COVID-19 has been a critical driver of innovation. Each day brings us new technology that can change our lives. This pandemic has changed technology trends, technological innovations, and the digital ecosystem. Our perspective has changed, and we are exploring ways to be more productive through technology.
As businesses seek to become more competitive, they increase innovation to be better prepared for the future. Technological disruption and technological surprises are expected to continue for the next few years. This section will focus on something 2021 technology trends to watch can also set the tone for the future.
This pandemic demonstrated the fragility and vulnerability of our system. All the sectors experienced the most significant impact on their health. The digital medical examination (or digital health) was then available to save the human race. Globally, the digital health market was worth approximately$88 billion in 2018. It is expected that it will grow to over500 a billion by 2025
In 2021, the digital health sector will produce affordable, sustainable, and scalable solutions to health problems. The only thing we know is how quickly our world will adopt technological leaps. It will only take a few more years before every aspect of our lives is digitalized.
Cloud-based apps have taken over markets. More than 90%Many firms now use cloud computing. The stat clearly shows how critical cloud-based technologies are. This is not all. 60% of work is also done on cloud-hosted servers. As the name suggests, the distributed cloud refers to cloud services allocated according to their physical locations through public cloud providers.
Cloud-based distributed technology will be a big success in 2021 because of its many advantages, such as physical proximity, low latency, and lower costs. Cloud distribution is, without a doubt.
Internet of Behaviors
It is important not to confuse the term IoT with the Internet of Things. The Internet of Behaviors aims to gather the “digital dust,” which is people’s lives, from different sources. This data can be used by private or public entities to influence specific behaviors, such as following social distancing protocol.
Based on consumer data, including driving patterns, facial features, buying patterns, driving routes, and other factors, it is possible to influence consumer behavior.
Gartner predicts that by 2025, more than half of the world’s population will be using an IoT device. The implementation of COVID-19 protocols will lead to a boom in internet-of-behaviors in the year 2021. This will allow for monitoring and improving consumer priorities and actions.
Customer Data Platforms
We have seen an increase in the popularity and development of customer-data platforms (CDP) in recent months. Companies couldn’t use the scattered data in different places, so they needed a single platform to curate all their data. Research estimates that around $3 trillion in lost revenue is caused by insufficient data.
CDPs enable modern enterprises to make the right data-backed decisions. They gather data from multiple sources, organize and label it and make it easily accessible to decision-makers. Because they are crucial for IoT/IoB and AI-powered apps, CDPs will be more popular and widely adopted in 2021.
Remote work and HR tech:
Forrester Research expects the long-term growth of remote work and automation in HR technologies. Long-term remote work will define the employee experience in 2021. A firm’s investments and management skills in HR technology will also be key to its success.
According to research, only one-third of companies have employee satisfaction surveys. Some have a voice of the employee program that is vital to measure and improve the employee experience. Future technology trends will make it super important to manage employee experiences (EX), much like customer experience.
Ethical AI is on The Rise
Artificial intelligence (AI), as well as its byproducts, is undoubtedly improving and empowering. But the idea of machines being given the essence of human consciousness can still have devastating effects. Neglecting to monitor data access can have grave consequences. These fears have increased the demand to use ethical AI.
Today’s customers and employees expect companies today to embrace AI responsibly. This is in stark contrast to the past. Over the next few years, firms will actively choose to do businesses with partners who adhere to data ethics.
Blockchain Technology & Cryptocurrency
Digital asset or online monetary exchange, cryptocurrency is a large market worth more than $1 trillion$265 billion. In the future, we will witness an increase in cryptocurrency usage (currently around 40 million)
The year 2021 will see the rise of cryptocurrency and blockchain technology in digital transactions. Digitalization is becoming more attractive to businesses, which will increase the chances of blockchain and cryptocurrency.
The concept of online games, virtual matches, and other sports were not understood until a decade back. The advent of the internet and the pandemic has created a market for esports expected to exceed $1 billion in 2017.$1.5 billion by 2023
The pandemic swept the internet, and it was found that one-third of online users had signed up for virtual sports channels. There was a flux of digital consumers who used video gaming, cloud games, and virtual sports portals. Online video gaming is the preferred entertainment source and hobby for young consumers, according to some reports. Esports are increasingly popular with Gen Z customers and millennials.
5G will soon be mainstream
5G and its potential impacts have received enough attention in the past few years. However, 2021 may be the year that 5G becomes a reality. With remote work, digital collaboration, and videoconferencing now part of our daily lives, it is vital that we have reliable and fast internet access. Gartner predicts more than 1,000,000 active 5G users by 2023. This translates to a greater than 217% compound annual rate of growth.
The deployment of 5G technology, while evident to telecom companies, was also a significant shift in the industry’s dynamics. Companies using IoT, AI, and customer data platforms will reap the most benefits. They can gain a better understanding of customer needs, preferences and behaviors.