‘Top 10’ Digital Trends for 2019-20
We are surrounded by a world of gadgets and technology that have changed the way we operate, communicate, exchange and broadcast information.
Well, the demands of our world are such that we are constantly dependent on these IT resources to fulfill a never-ending network of demand and supply.
Innovation and invention became the need of the hour. From mere information consumption and exchange a few years ago, developers and software pioneers begin to look for ways to employ the abundance of the internet to create, develop and revamp the way we work and conduct business.
Building on this trend and reaching the helm of computing, here we are in 2018 backed by reliable IT technology and solutions that are industry game-changers!
Technologies including artificial intelligence, the Internet of Things (IoT) and block-chain have put us into the future that IT industry experts predicted a couple of years ago.
Take a look at ‘Top 10’ digital trends for 2019-20:
#1 Internet of Things
Standing at the top of the list is the ‘Internet of Things’ (IoT), the most crucial element of all technologies and innovation. The way it has developed over the years, even when many technologies and IT solutions came by and disappeared, is the proof of its potential even for the future. 2018 is a witness to how IoT moved from being an entity of ‘connected things’ to ‘how we could use its data’ for our benefit. And, that’s exactly what founded the three most important technologies- data analytics, edge computing, and 5G.
In 2018, the number of connected devices stands at 23.14 billion! This directs us to think about the massive amount of data that was generated and how it was put to use. The number is further expected to go up to 31 billion by 2025 at a CAGR at 19.2 percent.
Furthermore, the IoT industry will witness tremendous increment estimated at USD 8.9 trillion by 2025 from USD 2.99 percent in 2014. It is majorly used in the healthcare industry in the form of remote monitoring, smart sensors, and medical device integration.
#2 Data Analytics
Data analytics is at the heart of every industry’s functioning. This very analytics help us find directionality in making sound business judgments and tapping the right audience. Helpful data analytics technology such as Big Data, Data Science, Deep Learning and Machine Learning made large data processing easier and more accurate.
Gartner had predicted that 8.4 billion connected things will be in use worldwide in 2017, up 31 percent from 2016, and will reach 20.4 billion by 2020. Going by the current trend, IoT is growing faster than the expected rate and this in turn will increase the dependency and demand for data streaming in huge quantities.
#3 Edge Computing
Just when companies began believing that cloud computing is the ‘need of the hour’, rapid digital transformation presented industries with the concept of the ‘Intelligent Edge’. Based on the amount of data and speed that IoT demands, it is impossible to store information on the cloud and hence the need for Edge computing. This technology is capable of reducing dependency on the Cloud and has the power to bring down instances of lag and enables better management of massive data generated by connected things.
Edge computing facilitates data processing in the source device itself rather than transmitting it to a data center.
“By 2020, IT spend on Edge Infrastructure will reach up to 18% of the total spend on IoT Infrastructure,” predicts International Data Corporation (IDC).
#4 5G Mobile Network
We had hardly began to see the replacement of 3G with 4G when the talks of 5G surfaced. This technology breed is created to handle hyper-connected devices of IoT and digital reality.
It is characterized by high data rate, reduced latency, energy saving, cost reduction, higher system capacity and impeccable device connectivity.
“The 2G networks were designed for voice, 3G for voice and data, and 4G for broadband internet experiences. With 5G, we’ll see computing capabilities getting fused with communications everywhere, so trillions of things like wearable devices don’t have to worry about computing power because the network can do any processing needed,” says Asha Keddy, Mobile Standards for Advance Tech Department, Intel.
#5 Artificial Intelligence
Artificial Intelligence is no futuristic vision, it is already today’s reality and has made its home among us. It just takes us a moment to say, ‘Ok Google’ and there it is, answering all our queries and fulfilling requests. Machine Learning, AI-powered chatbots and natural language processing have elevated the human-computer interaction and paved the way for AI’s success.
AI has the power to help boost businesses by gathering data, deriving actionable insights and converting them to creating value-oriented marketing and business plans. Furthermore, it also has the ability to assist governments to deploy resources efficiently.
#6 Augmented Reality
Video games and animations have become a part of our reality with the introduction of ‘Augmented Reality’ (AR). And with the introduction of AR-supported devices including headsets, smartphone apps and glasses, the trend has kicked off at an explosive rate. The specialty of bringing the virtual world and reality together has made this technology a great attraction among people of all ages. It is predicted that this industry is set to reach nearly USD 50 billion by 2021 and USD 7 trillion by 2027.
Blockchain proved to be a boon for financial technology when it was created for Bitcoin. But what made it popular is its adaptability to different sectors such as education, energy, healthcare, government, manufacturing, and supply chain.
Gartner predicts that by 2030, the business value added by Block-chain will grow to USD 3.1 trillion.
Furthermore, International Data Corp’s Health Insights report predicts that one-fifth of the healthcare providers will incorporate block-chain in their operations by 2020. Currently, in 2018, this technology is entrusted with the encryption and security monitoring of many healthcare sector industries.
#8 Amazon’s Retail
Amazon has redefined the term ‘retail’. Retailers worldwide are yet to go the ‘Amazon way’ and see the potential they have in taking their retail stores online. Additionally, the 2018-trend demands that brands invest in creating an engaging ‘multi-channel’ experience for shoppers allowing them to shop from whichever device they own, at any time. Amazon is a perfect example in this case.
Moreover, its themes such as ‘Day 1 Mantra’, Amazon Prime and several other approaches have worked together to make it the name of recall in the ‘retail industry’. Brands need to learn from its success and bridge the gap between retail and digital.
#9 Event-Driven Architecture
Technologies such as Artificial Intelligence and IoT have powered the alignment of ‘business events’. In software terminology, an ‘event’ can be defined as a ‘series of stages in a business workflow’. This has directed businesses to think about ‘Event Driven Architecture’ (EDA). As per the EDA model, it responds and updates its status as and when it receives one or more notifications.
EDAs create a more systematic approach to a workflow, thus allowing for organized business operations. According to Gartner, by 2020, event-sourced, real-time situational awareness will be a required characteristic for 80% of digital business solutions, and 80% of new business ecosystems will require support for event processing.
#10 Digital Twin
When we come to think of Digital Twin, it reminds us of virtualization as the former is a digital representation of physical assets, process or systems. The digital components are linked to real-world counterparts and gather information from resources to enhance the operational efficiency of the physical component.
According to IDC, by 2020, 30% of G2000 companies will be using data from digital twins of IoT connected products and assets to improve product innovation success rates and organizational productivity, achieving gains of up to 25%. Gartner adds that half of the industrial companies will use Digital Twins in their organizations to gain 10 percent more efficient.
Where change is the only constant, these digital trends may not always maintain their position on the lists. But for now and the next two years (2019-2020), these trends are here to make our business stand out and function at their best.
What are you waiting for? Have you experienced using any one of these technology trends in your business? If not, it’s the time!