tech · 09 Jul 2020 ·Clock7 min

Technology Trends That Will Impact Businesses in 2020

Anastasia Vilchinskaya

Anastasia Vilchinskaya

Marketing Manager

Hero
Illustration by Amir Kerr

In the fast-paced business world, it is necessary to do your homework before pursuing your dream of running a global tech company. If you don’t keep up with the latest tech trends, you are going to be behind, especially when you look at how technology is evolving. Here are some stats from Hosting Tribunal on how fast the technology field is growing:

  • By the end of 2020, 50 billion smart devices will be collecting, analyzing, and sharing data.
  • The web hosting services market is to be worth $77.8 billion in 2025.
  • By 2020, cloud expenses are forecast to amount to 70% of all tech spending.
  • There are 1.35 million tech startups.
  • The Global AI market is expected to reach $89.8 billion.
  • There are 4,383 million internet users.

Since this information could be overwhelming, let's take a step back and break down 2020’s latest trends to help you get started on your next big idea.

AI

The growing ability of machines to learn and behave intelligently will transform our world. Artificial intelligence (AI) has made significant headway to take its place as one of the top innovation trends. For example, AI products will contribute up to $15.7 trillion to the global economy in 2030. 

Where will the value gains come from with AI? Source: PwC Analysis

The potential application of AI goes far beyond the mere automation of simple tasks. It will likely evolve into a sophisticated tool of collaboration between machines and human employees. Successful businesses will be able to make human-machine interaction sensitive to context, thus improving the cooperation to a high degree. Such advancements will allow companies to reimagine every aspect of their business from the ground up.

AI can tackle problems the way successful disruptors do: its judgment isn’t clouded by decades of previous experience or any kind of bias, and it hasn’t yet learned what not to try. However, this huge advantage requires human guidance: people will need to direct and cultivate what the AI comes up with.

How can businesses today start working towards creating this kind of technology? To support actual human-AI collaboration, they need to find ways to replace a “command and response” relationship between humans and machines with an interactive, exploratory, and flexible experience.

IoT

The Internet of Things continues to be a leading trend. The demand for communication, networking, and smart use of data is unusually high since the investment expenses are high. There is a remarkable trend in the smart home segment of the market, with networked products such as security systems for homes, and various lighting systems taking center stage. Furniture and food discounters have caught the trend and will strengthen the position of IoT-enabled devices in the market in 2020.

The penetration into the expanding market is enabled by the investments made in such areas as IoT platforms and communication hardware. The field of IoT will allow us to consolidate solutions for better practices and higher industry standards. Innovations such as 5G will guarantee the continued growth of the IoT over the next few years.

The joined markets of the IoT will develop to about $520 billion in 2021, more than twofold the $235B spent in 2017. Our homes that already have smart devices like TVs, water heaters, microwaves, smart yoga mats, and voice-enabled personal assistants like Amazon Echo will be presented with many more gadgets in only a matter of time. 

Furthermore, it’s essential to mention the fast development of the Industrial Internet of Things (IIoT). With its primary focus on optimizing operational efficiency and rationalization/automation/maintenance, the IIoT offers many opportunities in automation, optimization, intelligent manufacturing, and smart industry.

The IIoT market is estimated to reach $123.89 billion by 2021.

Most critical business drivers among manufacturers adopting the IIoT. Source: Morgan Stanley

There is already a lavish amount of gadgets, but the IoT revolution has only just begun. There is a broad range of devices joining the IoT. According to statistics, there'll be more than 75 billion total connected devices in 2020, which proves that IoT will keep trending.

5G

Future Today Institute confirms that geopolitical tensions notwithstanding, the business cases for investing in 5G are becoming clearer across several industries. The most recent (or fifth) age of portable systems, 5G, is an update from the present 4G (or LTE) arrangements. It will offer higher speeds, low or even no idleness in data transfer, and billions of gadgets to connect. 

5G will reshape our economies by changing transportation, education, medicine, entertainment, etc. It will invoke new organizations and applications we haven't yet envisioned. 

5G launches the present systems utilizing a progressively responsive sort of radio innovation that moves information faster yet requires less capacity to do so. 5G will shorten transmission inactivity from 30 milliseconds to a single millisecond, permitting temporary availability between gadgets in a single system. This innovation opens doors for telemedicine and mechanized medical procedures, self-ruling vehicles, and more. In contrast to WiFi, a 5G network will work to prioritize certain information transmissions over others. For instance, the vast number of organization assembling projects will have the option to automate a larger amount of their central procedures utilizing mechanical technology frameworks. This will invent another market for the organization of all the segments, devices, and counseling administration.  

Let’s look at the statistics that prove this trend:

To sum it up, here is a great statement recently made by John Walsh, Accenture's group chief executive for media & technology: "5G is poised to create a revolutionary, versus an evolutionary, wave of change and innovation across our world."

Medical Breakthrough

The COVID-19 pandemic became a massive incentive for more aggressive innovations in medicine. For example, TytoCare’s unique modular device and telehealth platform allows healthcare organizations in the US, Europe, and Israel to remotely examine and monitor potential and actual COVID-19 patients at home and in hospitals. Tyto Care exams of lungs, heart, and temperature fully replicate an in-person checkup.

Also, 3D printing will open new doors for cutting edge prosthetics businesses. For example, researchers at Princeton University have printed a 3D bionic ear that can "hear" radio frequencies that the ordinary human ear cannot pick up on. Several colleges are growing their investments in 3D printing of bionic body parts. 

The development of AI will improve the nature of treatment as well. In 2020, numerous clinical images taken utilizing MRI, CT outputs, and X-beams will be analyzed using AI. Furthermore, as dangers presented by malware in the medical field increase in number and gravity, AI could be used to detect unusual practices, watch for extortion and foresee malware contaminations, among other safety features. 

The new technology is also helping patients be more in charge of their day-to-day wellbeing, with devices that incorporate chatbots for instant assistance with minor issues and wearable devices, such as keen shirts that record health data, thus acting as preventive medicine. The technology could also be utilized to create precise calculations that will deepen oncologists’ understanding of biopsies.

More and more specialists and wellbeing centers are providing telehealth services. As insurance companies move to offer compensation for telehealth — and the extent of telehealth inclusion for Medicare Advantage beneficiaries widens — the advantages will keep on becoming more and more obvious. A senior citizen recovering after ICU, for instance, could get an on-camera consultation avoiding the transportation expenses involved with an in-person visit.

Virtual reality will play an enhanced role in healthcare, as well. 

The vivid imagery in VR headsets is used for pain management applying nothing more than an immersive distraction. This method helps reduce the use of strong painkillers. Additionally, VR can be utilized for instruction purposes: for example, by offering "fly-through visits" of a tumor to work on treatment options.

Autonomous Driving

We are well aware of companies like Tesla, Alphabet, and Waymo. What they all have in common is striving to create the perfect self-driving vehicle. The possibility of a driverless vehicle in itself is very exciting.

Global autonomous vehicles market value forecast - car sales and mobility services. Source: IDTechEX

Tesla’s CEO, Elon Musk, has already made significant strides in the design of autonomous vehicles and is expected to lead the industry.

During the company’s Autonomy Day, Elon has mentioned, "From our standpoint, if you fast forward a year, maybe a year and three months, but next year for sure, we’ll have over a million Robo-taxis on the road."

Such functions as lane-changing, automated braking, and automation of other in-vehicle systems are en route to being smooth with data acquisition and analytics. 

Widespread use of autonomous vehicles promises fewer accidents, lower energy costs, optimized driving efficiency, and reduced traffic congestion.

What's Next?

The five technologies we discussed will determine the fate of the world and business trends in 2020. While there are worries about workforce shifts, there is little uncertainty that 2020 will be a period of serious technological advancements.

In 2020 innovations might happen faster than we anticipate, making it especially important for organizations to be ready for moral considerations when it comes to collecting human data. 

In 2020, businesses need to review their take on analytical data and unite their efforts to shape a secure cyber ecosystem. For this to happen, the current team of professionals should be prepared for the newest technology trends. We all hope to see a technologically advanced world that will take advantage of all the newest trends mentioned above.

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