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
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.
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.