Plan for a Tech Forward Business
Technology has always progressed rapidly and more so in the last few years.
The next decade belongs to technology.
Digital Efficiency will usher in augmented value distribution, smother timelines and manage complex systems more efficiently.
- It is little wonder that analyst firm McKinsey predicts that the next ten years will be in technological advancements to the last 100 years.
2022 and beyond will pave the growth of the technologies that have been introduced.
These are all set to advance and hugely impact lives and businesses. Customer experience, ROIs and time to market will improve as organizations move away from manual systems to automated ones. These technologies will induce a digital ecosystem with companies adopting digital transformations to become more efficient and productive.
- As per Research and Markets the global digital transformation market will grow at a CAGR of 16.5% from 2020 – to 2025 to attain $1,009.8 billion by 2025.
Businesses cannot afford to be left out. Technology is here to stay and grow. It is prudent for organizations to jump in and gain competitive advantages now.
Let’s list down the Top Trending Technologies.
Augmented and Virtual Reality
AR and VR will be centre stage technologies in 2022 and beyond. With uses in all sectors ranging from medical, marketing, medical, architecture, and manufacturing, AR and VR will be at the forefront of digital transformation technologies.
- The global AR and VR market is expected to cross $209.2 billion by 2022, as published by Techinjury.
- The global VR market could reach $80 billion by 2028, as per Fortune Business Insights.
With the recent software advancements, consumers can avail themselves of a seamless, immersive real-world experience.
AI is no longer artificial but a real part of lives and businesses every day. Machines will get smarter and perform human-like functions seamlessly.
Siri, Cortona and Alexa are standard features in most households today.
- 85% of enterprises have already started using AI in 2020, and there will be 20 million new AI jobs by 2023. ( Finances Online)
- 50% of human interactions with computers will be through AI voice. (Mckinsey)
Businesses can reap the benefits of enhanced customer service, better revenues and a more efficient operational model with Artificial Intelligence (AI) technology.
Internet of Things
The IoT (Internet of Things) ecosystem comprising smart devices is progressively increasing its territory. Several businesses are adding more value with the help of IoT. It can reduce wastage in the system and, through automation, increase efficiency. With real-time and meaningful insights provided by IoT, businesses can leverage more significant control over their operations.
Blockchain and NFTs
Blockchain technology and NFTs have the potential to bring in a new socio-economic order with the implementation of a trusted digital environment. It can help with product auditing, transparent supply chains, secure trading and compliances. It can be used in all sectors from education to finance, healthcare to government.
- The global blockchain market is expected to attain USD 163.83 billion by 2029.
Its broad arching utility will impact the transactions of tomorrow.
Robotic Process Automation
RPA can take over the manual and repetitive tasks such as invoicing, data management, payroll etc. It can offset human errors, save time and capital and allow employees to work on more creative tasks, thus enhancing employee satisfaction. This technology that will significantly impact business efficiency and workflow.
- In 2019, Gartner estimated that the global market for no code and low code services would grow by 23%.
No code solutions fuel the idea that technology can empower and allow people to use the software easily. They are cost-saving and time-saving and enable businesses to become visible rapidly. It is ideal for SMEs to scale their business quickly and with fewer hassles.
With projections by Bloomberg that the global Metaverse revenues could amount to $800 billion in 2024, the Enterprise Metaverse is waiting to explode.
Corporates are taking the plunge and creating their corporate metaverse spaces to redefine customer experiences. The metaverse will profoundly change the businesses’ work, impact their products and services and even their manufacturing and distribution.
Future-ready enterprises are all up to grab the opportunity.
Quantum Computing is a huge area, with the global quantum computing revenues expected to outdo $2.5 billion by 2029.
Quantum computers focus on how energy and matter behave at subatomic levels to work on complex computations, which is out of the scope of traditional computers. Leading tech companies like Microsoft and Google have launched groups to innovate in quantum computing.
The practical applications of DevOps are increasing day by day, securing its growth and future as a trending technology to look out for. As low maintenance and fewer deployment times remain the primary goal, companies ranging from entertainment to healthcare are keen on DevOps solutions.
With reports suggesting that DevOps teams save 21% time over traditional teams, it is clear that businesses need to capitalize on this technology to drive growth.
3 D Printing
- The global 3D printing market is expected to show revenues of USD 83.90 billion by 2029.
3D Printing can rapidly help prototyping and spare parts with minimal waste. It can minimize the chances of errors in mass production, thus saving time and money and offering a faster time to market.
These emerging technologies will pave the way for growth and innovation in the next decade. The development of your business will depend on how agile and responsive you are to the new technological advancements. Connect with Orion eSolutions to pave your digital transformation journey.