Rapid technological evolution only means quick changes and even faster changes in the fashion and entertainment industry. Likewise, either due to necessity or by desire, IT professionals in the 21st century will continue to learn and evolve. As we come close to the last quarter of the year, here are some technology trends that are still being explored and will continue to make an impact in the future.
AI-enabled conversational interfaces will soon replace mobile screen interactions, blockchain is gaining a lot of traction across businesses, mixed reality is being explored by enterprises and internet users are all for OTT. As the 2010s come to an end, there are some technological trends that businesses will leverage to unleash the full potential of a digitally-driven world, which will eventually, shape our future – personal and otherwise.
While technological influences are highly apparent, it has overhauled the way businesses interact with customers and manages their internal processes. Irrespective of the pace at which technology is developing, it sure is thrusting change, also, which is imminent.
The global market saw several technologies in 2018. While some were mainstream, others waited for the dust to settle down till they could fully make an entry. This year, though, companies across industries, exhibited an eagerness to unfold the potential of technology and apply them into business practices thus breaking their traditional models. By 2022, the investment in technologies and support services for digital transformation or DX of processes is expected to grow up to $1.97 trillion (Statistics according to a report published by the IDC).
Innovations in technology that will be grabbing headlines in the future
Here are the key tech trends of the future:
A distributed digital ledger, Blockchain is a network of recorded transactions that take place in real-time. This does not, however, involve any regulatory authority. Blockchain is one of the most critically acclaimed disruptive technologies that has earned recognition due to the surge in the usage of cryptocurrencies. The potentials of blockchain, are yet to be explored.
Internet of Things (IoT)
Already underway and ready to make headlines Internet of Things or IoT is also known as pervasive computing, embedded internet or even web of things. While the concept has existed since the 1970s, it found popularity in 1999 when Kevin Ashton changed its name to IoT. The technology, by itself, gained traction, though, only in 2013 – 2014.
Artificial Intelligence and Machine Learning
Used to build cognitive abilities, Artificial Intelligence (AI) and Machine Learning (ML) have become the main attraction of all digital transformation strategies. When people talk about AI, they invariably talk about ML as well. In the 1950s a neural network was created based on which a computer program was developed. Along with it came the ability to learn and evolve from the tasks that it performed. Research and development, over the years, eventually led to the advent of AL and ML that is today, the most prominent of technologies.
Joseph Weizenbaum created the world’s first chatbot called ELIZA. People would easily conclude that it was a bot and not a human due to which ELIZA failed the Turing Test. Chatbots thereafter became extremely prominent and today have evolved into Alexa, Siri, Cortana, and Google Now. The technology’s popularity rose extremely fast between 2010 and 2015, thus also, setting the stage for Chatbots to evolve further. Today, Chatbots are all about conversational interfaces and designs that deliver integrated experiences. Furthermore, it is designed to play different roles that of a personal assistant, play music on demand, or provide information about products and services.
Robotic Process Automation (RPA)
RPA or Robotic Process Automation is the latest technology trend that is witnessing colossal traction across industries. All of the sectors including manufacturing, food, and beverage, medical and much more are contemplating harnessing the potential of RPA. By 2025, according to the McKinsey report, technologies such as the RPA will have a politico-economic impact of around $1.7 to $4.5 trillion across applications. For companies that cannot replace their existing legacy suites, RPA is helping them in their manufacturing, telecommunication, oil, and gas to modernize their infrastructures gradually.
AR and VR – Augmented Reality and Virtual Reality
Charles Wheatstone back in 1838 was the first to create a stereoscope that would create 3D images of objects. Today, AR helps with simulation and training, without disturbing the real world while VR provides users with a feeling of spatial presence. Enterprises across the globe are exploring their potential and making huge investments in these technologies.
One of the biggest digital transformation enablers, cloud technology has erased conventional practices to effectively manage business data, processes and contribute to savings. Beneficial for companies in several ways, it offers remote access, real-time activity, boosts operational efficiency and reduces operational costs.
OTT or Over the Top Entertainment
Technology is integrated with conventional television and a set-top box to view over the top content. Video content is delivered in the form of movies and web series. Without the need for traditional facilitators, such as cable operators and satellites, OTT receives data from the internet. Initially, YouTube monopolized the arena. But later, with the evolution of streaming service providers such as Netflix, Amazon, Hulu, and others, the OTT market is largely decentralized.
Creating an operable environment
Businesses have reached a point of inflection and are discovering enormous opportunities for innovate. Enterprises can create interoperable environments that will remain future proof throughout their performance.
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