Technology is growing at a pace we cannot keep up with. A few decades ago, flying cars were only visible in fictional movies, and now, we have developed flying car prototypes and our generation will see their commercialization as well. But technology is not always present in the form of something as peculiar as a flying car, and it is present all around us.
We are so accustomed to being around and using technology that it now feels like an integral part of our lives. We are using smartphones, laptops, Smart TVs and tablets etc. in our daily life. We can do so many tasks using just these devices. Technology continues to expand, and every day new technology trends emerge. Technology has helped us in every dreadful situation, be it an economic downfall, an epidemic, a virus out-break, a natural calamity or an artificial calamity called war. It is entering into every sector of our routine lives. With the increase in use of Smartphones, the importance of technology is increasing drastically.
Every industry is trying to incorporate more and more technology to make things effortless and convenient for everyone. To-day, we are going to discuss some possible future trends of technologies and the challenges associated with them. Future trends will help us anticipate what future technology holds for us and how it will affect our lives in the future.
Technologies Which May Play An Important Role In The Future:
Cloud computing is another upcoming field in IT which has many advantages. Many big companies are migrating their data centers to Cloud due to their scale of operations. Cloud plays an important role for Ecommerce and Start up companies which are not sure about how much scalability is expected in next few years.
To keep with the digital transformation trends, many firms and companies are in the process of complete cloud migration. Cloud service providers give option of monitoring and efficiently managing various resources.
Microsoft, Google and AWS are investing a big amount in their cloud solutions and offering easy to install solution with monthly subscription. There companies provide their platforms for latest technologies such as AI, Chatbot, ML, Blockchain etc. There are many companies which are planning to move their data centers to Colocation services in non-seismic zones. This way they protect their data center and meet regulator’s requirement of various types of compliances and also protect their data.
Companies at the current time lack the ability to adequately set up cloud computing and manage it. However, in the future, companies will have trained resources as companies will move their infrastructure to cloud solutions. Cloud companies are coming up with new innovative calculations to justify that their pricing. It is not cheap now but in future if their pricing will be justified then more companies will be happy to migrate their data to cloud. Server Competition in this space will help in further decreasing the cost of the cloud offerings.
Additionally, then the companies will not have to settle with any SaaS products, but they will have the provision of getting customized, business-specific solutions that offer greater efficiency.
AI, the common term for Artificial Intelligence, has become quite popular and significant in a very limited time. Even in its primeval stages, it was extremely functional. Its practicality and versatility enabled it to have wide applications. AI is used in facial and speech recognition, in apps designed for navigation, as personal assistants in smartphones and wide range of other a.
Besides, that AI will be further used by businesses to analyze and monitor customer needs and behavior in real-time. This will help them reach better decisions to maximize revenue. Hospitals could predict the demand for service based on accurate data. As our dependency on AI continues to rise, it will be included in almost every sector of industry. Reading of face using CCTV and collection of attendance records is a good example of AI based attendance system.
By the year 2025, the AI market will be worth $190 million. Its rapidly growing industry will create more job opportunities in programming, testing, and maintenance. Its industry will continue to expand with some of the highest-paying jobs for an AI architect.
Machine learning is also a part of AI. Along with AI, machine learning and automation will also dominate the future trends in technology. In fact, a study shows that by 2025, nine percent of new jobs will be created by these technologies. So future scope would be promising in this sector.
Robotics Process Automation (RPA)
Robotics Process Automation allows organizations to automate selective tasks just like a human being by executing same steps automatically. The RPA Technology helps human being in utilizing their time in analytics and better decision making rather than spending most of their work in a repeated activity.
It is primarily be used to remove iterative business processes where there is a redundancy in operation such as creation of master data, Invoices and Application User IDs, finding suitable job profile, sending Emails for recruitment, monitoring of Infrastructure, detecting frauds in the systems etc.
It can be used in collecting data from different sources and utilize them for predictive analysis. RPA acts as a personal assistant which can
perform multiple tasks and accomplish tasks very fast with accuracy better than human beings.
Industry 4.0 is the term coined in Germany, but it is a concept that many countries are using. Industry 4.0 refers to the automation and technology for mass production with minimum workforce and maximum efficiency. It is the use of other advanced technologies like automated robots, the Internet of Things, cloud computing, to name a few.
The primary objective behind introducing industry 4.0 is to have more productivity. It involves humans, machines, equipment, and other aspects of the production process operating in coordination to yield the best results. People consider this as the fourth industrial revolution that will drastically change the idea of the production process from what we know now.
Internet of Things
The Internet of Things (IoT) is already being used for our personal use. It is the technology that enables different devices to connect to the internet and each other remotely. We are talking about the same technology that lets you lock/unlock the doors of your house and turns on the air conditioner from a remote location.
Artificial Intelligence is trained based on a library of data. How an AI reacts depends entirely on how data has been trained
As the end customers, we are the first ones to use the Internet of Things for our benefit. But companies will also include the Internet of things for their advantage in the future. Implementation of IoT devices in manufacturing are may help in generating different types of alerts to maintenance department. It may help in enhanced customer service, better prediction by analyzing previous and real-time data obtained from IoT devices.
It is still at its early stages of development in the current time. Hence, we do not see many applications of it. But it will eventually start to influence the business world, designing a huge group of interconnected devices. As per predictions by 2030, 50 billion IoT devices would be connected. At the same time, its industry will be worth over 1.1 trillion dollars in next eight years before that. If somebody wants to step into the field of IoT, learning about the fundamentals of Artificial Intelligence (AI) and machine learning is a prerequisite.
Blockchain And Cryptocurrency
Blockchain is simply defined as a decentralized, distributed ledger that records the attribution of a digital asset. By intrinsic design, the data on a blockchain is unable or very difficult to be modified. This unique concept makes this data legitimate for industries like payments, cybersecurity and healthcare.
Several types of businesses are showing a great interest in using a new technology which can improve their business. Coronavirus outbreak further boosted this interest. Due to increase in cyber and ransomware attack on data centers globally security has become a very big concern for the organizations. Due to its unique concept, blockchain helps in better protection of the data which is very difficult to be breached.
Rise in interest of cryptocurrency, a blockchain application, by large investors all across the globe has paved the way for development of new applications using this plat-form. Large number of IT professionals are learning this skill and providing new use cases to the world. Many government organizations are planning to use blockchain for registration of the properties. Chances of land frauds will be reduced drastically when blockchain will be used for capturing these details.
The large-scale use of blockchain will increase the market size to USB 39.7 billion by 2025. It is anticipated that in the coming year’s blockchain technology will make the most drastic and significant changes in the way businesses operate. It is also anticipated that private blockchains will be the major contributor to the expansion of the blockchain market.
Supply Chain Excellence
The use of technology is a tested and proven method for supply chain excellence. Supply chain managers have understood that using technology is an excellent way to ensure maxi-mum production, predicting mistakes and correcting them on time. Software programs, cloud computing, and automation are some of the major technologies that will help in achieving supply chain excellence.
Supply chain technology is developing at an incredible speed. Each day a new solution comes into existence. Though they are already prominent in the present time, their relevance will only continue to increase in the future. New and innovative ERPs are incorporating many new features which are helpful in analytics and better decision making.
Courier tracking is an excellent feature which can be integrated with organization ERP dispatch plan to provide real time analysis to the customers for better tracking of dispatched goods. It is a very common feature in Ecommerce market but not widely used at the organization level. The scope of such integrations will increase drastically in the future.
All the technology trends of the future seem excellent and promising. However, there are always some downsides associated with even the best of things. Technology brings its own challenges.
As the digital continues to become the norm, cybersecurity concerns will begin to rise. With businesses storing all their valuable information digitally, they will become more susceptible to ransomware and cyberattacks. Increase in use of IoT devices will increase threat on personal privacy. Risk of hacking of data may result into business losses. This will be a notable concern for companies in the coming years. Such circumstances will call for more robust security protocols.
As new technology will be introduced in the system, people would be required to learn new skills to get accustomed to it. In this fast-changing world, new technologies are re-placing old ones very quickly. If you are not a good learner and quickly learn new technologies then your job insecurity may increase in future.
With introduction of Low code programing languages, even end users may use technology very easily which can impact multiple persons with technical skillset.
Artificial Intelligence is trained based on a library of data. How an AI reacts depends entirely on how data has been trained. Suppose the training resources include any sort of racial, gender, regional or ethnic bias, then the AI will carry the same bias. If the same AI is asked to make any crucial decisions, it will result in unfair repercussions.
Similarly Cloud migration has its own challenges. Migrating the application to the cloud will be very challenging. Slow data migrations, security issues, and application downtime are only a few of all the problems that occur during migration. It is one of the primary reasons why cloud computing can exceed the designated budget and time.
Technology has stretched its branches to every aspect of our lives. It is subtle yet so relevant. With the help of technology, humans continue to make their lives more convenient and efficient. It provided practical solutions to our problems even during the pandemic.
Even in the coming time, the contribution of technology in our lives is going to be massive. Looking at the trends of the future, it can be anticipated that technology in business is going to grow rapidly. Hopefully, as new inventions and advancements in technology are made, overcoming the present challenges would become easy.