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Latest Technology Trends That Will Impact Businesses in 2020

mad_blog_5d1ca4198fff61562158105.png 15/01/2020

Are you aligned with the frantic adoption rate of new digital technologies? Does your business have a strong foundation for SMAC (social, mobile, analytics, and cloud) to incorporate the latest tech trends that’ll drive the post-digital wave? Or Do you have a digitally mature workforce to offer customized products and services that adapt to the constantly changing realities?

These are some crucial questions that businesses will need to ask themselves to assimilate the upcoming technologies of 2020. 

In the post-digital world, digital realities, related products, and services will be hyper-personalized. And we will require a technology vision that’s intensely customized and complementary to constantly changing on-demand experiences. After all, all these factors are crucial for the adoption of technology.

 

latest technology trends

In a digital ecosystem that’s transitioning from social, mobile, analytics and cloud (SMAC) to the distributed ledger, extended reality, and quantum computing, where does your business stand?

To understand such questions, we have come up with the latest technology trends that you can incorporate into your business.

NEW TECHNOLOGY TRENDS FOR 2020

If you are still wondering ‘what’s new technology? ’take a look at the newest tech trends that are hand-picked by our experts after doing extensive research:

5G Network

One of the most enigmatic new upcoming technology that businesses will need to adopt is the advent of 5G. According to Huawei, 5G could “support 1,000-fold gains in capacity, connections for at least 100 billion devices and a 10 Gb/s individual user experience of extremely low latency and response times.”

But to take this speed to everyday mobile users, mobile network carriers will need to increase bandwidth and reduce network costs. Moreover, LTE adoption isn’t waning and is estimated to reach $672 billion by the end of 2020. 

Autonomous Driving

We all have heard about companies like Tesla, Alphabet, and Waymo, and the one thing that is common among them is their aim, which is to craft impeccable autonomous vehicles. The idea of a driverless car in itself generates a considerable amount of excitement.

Tesla chief Elon Musk already has the future design of autonomous vehicles and aims to go big in this industry.

Elon states, “From our standpoint, if you fast forward a year, maybe a year and three months, but next year for sure, we’ll have over a million Robo-taxis on the road.”

Functions like automated braking, lane-changing, and automation of the other in-car systems are on its way to being streamlined with the guidance of data capture and analytics.

“The idea that you can have a vehicle that can make complex decisions for full self-driving is just not plausible at this point.”

There is still time for the modulation of the laws for autonomous driving by legislators, regulators, and authorities. Over that, significant tweaks will be required in the existing infrastructure, laws and social attitudes before we can embrace autonomous vehicles in the current technology trends.

The Empowered Edge

Today, the primary concern of any industry is the laggy approach that sometimes affects the overall management of the operations. Therefore, industries are focusing more on the efficiency and the response rate of computing, through which, data analysis is made. And here comes the role of edge computing.

Edge computing brings data storage and computation closer to the target, and hence, ameliorates the response times and save bandwidth. Also, it weighs more like the latest trend in technology because the industries are rapidly empowered with sophisticated and specialized compute resources, which is bound to reduce the latency.

As of now, edge computing is being fueled by the rapid evolution of the Internet of Things (IoT) and in the future, it will create an unstructured architecture over a set of distributed cloud services.

For instance, we have got drones that directly communicate with the enterprise IoT platform and conduct peer-to-peer exchanges. There is every increasing rise in the use of storage, sensor, computer, and advanced AI capabilities. One such example is the latest package delivery drone by Amazon.

 

Democratization of Technology

The term democratization is derived from democracy. Like in a democracy, everyone has equal rights and responsibility, the democratization of technology refers to the easy access of technical domain to everyone, irrespective of their profession and place.

Gartner asserts four key aspects of the democratization of technology trend that will make it big in 2020:

  • Application development
  • Design
  • Knowledge
  • Data and analytics

The best example of democratization can be credited to the developer, who will be able to generate data models without learning the skills of a data scientist.

However, there is still concern about the future use of this latest trend in information technology because it will also enable people to exploit easy-to-use tools, which may pose harm to society.

Distributed Cloud

The trends of cloud storage and cloud computing are already embraced by the industries across the globe and the next big thing that is going to hit the tech ecosystem is the distributed cloud system.

Distributed Cloud is still in its infancy and there is a long way to go. Many companies are up with their service subsets to be used in a distributed way. It helps in connecting the public cloud distributed operation of cloud services to specific locations.

Personal Profiling 

Digital integration into people’s lives has become so deep that data analytics has more information than they could ever analyze with current technology. As consumer analytics becomes a crude priority of every business, the latest tech trend is profiling consumers by examining how they interact with the technology in hand.

To analyze the gateways to profiling user spending patterns, we need to answer questions like:

  • What social media apps do they most visit?
  • How do they curate their social profiles?
  • What pictures do they post?
  • What all places they check into on social media?

The trick here for businesses is to integrate and adapt to an individual’s preference for the latest technology. Gillette is one such example that’s partnering with 3D printing startup Formlabs to offer customized razor designs.

A top technology trend like this raises one glaring question – where is consumer consent in this personal profiling and where do we draw the socially acceptable line and how will this line differ from consumer to consumer?

Well, for that, we have to wait and watch the manner in which personal profiling is done in the future.

Key Takeaways of 2020 Tech Trends

  • Businesses will need to adapt to a transition from social, mobile, analytics and cloud (SMAC) to Distributed ledger technology (such as blockchain), Artificial intelligence (AI), Extended reality (including virtual and augmented reality), and Quantum computing (DARQ)
  • Personal profiling of consumers by analyzing their social profiles, where they check-in and what products do they tag among other parameters will change marketing for businesses. 
  • Businesses will require the reskilling of the Next-gen workforce to be trained in 2020 tech trends such as Augmented Reality, Virtual Reality, Internet Of Things, Blockchain, Artificial Intelligence. 
  • Ever since the European Union’s General Data Protection Regulation (GDPR) laid the foundation for data privacy regulations, businesses will need to adapt their analytics to similar guidelines in 2020 to protect user information.
  • Real-time opportunity to capture "momentary markets" will require businesses to update customer analytics and advertising.
  • AI products like AlterEgo, Sophia (robot) and driverless vehicles from companies like Tesla, Uber, and Volvo will get more sophisticated in 2020. 
  • 3D printing will open doors to bionic body parts processing, while telemedicine combined with AR diagnosis will upgrade businesses in medicine.
  • Automation in businesses will ride in three waves: Algorithmic, Augmentation, and Autonomy implying that automated stores like cashier-less AMAZON GO stores will surface, increase and lose all human workforce in stages across 2020. 
  • Traditional banking will get a little weaker with Facebook’s cryptocurrency project Libra and the growth of digital payment systems like Amazon pay. 
  • 5G will support 1,000-fold gains in capacity, connections for at least 100 billion devices and a 10 Gb/s. While this means faster browsing for businesses, the unimpeded growth of LTE still questions 5G. 

 

What’s Next in Technology?

Technology trends in 2020 will come with both unfathomable innovation and intricate connectivity, drawing the social responsibility of businesses to respect the ethical lines of the consumer data breach. According to the PwC report, AI Products by 2030 will contribute over $15.7 trillion to the global economy. 

Analytics will see dramatic changes for businesses in terms of product modification. A machine learning app developed by Sam’s Club is already using machine learning to analyze customers’ past purchases and auto-fill their shopping lists. It also plans to add a navigation feature, which will show optimized routes through the store to each item on that list. 

While this means more sophisticated consumer satisfaction and better business, it also begs the question of what is the real cost of consumer analytics in 2020 collected for these services.

IIn 2020, business not only needs to come together to form a cyber-secure ecosystem but also review their take on data analytics. For that to happen, the present staff needs to be well trained for the latest trends in technology and the process should be followed accordingly.