Businesses around the world are accelerating as a combination of changes in technology and society coming together. Some of these changes are global others affect us on a personal level. Most of them have a huge impact on our business and day to day activities. Find out what are the upcoming trends in technology in the year 2020.
Mobile commerce is booming like anything. With the arrival of e-commerce websites like “Amazon” and “Flipkart”, people have become used to shopping on their phones via intuitive apps and mobile-friendly websites. You no longer have to manually enter your credit card details and shipping details the first time you shop at a new online store. The bricks and mortar retail is slowly deteriorating with the advent of Apple Pay and Google Wallet. If you want a preview of what life would be like in a fully cash and cardless world hop on a plane to any major Chinese city. In China, you won’t go far if you are still stuck in the cash system. The use of Alipay and WeChat has made life simpler. Also, the QR code is widely used in China for all types of payments.
What will 5G network mean for you?
Being able to download a full-length HD movie in seconds and share your wow-moments with friends – that’s just the beginning. The true value of 5G is the opportunity it presents for people, business and the world at large: industries, regions, towns and cities that are more connected, smarter and more sustainable. If that’s not enough, the 5G networks will also facilitate the use of drones and driverless cars, allowing them to rapidly communicate with any other smart vehicles in their vicinity. It’s allowing industries to reinvent themselves. It affects you. And it’s starting now.
It’s the final stage of Business analytics. Prescriptive analytics is less of a fortune teller and more of a medical doctor. Until now, analytics tools have been mostly focused on both descriptive and predictive applications. This means they would allow for historical data to be better arranged and represented to allow for a better understanding of the changes that have occurred and for data to be used to make predictions about future events and behaviour. However, prescriptive analysis tweaks certain variables to achieve the best possible outcome and then prescribes that course of action. It has already seen the application in the oil and gas industry as well as healthcare.
Rise of AI as a service (AIaaS)
SaaS business model combined with AI services can help bring AI to the masses without a heavy price tag. There are already some AI provider platforms offering services such as processing-intensive GPU workloads. Companies are delivering to you customized models which are built for your business and industry, well-trained and you don’t need any consultancies and pay a fee every month. Large companies like Google, Amazon, Apple and Microsoft already have dedicated resources for providing machine learning solutions and training materials.
Mid Market -Tech Growth
While talking about growth or decline we are often prone to discuss the large companies. What is changing is the level of interest being placed on mid-market businesses and their growth. Strong performance by >$1 billion companies in the online business sectors-namely SaaS, e-commerce and content-has brought more attention from traditional investors and private equity firms into space on a mid-market level. Independent Amazon business owners are also beginning to realize their collective power.
The Mobile app Gold Rush may get over
Having to find and download apps could be the next problem to solve for companies bemused by the investment they’ve put into apps and the competitive nature of the various app stores. Many people believe that making apps accessible from a cloud, or scrapping them all together in favour of Progressive Web Apps, might be the more useful and cost-effective remedy for everyone involved.
Alternative Cryptocurrency Collapse
How can the list of changes in technology be complete without mentioning about blockchain and cryptography? Bitcoin is dominating in the crypto market. While many cryptocurrencies have risen and fallen, Bitcoin now has a market dominance of around 69 percent after being as low as 35 percent in January 2018. While the number of merchants who accept cryptocurrencies has steadily increased, they are still very much in the minority. A surge in price over the last few months has raised questions of whether Bitcoin could really be a new kind of digital gold. Blockchain technology is likely to see more practical applications in the healthcare domain, asset management and intellectual property in 2020, but whether Bitcoin and the blockchain will radically change the way we live remains to be seen.
In the past 5 years, technology has evolved so fast that it is very difficult to grasp the sheer scale of innovation underway. Some of the interesting innovations have been mentioned above. Whatever happens, 2020 will definitely be an interesting year for major tech companies and budding entrepreneurs alike.