In a digital era where technologies are gaining the most traction, businesses need to be adaptive to emerging technology trends to stay competitive.
Knowing and implementing the latest technology trends is crucial, as it acts as a helping hand to upgrade business operations in a way that their potential customers can connect with them easily.
In this blog, we have covered the six emerging technology trends that will help you gain a competitive advantage. Have a look at these technologies shaping the future of the digital world.
One of the leading emerging technologies today is artificial intelligence. Many big organizations are investing heavily in AI, from the healthcare industry to IT. In the coming years, AI will become more omnipresent with natural language processing and machine learning implementation. This, in turn, will enable AI to make us understand things better and enable complex tasks with ease.
If you take Amazon Prime Video as an example, content promotions, content delivery, price modeling, and marketing are examples.
5G, or 5th generation mobile network technology, is an upcoming technology that people will be accessing soon. In fact, it’s almost there, which makes it the best time to start developing applications for 5G.
The technology, when accessible, boosts the performance of IoT networks by delivering a more stable internet connection.
5G technology is the next generation of mobile technology and is all set to transform our lives. It will offer much faster speeds as compared to the current 4G network technology. By 2023, 5G networks will be available globally, and people will access them.
The possible use cases are machine remote control, 5G cloud robotics, industrial automation, and more.
Fintech is another revolutionary technology for financial firms. Fintech will use the latest technologies to improve the way financial transactions are performed.
The most common examples of fintech are cryptocurrency, payment transfer platforms such as UPI, PayPal, and Internet banking. These applications implement technologies like blockchain and UPI to make online payments seamless and secure.
There is much more to achieve in fintech by building new solutions and applications. You can build a digital payment platform app and use cryptocurrency as the default payment gateway.
Voice assistance software is a highly emerging technology in consumer electronics that has already made its way into people’s lives.
Large organizations like Microsoft’s Cortana, Amazon’s Alexa, and Apple’s Siri have their own voice assistance software. These programs are well-suited for sending voice commands.
Voice-based commands are faster and easier to execute. You can perform Google searches using your voice. It’s a revolutionary technology with great opportunities in the future. With the capability of artificial intelligence, voice assistance can now display high accuracy in its overall functionality.
There is a wide range of functionality that voice assistants perform; some of them are buying products online, sending mail or texts, initiating calls, scheduling meetings, checking traffic conditions, reading books, etc.
Augmented reality and virtual reality technology are not limited to the gaming industry; in fact, they are mostly used in the fields of training, education, and entertainment.
Augmented reality refers to the integration of real-world objects into digital media to convey information in a much better and enhanced manner. The information can be conveyed through text, audio, graphics, and other virtual enhancements.
Virtual reality refers to the technology that generates realistic images and sounds that transport users to alternative settings. In VR, the computer-generated simulation of a three-dimensional image allows users to immerse themselves in virtual reality.
Some examples of AR and VR are
Automobile company BMW’s AR technology allows car buyers to access showrooms and customize cars with multiple colors using their smartphones.
The phone company Apple has implemented AR technology to showcase its products. Buyers can use AR Quick Look for new iPhone or iMac models on their smartphones themselves.
The shoe company Nike uses AR and VR in its offline stores. Customers can scan products to view information, or they can get into the VR world to get to know various steps in Nike’s supply chain and understand where the products are being made.
Decision intelligence is a new emerging technology that combines applied data science, managerial science, decision theory, and social science to help improve businesses.
Decision intelligence enables companies to use AI and data to make accurate and consistent decisions in their complex business environment. It allows data to be accumulated with machine learning to predict error-free outcomes for commercial decision-making.
There are three levels through which decision intelligence can assist in business decisions. By developing trust in such technology, all these processes allow us humans to progress swiftly through the levels of automation.
Decision support: The machine imparts some tools to assist people in making decisions. Tools such as analytics, alerts, and data exploration
Decision Augmentation: Again, the machine plays an important role in decision-making by analyzing the data and providing recommendations and predictions for decision-makers to assess and validate.
Decision Automation: The machine here performs both decision and execution, taking steps independently.
With the emergence of these emerging technologies, industries in almost all niches are staying up-to-date in terms of the latest technology trends.
In addition, our team of expert developers has strong expertise in providing emerging technology solutions needed for organizations to grow and build a competitive edge.