Our life has sped up radically over the past decade. The launch of the famous iPhone in 2007 and Android in 2008 marked the inception of this speedy evolution. Incorporating these smart devices in our daily lives paved the way for the technology-filled life that we now live. There is not a single domain of life where we don’t have technological disruptions.
The effect has translated to the world of business as well. Almost every industrial sector has absorbed technological innovations at an unprecedented rate. From healthcare to education and commodities to the service industry, we see tech’s prevalence everywhere. According to Statista, the adoption rate of emerging technologies among organizations stood at an all-time high of 25% in 2020. It shows the pace at which technology is wide-spreading in the corporate realm.
We can only predict an increasing role of tech in different industries in the future. Therefore, keeping a close check on technology trends can significantly help you strategize your response to these external changes. This article discusses eight technology trends taking the industry by storm. It will provide you a holistic view of the tech world penetrating various sectors.
1. Gadgets for the Niche
We see a rising trend of gadgets for very niche markets. Companies have ignored these markets previously. Now we even have high-end tech gadgets for ghost hunting. There is a never-ending portfolio of technology that can sense paranormal activity. Surprisingly, there is a niche market for these gadgets too. Online stores like spiritshack.co.uk have been receiving a good amount of web traffic. These companies recognize the needs of these markets and introduce such devices. Gradually, it becomes the market norm, and we start to see many other players in the same industry as well.
The trend continues to other niche markets too. For instance, now we can explore the latest gadgets for pets, farming, fishing, and even smoking. Once the market accepts such diverse innovation, technology disrupts its traditional offerings.
2. The World of Apps
According to Buildfire, there are 2.9 million apps available on Google Play Store. Day by day, the count is only increasing further. In the current world, if you operate in the service or goods industry, an app is inevitable for the viability of your business. Over the last few years, about 70% of total digital media time in the US came from mobile apps. Moreover, there are approximately 3 billion smartphone users in the world.
A smartphone app provides a vast market reach to a business. More and more companies are eyeing to access that market footprint. Therefore, the trend of apps will further prevail in the future. The COVID-19 pandemic has already quadrupled the need and significance of online presence for companies. Thus, apps serve as a great source of achieving that target.
3. Portfolio Diversification of Current Tech
An apparent tech trend of the current era is the portfolio diversification of existing technology and offerings. More and more tech-based businesses are readily moving into other industries. Uber that started as an online cab service, now has become an online food ordering and meal delivery service. Uber Eats had annual revenue of $2.51 billion in 2019. It shows how quickly people accept these branches of preexisting tech players.
Other tech-based businesses like Airbnb, Intuit Pro, and even the trillion-dollar giant Apple are following the same tech trend. The recent introduction of Air Tags by Apple is yet another expansion added to the Apple ecosystem. They are also increasing their inclination toward subscription-based services.
4. The Power of Voice
Apple’s Siri, Microsoft’s Cortana, Amazon’s Alexa, Samsung’s Bixby, and Google’s Google Now are the modern pinnacles of voice command recognition. According to Kantar, the users of voice-enabled devices will reach a whopping 1.8 billion users by the end of 2021.
Today, companies are paying heed to the importance of voice-powered interaction. Organizations are designing new apps, websites, and entire user interfaces with the voice search in mind. Different companies have created an online support system that operates through voice too.
5. Increasing trend of automation
How many times have you passed that ‘I am not a robot’ test of Google? It might seem redundant, but it is there for a reason. We have automated robots that can perform so many online functions with a single line of instructions. We might not entirely rely upon and trust automation now. However, there is an evident future of this tech trend.
Moreover, the manufacturing industry has already absorbed a lot of automation. The traditional moving line assembly process with workers hustling to complete their tasks has almost gone extinct. Now we have efficient robotics that can perform these tasks with more accuracy and productivity.
6. Super Apps
Super App is a concept that predominantly gained recognition and acceptance in Asia. It is an app that houses many other apps or functions of those apps. Meaning, a single platform meets all the needs and demands of the user. Platforms like WeChat, Alipay, Grab, and Go-Jek initially introduced this concept and gained popularity. A single app becomes an entire ecosystem. All other functions that other apps would perform get catered by just a single app within this ecosystem.
For instance, WeChat started as a messaging app. Now it has become a super app and has created its ecosystem. Now it hosts about 1 million mini-programs. You can order a taxi or perform a transaction with a government service provider just using WeChat. This concept is rapidly spreading to other parts of the world. We can certainly expect it to take over other industries.
7. The Big Data Revolution
There is a proliferating amount of data in this world. However, there is a need to sort, classify, analyze, and extract useable information from these vast data sets. This need has given rise to the technology of big data. It is the science of dealing with these enormous and complex data sets in a strategic way.
According to research by Allied Marketing, the global big data market was at $200 billion in 2019 and will reach $420 billion by 2027. These numbers are already evident of its wide market prevalence. There is not a single industry or economy that doesn’t produce data while operating.
Therefore, there is no industry where you cannot implement big data. Looking at the current progress, we can expect big data to dominate specific industries like IT and finance within a short period.
8. The Rise of Artificial Intelligence
Artificial intelligence has produced machines that are capable of doing a task that previously required human intelligence. According to Adobe, 31% of large-scale enterprises will be using AI within a year. It already shows how quickly AI is taking the industry by storm.
Especially in the contemporary world of online interactions, AI has become fundamental for an organization’s success. From marketing to internal management, AI has applications across a wide range of modern-day functions.
No one can resist the technological revolution. The earlier you adopt the tech of your relevant industry, the better it is for you. A balanced utilization of technological solutions can bear tremendous results for your organization. However, you must be vigilant of the exploitative technology disruptions as well. You have to analyze your business dynamics in contrast to industrial tech trends. Only then can you adopt the right technology for your organization and use it for your benefit.
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