Friday, March 29, 2024
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Technological Trends for 2022

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Unforeseen events like the COVID-19 pandemic forced selective adoption at scale. The cycle flows at divergent paths. As a result, IT trends are getting harder to keep up with. It’s not those industries were ignoring digital transformation before the pandemic. However, they were deploying it at their own pace.

Digital Transformation

In order to keep up with the pandemic, organizations had to shift funds from other initiatives and invest those in crucial digitalization campaigns. The result is that even with the pandemic, direct digital transformation (DX) is on target to reach $6.8 trillion by 2023, at a healthy CAGR of 15.5% from 2020 to 2023 (IDC, 2020). Finally, IDC predicts that 70% of all organizations will have accelerated use of digital technologies in areas of business resiliency, employee productivity, and customer engagement.

Artificial Intelligence

Straight from the pandemic and into 2030, artificial intelligence is projected to contribute $15.7 trillion to the global economy, representing 26% of global GDP for the same period (World Economic Forum, 2020).

It’s present in home appliances, on phones, in hospitals, agriculture, military, government, and the list goes on. AI has also become the basis for tons of technological innovations such as face recognition, data processing, speech recognition, etc. Furthermore, the technology can also be used for business front such as AI-powered customer service.

However, as many benefits as it brings, there’s still a lot of controversies revolving around the field. Robots uprising is perhaps the most popular concern regarding the advancement of AI technologies.

In particular, automation will create new jobs and welcome various existing professions into its space. These include developers, testers, programmers, tech specialists, etc. A degree of retraining might be required for some people but it’s better than completely displacing them.

Internet of things 3. Internet of Things

The pandemic did wipe off around 8.2% of the 14.9% growth forecast that IDC did around November 2019. In specific terms, that translates to $742 billion 2020 global IoT revenue adjusted for the effects of the pandemic (IDC, 2020). However, IDC estimates that global IoT spending will be back on track for a double-digit growth rate in 2021, to mount a CAGR of 11.3% over the 2020 to 2024 forecast period.

Much like AI, IoT is found practically anywhere in the modern world. By 2020, each person had an average of four connected devices and by 2030, we’d have 15 devices each. Thus, it’s no surprise that IoT is the rage among huge businesses.

So far, IoT devices are mostly seen in smart homes in the form of connected lights, smart fridges, etc. Wearable technologies such as smart glass and activity trackers are also very popular applications of IoT technology. Furthermore, traffic and waste management, urban safety monitoring, and water distribution are some of IoT technologies present in smart cities.

Cybersecurity

Cybersecurity is old news that never went out of trend, and it is doubted it ever will. New types of cyber threats are being discovered every day. The only things standing between our data and malicious activities are IT security software, antivirus, and other cybersecurity defenses. So long as the internet is used, threats are imminent and, thus the cybersecurity industry will always continue to thrive.

5G

5G networks are the next big thing in mobile internet connectivity. After almost a decade of development, it has finally become a reality in some areas. It offers an unprecedented transmission speed that far surpasses its predecessor, 4G. And since we’re talking gigabytes per second transfer rate, 5G is actually faster than virtually any home broadband available.

Although it’s not just a simple, though tremendous, upgrade in speed that 5G brings. It’s also going to make leaps and bounds to the technology of smart devices. What was once only done through computers can now be done in smart devices as well. Furthermore, IoT gadgets will be able to interconnect more smoothly. Also, things that require complex operations are now achievable. This includes drones, autonomous cars, and smart cities.

The biggest drawback of the 5G network is it’s still far from being complete. It’s also available only in certain countries and areas as of now. Moreover, the increase in bandwidth translates into less coverage. That’s because a lot of cells must be built in order to support the network’s ridiculous speed. More signal droppings are to be expected as of now too. There are issues about its capability to penetrate walls and other materials as well.

(With inputs from Finances Online.com)

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