According to CompTIA 2020, the global technology industry is forecasted to reach $5 trillion in 2021. If this prediction comes true, it will represent a growth rate of 4.2%.
With today’s rapid pace of change, it gets challenging to predict the evolving state of technology in the future. The ghastly COVID-19 pandemic has further accelerated the innovation process. It has reshaped the technology trends and digital ecosystem. As our perspective on life has also changed for the better, we are digging for ways to be more competitive and productive through technology.
The next few years will be full of technological surprises and disruption. In this light, let us examine the emerging technology trends that will significantly impact the economy and our lives in the coming decade.
Artificial Intelligence (AI) Will Become a Conventional Reality
According to Deloitte 2021, AI-based revenues are anticipated to hit $100 billion by 2025.
We have already witnessed what AI is capable of, and the next decade will take things a notch higher. AI can help medical patients through the use of different kinds of robots. Assistive robots can help with manipulation tasks like grasping or feeding disabled patients. Further, AI can also help chemists and druggists analyze data and recognize treatments efficiently based on the disease’s direct cause. This could lead to a reduction of up to $2.6 billion in the treatment development process.
5G Technology Will Soon Become a Boon for Businesses
According to IDG, 5G latency is predicted to range between 1 and 4 milliseconds- a far cry from 4G’s 50 to 100 milliseconds. By 2023, 5G subscriptions are forecasted to reach 1.3 billion worldwide (Statista, 2021).
The term 5G has been creating a buzz for more than half a decade and has been a matter of debate on most technical essay writer forums. The emergence of 5G is one of the most enigmatic, new upcoming technologies that could impact businesses in 2021.
Huawei says, “5G wireless networks will support 1000 fold gains in capacity, connections for at least 100 billion devices and a 10GB/s individual user experience of extremely low latency and response times. Deployment of these networks will emerge between 2020 and 2030.”
Emergence of Easy and Safe Autonomous Driving
You must have heard of well-known companies like Alphabet, Tesla, and Waymo. Do you know what is common between them? Their impeccable objective is to craft amazing autonomous vehicles.
Tesla’s founder Elon Musk already has a future design for autonomous vehicles. Remarkable functions like lane-changing, automated braking, and automation of other in-car systems will be streamlined with the guidance of data capture and analytics.
Although the existing infrastructure needs tweaks, we certainly cannot rule out the possibility of autonomous vehicles in 2020.
Considerable Advancement in Augmented Reality (AR) and Virtual Reality (VR)
As per a survey by Statista in 2020, the market size of AR is presently at $12 billion, and by 2023 AR users are estimated to reach 2.4 billion. Augmented reality has turned out to be another major game-changer across numerous industries. Advances in AR, VR, and MR will continue to be at the forefront of attention in the upcoming decade. Once only found in video gaming, R+ will quickly become a useful tool in manufacturing, healthcare, engineering design, space exploration, and many other areas.
Rise of The Internet of Behaviors
The Internet of Behaviors is only meant to captivate the ‘digital dust’ of the lives of people from various sources. According to Gartner, more than half of the global population will be under an IoB tool by 2025. Given the implementation of COVID-19 protocols, we will only experience a boom in the internet of behaviors in the year 2021 and further on. This would be phenomenal in monitoring and enhancing customer choices, priorities, and actions.
Increasing Popularity of Distributed Cloud Services
Currently, cloud-based applications have taken the markets by storm. As more than 90% of firms switch to cloud-based operations, distributed cloud services will get allocated as per their physical location through public cloud providers. In 2021, distributed cloud technology will flourish for its numerous advantages, like less latency, physical proximity, and lower data cost. It can be said without a shade of doubt that cloud distribution is the future and new normal that we should embrace wholeheartedly.
Growth of Digital Sectors By Leaps And Bounds
When COVID-19 revealed our systems’ fragility, digital medical examinations and digital health came to the rescue of humanity. Globally, the digital health market was worth around $88 billion in 2018, but now it is expected to grow to over $500 billion by 2025. In this decade, the digital health sector is expected to develop sustainable, scalable, and affordable health solutions. If anything, we know how rapidly our world will embrace these technological leaps.
DARQ- An Asset for Hiring And Training
The technology market of DARQ (Distributed Ledger Technologies)has generated revenue of $640 million in 2019 and is expected to rise at a CAGR of 16.5% during 2020-2025. Volkswagen is already cashing in on this technology trend to use quantum computing to test traffic flow optimization and accelerate battery development. Taking all these cases of DARQ into consideration, eminent tech essay writers and researchers believe that its existence in the coming decade is beyond doubt.
Growth of E-Sports
A decade ago, the popular concept of online gaming, virtual matches, and sports was challenging to comprehend. The past few years and the COVID-19 pandemic resulted in the growth of the e-sports market, predicted to surpass $1.5 billion by 2023.
When the pandemic hit us, it was observed that 1/3 of online consumers subscribed to virtual sports avenues. A flux of digital consumers was seen on video gaming, cloud gaming, and the virtual sports portal. Gen Z and millennial customers are leaning towards E-sports more than ever.
Rise Of Ethical AI
In the past, firms that adopted AI technologies and machine learning paid little heed to their ethical impact. In the present day, value-based consumers and employees expect various companies to adopt AI responsibly. Although over 50% of AI adopters have major concerns regarding the potential risks of their AI plans, only 4 in 10 reported that their organizations were prepared to address them. Over the next few years, firms will deliberately choose to do business with partners who commit to data ethics and values.
Increasing Use of Blockchain Technology and Cryptocurrency
A digital asset or the online monetary equivalence, Cryptocurrency is a giant market worth over $265 billion. We will observe a steady increase in Cryptocurrency users (presently around 40 million) in the upcoming years. We can expect blockchain tech and Cryptocurrency to shine through digital transactions in 2021 due to the increasing interest of business in digitalization.
The Empowered Edge
According to Grand View Research, the value of the global edge computing market is estimated to reach $3.5 billion by 2027. In 2021, innovations in next-generation communications, cloud-native technologies, and edge computing architectures have come together to create breakthroughs in cloud-to-cloud integration. By 2023, Gartner believes there will be up to 20 times as many smart devices at the edge of the network.
The Rise of AI Security
Perhaps one of the most undeniable trends that we will most likely see in the upcoming decade is an increasing need for privacy and security in the artificial intelligence environment. As companies worldwide continue to embrace machine learning and AI, it only makes sense that we will want these environments to become as secure as possible. This will compel CIOS and eminent business leaders to think diligently about improving the cloud computing environment.
A vital topic that Gartner has considered in its recent report of disruptive tech trends for the upcoming decade is Human Augmentation.
As per Gartner, human augmentation is the wing of technology that can be used to deliver cognitive and physical improvements to the human experience. Certain aspects of human augmentation may incorporate more wearables to complete tasks every day. Gartner also feels that human augmentation will soon become more evident over the next ten years.
Global IoT Security Breaches
Analyst firm Gartner predicts that 20.4 billion connected things would be in use worldwide by 2030. And with the steep rise of autonomous things, there is an excellent chance that many of these things will have a weak security level.
In 2021, it will be essential for IoT manufacturers to significantly increase security for all the products in the market. Whether it is a drone or a refrigerator, manufacturers should implement security to keep hackers at bay.
The future is uncertain, and it is difficult to predict how technology will evolve. Innovations will emerge from left-field and surprise the world. But, that’s what makes it excessively exciting! We hope this gives you a comprehensive idea of the 15 technology trends to keep an eye on in the upcoming decade. Let us embrace the changing times with gusto!