Top Technology Trends to look out for in the Near Future

Keyword: Top Technology Trends

Technology has taken over the world in the past few decades. Increased digitization, rapid industrialization, and intensified use of internet have led the emergence of newer technologies daily. Many companies are updating their business strategies according to the top technology trends and the ever-changing customer needs. As the world is going through a digital transformation, the companies are becoming digitally mature. According to IDC Worldwide Semiannual Digital Transformation Guide, the global annual spending on technologies and services is about to hit $2.3 trillion as forecasted. Furthermore, the spending on digital transformation is at an estimated compound annual growth rate of 17.1% for a period of five years (2019-2023).

In the near future, with much feasible digital realities, the products and services offered by the companies will need to be supremely customized. To provide the same, the companies must operate with a technology vision that complements the customer demands. In this article, we will look upon some of the top technology trends that will have a huge impact on the market in the near future.

  1. Blockchain Technology

Blockchain technology has emerged as one of the most popular technologies in the past decade. Blockchain technology boomed when Bitcoin attained $20,000 per coin at the end of 2017 and has not looked back since. Presently, blockchain is in the early stages of its rollout and possesses massive potential to solve most challenges with the current finance systems. Moreover, with over 1000 crypto assets being there in the market and most organizations changing slowly towards the technology, blockchain confronts a bright future ahead.

Furthermore, blockchain technology can be used to make many operations efficient and transparent, especially by eliminating the need of the middleman for operating business activities. Thus, blockchain technology in future will be a high contributing factor to most organizations’ revenue. Gartner forecasts that blockchain will generate an annual business value of more than US $3 trillion by 2030. Hence, the organizations are looking for ways to adopt blockchain technology to their businesses.

  1. The 5G Technology

Since its emergence, the 5G technology has created a revolution of a kind. The 5G technology is one of the most promising technologies that could impact the businesses in the near future. 5G has been widely regarded as the future of communication industry. As stated by Huawei, “5-G wireless networks will support 1000-fold gains in capacity, collections for at least 100 billion devices and a 10GB/s user experience of extremely low latency and response times.” Furthermore, one of the most astonishing features of 5G will be its speed which is expected to clock at 20GB/s.

Some noteworthy goals of 5G technology for the next few years include amplified broadband for mobile communication, object-specific transformation with increased connectivity, unlimited scope for IoT enhancement and increased flexibility and support. Thus, the 5G technology has opened up numerous opportunities for the subsequent technologies to find their vantages.

  1. Edge Computing

Presently, the laggy approach that affects the overall management of operations is the primary concern of almost every industry. Hence, industries are focusing more on efficiency and response rate of computing, through which data analysis is made and this is where edge computing is gaining attention. According to a research, the size of global edge computing market will expand to $43.4 billion by 2027 with a compound annual growth rate of 37.4 percent. Edge computation brings data storage and computation closer to the businesses, hence it enhances the response times and saves bandwidth.

Moreover, it enhances security to a new level by countering the issues of local compliance, privacy regulations, and data sovereignty. Furthermore, it weighs more like the latest trend in technology because the industries are rapidly empowered with specialized and sophisticated resources. Thus, due to numerous mote advantages like this, edge computing is expected to be the technology for tomorrow.

  1. Artificial Intelligence (AI) and Machine Learning (ML)

According to a research conducted by Markets and Markets, artificial intelligence will grow to $190.61 billion by 2025. Artificial Intelligence and Machine Learning are two different terms, however, they are the top technology trends that will be highly applicable in the near future in most organizations. On one hand, AI is a system capable of doing smart things that are mostly considered to be done by humans and on the other hand, ML involves getting a system of combined machines with AI algorithms with capabilities of learning to perform a new task if fed with data. In the near future, most organizations will require high efficiency in their jobs, hence these two technologies once combined are expected to be a huge game-changer. However, this combination will create a big challenge of securing the system from attackers, thus to combine these two technologies, the computer security teams will have to work smarter than the attackers.

  1. Distributed Cloud Computing

The cloud storage and cloud computing systems have already gained ground in global markets. However, the next big thing to hit the tech ecosystem is the distributed cloud system. Distributed Cloud Computing expands the traditional, data center-based cloud model to a set of distributed cloud infrastructure components that are geographically dispersed. It continues to offer the on-demand scaling of computing and storage while moving it closer to where these are needed for improved performance. Distributed Cloud Computing is also a complementary aspect of the edge computing. It is expected that by the end of 2020, 75% of the enterprise generated data will be processed regardless of the centralized data center. Presently, Distributed Cloud is still in its infancy and there is a long way to go. In near future, this new technology is expected to be a significant breakthrough in cloud infrastructure.

To conclude, these technology trends will come with profound innovation and intricate connectivity, drawing the social responsibility of businesses to respect the ethical lines of the consumer data. Furthermore, the security concerns are also threatening the businesses. Thus, they will need to come together to form a cyber-secure ecosystem as well as review their take on data analytics. For this to happen, the companies need to train their staff according to the latest technology trends. Thus in the near future, the world is expected to be technologically more advanced leveraging the above mentioned technologies.

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