Top 20 Emerging Technologies in the Next 5-10 Years
The rapid pace of technological advancements continues to shape our world, and the next 5-10 years are poised to witness groundbreaking developments across various domains.
From artificial intelligence to genomics, these emerging technologies are set to redefine the way we live, work, and interact.
Let’s explore the top 20 technologies that are expected to play a pivotal role in shaping the future.
Artificial Intelligence
According to the Emerging Technology Community CompTIA, Artificial Intelligence (AI) is the most demanded technology among various industries around the globe.
The most popular AI use cases are big data analysis, implementation of cloud-based apps and services, and intelligent virtual assistants.
Moreover, AI development services are also implemented to enhance other systems like the Internet of Things (IoT) for supply chain management or voice recognition for running voice virtual assistants.
According to a report by Statista, the global AI market is expected to reach $511.33 billion by 2027, which showcases the widespread adoption and investment in AI technologies.
Internet of Things (IoT)
IoT is a system of sensors and devices that gather data and provide its analysis in real-time.
IoT solutions are commonly applied in various areas of life, such as smart homes that connect household appliances to the Internet for real-time data representation.
It’s also used in wearable devices to quickly gather health data from patients, and in smart supply chains to track goods from production to stores, offering detailed information on manufacturing.
The list of IoT use cases is quite extensive and is constantly enlarged. In fact, by 2030, it is estimated that there will be over 29 billion connected IoT devices globally, as per data from IoT analytics, illustrating the exponential growth of IoT.
5G Technology
5G technology has attracted much attention in 2020. Since then, a large number of countries have quickly started developing the infrastructure to adopt this modern technology.
5G promises a better cellular network and faster Internet connection with the ability to support a bigger number of mobile devices.
Moreover, 5G is expected to give a strong push to the development of IoT, such as autonomous cars and smart cities. It’ll improve cities’ efficiency, and more driverless vehicles will appear on the roads.
The global 5G market is projected to reach $797 billion by 2030, according to a study by Allied Market Research, showcasing the immense economic impact of this technology.
Practical Blockchain
We’re used to associating blockchain mainly with financial transactions. However, with full stack blockchain development services, you can get solutions that go far beyond cryptocurrency exchange.
For example, blockchain can be used for sharing medical data, voting systems, personal identity security, anti-money laundering systems, and much more.
On top of that, blockchain is an effective system for data security. With its smart contracts, it eliminates the necessity to refer to third parties for consummating business deals. As a result, it saves businesses time and money and ensures secure money and private document transfers.
Interestingly, the blockchain market is predicted to grow at a CAGR of 67.3% from 2021 to 2028, according to Grand View Research, indicating its increasing adoption across industries.
Autonomous Things (AuT)
Autonomous Things, also known as the Internet of Autonomous Things (IoAT), is one of the freshest technology trends that has Machine learning (ML), AI, and Robotic process automation (RPA) at its core.
This technology enables robots to analyze, measure, monitor the acquired data, and make their own decisions. Therefore, these devices will be able to work freely without human supervision.
As per a report by Allied Market Research, the autonomous vehicle market is expected to reach $556.67 billion by 2026.
Quantum Computing
Quantum computing is designed to perform more efficient data calculations using qubits than a classic computer that uses set values.
IBM Quantum System One, for example, can perform certain calculations 100 million times faster than conventional computers, as reported by IBM.
Quantum Computing grows quickly. There appear to be lots of startups that work on the design of quantum chips and software based on the technology.
Distributed Cloud
Developing cloud applications brings numerous advantages, and many businesses are moving to the cloud.
A new trend in cloud computing is moving to a distributed cloud, which allows smaller clouds to store, compute, and interconnect data in micro-clouds within a single data network.
So that businesses can use the data centers that have several locations. This decentralization helps to resolve technical issues such as data delivery latency, better bandwidth, minimizing the risk of data loss, improved data security, and others.
The distributed cloud market is anticipated to grow at a CAGR of 24.8% from 2021 to 2028, according to a study by Grand View Research, highlighting its increasing importance in the IT landscape.
Edge Computing
Edge computing is another disruptive technology that can help businesses maximize their efficiency. This technology allows the processing of sensitive and time-dependent data close to the location of the data sources.
This way, businesses ensure that their data is processed locally, avoiding centralized nodes. As a result, businesses gain a secure and effective service, have better data control, can automate their core business processes, and minimize downtime.
The global edge computing market is expected to reach $111.3 billion by 2028, according to a report by Market and Markets, indicating the rising demand for edge computing solutions.
Voice Technology
Voice Assistant Market Research says that the voice assistant market is growing in popularity due to the rising demand for voice recognition technologies for automated customer support and voice search.
The voice recognition market is estimated to reach $26.79 billion by 2025, according to a report by MarketsandMarkets, showcasing the growing importance of this technology.
Therefore, B2C businesses such as e-commerce, banking, retail, healthcare, financial services, and others shouldn’t miss an opportunity to enhance their business with voice assistant technology to improve their customer service and customer experience.
Augmented Reality/Virtual Reality
According to Statista, Augmented Reality (AR) and Virtual Reality (VR) are the technologies expected to receive the largest investments by 2024, with $17.6 billion.
Until recently, VR and AR were largely used only in the gaming industry. As for now, there are many startups and companies that adopt these technologies for practical use, such as training employees to work in situations of increased risk or medical training.
VR and AR technologies will continue spreading among various industries, and that’s the reason to consider these technologies as an opportunity to invest in.
Generative AI
This groundbreaking technology involves machines that can mimic human-like creativity and generate content autonomously.
Deep learning algorithms enable systems to understand and replicate patterns, leading to applications in content creation, such as generating realistic images, writing coherent text, and composing music.
In the future, generative AI is expected to play a crucial role in fields like design, entertainment, and scientific research, opening new frontiers of innovation.
Computing Power
The insatiable demand for faster and more efficient computing power has given rise to quantum computing.
Quantum computers, unlike classical ones that use bits, harness quantum bits or qubits, enabling exponentially faster information processing.
Quantum computing has the potential to transform areas such as cryptography, optimization, and drug discovery by solving previously insurmountable complex problems.
Smarter Devices
The proliferation of smart devices interconnected through the Internet of Things is transforming the way we live and work. Smart homes, wearable devices, and industrial IoT are creating a seamless network where devices communicate and collaborate.
The integration of Artificial Intelligence in these devices enhances their ability to learn from user behavior, leading to improved efficiency, automation, and a more personalized user experience.
Datafication
The process of turning various aspects of life into data is driving innovation across industries. From healthcare and education to agriculture and urban planning, the ability to collect and analyze data is facilitating data-driven decision-making.
Advanced analytics and machine learning algorithms are extracting valuable insights from vast datasets, optimizing processes, and informing strategic decision-making in real-time.
Extended Reality
XR covers Virtual Reality (VR), Augmented Reality (AR), and Mixed Reality (MR) directions. Beyond gaming and entertainment, XR is finding applications in diverse fields.
In healthcare, surgeons use AR for micro surgeries, while VR enhances training simulations.
In education, XR facilitates immersive learning experiences, and in manufacturing, MR aids in complex assembly processes.
The continued development of XR technologies promises to revolutionize how we perceive and interact with the digital and physical worlds.
Digital Trust
With increasing digitalization, establishing trust in online interactions is critical. Blockchain, a decentralized and tamper-proof ledger, ensures the consistency of transactions.
Decentralized identity systems provide secure and transparent ways to verify identities without compromising privacy.
These technologies are fostering trust in digital transactions, data sharing, and online interactions, addressing concerns related to security and privacy.
3D Printing
3D printing provides exceptional flexibility, covering everything from rapid prototyping to manufacturing intricate components.
Industries such as healthcare utilize 3D printing to create personalized medical implants, while automotive and aerospace sectors benefit from lightweight and complex designs.
As the technology becomes more affordable, its applications are set to expand, disrupting traditional manufacturing processes.
Genomics
Sequencing and analyzing an individual’s genetic code are fundamental to personalized medicine. Genomic data provides insights into an individual’s susceptibility to diseases and guides treatment plans tailored to their genetic makeup.
From cancer diagnostics to rare genetic disorders, genomics is transforming healthcare, offering precise and targeted interventions that promise improved patient outcomes.
New Energy Solutions
The global shift towards sustainable and renewable energy solutions is driving innovation in the energy sector.
Advanced battery technologies are enhancing energy storage capabilities, enabling the widespread adoption of intermittent renewable sources like solar and wind.
Next-generation solar panels are improving efficiency, and innovative approaches to harnessing wind and tidal energy hold promise for a cleaner and more sustainable energy future.
Robotic Process Automation (RPA)
RPA employs software bots or robots to automate tasks that are repetitive and follow predefined rules. Increasingly, organizations are embracing RPA to streamline their business processes, minimize errors, and improve operational efficiency.
Through the automation of routine tasks, staff get the freedom to concentrate on the more intricate and creative aspects of their work, thereby promoting innovation and productivity across diverse industries.
Conclusion
Every year, new promising and disruptive inventions replace current technologies and significantly influence the global market.
Therefore, businesses should always keep up with the trends and implement the most promising ones to get ahead of their competitors or stay afloat.
Besides investing in technological trends and innovations, companies should realize how these solutions can help them develop and expand their businesses. It’s easy to get lost in all the innovations.
Therefore, if you feel like you miss out on something, it’s worth finding a team of knowledgeable specialists who will be ready to share with you a piece of sound advice. Remember, effective planning and the right technology implementation are the keys to your business success.
