In a world where technologies are gaining the most traction, what are the most important trends that cannot be ignored? Which technology trends firms and leaders must embrace to continue digital acceleration? We have identified the 11 most important trends for competitive advantage and technological investments in order to answer these questions.
The technologies that we have mentioned aren't the coolest or most cutting-edge technologies. However, they are the ones that attract the most startup capital. Technology will govern our life as the use of social, mobile, and cloud grows. The business ecosystem is disrupted by the rapid user expectations to interact in real-time. These modern developments have a significant impact on how we address business concerns. These new technologies have the inherent ability to improve business, change profitable margin, and transform your business.
Top Emerging Technology Trends of 2022-20223
1. Cloud-Native Platforms
Cloud native is used to build and run applications with the help of cloud delivery model. Cloud native apps build scalability, resiliency, elasticity, and flexibility.
Cloud native technologies help developers to run applications in public, private, and hybrid clouds. Features such as microservices, service meshes, containers, immutable infrastructure are used widely to change the way applications, services, and tasks are deployed and to reduce the development cycle.
Kubernetes – an open source system has simplified automated deployment, managing containerized applications, and scaling. As per stats by Statista, deploying or managing Kubernetes-as-a-service is the most popular cloud native platform organizations are using worldwide. Microservices is the second most popular platform. Know more about microservices and why it is gaining popularity.
Example - Pinterest has evolved into 1,000 microservices, many layers of architecture, and a variety of set-up tools and platforms behind the scenes. Pinterest moved its services to Docker containers in 2017 to make the transition from idea to production easier for its developers. The company picked Kubernetes to handle containers in an effective and transparent manner.
2. Decision Intelligence
Decision intelligence is a new academic discipline that brings together applied data science, social science, and managerial science to helps people improve their businesses, use data to improve their lives.
AI decision-making system is used in many business operations. They use it to study their consumers' behavior, forecast their needs and pain spots, adapt their goods and services, and make smarter judgments about when to begin the intensely personalized engagement.
Example - To diagnose, investigate, and assist doctors with patients, several healthcare organizations use data analysis and decision-making. With decision intelligence, it is feasible to improve medical results. You can learn a lot about the next step in the treatment, improve your prognosis, and achieve better results.
3. Cryptocurrency and Bitcoins
Cryptocurrency is a highly encrypted decentralized digital currency recorded in a digital ledger called blockchain. Bitcoin is a completely self-contained form of digital currency, which does not need any bank to store or make transactions.
Bitcoin can be transferred from one wallet to another, whether it is on a cell phone, a laptop, or in the cloud. Bitcoin can prevent forgery, making a Bitcoin is nearly impossible as the process is very complicated.
Example - PayPal customers in the United States can purchase and sell cryptocurrency, and make payments. You can choose to pay with crypto using Bitcoin, Ethereum, Litecoin (LTC), or Bitcoin Cash with enough cryptocurrency in your wallet (BCH).
4. Artificial Intelligence (AI), and Machine Learning
As emerging technologies transform companies, Industry 4.0 in manufacturing and digitization in all other industries is accelerating the implementation of IoT, Blockchain, Artificial Intelligence (AI), machine learning, cognitive intelligence, deep learning, etc.
Example - At Netflix, ML has been constantly used to improvise the recommendations and personalization problems. Content promotions, price modelling, content delivery, and marketing are all examples of where machine learning has expanded.
5. Robotic Process Automation (RPA)
Robotic process automation (RPA) is used to build, deploy, and manage software robots that have human like actions. Just like people, software robots can navigate systems, screen, identify and extract data, and perform a wide range of defined actions. Software robots are faster and more consistently, which is an important emerging technology.
Example - Walmart’s back-office applications needed automation capabilities such as Robotic Process Automation (RPA) for day-to-day office tasks such as digitizing documents. RPA systems use rule-based automation to automate internal service processes.
6. Edge Computing
Edge computing brings computing as close to the source of data to reduce latency and bandwidth use. It means fewer processes run in the cloud and move those processes to local places, such as on a user’s computer, an IoT device, or an edge server. It reduces long-distance communication between a client and server.
Example - Amazon Web Services offers a cloud-edge hybrid model that package IoT, AI, ML, robotics, analytics, and compute and storage capabilities for businesses to improve industrial workloads.
7. Quantum Computing
Quantum computing is an emerging technology focused on developing computer technology with quantum theory. It uses quantum bits or qubits.
By 2023, IBM scientists will have developed a quantum computer that will be online and capable of providing a Quantum Advantage. It will have easier information processing tasks and it will be cost effective as per study by Gartner.
Example - The Goldman Sachs Group, Inc. a worldwide investment bank and financial services corporation uses quantum computing to have a big influence on financial services. Traditional computers would take an age to accomplish computations that quantum computers will solve in a fraction of the time. It will boost the technology's ability to outperform traditional computers for financial applications in the future.
Virtual reality (VR) and augmented reality (AR) are two technologies that are changing the way we use screens, creating new and exciting interactive experiences.
Virtual reality uses a headset to take you to a virtual imaginary world that you can explore. Augmented reality transports you to a virtual world, it takes digital images and layers them on the real world around you through the use of either a clear visor or smartphone.
Example - Microsoft combined power of augmented and virtual reality when deployed in the real world. They have launched HoloLens headset, which is an AR device. It is high-quality AR and it has demonstrated Microsoft's success in developing the technology.
A low-code allows you to create business and mobile apps with little to no coding skills. It uses a graphical UI with minimal logic and drag and drop capabilities instead of writing extensive lines of code. No-code development platforms creates apps without writing code. This implies that anyone with no coding skills can build applications without any hassle.
By 2024, low-code application development will be responsible for more than 65% of application development activity. (Gartner)
Example - Some companies might need more than visual or written software. Spotify started using No-Code partner on Voiceflow. This platform allows you to create voice and chat assistants without having to code and with the ability to maintain a very layered and intuitive conversation.
10. Enterprise Metaverse
Emerging technology is changing how we interact with computers and the world. Devices can observe the physical world and give more exact context for Augmented, Virtual, and Mixed Reality (AR/VR/MR) situations, due to AI computer vision and improved sensors.
Example - Nike, for example, uses metaverse to track customer needs in real time and tailor their experiences to best fit their needs. Through immersive 3D virtual settings, Nikeland provides clients with fully customizable and hyper-scalable experiences.
Users will also get accessibility to a digital showroom where they can dress up their avatar in all things Nike and shop the brand's latest merchandise. Items could be based on real-life Nike products currently on the market or previous debuts. Nike may potentially reveal upcoming products or encourage children to collaborate on designs.
11. Cyber Security
Cyber security is evolving as an important emerging technology. Threat from hackers trying to illegally access data continue to challenge security measures. Emerging technology is being used to enhance security. Cybersecurity will remain a trending technology to defend against cyber threats.
Network security prevents unwanted access to and misuse of your computer network. It helps in attacking and defending attacks, as well as internal dangers. Firewalls and VPNs can prevent some cyber-attacks and can be very successful.
Example - The potential to receive data from smart devices (like Apple Watch, Fitbit, etc.) is providing medical professionals the ability to forecast and even treat possible health issues before a patient even has any symptoms.
With emerging technologies industries including banking, eCommerce, healthcare and education, are staying up to date on the latest technology trends. Our developers have mastered the emerging technologies to offer potential clients a better understanding of solutions needed for industries for competitive edge. Contact us to hire developers for your project.