Talent Development Centre

Category Archives: Trends

All Talent Development Centre posts for Canadian technology contractors relating to trends.

Contractor Quick Poll: Do You Have a Personal Website

Paper resumes are all but useless in today’s digital job search economy, with virtually all employers and recruitment agencies demanding an electronic copy of your resume. These files are the only way their Applicant Tracking Systems (ATSs) can quickly scan through resumes and shortlist the best IT professionals for the job.

But while computers are doing much of the upfront prescreening, recruiters still want to get to know the top applicants more personally to ensure they’re not hiring a psychopath, and you can be certain that they are researching you in every way possible. Building your online presence is the only way you can control what recruiters learn about you and one of the best ways to do so is to build a personal website that communicates your brand.

Personal websites that include a digital resume go a long way in differentiating you from other IT contractors, yet so few people decide to build one. In this month’s contractor quick poll, we’re curious to learn if you have a personal website and, if not, do you plan to?

Banking and Technology — Reaching an Inflection Point

Morley Surcon By Morley Surcon,
Vice-President Strategic Accounts & Client Solutions, Western Canada at Eagle

The banking industry today is one of the drivers of innovation in Information Technology in Canada and around the world. Yet, many of the established big banks have legacy systems that threaten to drag them down in the coming tsunami of change. In times of great change and confusion, there are opportunities for the wise consultant.

It wasn’t that long ago that banks were using green-screen technology and were still doing so long after rolling out the first ATMs. They weren’t often thought of as being leading-edge users of newer technology; after all, they needed certainty of operation, maximum uptime, few errors. Bleeding-edge technology was often a bit risky in these respects. Furthermore, the processing that they did need required very large and very expensive (and very consistent/predictable) mainframe computers. They were a large investment that was needed to scale with the banks’ growing businesses. Much of this changed with advent of internet banks who limited the physical requirements of typical brick-n-mortar facilities and offered ubiquitous convenience of anytime, anywhere banking (providing you had access to the internet). These new banks were nimble, technologically-advanced and great marketers. Seemingly all-of-a-sudden, new products, new ways to reach people, and new technology became key differentiators for market disrupting upstarts and innovation became a necessity to the slower-to-change institutional banks.

Number of ICT Workers in CanadaThe big banks’ world was changing and they were being ‘leap-frogged’ by these borderless entities. The change was on! Today, Toronto and Montreal have a large share of the IT talent supply in Canada (45%+ of all talent in Canada) and at least some of this is the result of the strength of demand/needs coming from the strong banking sector. New technology and new ideas are being envisioned, piloted and rolled-out by even the stodgiest of banks. Digital and business transformation, the new paradigm taken up by so many of today’s companies and organizations, is absolutely rampant in the banking industry.

Ok… You’re saying, ‘So tell me something I don’t know’.  Well… How about a short history lesson that might shed some light on what the banking industry may be facing?

For those of us with some grey hair, this situation is quite reminiscent of what happened around the turn of the century in the Telco space. What happened there was that large, ponderous, Regional Bell Operating Companies (to use the old vernacular) had been implementing massive telephone technology systems, incurring huge costs to do so and then amortizing the expense of it all over decades. They had near (or actual) monopolies, long distance calling rates were atrocious, and they had time on their side with little enticement to innovate. Canadian company, Northern Telecom (later Nortel), was a mainstay in the industry, selling their telephony solutions to the world. Then came Internet Protocol (IP)… and the game changed for them and for the RBOC’s, seemingly overnight.

In reality, it wasn’t really all that fast (not by today’s standards) but they were about to be one of the first large industries to learn the lessons that disruptive technology has taught to so many since then. Smaller, more nimble telephone companies began popping up everywhere (CLEC’s – Competitive Local Exchange Carriers) leveraging newer technology that took advantage of high-bandwidth data trunks and new switching technology. Although still expensive, they were able to piggy-back on the networks that the RBOC’s had built (Gov’t regulators demanded the RBOCs allow them to do so). The cost per call was dropping dramatically as a result and data was able to be transmitted in volumes that actually made sense for businesses. The internet had its highways. What came of this was that the well-financed old equipment companies and the quick-and-nimble upstarts were pitted against each other — companies like Nortel coming from the high-reliability world of telecommunications and those like Cisco coming from the world of data-networking. Initially Nortel joked that they’d learn to spell ‘IP’ before Cisco could learn to spell ‘reliability’ and, for the most part, they were able to hold their own. At one-point, Nortel employed over 60,000 people in their research-and-development facility (BNR – Bell Northern Labs) alone. Both sides created great new products. Nortel had age-old client relationships with the telco’s on their side along with excellent quality products, and the likes of Cisco produced innovative and cheaper alternatives. It was the ‘space race’ of the telecommunications industry. Fantastic new products were coming out quicker and quicker… which sounds great …until it wasn’t.

Their customers — the RBOCs and the CLECs — were in a feeding frenzy of buying. It seemed that every 6 months, a better, faster, more progressive solution was coming out. CLECs were leap-frogging the RBOCs to offer better and cheaper service to consumers. Then the RBOCs would leap-frog them back again. The problem for all the players in this industry was that they no longer had time on their side. They didn’t have time to amortize the very high costs of the new technology before the next iteration came out and they were forced to buy/implement/replace or be unable to compete. It was a global race to the bottom and RBOCs and CLECs alike were running out of money — especially the CLECs, many of whom were relatively new business start-ups, part of the dotcom craze. Nortel’s clients couldn’t afford the new gear anymore so Nortel began ‘selling’ their new products and taking equity in these companies as payment. The whole industry and their supply chains became dangerously over-leveraged, a veritable house-of-cards. Then the dotcom bubble burst and most of the CLECs went out of business, dragging the over-leveraged Nortel (and many of their suppliers) down with them.

So, back to the Banking/Finance Industry today. Some of the obvious parallels are the ‘old guard’ who were titans in the industry with wide moats to protect their market share and had relatively little technical innovation for many years. Then come the upstarts, leveraging new technology to change the game. And then the response from the established banks to modernize to be able to compete and, in fact, push on the boundaries of what was possible before. The big banks also have a similar challenge to the Regional Bell Operating Companies, and that is they are somewhat handcuffed by the older, legacy systems that they’d deployed. The new companies don’t have this to worry about. They can move 100% to new technology, whereas the big banks have huge investments tied up in their mainframe technology and, worse, no easy or quick or cheap ways to get off this technology.  As the legacy banks struggle with this piece, the staff that they have managing this infrastructure move dangerously close to retirement — and there are not a lot of Cobol programmers out there ready to step into the vacated roles!

Of course, there are a lot of differences between the Telco and Banking scenarios as well. It has been almost 20 years since the dotcom crash, and everyone has seen lesson after lesson on the disruptive impact technology can have on entire industries, and people are quicker to react to the challenge. And banks are definitely not cash strapped — they have the ability to invest in new technology, in transforming their business, in moving into or out of markets. And, most important to IT experts/contractors, they have the ability to hire many of the best IT people the market has to offer!

Banks, old and new, need to get their technology/business process mix just right. Their continued market success and very survival depends upon it. Innovation = Technology + People. With enough money, the Technology part of this equation is easy… the People part is what is strategically important! As I mentioned earlier, in times of great change and confusion, there are opportunities for the wise consultant.

Disclaimer:

I’m going to pre-acknowledge (before anyone chooses to call me out) that, for the purposes of this blog post, I’ve oversimplified the Telco/Nortel/Cisco/market crash scenario. There were many, many additional factors that played out. However, this is how I remembered it and the lessons that I took away. I worked during those years for Northern Telecom, and a failed CLEC (Norigen), and was part of companies (Anixter and ADNS – Ameritech Data Networking Solutions) building out the data-highways to which I refer in this blog post. I was part of the industry at that time and lived through the ups and downs of it. So, I ask that I be allowed to share my opinion based on what I witnessed directly.

That said, if you have other opinions or experiences of your own and would like to share with our readership… please do so by leaving a comment below!

IT Industry News for August 2019

Kevin Dee By Kevin Dee, Chairman of the Board at Eagle

This post first appeared on the Eagle Blog on September 4th, 2019

Tech News HeaderThis is my 30,000-foot look at events in the ICT industry for August 2019. What you see here is a précis of the monthly report I produce, which will be available in more detail at the News section of the Eagle website, where you will also find back issues.

A Little History of August in previous years …

Five years ago, in August 2014, there were no blockbuster deals, however a number of big name companies were out with their cheque books.  Intel paid $650 million for the LSI Intel logoAxxia networking chip business; VMware bought application delivery provider CloudVolumes; IBM bought Lighthouse Security Group to bolster its cloud-based identity and access management capabilities; Google bought two startups, Emu to boost its messaging capabilities and Directr for its video advertising business; Facebook bought a security startup Privatecore, and the last BIG name saw Yahoo buying app company Zofari.

In August 2015, there were two “billion dollar” deals.  Symantec sold Veritas (which it paid $13.5 billion dollars for 10 years prior) to a group of investors for $8 billion and IBM shelled IBM logoout $1 billion for Merge Healthcare.  Smaller deals saw Calgary based Above Security bought by Hitachi; Transcomos bought 30% of Vietnamese daily deals site Hotdeal; Freshdesk bought live-chat company 1Click; and PLDT bought ecommerce startup Paywhere.

Three years ago, August 2016 saw a fair bit of M&A activity although there were no billion-dollar deals.   The largest deal saw global staffing company Randstad buy Monster for $429 The apple logo and apple with a bite out of itmillion.  A similar sized deal saw Intel shell out $408 million for artificial intelligence company Nervana.  Hewlett Packard Enterprises paid $275 million for SGI (what was left of Silicon Graphics); Apple paid $200 million for artificial intelligence company (there is a pattern here), Turi; Salesforce bought business analytics company Beyondcore for $100 million; and ScanSource paid $83.6 million for telecom cloud services company Intelisys Communications.  Other acquisitions saw Microsoft snap up two companies: artificial intelligence scheduling software company Genee, in addition to their XBox division buying interactive livestreaming company Beam.

August 2017 was relatively slow on the M&A front.  Symantec sold its website security Cisco logobusiness to DigiCert for $1 billion, plus a stake in the larger entity.  Cisco paid $320 million for hyperconvergence company Springpath, CGI bought a Pittsburgh consulting company, Summa Technologies and Accenture bought a Toronto consulting company VERAX.  While not a pure tech play, the biotech world saw Aclaris pay $100million for Confluence.

Last year, August 2018 saw a fair amount of M&A activity: a lot of smaller deals, a few significant moves and some recognizable names were out buying companies.   The big deal of HP logothe month saw Cisco pay $2.35 billion for access security company Duo Security.  In other deals, VMWare paid $500 million for cloud management company CloudHealth; and HP splashed out $500 million for Europe’s largest print provider, Apogee.  Apple snapped up Augmented reality startup Akonia; Accenture made two small acquisitions in the digital space, Mindtribe and Pillar Technology; Intel picked up a small AI company Vertex.Ai and Vonage paid $35 million for video company TokBox.  Apple was also in the news because it became the first public company to reach a $1 trillion valuation, and they were quickly followed by Amazon.

Which brings us back to the present …

August 2019 was a busy month in M&A, with the big deal getting mixed reviews as Broadcom paid $10.7 billion for Symantec’s security unit.  Some saw this as old tech buying old tech, but for Broadcom it provides diversity of offering.  VMWare had a busy month paying $4.8 billion to acquire Carbon Black and Pivotal, and then announcing the acquisition of Intrinsic.  Private equity company BC Partners is paying $2.1 billion to take Presidio private, and Salesforce paid $1.35 billion for ClickSoftware to improve its service capability.  The final deal in the BIG dollar leagues saw Splunk pay $1.05 billion for cloud monitoring platform SignalFxAccenture was busy this month, announcing two acquisitions; Northstream, a telecom consulting company plus engineering company, Fairways Technologies.  DXC spin-off Perspecta paid $250 million for managed services company Knight Point and there were a number of other “big name” companies making acquisitions; Amazon bought E8 Storage; Cisco bought Voicea; Microsoft bought JClarity; Twitter bought Lightwell and HPE bought the assets of MapR.

Other companies in the news included Apple, who, responding to concerns about their Siri recordings, laid off hundreds of workers who used to work with this “data”.  Google announced it is closing its Google Hire offering and Cisco announced layoffs in California.

There were several interesting stories this month related to cyber security and various scams.  The underlying message to individuals and organizations being that training, tools and vigilance are needed to combat the “bad actors”.

Major economic indicators in the US were generally positive, although economists have started wondering when the next recession swill hit, 2020 or 2021.  Canada had mixed job numbers depending upon who you believe and job indicators across the world were generally positive, although Germany’s economy is struggling and the UK continues to deal with the Brexit debacle.

That’s what caught my eye over the last month.  The full edition will be available soon on the Eagle website.  Hope this was useful and I’ll be back with the September 2019 industry news in just about a month’s time.

Walk Fast and Smile

Regional Job Market Update for Ottawa, Ontario (August 2019)

David O'Brien By David O’Brien,
Vice President, East Region & Government Services at Eagle

Ottawa Job MarketWhile the Canadian economy shed over 24,000 jobs in July and the national unemployment rate edged up to 5.7% from 5.5%, the disappointment was not reflected in the Ottawa market (and let’s be sure to add context — these are still historically low rates of unemployment.)

The employment story in Ottawa for the same month was one of continued robustness, with the region adding 12,300 jobs in July, dropping the unemployment rate sharply from 5.6% in July to 4.8%. The local tech market along with the Federal Government continue to drive the market as both seek to fill positions in what is rapidly becoming one of the tightest technology talent markets in Canada. In fact, Shopify recently introduced an innovative program to attract “lapsed” developers, former developers who have taken more than two years off and are out of the market. The program will train them back up on the job — surely a sign of the times in an effort to attract talent.

With a pending Fall election, there is no doubt an expected slowdown in hiring, specifically net new IT projects with the Feds. That said, however, this summer has been one of the busiest experienced with numerous large RFP’s on the street and the Feds still forecasting to create 10,000 new jobs over the next 5 years.

TD Bank recently released a study that looks at the evolving inequality in the labour market as it relates specifically to technology and cities in Canada. We have asserted for some time that while the national unemployment rate is a healthy 5.2% to 5.9 % range, the “technology” unemployment rate is likely less than half that national rate at around 2.0% to 2.5%. The reality on the ground, however, is in major cities it is in fact closer to 0 per cent! The study shows that the 5 major centres in Canada of Toronto, Montreal, Vancouver, Calgary and Ottawa make up over 70% of the entire digital services employment in Canada, backing up the near 0% technology unemployment rate. With these kind of market forces in play, in cities like Ottawa, we can verify undoubtedly the scarcity of resources. It’s no surprise that Canada experienced the fastest clip in wage growth in a decade of 4.5%, up sharply again from 3.8% in June.

Recent global economic indicators have brought talk of a possible recession in the months and years ahead, as the long recovery cycle comes to an inevitable cooling off; however, it’s tough to fathom given the local technology market we see in Ottawa today.

In demand roles around the Ottawa tech job market this summer include Architects, IT Business Analysts, System Analysts, Programmers and Project Managers.

IT Industry News for July 2019

Kevin Dee By Kevin Dee, Chairman of the Board at Eagle

This post first appeared on the Eagle Blog on August 13th, 2019

Tech News HeaderThis is my 30,000-foot look at events in the ICT industry for July 2019. What you see here is a précis of the monthly report I produce, which will be available in more detail at the News section of the Eagle website, where you will also find back issues.

A Little History of July in previous years …

Five years ago, in July 2014, there was plenty of M&A activity but no real blockbuster deals.  BlackBerry bought encryption company Secusmart GmbH; Oracle bought cloud services Oracle logo a large software company originally noted for its databasecompany TOA Technologies; Twitter bought a startup Madbits, a company that focusing on the media space; Yahoo also bought a startup Flurry in the mobile apps space; Teradata bought a couple of smaller “big data” companies, Hadapt and Revelytix; Apple bought a couple of smaller “books & podcast” companies Booklamp and Concept.io; Qualcomm bought education company EmpoweredU; and finally Nokia continue to rebuild after selling its devices and handsets business to Microsoft, this time buying Panasonic’s 3G and LTE base station operations division.

July 2015 saw no billion-dollar deals, but there was some activity with some big names out Microsoft logoshopping.  Microsoft made two acquisitions, paying $320 million for cloud security company Adallom and also picked up customer servicing software company FieldOne Systems. IBM picked up database as a service company Compose; Cisco paid $139 million for sales automation company MaintenanceNet; HP bought a cloud development platform Stackato; Blackberry bought AtHoc, a crisis communication tool; and DropBox bought messaging company Clementine.  Other acquisitions saw Cisco as a seller, with Technicolor paying $600 million for Cisco’s set top box division; Level 3 bought security firm Black Lotus; Amadeus bought travel software company Navitaire (a subsidiary of Accenture) for $830 million; eBay sold its enterprise unit for $925 million, having paid $2.4 billion for it four years ago.  In the continued blurring of the lines between technology companies and other industries, Capital One bank acquired design, development and marketing firm Monsoon.

In July 2016 Verizon made two multi-billion-dollar acquisitions.  The big name was Yahoo who they bought for $4.83 billion, but they also paid $2.4 billion for Fleetmatics who provide fleet and mobile workforce management services.  Oracle were also out spending big dollars, paying $9.3 billion for cloud-based ERP company, Netsuite. Now if those deals were not big enough, Softbank (like Verizon they have a large telco presence – formerly Vodafone) paid a whopping $32.2 billion for chip designer ARM Holdings. Also joining the July 2016 billion dollar club was security vendor Avast, who bought AVG for $1.3 billion. Other deals saw Salesforce pay $582 million for cloud based startup Quip; Google bought video company Anvato; Terradata bought training company Big Data Partnership; and Opentext bought analytics company Recommind.

July 2017 saw Cincinnati Bell buy Hawaiian Telcom Holdco for $650 million and OnX for Mitel Logo$201 million. Mitel paid $430 million for ShoreTel and bought Toshiba’s unified communications business. In Toronto, digital signage solution provider, Dot2Dot, acquired Pixel Point Digital. PNI Canada Acuireco Corp. purchased Sandvine Corp. for $562 million, with plans to merge Sandvine with Procera Networks.

Last year July 2018 was a busy M&A month with the biggest deal of the month, a somewhat unlikely $19 billion acquisition of CA Technologies by Broadcom.  Solution provider, Atos paid $3.45 billion for Syntel, creating a large North American presence.  Fortive paid $2 billion for physical resource management software company Accruent, and the last billion dollar deal of the month saw SS&C pay $1.45 billion for investment technology company Eze Software.  Other deals saw AT&T buy cybersecurity company Alienvault; Hitachi bought AWS integrator Rean; Intel bought specialty chip maker eAsic Corp; Accenture continued its acquisition spree with the purchase of AI company Kogentix; and Getronics re-entered the North American market with the purchase of Pomeroy.

Which brings us back to the present …

July is quite often a slower news month, and July 2019 was a little like that.  Having said Cisco logothat, there were some big deals announced.  Cisco’s $2.6 billion acquisition of Acacia Communications was the biggest deal. Apple splashed $1 billion to buy Intel’s smartphone modem business, and KKR bought Corel for $1 billion too.  There were a few more deals hit my radar with Google buying storage company Elastifile; 8X8 cloud communications company paying $100 million for Platform as a service company Wavecell; and finally Epam Systems bought educational content company Competentum.

There was another big cyber breach announced with Capital One sharing data on more than 100 million customers.  There was also a malware called “Agent Smith” that infected 25 million Android devices.  A report on how AI will impact on jobs seemed significant, but most of the respondents believe new roles will replace the lost jobs.

On the economic front the current US economic expansion is the longest on record, and there are still lots of positive indicators.  Canada lost jobs in June and continues to have struggles.  Around the world most indicators were positive, with a few notable exceptions … South Africa caught the eye with the highest jobless rate since 2003.

That’s what caught my eye over the last month, the full edition will be available soon on the Eagle website. Hope this was useful and I’ll be back with the August 2019 industry news in just about a month’s time.

Walk Fast and Smile

Contractor Quick Poll: How do you prefer to get your news?

The information available to us today is both a blessing and a curse. While we have the opportunity to be more informed than ever, it is impossible to consume all of the information that’s out there. Even more challenging, fact-checking and knowing what’s credible is an increasing problem. Even the smartest, most careful individuals get duped by bogus news and scams on occasion.

Conveniently, all of that information is being delivered over a variety of media. Each form has its own upsides and pitfalls carrying their share of high-value periodicals and “fake news”, but everybody can choose what is most convenient for them. So what is the most popular source of news and trends for IT contractors? That’s our question in this month’s Contractor Quick Poll.

What to Expect from the Edmonton IT Job Market in Fall 2019

Brianne Risley By Brianne Risley,
Delivery Manager at Eagle

A couple weeks ago, Cameron McCallum shared a snapshot of the Edmonton Job Market. As we all enjoy the warm Alberta summer, it’s the perfect time to look ahead at the market trends gaining momentum into Fall 2019.

In-Demand Skillsets

“In-Demand” skillsets are Eagle’s measure of job roles projected to be required by “70% of our Edmonton-based mid-to-enterprise-sized clients within the next 3 months”. It also functions as a good indicator of where we are in the software development lifecycle (SDLC).  With the popularity of PM/BA, and particularly OCM skillsets, it’s clear we are in early stages of some large-scale capital projects. The demand for Developers or Quality Assurance professionals will intensify in late Fall as these projects spin up.

In-Demand IT Skillstes in Edmonton for Fall 2019

September will be heavily focused on three “R“s – replacing, retiring, or redesigning legacy applications in favor of something cloud-enabled, consolidating existing apps, or enhancing an application for better functionality. Why the Windows Server admins? Because the legacy on-prem hardware is going through a refresh cycle, and some of it makes more sense to virtualize or migrate to the cloud to support the new systems.

Trending IT Projects

As a candidate, here are the key projects that should be highlighted on a resume to ensure you are aligned with what mid-sized to enterprise Edmonton-based companies are targeting. If you are a hiring manager with one of these projects in your care, there will be increased competition for strong candidates. Now is a good time to extend the people you have!

Trending IT Projects in Edmonton in Fall 2019

IT Employment Across Canada

Alberta continues to suffer with a high unemployment rate, but that is not the case for Information Technology. In practice, resource availability in IT within Alberta is tight with most candidates leaving “Company A” to take a role at “Company B” vs. being out of a job.

IT Employment Across Canada as of Dececember 2018 (source: e-Talent Canada)

Fun Fact: In 2017, 1 out of 20 of our Edmonton clients would accept remote workers on IT projects. Today, that number has increased to 1 out of 10.

Why? Better collaboration technology (O365/Cloud-enabled apps) is available, and companies have a need to expand beyond the local market to gain access to markets with a greater concentration of IT workers.

The market outlook in Edmonton remains strong in Fall 2019. Please connect with me if you’d like to learn more!

What Trends are Shaping Fintech and Where is it Heading?

Trends are a great way to navigate and learn about the world we live in. They aren’t just the reason you had that awful hair cut when you were 15 years old or the neon colored pants you wore to your first high school dance.

Trends are a great tool to help predict the markets. They are tools that can be used to be proactive and get you ahead of the competition if you read them right. Just look at financial technology companies in most recent years. Take a look at the infographic from Cashalo and see the trends for yourself. Financial technology companies are offering many opportunities for independent contractors and the future looks bright!

What Trends are Shaping Fintech and Where is it Heading?

Companies Are Tracking Your Entire Life

Have you ever received a call or email from a recruiter and thought “How did this person get my information?” We receive that question a lot and even wrote a post with some explanations a couple years go. While IT recruiters can definitely be resourceful in finding skilled contractors, that’s nothing compared to what large corporations have on you.

This video from Bright Side explains that every time you download a free app or access some websites, you are being tracked. Companies are gathering your information and selling it to marketers so they can target you. Some consumers say they don’t mind, but many frequently express concerns with these practices. This video not only gives the scary details about how companies are getting your data, it also gives tips to protect yourself.

Top 5 Tech Trends That You Should Follow in 2020

This guest post is provided by Anastasia Stefanuk at Mobilunity

Changes in the technology trends are very disruptive as well as very rapid in recent decades, especially in the field of IT and communication. The impact of technology changes in information and computer technology ICT has put the employment of a large number of employees on stake. Numerous recruitment process outsourcing models emerged to replace traditional employment. Automation of industrial processes powered by the ICT has almost revolutionized the employment landscape globally.

According to the latest research, more than 47% of the global employees are facing the risk of losing employment due to the technological factor affecting business in all kinds of industries worldwide. Let’s explore the major tech trends in business in 2020 that can disrupt the existing way of doing business in the world.

Importance of Technology Trends

Circuit board pattern and puzzle

Technology trends are very crucial for all kinds of businesses in the world nowadays owing to the widespread influence of ICT and other technological factors in modern businesses and industries. Almost half of the world employment is at stake due to the pervasive influence of automation processes. The expected number of industrial robots to be deployed in the industries across the globe in 2019 is about 2.6 million units. These robots improve work efficiency and industrial productivity significantly. According to the Statista predictions, the total size of the robotic process automation RPA is expected to cross $4.9 billion by 2020.

There are many other technology trends such super-speed communication networks, smart vehicles, home automation, virtual reality, wearable devices, and centralization and integration of businesses processes will impact all types of industries, businesses, and lifestyles of this world. In short, change is a big technology factor in the business of the present world.

Top 5 Tech Trends in Business in 2020

If we look at the global ecosystem of the industries and business across the world, we will come to know that technology trends are continuously changing. But, it is very important to note that the major disruptive changes in any field of technology are powered by the ICT advancements. The other technology changes are also heavily influenced by the changes in ICT technologies. So, ICT is the technology trendsetter in the present global world. Let’s have a look at the top 5 technology trends in business in 2020.

Trend #1 AI Powered Development

Artificial intelligence is not a new thing in the world of technology, but the maturity of the technology is ripened nowadays in all forms of business and industries. The software development powered by artificial intelligence AI and machine learning has opened up new dimensions for communication automation, entertainment, digital marketing, healthcare, defense, and other fields of businesses. The use of chatbots is one of the examples of AI enabled software development. Virtual reality and augmented reality (VR/AR) are the major components of AI enabled development that is getting stronger roots in modern businesses across the globe. According to the latest research, more than 80% of the routine repetitive tasks in documents, record management, HR processes, bookings, CRM, and other processes can be automated through the next generation software programs powered by the AI and machine learning technologies.

Trend #2 Internet of Things (IoT)

Internet of things commonly referred to as IoT technology is a new tech trend for a few years now. It will also remain a top technology trend in 2020. According to the Energias Market Research forecast, the total size of the IoT market is expected to reach $6.5 trillion by 2024 from just $1.2 trillion in 2017. The global market size of the internet of things is projected to grow at over 26.6% CAGR between 2018 and 2024.

This technology is not only growing in the home automation but also in all fields of businesses and day to day life. With the help of IoT technology powered by the high-speed internet and modern trends of communication, you can automate processes in your car, at home, at the garage, at the office, at public places, at government offices, and even everywhere you just name it. Internet of things is an integrated technology based on sensors and integrated communication technology. The sensors sense different parameters and communication technologies help to send signals to alert the human or automated process to take action remotely or automatically.

Trend #3 Blockchain Technology

Blockchain technology is emerging as one of the most powerful and secure software technologies for managing numerous software-based processes in all major industries of the world. The origination of this technology is associated with the Bitcoin cryptocurrency, which is a type of virtual currency without any intermediary authority to regulate. This technology is a chain of blocks of information that are distributed across computer networks in the world. It is also known as distributed information ledger.

According to the TMR forecast report cited in the Global News Wire says the total market size of blockchain technology is expected to reach $20 billion by 2024 with a gigantic growth of 58.9% between 2016 and 2024. There are many governments in the world are considering this technology to use in the most secure and mission-critical government systems like finance, defense, voting, and utility systems. The introduction of cryptocurrencies in different countries is also becoming a big option for many governments in the world.

Trend #4 5G Communication Technology

5G communication technology is going to become a big technology trend in 2020. It has already hit the ground in many countries of the world. According to the Future Marketing Insight projections for 5G technology, the market size of 5G is expected to cross $248.46 billion by 2028 from just $608 million in 2018. The growth of this technology is estimated at about 82.4% CAGR during 2018 and 2028. It will be one of the top technology trends in 2020 across the world. The impact of this technology will be high on different industries, businesses, and lifestyles.

Trend #5 Virtual Reality & Wearable Devices

Wearable devices powered by the virtual reality and augmented reality (AR/VR) software development is setting new trends in entertainment, gaming, and TV industries. The number of wearable devices shipped across the globe is increasing continuously. It is expected to grow the shipment of wearable devices in 2020 significantly. It will maintain its status of top tech trend in 2020.

Impact of Disruptive Tech Trends on Business Efficiency

The impact of disruptive technology trends on businesses is significantly big. As we know, the present day business market is so competitive and very fast-paced. The technology-oriented businesses are highly prone to the changes in the technology to even survive in the industry. The user experience is one of the most significant components of modern businesses. The customers have become so demanding and so aggressive that any little deficiency in the service or product can cost a business hugely.

The entire range of the above disruptive tech trends improves the speed, reliability, security, and productivity of the businesses. Creating a great user experience is the top objective that can be achieved by using modern technologies.

Final Takeaway

The landscape of technology is changing rapidly and consistently. Almost all tech trends are influenced by the ICT changes in the present day world. The top expected technology trends in 2020 may include blockchain, internet of things (IoT), AI-powered development, 5G technology, and wearable devices. The growth forecasts of all these technologies clearly declare them to remain as top tech trends in 2020.