At present, the entire world is in the throes of a revolution brought about by emerging technologies, which has a stark difference when compared to the periodic waves of change in technology that the world has witnessed over the last couple of centuries. Major technological advances have been made across a range of fields, including blockchain, information communications technology (ICT), machine learning and robotics – which are a part of artificial intelligence (AI), nanotechnology, biotechnology and quantum computing, to name a few. It’s expected that these breakthroughs will bring about a major transformation in the way societies function, thereby disrupting the entire ecosystem.
The technological advances in question are driven by a digital revolution that commenced more than four decades ago. These innovations are centred on the gathering, processing, and analysing of enormous reams of data emerging from the information sciences with implications for countless areas of research and development. These advancements have a potential for enormous social and economic benefits, improved efficiency, and increase in productivity across a host of sectors.
These trends neither exist in their own silos, nor can they be applied in isolation. Thus, IT leaders must work collaboratively with companies that have expertise in a number of emerging technologies so they can determine the correct combination of trends that can drive the maximum innovation. For instance, artificial intelligence (AI) with hyperautomation, blockchain and edge computing can be combined to develop highly integrated city spaces and smart buildings. Moreover, technology combinations like these help with further democratization of technology.
Sate Development, a leading vendor in the emerging technology space, has listed down the top 8 technology trends which are likely to disrupt the industrial revolution in 2020:
5G Network – This is the most enigmatic upcoming technology which can support 1000-fold gains in capacity with a 10Gb/s individual user experience at low latency.
Autonomous Driving – With the help of data analytics, operations like automated lane changing, braking and automation of other car functions are on its way to getting streamlined
Internet of Things – Presently, edge computing is fuelled by the tremendous growth of Internet of Things, however, in the coming years, it is expected to leverage a set of distributed cloud services to develop an unstructured architecture.
Artificial Intelligence – Machine learning, robotics and user interfaces like gesture and speech recognition will grow to enhance productivity and eliminate manual intervention.
Virtual and Augmented Reality – Major upgrades in the technology infrastructure and an ecosystem of several apps for consumers and enterprises could potentially make this industry growth multi-fold.
Cloud Technology – With more and more hosted services moving to cloud based infrastructure, all IT services and web apps are expected to be delivered through the cloud as cyber security becomes better.
Blockchain – One of the biggest buzzwords in the last 5 years will continue to impact the industry with different use cases of blockchain being developed across several industry sectors. Its streamlined nature, secure contracting ability and seamless transactional infrastructure will drive commercial use.
Quantum Computing – Though quantum computing’s adoption is unclear, the technology is growing significantly and its applications are unparalleled. Thus, small quantum technologies could be commercially available in the coming years which would help businesses reduce costs, increase revenue and lower infrastructure investments.
The biggest hindrance to the adoption of above technologies is the international environment which is hardly conducive to discussions on how best to coordinate responses to cross-border dilemmas emerging around new technologies. Though, many existing multilateral platforms have shown to be unsuitable for resolving challenges, the international community and regulators are notoriously slow at adopting new rules to deal with challenges. In contrast, corporate players seem to be racing ahead with an intent to leverage the emerging technologies to shape mankind’s future and improve processes.
As technology evolves, it also has the potential to expose your business to a variety of threats, such as social media crises, ransomware scams, and bad press that spreads like wildfire. Digital technology has played an important role in enabling the rapid growth of crises. Thus, you must access and activate crisis management methodologies swiftly in order to keep pace. Sate Technologies, a renowned vendor for digital marketing and app development services, recommends that when crisis strikes, technology will enable it to move quickly. Thus, an organization must respond in kind in order to gain control of the situation. Sate Technologies assists by use of reputation management services through digital media, as well crisis management app to ensure that stakeholders have instantaneous and reliable access to crisis management plans.
Technology trends in 2020 will come with unfathomable innovation as well as risks and its essential for every business to choose the correct vendor in order to help them navigate the disruptions brought about by the same.
About the Author
Nakul Shah is the Director of Sate Development – India’s first Blockchain Company. He is a longtime creative thought leader in financial markets and innovation, and has played a significant role in the adoption and application of technology. He started his career at State Street Corporation in Boston, which is one of the world’s biggest and oldest providers of mutual fund, pension processing and asset custody services. He is trained in Bitcoin and Blockchain technology from South Africa and holds a Masters degree in Financial Engineering from The University of Michigan Ann Arbor, USA.