Despite its numerous disadvantages, the COVID-19 pandemic has significantly reshaped the technological space. Businesses are more than ever reliant on technology to enable communication with other businesses, clients and staff.
If you want to stay relevant now and in the foreseeable future, you need to adopt the latest trends in the tech industry. Here’s what we think is likely to define the technological space this year.
- 5G networks
- Automated and explainable artificial intelligence
- Edge computing
- Internet of Things
According to the World Economic Forum, 5G technology is expected to generate over 20 million jobs by 2035. This new global wireless communication standard is expected to unlock several technological possibilities, including accelerating the shift towards the use of Internet of Things on an industrial scale.
Because of its ability to provide the power needed to run data-intensive applications, 5G technology will enhance the productivity of manufacturing industries. Notably, it is up 100 times faster than its predecessor, 4G LTE networks. This means that all sections of a factory can share data and react in real-time.
Automated and Explainable Artificial Intelligence (AI)
AI is the intelligence exhibited by machines, enabling it to think more like a human or animal. It was first used in the 1950’s and 1960’s and developed into the field of machine learning. While there’s no denying that artificial intelligence makes working convenient, it is only useful if your employees know how to use it.
For this reason, developers are focusing on automated and explainable artificial intelligence systems. Unlike current models, these systems will be easy to use, even to people with little or zero knowledge in computer science.
Internet of Things
Most of the latest appliances and gadgets come with built-in Wi-Fi, meaning that they can connect to wireless networks and exchange data. This is called the Internet of Things (IoT).
Thanks to IoT, you can link your business or home’s security system to your phone, allowing you to lock doors remotely, you can connect your lights and heating to an app again enabling you to be able to control your home from your mobile. From a business person’s perspective, IoT can improve decisiveness, efficiency, and safety at your premises.
As mentioned above, IoT is expected to flourish because of other technologies, such as 5G networks and edge computing. Forecasts show that there will be 50 billion IoT devices worldwide by 2030.
It is almost impossible to find a business that hasn’t invested in cloud storage solutions, be it Amazon Web Services, Google Cloud or Microsoft Azure. Now that cloud computing has become a mainstay, there’s a new entrant in the technological space known as edge computing. This method of storage takes place close to the physical location of where data is analysed and processed and can be done on edge servers or the actual machine itself.
Edge computing seeks to solve the shortcomings of cloud storage solutions by reducing the latency experienced when storing or retrieving data from the cloud data centre. It is ideal for organisations in remote areas where internet connectivity is limited, especially when they need to process data urgently.
As the Internet of Things gains more popularity, the use of edge computing will increase. By the end of next year, the estimated value of the edge computing industry will be $6.72 billion.
Blockchain is a database that records transactions and tracks assets in a business network. Although many associate it with cryptocurrencies, blockchain technology has several other uses. Its most significant advantage is its security, as nobody can alter data once it is stored on the ‘blocks.’ Moreover, they are decentralised, meaning that a single entity can’t control the entire network.
To keep your business afloat, you need to continually adopt the prevailing trends. The options mentioned above are only but a few of the tech trends expected to make waves in 2021.
Ensure that you consider at least two of them when making improvements to your business. What we’re really saying, is that increasingly – ‘I’m not that techy’ isn’t going to wash in the business arena much longer. You don’t need to understand all of it but a broad understanding of what is available and what it could add to your business is essential.