Top 10 Emerging Technologies in the Next 5-10 Years
For the past 20 years, digital technology has made great progress. Nowadays, we have access to the devices and technologies that were unattainable for a casual user years ago. The digital industry is rapidly growing, becoming cheaper and more affordable each year.
A lot of companies are actively implementing emerging technologies to jump start their business development and overcome their competitors. However, to use technological advancements effectively, one should know which innovative solutions are worth investing in. In this article, we’ve gathered the top 10 technology trends that look promising and are rapidly growing.
According to the Emerging Technology Community CompTIA, Artificial Intelligence (AI) is the most demanded technology among various industries around the globe. AI is widely used by a lot of businesses for data processing like real-time and big data analysis, voice and image search, and others. Besides that, AI is also implemented to enhance other systems like the internet of things (IoT) for supply chain management or voice recognition for running voice virtual assistants.
Market and Markets expects the rise of AI on the global market with its value reaching from $21.46 billion in 2018 to $190.61 billion by 2025. This increase by almost 9 times in 7 years is easy to explain. All businesses from huge enterprises to small companies can afford AI nowadays. The most popular AI use cases are big data analysis, implementation of cloud-based apps and services, and intelligent virtual assistants.
Internet of Things (IoT)
IoT is a system of sensors and devices that gather data and provide its analysis in real-time. IoT is widely used in many life spheres: smart-homes when home appliances are connected to the internet to represent the actual data, wearable devices for quick data gathering on patient’s health, a smart supply chain for tracking goods from their origin to the shops, and providing extensive data on product manufacturing.
The list of IoT use cases is quite extensive and is constantly enlarged. For example, Microsoft is developing and testing its Connected Vehicle Platform (MCVP) for connected cars. It’ll improve car diagnostics and behavior on the road. Statista predicts that the IoT market will generate $1.6 trillion by 2025, therefore, it’s worth investing in it.
5G Technology has attracted much attention in 2020. A large number of countries started quickly developing the infrastructure to adopt the technology. 5G promises a better cellular network and faster internet connection with the ability to support a bigger number of mobile devices.
The increase in mobile broadband speed will result in faster transmission of big data and its quick processing. It 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.
5G is an emerging technology and its full deployment is expected only in several years. Therefore, if you want to be ahead of your competitors, it’s a perspective field for investing.
We’re used to associating blockchain mainly with financial transactions. However, this technology is evolving beyond just cryptocurrency exchange. For example, blockchain can be used for secure sharing of medical data, voting systems, personal identity security, anti-money laundering systems, and much more.
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.
Statista expects that by 2023 the blockchain market will be estimated at $15.9 billion, while in 2018 it generated $1.5 billion.
Autonomous Things (AuT)
Autonomous Things, also known as the Internet of Autonomous Things (IoAT), is a new technological trend 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.
AuT implementation goes beyond autonomous drones that we already have, and includes autonomous robots, robotic appliances, personal robots, and others. However, AuT is an emerging technology, lots of renowned experts see it as a promising area. Gartner has put AuT in the first place in their top tech trends of 2020.
Quantum computing entails more effective data computing that performs operations using qubit. Qubit is known as a quantum bit and used in quantum computing instead of 1s and 0s. It is an unmeasured state that can take values of 1 and 0 at the same time. This way one computer can perform a larger number of computations rather than a classic computer that uses set values.
Quantum Computing grows quickly. There appear lots of startups that work on the design of quantum chips and software based on the technology. It’s expected that the quantum computing market will grow fast during the next 2020-2030. And according to the Quantum Computing Market Research Report, is expected to reach $64,988.3 million by 2030.
Cloud computing is a fast-developing sphere and many businesses are moving to the cloud nowadays. A new trend in cloud computing is moving to a distributed cloud which allows using 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 latency of data delivery, better bandwidth, minimizing the risk of data loss, improved data security, and others.
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 control of their data, can automate their core business processes, and minimize downtime.
Voice Assistant Market Research says that the voice assistant market is growing in its popularity due to the rising demand for voice recognition technologies for automated customer support and voice search. In 2019 the global voice market was estimated at $1,723.6 billion, while in 2030 it’s expected to reach $26,872.6.
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 2023 with $8.5 billion. Until recently VR and AR were largely used only in the gaming industry. However, nowadays there are a lot of startups and companies that adopt these technologies for practical use such as training employees for working 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 it.
Every year new promising and disruptive technologies appear 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 even to 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, then 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.