In the midst of the ongoing fourth industrial revolution, the COVID-19 pandemic acted as a wake-up call for numerous organizations. Simultaneously, it presented an opportunity for innovation, collaboration, and sustainability. According to a recent report published by Mckinsey & Company, the pandemic has pushed companies beyond the tipping point of technology, forever transforming the business landscape and giving way predicting technology trends.
Renowned researchers and economists have called on global economies to prioritize healthcare. There are also other technological trends you can expect. Understanding that expectations in 10 years gives the business the right direction for development. What is at the stage of development today will very soon take up most of life and even change the way of life.
The most important technology trends you can expect in 10 years
#1 IoB
The global data generated surpassed 79 zettabytes in 2021 and is predicted to reach 181 zettabytes in the next five years. Data plays a vital role in driving various technological advancements, although opinions differ on its impact on humanity and the potential waste of time and resources. The process of analyzing and extracting value from this massive amount of data using analytics and big data techniques has been referred to as the Internet of Behaviors (IoB) since 2012, coined by Gote Nyman.
#2 Hybrid working environment
The pandemic brought the world to a standstill and forced companies to reconsider their working models. As the pandemic subsided, many workplaces adopted a hybrid work model, where employees preferred a combination of remote work and office presence. This trend is expected to continue growing in 2023. Employers are now focusing on employee wellness as part of their strategies to retain talent. This shift towards hybrid flexibility, offering creative work environments, remote work options, flexible hours, and a work-life balance, is becoming increasingly prominent in organizations.
At the same time, the number of cyber threats associated with the connection of remote employees to their workplaces in the company is growing. To do this, companies are forced to resort to security tools such as VPNs and firewalls. The advantage of a VPN is that it allows you to remove website blocks, while the firewall simply restricts external connections. The combination of security enhancements and unblocked websites makes VPNs a practical and effective solution to today’s cybersecurity challenges.
#3 Software 2.0
Low-code or no-code programming is now a well-established trend. It operates in two distinct ways. First, neural networks and machine learning are employed to generate code for new software development or graphical interfaces for programming. This enables the creation of complex applications, including artificial intelligence apps, using simple modal windows and drag-and-drop actions. Consequently, it simplifies the process, eliminating limitations imposed by coding skills.
#4 Blockchain
In 1991, Stuart Haber and W Scott Stometta presented the concept of a cryptographically secured chain of blocks for the first time. However, it was only years later that the anonymous developer(s), under the pseudonym Satoshi Nakamoto, published a white paper and introduced the first blockchain as the public ledger for Bitcoin transactions. Today, there are more than 64 active use cases spanning 200 sectors.
The primary advantage of blockchain technology is its immutable nature, as data can only be appended and not modified or erased, leading to the characteristic term “chain.” This inherent property ensures a high level of security and transparency. Additionally, blockchain encompasses public and private chains, smart contracts, information realization, an end-to-end chain of trust, distributed ledgers, and non-fungible tokens (NFTs).
#5 Healthcare
Another trend in technology will be in the are of healthcare. Healthcare will become “universal” not because it has been ordained by the powers-that-be (because they won’t), but rather due to the widespread use of smartphones (and implanted devices) to monitor individuals’ health. Telemedicine will be the norm, where people consult either with physical doctors or digital counterparts.
#6 Artificial Intelligence and Machine Learning
From datafication, transitioning to the top buzzwords in business today, Artificial Intelligence (AI) and Machine Learning (ML). For organizations, the significance of this technological trend is projected to experience rapid growth. The combined worldwide market size of AI and ML, currently valued at approximately USD 408.62 billion, is anticipated to reach around USD 1.604 trillion by 2029.
Still, in the early stages of development, AI and ML will continue to find increasingly sophisticated applications as technology advances. Analysts estimate that more than 50% of human interactions with computers will involve these technologies in the future.
#7 Hyperautomation
More and more businesses are investing in technology and embracing automation. Hyperautomation is a systematic and business-centric approach that identifies and automates all processes that can be automated within a company. Recent market research shows that hyperautomation is no longer an option to be overlooked; instead, it has become essential for survival.
Technologies like AIOps and MLOps are enabling businesses to go beyond traditional automation, which focuses on automating repetitive tasks. Hyperautomation provides scalability, consistency, and enhanced performance.
These trends in technology are just a few examples that will shape the future. The list of innovative developments and advancements in technology is only set to grow, as the world progresses towards more digital and automated solutions. Businesses need to stay ahead of the curve by investing in these technologies now or risk being left behind.