In the contemporary world, it’s not possible to think of a world that is bereft of technology, especially in 2020. This year has made us realize that tech adaptability is an integral part of our individual and collective (organization’s) success and profitability.
Understanding the importance of technology
Many organizations are productive, due to their fast integration to the trending technologies. You may end up losing your competitive advantage if you do not invest in the modern innovations for your organization.
Let’s understand this concept through a small case study.
Nokia had been at the forefront of this movement as the world switched from landline telephones to cell phones. However, when it declined to embrace formerly-emerging touchscreen technology, this sector pushed something of a self-destruct button.
It was merely a battery wasting add-on for them. Nokia’s History did nothing to sustain its loyal consumer base that welcomed this new trend, and they are fighting even a decade later for the lion’s share of the business that they once held.
The inference from this case is fairly obvious.
So, whether you’re a start-up or an organization, keeping an eye on technology developments and incorporating those that fit with your business goals is crucial.
Let’s take cases of brands in eCommerce that embraced emerging technology it trends rapidly to boost their customer satisfaction. Amazon, for one, incorporated Artificial Intelligence (AI) to suggest items based on a user’s demographics, purchasing history, and previous reviews.
Reinvesting in technology was the trend in 2019, where more than $3.9T was invested in IT trends by businesses around the world, according to Gartner. What’s more, this development is projected to rise in 2020 by 3.7 percent. It is also projected that enterprise software will expand from 8.8 percent in 2019 to 10.9 percent in terms of IT trends
spending by 2021.
We have put up some technology trends for 2020 in numbers to get a better understanding of what innovations are trending and which ones you might prefer. In 2020 and the near future, these will help you determine to choose the right technology for your organization.
Top 5 Technology Trends
1. Artificial Intelligence
Artificial Intelligence (AI) is a large branch of computer science that deals with the creation of machine intelligence able to perform tasks that usually require human intelligence. AI is an interdisciplinary science with various philosophies, but in nearly every field of the tech industry, developments in machine learning and deep learning are causing a paradigm change.
One of the important developments in technology for 2020 is AI. The worldwide spending on AI in 2019 was $35.8bn. However, in the year 2020, it is predicted to exceed $46bn. By 2020, about 78 percent of brands will have adopted AI, Oracle notes. In redefining traditional business activities, AI is seen as a savior.
AI is also used, in addition to optimizing business processes, to:
- Enhance more personalization
- Tighten facets of cybersecurity
- Testing and maintaining frameworks for apps
- Automate the detection and repair of bugs
- Augment, and also more, server processes
2. Virtual Reality and Augmented Reality
AR / VR may see a revival in its integration this year, as one of the most overlooked technologies. Augmented Reality (AR) adds visual elements to a live stream by using a smartphone’s camera. A full immersive experience that blocks out the physical world is suggested by virtual reality (VR).
It is predicted that in the next 3 years, 32 percent of businesses will adopt this technology to boost their product experience. We might claim that the rising IoT would also help improve its market penetration with virtual try-on jewelry and fashionable apparel prototypes already reaching the market. We were able to see the use of AR / VR in different formats, from retail and real estate to production and training.
It makes perfect sense for companies to go mobile-first, with billions of users connecting to the internet from their phones. The idea of PWA is to come as a boon for such companies to make their online transformation seamless. By 134 percent, the hybrid technology that bridged the gap between native apps and websites increased page views. Moreover, it also reduced bounce rates, increased interaction rates, decreased costs of production, and increased delivery time.
4. Business Intelligence
Business Intelligence (BI) is a technology-driven method or business technology trends that help executives, managers, and employees make better business decisions to interpret data and provide actionable information. Organizations collect information from internal IT systems and external sources as part of the BI process, compile it for analysis, perform data queries and generate data visualizations, BI dashboards, and reports to provide business users with analytical results for organizational decision-making and reporting.
The amount of data generated today serves as one of the best ways for businesses to make important business decisions. Fortunately, it seems that corporations understand the inevitability of market knowledge for their projects. Data analytics provides plenty of information and trends about the actions of clients and employees. It allows businesses to make several significant improvements to their workflows and go-to-market approaches.
This request is only expected to surge more in the coming year. This year, some of the things listed below will be trending as businesses investigate these to best reflect their operations and strategies.
- Better Analytics for Predictive
- More Channels for business intelligence
- NLPs that are smarter
- Newer touchpoints on data
- Data governance thoroughly
- Intelligence on Mobile Sector
5. Computing Edge
Edge computing, already considered a rising sector, is expected to see exponential growth in 2020. This industry will encounter more customers from telecom firms, software infrastructure providers, data centers, public cloud providers, content delivery agencies/networks, and more, with a forecast growth rate of 50 percent.
So, these are the technological advances for 2020. Each technology listed works to increase the income and satisfaction of customers and employees. Go for the ones that meet your budget criteria and make your company count against 2020.