Technology already plays an integral role in our daily lives, both at home and at work, but as new changes emerge in the industry at an exponential rate, it is likely that by the end of this decade it will completely transform the way that we live, work and socialise. Therefore, it is not only beneficial but necessary for businesses to keep abreast of changes in technology in order to adapt with it and integrate it within their operations or risk being left behind. These 5 emerging trends in technology are worth taking note of as they will play a significant role in business in the future:
1.) Metaverse: When Facebook rebranded to Meta Platforms in 2021, it brought global attention to the metaverse: an integrated, immersive, 3D virtual space where people could interact and experience life in new ways, including Virtual Reality (VR), Augmented Reality (AR) and Avatar Technology. Many believe that once the metaverse has been developed further, it will have the same effect on the world that the internet had, completely revamping our way of life.
- VR: Virtual Reality has actually existed in some shape or form since the mid-1900's but has never been fully embraced due to its limited uses and clunky equipment. However, as the technology continues to develop, becoming cheaper and easier to use, it will likely extend beyond entertainment and become a common tool for businesses, i.e., staff training, site tours and education.
- AR: Augmented Reality enhances our vision of the physical world through external stimuli and is delivered through technology. This gives it an advantage over VR currently due to its capacity for mobile integration - think Pokémon Go. In fact, Augmented Reality has already found a place in some retail environments, allowing consumers to view their product catalogue in the real world.
2.) Green Technology: As the world moves towards net zero, green technology is being developed and used across every industry, including renewable energy, cleaner transport, sustainable water consumption and energy-efficient buildings. If you haven't already, it is worth considering how you might implement green technology in your operations as it will certainly become widely used in the near future.
3.) Cloud Computing: Since 2020, there has been a significant shift to cloud computing due to the Covid-19 pandemic as organisations stopped relying on local servers and started transitioning their data to the cloud. Only 2 years later, approximately 94% of enterprises from all industries said that they use cloud services 1 for data backup, software development, email, customer-facing web applications and more. Using the cloud has a number of benefits for businesses, including increased security, easy access to a variety of technologies to help speed up innovation and less expenses as a company only pays for the services that it uses.
4.) AI: Artificial Intelligence is a topic that is currently on everyone's mind due to the explosion of Chat GPT and the way that it has already affected the way we work and study. This proves that AI will certainly take on a significant role in our lives in the very near future and will be adopted by businesses in various forms. Some predict that by 2024, over 50% of people's interactions with computers will be through AI-generated speech 2, but this also means that the ethical implications of AI will likely become a top priority in the future.
5.) 5G: 5G has been in development for over a decade, and as of June 2022, over 70 countries have already rolled out 5G services 3 in some capacity. 5G has the ability to improve worldwide internet speeds by up to 100x, and faster connections doesn't just mean faster browsingand streaming,it can alsobe used to support advances in technology such as autonomous vehicles, smart cities and the Internet of Things: a network of connected sensors and infrastructure that can collect data on everything from household heating to traffic jams.
References
1.) cloudzero.com/cloud-computing-statistics
2.) weforum.org/technology-trends-top-10-mckinsey/
3.) cnbctv18.com/5g-rollout-where-the-world-stands
5 Technology Trends to Keep an Eye On
First published on 28/02/23