You’re slowly killing your business by missing out on these Top 10 Future Technology Trends
What’s next in technology? Are you aligned to the frantic adoption rate of new digital technologies? Does your business has a strong foundation for SMAC to incorporate latest tech trends that’ll drive the post-digital wave? Do you have a digitally mature workforce to offer customized products and services that adapt to the constantly changing realities? These are some important questions businesses will need to ask themselves to assimilate the upcoming technologies of 2020.
In the post-digital world, digital realities, related products, and services will be hyper-personalized. A technology vision that’s intensely customized and complimentary to constantly changing on-demand experiences. In a digital ecosystem that’s transitioning from social, mobile, analytics and cloud (SMAC) to the distributed ledger, extended reality, and quantum computing, where does your business stand? To understand such questions, we’ve brought you 10 top 2020 latest technology trends your business can incorporate.
Distributed ledger technology (such as blockchain), Artificial intelligence (AI), Extended reality (including virtual and augmented reality), and Quantum computing, abbreviated to DARQ form one such future technology trend of 2020 that business must integrate on priority. So, when you approach hiring, training, and employee retention, keep DARQ in mind.
Volkswagen, for instance, is already cashing in one of the biggest technology trends of 2020. It used quantum computing to test traffic flow optimization and accelerate battery development. It’s also testing distributed ledgers to provide automatic payments at gas stations, create tamperproof odometers, protect cars from hackers and more. Similarly, it’s using AR instructions to help service employees repair vehicles.
Digital integration into people’s lives has become so deep that data analytics has more information than they could ever analyze with current technology. As consumer analytics becomes a crude priority of every business, the latest tech trend is profiling consumers by examining how they interact with the technology in hand. What social media apps do they most visit, how do they curate their social profiles, what pictures do they post or the places they check into on social media are some gateways to profiling user spending patterns.
The trick here for businesses is to integrate and adapt to an individual’s preference for the latest technology. Gillette is one such example that’s partnering with 3D printing startup Formlabs to offer customized razor designs. Of course, this much popular technology trend of 2020 raises one glaring question – where is consumer consent in this personal profiling and where do we draw the socially acceptable line and how will this line differ from consumer to consumer.
AI technology trends including products like AlterEgo, a mind-reading wearable, and citizen robots like Sophia are only a promo to how big AI technology will get in 2020. Companies like Dominoes and Doordash are already experimenting with drones and robot delivery.
Self-driving cars from Tesla and Volvo and driverless taxi rides from Uber will root deeper branches in 2020. Although at present, these technologies are still riddled with glitches threatening human safety, they are bound to become a technology trend in 2020.
Ever since the European Union’s General Data Protection Regulation(GDPR) tightened the bolts on privacy and data protection laws, businesses and consumers alike have become more aware of their vulnerability to data breach and cyber attacks. According to Gartner, by 2020 nearly 70% of organizations will be exposed to personal data archiving. That’s a 60% growth since 2018 when the number was at 10%.
Infact emerging technology trends like cryptocurrency will be one of those upcoming technologies that are yet noncompliant with privacy laws. An insertion of personal data into public blockchains can be a major worry for 75% of public blockchains by 2020. As a result, an entire ecosystem, based on data-driven technologies, that is constantly growing in its interconnections is a key tech trend that businesses can benefit from by forging early-on partnerships.
Real-time opportunity to capture "momentary markets" will change the face of customer analytics and advertising in ways hard to imagine. As digital realities get more sophisticated and narrowed down to an exclusive reality of each moment, global technology trends will align towards more customized and on-demand experiences to fulfill customer needs.
In order to do this, businesses will need to combine real-time analytics capabilities with sophisticated back-end systems to capture constantly altering customer needs.
Pair this with constantly updating digital demographics will open new alleys for businesses to discover unmet customer needs.
Automation has already had us welcome cashier-less AMAZON GO stores across the US, but according to CNBC, the number will be 3,000 of its cashier-less AMAZON GO stores by 2021. Businesses in retail, for example, will need such sophisticated automation to compete with cashier-less AMAZON GO stores.
According to a PWC report, Automation will go through three waves of automation: algorithmic displacing around 3% to 30% of jobs from the early 2020s to mid-2020s. Augmentation increasing these percentages higher as technology improves itself and autonomy wave that is predicted to surface in the mid-2030s.
At the speed at which machines are learning, upscaling human worker’s digital sophistication will be a must-have in the latest technology trends in 2020. The present human workforce is dealing with a disruptive digital transformation where Cloud, Analytics and Digital wave may still stand essential for groundwork but are no longer the crown jewels of “disruptive technologies.”
Yet they are still recruited, trained, and assessed in pre-digital ways. To integrate the new technology of 2020, businesses need to train their workforce in a post-digital manner. The next-gen workforce, for instance, needs to be trained in Augmented Reality, Virtual Reality, Internet Of Things, Blockchain, Artificial Intelligence among other future trends in technology that are bound to make an appearance in technology vision of 2020.
A much-anticipated tech trend in 2020 will be sophistication of technology upgrade in the medical field. 3D printing will open a new business of advanced prosthetics as university research expands in 3D printing bionic body parts. Scientists at Princeton University, Princeton, NJ, for instance, have 3D printed a "bionic ear" that can "hear" radio frequencies far beyond the range of normal human capability.
Similarly, telemedicine and virtual diagnosis powered by AI and AR will need businesses to rework their business model in medicine.
Facebook’s cryptocurrency project Libra is expected to be completely fleshed out and in sync with government regulations by 2020. As cryptocurrency gains stronger credibility and digital payment systems like Google Pay and Amazon Pay grow in use, traditional banking will continue to fall in use.
In 2020, traditional banks will steal hold the greater value but businesses will need to carve out the adoption space for growing digital transaction sources. It’s no coincidence that banks like Bank of America are gathering blockchain patents.
One of the most enigmatic 2020 future trends that businesses will need to adopt is the advent of 5G. According to Huawei, 5G could “support 1,000-fold gains in capacity, connections for at least 100 billion devices and a 10 Gb/s individual user experience capability of extremely low latency and response times.”
But to take this speed to everyday mobile users, mobile network carriers will need to increase bandwidth and reduce network costs. Moreover, LTE adoption isn’t waning, estimated to reach $672 billion by the end of 2020.
Technology trends in 2020 will come with both unfathomable innovation and intricate connectivity, drawing the social responsibility of businesses to respect ethical lines of consumer data breach. According to a PwC report, AI Products by 2030 will contribute over $15.7 trillion to the global economy.
Analytics will see dramatic changes for businesses in terms of product modification. A machine learning app developed by Sam’s Club is already using machine learning to analyze customers’ past purchases and auto-fill their shopping lists. It also plans to add a navigation feature, which will show optimized routes through the store to each item on that list.
While this means more sophisticated consumer satisfaction and better business, it also begs the question of what is the real cost of consumer analytics in 2020 collected for these services.
In 2020, business not only needs to come together to form a cyber-secure ecosystem but also review their take on data analytics. For that to happen, the present staff needs to be well trained for future responsibilities.
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