and imitate human behaviors. As AI and ML continue to evolve, this technology is here to stay and revolutionize all areas of life in years to come.
3. Robotic Process Automation (RPA)
Robotic Process Automation, or RPA, is a subfield of artificial intelligence and machine learning technology aiming to automate business processes. Enterprises can use robots to imitate repetitive processes so that the human workforce can focus on more productive tasks.
By combining software and hardware tools, robotic process automation can process transactions, handle various data, perform routine tasks, and interpret several applications. Robotics has recently been a massive hit in the engineering and production industry. Some may believe that RPA will threaten the livelihood of workers and engineers. However, organizations are using RPA to help ease the work burden on workers and redirect their energies to more strategic and creative tasks.
4. Rapid Manufacturing
Rapid manufacturing or 3D printing has brought a major product design and manufacturing revolution. Using cutting-edge technology and specialized machines, engineers can create state-of-the-art product designs and manufacture prototypes before mass manufacturing a product. 3D has greatly impacted the healthcare industry by helping them develop surgical instruments, advanced medical devices, and custom surgical guides. Using 3D printers, surgeons can create the next generation of custom surgical tools. It has aided in the replacement of large and costly surgical trays and the introduction of iterative surgical instrument designs.
The quality of detailing available through 3D printing has enabled the production of realistic, detailed objects at a low cost. Designers can virtually reverse engineer a structure as complex as an engine using CAD. 3D printing is also widely used in dentistry and is becoming more prevalent in dental laboratories and practices.
5. Metaverse and Web 3.0
The inception of Web 3.0 and the metaverse is expected to begin a new era of the internet by introducing immersive technology wherein businesses and consumers can interact in a virtual world. Metaverse is essentially a computer-simulated space, and people can use augmented reality and virtual reality technology to virtually experience a digital twin of products, places, and communities.
Customers can inspect a 3D model of products, buildings, housing projects, infrastructures, etc., before they’re physically manufactured or built. They can apply a variety of color variations, alter product designs, and inspect each detail of a prospective house to suggest improvements and alterations.
AR and VR technology is set to penetrate all areas of life, including business, medicine, education, commerce, engineering, gaming, retail, and manufacturing.
6. Blockchain Technology
Blockchain technology has been one of the most remarkable technological breakthroughs in the last few years. It is essentially a decentralized system of recording information in a way that it’s nearly impossible to tamper or hack.
A digital ledger of transactions is maintained and distributed across a network of computers to maintain authenticity. The best part of using blockchain is that it is not controlled centrally by a single authority. During financial transactions, it bypasses the conventional system of banking or government intermediaries to save transactional costs and increase financial security. Blockchain is already making inroads into the finance, healthcare, and e-commerce industries. Due to its growing popularity, financial experts believe it will eventually replace the traditional banking system and the concept of digital currency.
7. Genomics
Technology has made significant advancements in medicine and genetics. Genomics is the future of genetic studies, where technology can study and examine DNAs and make inferences that would help predict genetic disorders in coming generations, diagnose medical conditions, and help develop drugs and techniques to fight diseases.
Genomics is the technology that studies the genomes of organisms, investigates the composition of genes and DNAs, and examines their structure. Furthermore, this can help quantify, sequence, assemble, and analyze your genes using bioinformatics, which can lead to the discovery of diseases or other potential health issues. The unpredictability of COVID-19 has necessitated genomics to develop drugs and vaccines that alter human DNA and aid in the fight against pandemics and life-threatening diseases.
8. 5G
5G is the next generation of mobile and telecommunication. Implementation of 5G technologies will enable faster communication, higher multi-Gbps peak data speeds, increased uptime, and a consistent user experience.
5G networks offer ultra-low latency and great coverage with performance. Businesses can use 5G technology to implement drone deliveries, autonomous vehicles, cloud-connected traffic control, and driverless cabs. Some nations have already started testing flying taxis and drone grocery deliveries.
Final Thoughts
Technology is emerging and evolving at a rapid pace. The above-mentioned technological trends, combined with existing supporting technologies such as quantum computing, edge computing, the internet of things (IoT), smart devices, and sustainable energy solutions, are all poised to propel the world to new levels of technological advancement and bring science fiction to life. Engineering, healthcare, construction, manufacturing, and finance can all benefit from these technological trends to streamline existing processes and provide customers with state-of-the-art services. So, businesses and organizations must adopt futuristic technology trends to achieve long-term objectives, stay on top of the competition, and accomplish sustainable growth.