The idea of forecasting the future can be tricky because 2020 has taught us, anything can happen. Isn’t it?
Have you imagined the way things turned out in the last year? I think no one of us has thought a virus can make a drastic change in our life and business.
Besides immense disturbance and setbacks, we saw a great opportunity in the tech world. While people are sitting at their homes, video conferencing was flourishing like never before.
There was a boon in Personal Computer sales due to an increase in demand. Covid 19 might have crashed everyone’s plans, but much work continues to take place with the help of technology.
Technology was helping the world to shift into a new normal environment. So, the business giants have started focusing on technology trends after the Covid-19 breakout.
But do you know what those technology trends in 2021 will impact your business? If not yet, scroll down to know the latest technology trends affecting business 2021.
Highlights of Contents
Post Covid-19: 9 Technology Trends To Focus In 2021
1. Artificial Intelligence & Machine Learning
Artificial intelligence is dramatically changing the business landscape. It gets started with rule-based automation, but now it can mimic human interaction. An advanced AI algorithm serves better reliability and much faster services at a lower cost than its human complements.
Some of the biggest tech companies like Microsoft, IBM, Google, Cognizant, and Samsung are investing heavily in the development of AI-based software & mobile applications.
What are the different applications of AI & ML?
Some application categories include:
- Prediction and classification
- Recommender systems
- Computer vision
- Clustering and anomaly detection
- Natural language (NLP, NLG, NLU)
- Hybrid and miscellaneous ( autonomous vehicles, robotics, IoT)
What are real-time examples of AI & ML?
Nowadays, both technologies i.e AI & ML are contributing together to the development of real-world applications. These applications are benefiting both companies and customers. Some of the real-time examples of Artificial Intelligence & ML technology are
- Google Assistant
- Uber and Lyft
Future Prediction: Factual Prediction of AI & Machine Learning
- The global market of AI’s software (artificial intelligence) is going to hit 126 billion $ for the coming year 2025.
- As per the Market Research Future, the Machine Learning global market will hit 42.08% of CAGR during the year 2018–2024. Whereas the AI market will hit 43.41% of CAGR during 2018-2025.
Global Revenue From AI (2018-2020):
2. Robotic Process Automation (RPA)
Robotic process automation is a better approach to reduce costs and increase efficiency. Whether it is handling multiple projects or optimizing tasks, RPA is a powerful and smarter technology for any business process automation.
What are the different applications of RPA?
- Invoice processing
- Inventory management
- Report creation
- CRM data updates
- Network Management
- Software installations
- Data migration
- Vendor onboarding
What are the real-time examples of RPA?
In this automation era, RPA is playing an important role. It has a wide range of use in automating repetitive tasks. Companies are using this innovative technology to automate invoice processing, customer onboarding, data migration, and much more.
Besides, different business departments are using RPA for distinct business processes. Some tech giants are working passionately on intelligent automation or RPA. Here is the list of the leading companies contributing to the digital workforce transformation:
- Kryon Systems
- Automation Anywhere
- Blue Prism
Future Prediction: Factual Prediction of Robotic Process Automation
Considering the worldwide report by Statista on RPA shows, it hit the market size of 4 billion dollars in 2020. Also, expect its market size will keep on increasing in the coming year and might hit 10.4 billion U.S. dollars in 2023.
3. Virtual Reality and Augmented Reality
Virtual Reality and Augmented Reality are two emerging technologies that are widely used in designing and developing smart devices. Both of the technologies have gone a long way in the journey of transforming everything digital.
In 2019, there are around 8.9 million AR VR headsets sold out in the marketplace. Besides, this technology provides a powerful impact on visual communication. Today VR/AR is playing the biggest role in transforming the entertainment, gaming, and online shopping experience.
What are the different applications of AR VR?
- Better online shopping experiences
- Personalized Products
- Facilitates Employee training
- In-store navigation
- Contactless trial of the products
What are the real-time examples of AR/VR?
Some companies are creating a greater story with AR and VR technology. Although, it has become an important part of our everyone’s lives. Today’s augmented reality project involves high-performing infrastructure. Companies who are already in with AR and VR are:
- Disney Coloring Book
- L’Oréal Makeup App
- IKEA Mobile App
- Nintendo’s Pokémon Go App
Future Prediction: Factual Prediction of AR/VR?
- The global AR and VR market is expected to arrive at 72.8 billion U.S. dollars in 2024. This would be an expansion of 54 percent five-year CAGR overspending.
- In 2019, VR gaming gadgets hit 2.8 million units selling. Huge amounts of VR gaming headsets were delivered around the world. VR headsets are getting progressively well known among gamers, and are considered by 37 percent of reviews worldwide.
- The AR/VR spending for location gathering and security intentions is projected to develop with a development rate (CAGR) of 177.4 percent, while spending on enlarged reality games is set to develop at a CAGR of 175.9 percent.
Among various technology trends affecting business aspects, Blockchain is the most powerful. Earlier, they are known for improving the performance of financial transactions and settlements. But today it is seen as highly desirable and efficient technology in various economic sectors.
So, it won’t be wrong to say, blockchain is no longer restricted to the finance sector. It has spread to multiple sectors with a multitude of features that can be implemented in various economic sectors.
What are the different applications of Blockchain?
- Secure sharing of medical data
- Music royalties tracking
- Cross-border payments
- Real-time IoT operating systems
- Personal identity security
- Anti-money laundering tracking system
- Supply chain and logistics monitoring
- Voting mechanism
- Advertising insights
- Original content creation
- Cryptocurrency exchange
- The real estate processing platform
What are the real-time examples of Blockchain?
The industrialists have come to realize the potential and promise of blockchain. Not only that but most of these sectors have joined in and started to find the benefits in blockchain technology. The versatility of blockchain technology is what makes it so powerful. Tech giant working on the blockchain are:
- SimplyVital Health
Future Prediction: Factual Prediction of Blockchain?
- Overall blockchain solutions spending hit 1.5 billion in 2018, whereas expected to reach 15.9 billion by 2023.
- The worldwide blockchain technology revenues are going to encounter massive growth in future years. The market size is expected to move greater than 39 billion U.S. dollars in 2025.
5. Cloud Computing
Cloud computing technology offers a wide range of options presently. Most of us are dependent on these technology trends for business and even personal use. The technology is a blessing for basic storage, processing power, and networking. It operates through natural language processing and AI as well as definitive office applications.
Moreover, for any of the cloud computing services, one doesn’t need to be physically present near to the computer hardware. You can have access to service from anywhere to any device. Using cloud solutions you can easily deliver your task to anyone via the cloud.
What are the different applications of Cloud computing?
- Platform as a Service (PaaS)
- Infrastructure as a Service (IaaS)
- Hybrid Cloud Approach
- Testing and development
- Big data analysis
What are the real-time examples of Cloud computing?
Whether you call it cloud computing or disturbed computing, it is turning into the default choice for some applications. Programming vendors are progressively offering their applications as services over the web instead of independent items.
However, involving cloud computing in your company may cost new expenses and new dangers for organizations. An organization working on cloud computing are:
- Adobe Marketing Cloud
- Amazon Web Services.
- Dell’s Secure Healthcare Cloud
- IBM Cloud
Future Prediction: Factual Prediction of Cloud computing?
- The cloud computing services market hit 126 billion U.S. dollars in 2017 and was estimated to develop to 163 billion U.S. dollars in 2021.
6. Internet of Things (IoT)
The Internet of Things is posing the most intricate and complex UX challenges that we have ever seen. Companies are using the Internet of Things to save time and money. It is an amazing technology that can turn off our lights from anywhere in the world using our smartphone.
IoT is any physical object that you connect to the Internet. It allows Doctors to check on a patient’s status from the other side of the world. With IoT-oriented cities (smart cities), one can monitor everything from trash cans to buses.
What are the different applications of the Internet of Things (IoT)?
- Traffic monitoring
- Smart home applications
- Health care
- Fleet management
- Smart cities
- Industrial automation
What are the real-time examples of the Internet of Things (IoT)?
The advantages of IoT produces enormous good things. From a personal health issue to the physical reliability of roads and bridges, IoT is an emerging technology trend.
The name is saying everything about IoT, it is nothing but the interconnection of different things. IoT systems deploy greater transparency and control when applied to any industry or system. So without a doubt, the error ratio is minimalistic in this as compared to human intervention. Some of the industries working on IoT are:
Future Prediction: Factual Prediction of Internet of Things (IoT)?
- The overall market for Internet of things solutions hit 212 billion U.S. dollars in 2019. And, it is estimated that this figure will develop to around 1.6 trillion by 2025.
While talking about 5G, it is much faster than 4G. It has the potential to change everything that we are doing with the existing networks. We are grateful to have 5G around us.
By the end of 2019, AT&T and Verizon had both launched 5g in about 30 cities in the US. It is already claiming that the 5G network will cover over 5,000 cities including some rural areas.
What are the different applications of 5G?
- High-speed mobile network
- Wireless network
- Faster device connections
- Lower latency
- Better battery
- Capacity to connect billions of devices
- Fleet management
- Centralized database management
What are the real-time examples of 5G?
5G has a better future for faster connectivity that will transform our lives in the next five years and beyond. It will offer a high energy, high reliability, and low latency communication. Big companies are active in developing the 5G technology like:
- Samsung Electronics
Future Prediction: Factual Prediction of 5G?
- By 2024, estimates foresee that there will be around 1.9 billion 5G memberships around the world.
- As per the Statista source, 5G connections are going to represent around half of all mobile connections developed in Asia by 2025.
8. Cyber Security
Cybersecurity is an emerging technology that is beneficial to the government and industrialists. It is an exciting technology that is going to improve all of our lives and will change everything to make us all much more productive and efficient.
It is collective methods, processes, and technology to assist you with better protection. Cyber solutions are the technology trends affecting business intelligence currently. It offers confidentiality and integrity surrounding the computer systems or any other devices we are using in the organization.
What are the different applications of Cyber Security?
- Protection against ransomware, malware, phishing
- Safety for networks
- Data Security
- Prevention of unauthorized users.
- Protection for end-users
- Improves recovery time
What are the real-time examples of Cyber Security?
Moreover, it protects our network area and data against cyber-attacks. It doesn’t permit. any unauthorized access. In an organization, the major objective of cybersecurity is to safeguard the organizational assets from both internal and external threats. Some tech giant working on cybersecurity are:
- MICROSOFT- Windows Defender Advanced Threat Protection (ATP)
- CHRONICLE- Backstory
- Splunk Enterprise Security
Future Prediction: Factual Prediction of Cyber Security?
- The worldwide online cybersecurity technology market size is estimated to rise 248.26 billion U.S. dollars by 2023.
- Worldwide spending on security for identity access management hits 10.58 billion U.S. dollars in 2019. Spending on security benefits, the biggest section of the data security market. Therefore, it projects 64.24 billion U.S. dollars in the exact year.
9. Quantum Computing
The objective of a quantum computing solution is to find methods for speeding up the execution of long scrambles of instructions. Such a method might misuse a noticed wonder of quantum mechanics. Because when you write a mechanism on paper, it doesn’t come across any sense.
Maybe the quickest implication, however, would be the vanquishing of the boundary of trouble that shields cutting edge computerized correspondences from being decoded.
What are the different applications of Quantum Computing?
- Computational Chemistry
- Drug Design & Development
- Cybersecurity & Cryptography
- Financial Modelling
- Logistics Optimisation
- Weather Forecasting
- Cleaner Fertilization.
- Traffic Optimization
What are the real-time examples of Quantum Computing?
The suggestions for a figuring network where quantum handling assumes a great job, are enormous. It offers storm models that represent each water atom; dangerous atmospheric variation models that identify the following year’s forest fires.
Also, it can calculate the pandemic models that learn which types of bats, when burned-through, and under what conditions, produce future Corvids. Many supercomputing features you can avail of to know what is happening presently and what changes it would take in the future. Companies working on Quantum Computing are:
- JP Morgan
Future Prediction: Factual Prediction of Quantum Computing?
As per Statista, it shows the enterprise quantum computing income increases from 2017 to 2030. The revenue from the enterprise quantum computing services is figured to add up to around 224 million U.S. dollars around the world.
Artificial intelligence, cloud computing, 5G, the internet of things (IoT), AR, VR, quantum computing are some of the driving technology trends in 2021.
These existing and emerging technology trends will improve the organization’s processing. Above technologies are the trendsetters that will shape the way in which we live and work currently and in the future.
Hope you find this recommendation beneficial for the future of your business If you know any other technology, do write in the comment box. It will help us and our readers to know more about trending technology.
Q1: What is the latest technology trend in 2021?
A1: The latest technology trend for 2021 is as follows:
- AI & ML
Q2: What are the good effects of technology trends for business?
A2: Effects of Technology on Business are:
- Technology makes communication easy.
- Motivates employees to work more efficiently.
- Improves technical skills.
- Improving business strategies.
- The Accomplishment of More Complex Tasks.
- More Collaboration with Peers.
- Broadening the area of promotion.
- Help people with disabilities.
- Increase Attention to Audience.
Q3: How does technology trends affect business?
A3: Technology plays an important role in business to improve operations and drive growth. Companies are directly dependent on technology because it enhances business communication, improves inventory management, optimizes production, and also helps in keeping the record of financial activity.