It’s 2020 and the question at the top of everyone’s mind is, what technologies will dominate this year and beyond? In recent years, we saw transformation changes with technologies like blockchain, IoT, robotics, and artificial intelligence. This year is no-different. In today’s business climate with competition at a global level, smart organizations are seeking new technologies to gain competitive advantage.
So, what are the leading technologies to watch for? The team at SimForm has developed an infographic of the top 10 technologies that will impact and influence us in 2020 and beyond. Enjoy!
1. Artificial Intelligence (AI)
AI is one of the important technology trends for 2020. In 2019, the global spending on AI was $35.8bn. However, it’s projected to hit $46bn in the year 2020. Oracle says, by 2020, about 78% of brands will have implemented AI. AI is seen as a savior in redefining conventional business operations.
Apart from refining business processes, AI is also used to:
- Further enhance personalization
- Tighten cybersecurity aspects
- Test and maintain software applications
- Automate bug detection and fixing
- Optimize server operations and more
2. Augmented Reality And Virtual Reality (AR/VR)
One of the most underrated technologies, AR/VR could see a revival in their implementation this year. It is estimated that 32% of companies would incorporate this technology to enhance their product experience in the next 3 years. With virtual try-on jewelry and fashion apparel concepts already hitting the market, we could say that the booming of IoT will also help boost its market penetration. From retail and real estate to manufacturing and training, we could see the use of AR/VR in diverse formats.
3. Progressive Web Apps (PWA)
With billions of users connecting to the internet from their phones, it makes complete sense for businesses to go mobile-first. Arriving as a boon for such businesses to make their online transition seamless is the concept of PWA. The hybrid tech that bridged the gap between native apps and websites increased page views by 134%. What’s more, it also lowered bounce rates, increased engagement rates, reduced development costs, and increased delivery time. Some of the most popular websites like Trivago, Tinder, AliExpress have implemented PWA and this is the right time for your business to do it too.
4. Programming Language Trends
5. 5G Network
While there are places where 4G technology is yet to reach, countries like the US and China have already implanted 5G networks into their infrastructures. The implementation across countries is so rapid and dynamic. Gartner predicts that worldwide revenue from 5G networks is anticipated to hit $4.2bn in 2020. CCS Insight forecasted that there would be over 340mn 5G connections by 2021 With the estimated reach of 5G, aspects around the network like privacy regulations, transparency in terms of data collection and usage, security and more will also be worked on.
6. Business Intelligence (BI)
The amount of data generated today acts as one of the most perfect avenues for companies to make crucial business decisions. Thankfully, companies are seeming to understand the inevitability of business intelligence for their ventures. Data analytics is offering tons of insights and patterns on customer and employee behavior. This helps companies to make a lot of crucial changes to their workflows and go-to-market strategies.
In the coming year, this application is only anticipated to surge further. Some of the below-mentioned aspects will be trending this year as companies explore these to better suit their operations and strategies.
- Better Predictive analytics
- More Business intelligence platforms
- Smarter NLPs
- Newer data touchpoints
- Thorough Data governance
- Mobile business intelligence
7. Edge Computing
Still considered a growing market, edge computing is expected to witness explosive growth in 2020. With a projected growth rate of 50%, this industry will experience more takers from telecom companies, software platform providers, data centers, public cloud providers, content delivery agencies/networks, and more.
8. Big Data
To quickly understand the power of Big Data, realize that Netflix saved close to $1bn by using Big Data for customer retention. Companies have also increased their profits by 8-10% with its implementation. Some of the aspects where Big Data is applied include
- For more effective research and development
- For enhanced business efficiencies
- For quicker innovation cycles
- Better quality of product/service
9. Internet Of Things
The number of devices connecting to the internet is phenomenally increasing by the day. It is expected that over 29 billion devices will be connected to the internet by 2022, out of which over 18 billion would be IoT devices. Apart from the consumer-specific applications of IoT in terms of gadgets and home automation systems, IoT will also witness a widespread application
- to boost agriculture
- in healthcare to fight counterfeit medicines
- in making cities smarter with smart power grids
- traffic management systems
- surveillance and security
- retail and more.
If you’re a retail shop owner, now would be the best time to use IoT to customize your store visits and push sales.
Still a buzzword for a lot of companies, blockchain technology can work wonders for your business by
- securing payment processes
- reducing costs
- increasing efficiency of transactions and more
One of the key trends when it comes to blockchain is that over 77% of the financial institutions will adopt this technology to work on the above stated purposes. With more companies understanding what blockchain can do for their businesses, this industry is also expected to hit a global revenue of $3.9bn by the year end.
So, these were the technology trends for 2020. If some of these techs were in your list of to-dos this year, we recommend fast-tracking the implementation process. If none of these were on your list, it’s time to re-strategize your business operations and goals for the upcoming year. Each tech mentioned works on increasing your profits and customer and employee satisfaction. Go for the ones that meet your budget requirements and make 2020 count for your business.