Businesses will benefit from emerging technologies like Artificial Intelligence and Big Data that can enhance user experiences beyond imagination. With these new technologies evolving, universal digital transformation seems to be a reality. As more and more sophisticated technologies make their foray into our world, consumer expectations keep growing side by side.
Technology has completely changed the way businesses function and have started to revolutionize a wide spectrum of industries, whether banking, ecommerce or healthcare. While many of these fast-emerging technologies may be short-lived, some of these are being quickly integrated into business operations. Here are some of the top emerging business technologies in 2020:
- Cryptocurrency: Cryptocurrencies were introduced as digital currencies that act like tokens of exchange. They are based on the blockchain technology and all transactions are verified via encrypted cryptography so that the entire blockchain remains secure. This explains why cryptocurrency has the potential to radically transform the financial industry. After Bitcoins, many new coins have entered the crypto space including Litecoin, Ripple, and Ethereum. Today, cryptocurrencies are steadily gaining mainstream adoption as more and more businesses are accepting it as a payment method. So, the cryptocurrency technology is very much here to stay and reports predict that the crypto market is going to expand dramatically over the next few years.
- IoT: The Internet of Things is the buzzword today and is believed to be the next big evolution in home automation technologies. It refers to an ecosystem of equipment, appliances, devices, vehicles, etc that intercommunicate through data exchanges via the Internet in the absence of human interventions. Amazon’s Alexa or Google’s Home have now become a part of most households; whether it is playing your favourite playlist, setting reminders, or giving weather updates, you can rely on these voice assistants all the time. According to reports, almost $6 million is expected to be invested in IoT over the next few years; the numbers of IoT devices are likely to increase to the tune of almost 30 billion by this year-end.
- Artificial Intelligence: Companies like Google and Amazon are investing heavily in promoting AI capabilities. AI has been a fascinating technology ever since its inception; it refers to the technology that drives a computer to think for itself without human intervention. Positive results of AI integration into business operations have made companies keen to leverage this new technology for providing improved customer services. No surprises then why retail giants like Amazon are harnessing AI to offer their buyers a hassle-free experience.
- Automation/Robotics: Just like cloud computing, Big Data and AI technologies that have been undergoing huge developmental changes, robotics and automation are not lagging far behind. Robotic Process Automation or RPA refers to the technology that allows the use of software for automating business processes like processing transactions, data handling, email responses, and interpreting applications. Many big software consulting enterprises, whether it is manufacturing companies or banks, are using automation for boosting their productivity, security, quality, and profitability. These functions do not simply refer to menial duties of a low-paid employee; almost 45% of business operations can be easily automated.
- Augmented Human: These technologies focus on improving health, cognitive, and physical aspects of our bodies. Augmented include technologies like AI, immersive workspace, biochips, biotech, and emotion AI. For instance, increasing physical capabilities vis-à-vis a prosthetic arm. Such technologies find use in many workspaces and businesses through automation integration, robotics, and voice assistants backed by machine learning to streamline processes.