TECHNOLOGIES THAT WILL DOMINATE THE NEAR FUTURE August 3, 2020

Which are the most important technological trends for the years to come? Here’s a list of the technologies that will dominate the near future. Take a look!

If we could break out a crystal ball and predict the future, we would be in a different business (and the world would have a much higher demand for crystal balls).

But we do know that the future lies in technology, and while we cannot predict every new ebb and flow of emerging tech, we can take a look at past performance as an indicator of future developments.

If your business is clever enough to keep your finger on the pulse of emerging technology, you will find yourself poised to take charge of your industry. With that in mind (and our crystal ball polished), here are seven software technologies that will dominate 2020 and the years to come.

1. BLOCKCHAIN

Blockchain is the technology that drives cryptocurrency. It is also the only part of cryptocurrency that is likely to last. And for good reason.

In essence, blockchain is a decentralized, distributed, public ledger. It gets its name because at its root, it is nothing more than a chain of blocks. The technology behind those blocks is what makes blockchain so exciting.

Blockchain has a great potential to become a game-changing force. Currently is most used and well-known within the government and finance sectors but the truth is that this technology is already being looked at for its benefits by other businesses and industries. According to Statista, by 2025, 55% of healthcare applications will have integrated blockchain solutions for commercial use.

It is precisely thanks to its characteristics of decentralization, transparency and immutability that Blockchain is a technology that about 38% of companies are planning to adopt in 2020, according to InsideBitcoins.com. Of these, 15% plan to adopt Blockchain solutions on a large scale and another 23% would adopt moderate-sized solutions.

Finally, Statista estimates that U.S. spending on Blockchain initiatives will reach about $4.2 billion in 2021.

2. 5G

5G is not a software per se. It is the internet connection that will allow future software systems to prosper.

5G stands for fifth-generation cellular wireless.  It will eventually replace (or, at least, augment) your 4G LTE connection. At speeds of up to 100 gigabits per second, 5G is set to be as much as 100 times faster than 4G.

Most consumers are unlikely to see dramatic speed boosts right away. In the beginning, 5G will likely be used by network operators to boost capacity on preexisting 4G networks. For now, though, operators will have to put up walls between 4G and 5G, as the two cannot coexist too closely.

5G also gives carriers more options than 4G. It opens up “high-band” short-range airwaves that were inaccessible with 4G. However, 5G can run on any frequency (low, middle, and high) which can create three very different 5G experiences. Your experience is directly tied to how wide the available channels in your area are and how many are accessible.

3. THE INTERNET OF THINGS

Part of what makes 5G so exciting nowadays (even though we have heard of it for a few years already) is the possibilities it offers for the development of other technologies, such as the Internet of Things (IoT). Today, everything from your toaster to your dog’s collar can have Internet connectivity. IoT defines the new environment of smart objects.

In broad terms, the Internet of Things refers to everything connected to the Internet, though these days it is increasingly used to refer to objects that talk to each other. Basically, if you connect all of these talking devices, you can gather information from all of those items to learn about an environment, a task, or a process, and help someone complete an action.

What would that look like for a real person?

Let’s say you are en route to a meeting. Your car, which has access to your calendar and knows what time the meeting will occur, can analyze traffic and figure out the quickest route. In heavy traffic, your car can send a text letting the other person know you are running late.

Or, your alarm clock can go off at 6 a.m. and let your coffee machine know it needs to start making coffee for you. Or, your dog’s collar can collect information on your dog’s vitals and send updates straight to you and the vet.

What can IoT accomplish? In a connected world, almost anything you can imagine.

In the business world, IoT is already used in different industries and involves solutions such as remote equipment, inventory tracking, bedside telemetry, health management, oil field exploration, supply chain traceability, energy consumption, among much more.

Such is its heyday and versatility in the corporate world that Statista highlights that the global IoT market revenue will reach about $1.6 trillion by 2025. The forecast made suggests that Construction, Telecommunication, and Healthcare are those sectors that will show the fastest compound annual growth rates (CAGR), with 15.0%, 14.2%, and 13.6% respectively.

4. ARTIFICIAL INTELLIGENCE (AI)

This is a term that has been on people’s lips for several years and takes on more and more strength as a trend to be followed in the near future. Products like Siri, sales forecasting, Facebook facial recognition when we upload a photo or product recommendations shown every time you shop online, are some examples of the AI immersion in everyone’s life. There are even companies that already work with drones or robots that do deliveries.

While it is known that AI is the ability of a machine to imitate or simulate intelligent human behavior, the reality is that it goes far beyond that and involves the automation of actions such as offering medical advice or driving a car (things we probably never thought possible for a machine to do).

AI is shaping industries all over the world and, at the same time, taking them to another level. According to MarketsandMarkets forecasts, the global AI market will reach $190.61 billion by 2025, a huge leap if we take into account that in 2018 it reached $21.46 billion. This growth is mainly due to the increase of big data amounts and cloud services, as well as the high demand for workflow automation, and the adoption of personal digital assistants.

What is expected in the near future is for AI to evolve into the implementation of Edge AI, a technology that will enable devices to be smart on their own and be able to perform tasks without relying on a data connection.

5. AUTOMATION

This is a trend that every minute is getting more and more important when it comes to business success. Automation aims to enhance people and boost companies’ operations by combining packaged software, machine learning, and automation tools to deliver better results.

The importance of automation in the industrial field can be considered invaluable. Its advantages and positive impact on the optimization of processes mean a significant increase in performance, productivity and quality, as well as cost reduction and rapid Return on Investment (ROI).

Automation, combined with technologies such as big data and Artificial Intelligence, will be a business catapult in the years to come.

6. CUSTOMIZED AND INTELLIGENT MANAGEMENT SYSTEMS

Packaged software products are being left behind, and are barely adapted to companies’ needs. Designed to work for a large mass of businesses, this type of business management system leaves out an essential element: each company is a unique and particular world and therefore its needs are also unique.

The development of customized management software, according to company needs, objectives and characteristics, will be a trend that will gain momentum over the years. It offers a way of working that improves efficiency, productivity, and decision making capacity, reducing the margin of error.

In the future, and thanks to the use of other technologies that complement them, these systems will be capable of predicting and analyzing data in a more intelligent way. In short, there will be an increasing evolution towards the creation of intelligent software.

7. MEDICAL TECHNOLOGY AVAILABLE

During pandemic times, this has emerged as the biggest necessity the world will need in the near future. Medical technology will be the future and many companies around the world will have to reevaluate their businesses according to the new “post-Coronavirus world” we must live in.

The new trends will be around the sophistication of technology upgrades: 3D printing for advanced prosthetics, medical masks and equipment for health workers, are just a few examples.

Having available technology that can be applied in the field of contagious disease prevention and control will be the number 1 target. Even though Artificial Intelligence is playing a very important role during the pandemic (diagnostic systems or the development of automated applications for temperature monitoring), the reality is that faster and more accurate technology is needed.

THE TECHNOLOGY OF TOMORROW

The technology of tomorrow does not begin with a bolt of inspiration or a huge investment in off-the-wall gadgets. It begins with augmenting the capabilities you already have, asking where you need to improve and how technology can help you get there.

We hope that you can implement these technologies into your business for future success. After all, there is no time like the present to invest in the future.

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