The year 2018-19 can be considered as the Year of Intelligence as it brought a lot of changes and achievements. With the growing technologies, many unique trends arise and merge with the earlier ones. To name, there are many, but let’s have a look at the top 10 technology trends that took off at the end of the year 2018-19.
This year, we could expect many improvements and innovations in technology direction. Machine learning and AI will completely change industries. Smart homes, smart cities, and IoT (Internet of Things) are also in the list of tech trends of the year.
With natural language replacing computer commands, human-machine interaction will improve a lot. So, let’s have a close look at some tech trends of the year.
Artificial Intelligence (AI)
With the advanced technologies and software, Artificial Intelligence (AI) is constantly changing business by reshaping the entire industry. Many companies believe that it is the time to implement AI business model. However, its implementation is yet to arrive. Huge companies are more likely to first implement AI business model. But, still it requires at least 100,000 employees. So, companies do not feel to implement an AI model right now. But, this year will definitely have many huge companies implementing AI applications. Market creates many opportunities for companies and algorithm-based strategy could help them.
With constant development and improvements in AI, it is sure that every business will have a smart environment in the industry. From government to local businesses, health care to baking, and manufacturing to finance, almost every industry will expand.
Things which were very hard to be thought of are now possible with AI-based technologies. For instance, patients are given virtual assistance with the help of AI-based technology. Robotization, drug discovery, automation, data management, and many more is possible with the help of AI-based technologies.
Blockchain is getting more and more trending. It is just a simple yet complicated technology that stores and exchanges data for cryptocurrencies. Blockchain creates new opportunities in the industry. We can consider blockchain as a digital register for storing transactions and contracts, and a distributed database. It can easily store huge lists of records (blocks) with a timestamp, and have a link with its previous block in sequence. In the field of digital transactions, blockchain is creating more and more opportunities.
Along with the technological development, social responsibility is also an important aspect. So, blockchain technologies are improving more and more to maintain security on the internet. Companies with only offline space will now be able to move into a complete digital environment.
For creating more opportunities in every industries, companies need to take blockchain risks in order to determine the usefulness of it. Additionally, blockchain influences intellectual property immensely and reshapes the concept of copyright infringement. Some websites that have promised to implement blockchain technology are: Pixsy, Blockai, Proof of Existence, and Mediachain.
Internet of things ( IoT )
According to the report of BI Intelligence, about $6 trillion will be spent on IoT solutions in the next five years. With such huge investment, the concept of IoT, which was once a fairy-tale has now turned into reality.
Many of us wake up in our smart beds equipped with Bluetooth-connected alarm clock which is connected with Wi-Fi enabled speakers. Soon, we will find all home appliances connected to the internet. Tech savvy companies will perfectly optimize devices by gathering Geospatial data from our devices. So, many inefficiencies caused by human error will be solved.
Currently, deep learning is going through a challenging phase. Many complexities are arising in collection of data and computations. For complex computations, better GPUs with more cores and unique architectures are being designed. Marc Edgar, a senior information scientist at GE Research believes that in the next 3-5 years, deep learning will allow to reduce the development time of software solutions from months to days. This can be considered as a huge revolution in the technological industry.
Let’s talk about data collection. Now, many companies have agreed with the fact that data collection is necessary in improving the effectiveness of their work. Companies can easily improve by gathering more data and combining disparate data. In 2018, companies will gather customer data through omnichannel platforms like BMP, ticket systems, DMP, and CRM. Integration of every type of client data into a single place along with the existing systems will become a trend. Additionally, companies will try to create and develop new ways to collect and use data in order to improve.
CDO (Chief Data Officer) (Collateralized debt obligation)
The top management of many companies are now having CDOs (Chief Data Officers) and other senior data professionals. So, many other companies are now switching to data management. CDOs are now something that could innovation. They manage everything from improving business models to the communication of the company with its audience. The position of CDOs in the company is totally a fresh trend, but it is quickly gaining attention.
Gartner believes that about 90% of huge companies will have CDO positions by the year 2019, but only half of them will succeed. In order to succeed, company must understand the potential of CDOs and place them to their respective positions.
Chatbots is a technology that allows companies to communicate with their customers. This technology is having a huge impact on software space as every company wants to have their desired consumer-facing bots. Also, there are advanced bots based on AI that provides an interactive user experience.
Companies could easily place these chat bots on their web, or they can take the help from platforms like Slack or Facebook for its distribution. Almost every industry will have their own bots for customer support and services in the coming time.
A huge hurdle in the way of VR is that it is unable to create enough content to attract huge audience. So, a group of hard-core gamers will not be enough to sustain this technology in the long run.
Apart from gaming, many virtual-reality startups are creating VR-based ads for enterprises.
Pokémon Go was one of the first implementations of the augmented reality technology. And now, Google and Apple just introduced both ARKit and ARCore for gaining more attention at this technology. In this year, we could expect many developers building AR based applications as hardware and software continue to improve.
Many of the world’s biggest brands will also implement this technology to provide their users with inner and outer experiences of their stores.
Earlier, Subscription model was a trend of “pay-per-use” in calculating the cost. But now, almost every company is switching to recurring revenue models. You are already aware of the Netflix and other subscriptions.
Many companies on the internet are operating under “software as a service model“, in which you need to pay monthly fees recursively for a service. We could expect many startups to expand their subscription businesses to a new level.
AI and machines will soon become omnipresent in almost every industry. From labor work to virtual assistants, automation will likely demolish many jobs in the coming time. Though certain fields specifically require humans, there are many fields that could be fully optimized for complete automation.
Machines with AI will replace millions of jobs in the world. So, where will everyone go if machines can do everything on behalf of us? This question is a serious debatable topic and many experts are already discussing it.