Emerging disruptive technology change can be both ephemeral and daunting, but some new tech trends like cognitive computing are becoming integral to businesses and mobile app and web development industries. These are forming the backbone to transform various digital concepts into reality. With Millennials investing in new technologies as well as embracing powerful management positions and Gen-Z now joining the workforce, it’ll be amazing to see how they will leverage these latest trends and consumer experience to drive their revenue and get more business opportunities.
There are a diversity of cutting-edge technologies that gained massive momentum in this decade, and without a shed of doubt, more many will also surface in the coming decades, which will profoundly impact our day-to-day activities. The key focus areas for all-size-of-businesses should be computing, FinTech, user experience, cybersecurity, big data & analytics, mobility, corporate regulations, and of course, fierce competition. Below outlined and explained are the top four technology trends that are bound to cultivate rapidly in 2020 and beyond and will allow business leaders to pursue strategic ambitions.
Technology Trends in 2020:
Cognitive Computing
Impact: Transformational
Cognitive computing is the technology of the future that has the ultimate power to integrate algorithms and models of diverse fields like NLP, computational resources, contextual awareness, pattern recognition, deep learning, and Artificial Intelligence technology. Cognitive computing is an advanced system that learns and mimics human thought processes in the progressively pervasive digital and computerized environment. These systems are built in such a way that they can efficiently reason with purpose and interact in sync with humans. Cognitive computing allows machines to transform jobs and enhance performance and efficiency on diverse mundane cognitive activities. The potential applications of this neural computing network and intellectual power are endless and will continue to progress in the upcoming years. Investing in this modern technology will enable businesses to navigate through and churn the vast sets of information and also reduce the drudgery of human work using various capabilities, such as:
- Accurate data analysis and insights into forests of data
- More efficient, lean business models
- Improved engagement and customer interaction
- Enhanced decision-making ability
Edge Computing; Impact: High
Edge computing, also known as the mini cloud, is a game-changer that will take center stage and unleashes order-of-magnitude improvements to drive the flexibility, efficiency, and productivity of market-ready business models and applications. The cutting-edge topology will allow systems to collect and process critical information locally and deliver it to a micro cloud infrastructure or data center closer to the source point of the data.
Simply put, instead of pushing out all the received content, sometimes massive amounts of it, across long routes to a centralized cloud or data center, the computing will take place on the edge of the location where business occurs, generally in a mark of less than 100 square feet.
It will be the most valuable asset for businesses to drive real-time decisions as well as automated operations by keeping traffic local and reducing latency. In the coming months and beyond, industries across different sectors and geographies are likely to take advantage of this evolving connectivity option to configure and operate their enterprise networks. One such industry that might take advantage of this new solution is the business transportation industry. With internal logistics providers similar to Informsoftware among others, helping to manage internal communications, cloud computing is potentially shaping the future of industries that rely on complex data and communication.
Here are some benefits of edge computing or mini cloud computing:
- Reduces the backhaul traffic to the middle cloud respiratory
- Offers efficient routing with low latency connectivity to the end devices
- Enables IoT devices to deliver offline or distributed capabilities
- Addresses connectivity challenges, higher WAN costs, and bandwidth restrictions
- Improved performance, scalability, and speed of systems
- Reduces privacy and security risks by eradicating redundant network transmission
Blockchain; Impact: High
Blockchain, the most talked-about yet mysterious technology, gained the blaze of public interest for being a digital ledger for virtual currencies, such as Bitcoin. While blockchain technology is not a new concept, it’s now emerging as a leading player in the game itself and moving beyond being a supporting character for cryptocurrencies.
Blockchain is a decentralized, open-ledger distributed technology that records a list of transactions chronologically without relying on the financial intermediary team, such as third-party banks.
Compared to a centralized ledger controlled by a trusted third-party entity, Blockchain provides the banking and finance industry with the exceptional ability to not only move their funds or assets anywhere in the world but also increase the transparency, security, and interoperability of records and data. Say, for example, you are a consumer who requires to take out a payday loan from certain financial organizations similar to Halifax’s Fintech industry. If you do opt for the same, you would be content that your transaction would be safe due to the rise in technological advancements in this sector of finance. The said capability is not just limited to the FinTech sector but is significantly transforming the healthcare niche as well.
5G; Impact: High
5G is a next-generation wireless communication technology that will not only elevate today’s mobile broadband services to interconnect people but also support a massive number of machines and IoT-enabled devices as well as services at an unprecedented scale. The cutting-edge technology will lay the foundation to connect new industries, provide easy access to digitization in many technology fields, and deliver an improved customer experience. It leverages a variety of spectrum bands to carry large amounts of data within a short-distance connection.
From retail to entertainment to education, 5G is being used by various industries to connect a vast network of embedded computers or sensor nodes virtually, in the same physical area. In fact, enterprises are adopting this technology trend to develop, test, plus deploy large scale prototypes and pilot projects, like remote-controlled machines, autonomous vehicles, and power-critical applications. Additionally, it allows you to work with wireless VR, AR/XR, IoT services, and autonomous solutions with minimal technical hesitancies. Some of the benefits are:
- Delivers extremely lean, cost-effective solutions
- Proposes an effective dynamic network reconfiguration scheme
- Offers high levels of network flexibility, high internet speed, and lower latency
- Provides uniform, consistent, and uninterrupted connectivity capabilities
- Enables high-quality, uninterrupted video streaming and video conferencing