Technology is transforming steadily at a rapid speed and going beyond our expectations. It seems exciting when something newbie penetrates the market and anything anticipated to penetrate the market in upcoming years. We have already experienced several technological advancements to be used for various commercial purposes. The year 2021 may imbibe several innovations and technological enhancements to impact the business scenario.
Recent years mainly focused on providing better and improved customer experience leveraging Artificial Intelligence, Machine, Leaning, and NLP. Although these existing technologies may not be replaced with other innovations, they may be utilized as enhanced versions along with other technologies.
According to Statista’s research, Information Technology services spending recorded US $804.5 billion in the year 2008, which is further expected to reach the US $1033 billion by the end of 2021.
Now, let’s focus on all those technology trends that may take place or maybe be embraced by the business hubs in 2021.
Cloud & SaaS - an Emerging Deal
With the emergence of SaaS (Software as a Service) solutions, cloud computing is uplifting and ensuring a timely need. Streamlining the content from customer management to accounting to order management, people tend to invest in cloud SaaS solutions.
Instead of maintaining on-premise systems and struggling with the pain of data distribution, business hubs are leveraging subscription model-based solutions. These solutions help enterprises seamlessly and effectively synchronize, manage, distribute, and process the data to drive effective business results.
As per Statista, IT services spending worldwide was recorded at 992 billion USD by the year 2020.
AI - a Customer Driving Deal
AI (Artificial Intelligence) is considered a game-changing deal among modern enterprises. AI is something that influences the business world in various terms. Leveraging AI, businesses can unleash their power while managing customers, dealing with their product or brand, and strengthening their overall business caliber.
In recent years, AI has emerged as a proven profitable deal in managing customers, rendering personalized solutions, and providing worthy customer support with timely efficiency. The most common version of AI which transformed the industry is a self-driven service bot that eliminated human interactions and improved the way of serving customers even in off-hours.
Further, in 2021, AI could emerge with its security defense tool to control system vulnerabilities. Hence, with its increasing adoption in simplifying the working strategy, playing tactics, and the entire lives, the day is not too far wherein AI will rise to be adopted as “AI as a Service.”
In the words of Statista, AI Software market revenue was counted as US $10.1 million in the year 2018, which is expected to raise its sound market value by 2021.
IoT- a Next-Generation Solution
As you can see how the trend of remotely controlling gadgets and devices is rolling out these days, leveraging the internet, IoT made it possible. IoT is still in its early phase, and by 2021, we could see an immense adoption rate simplifying the way of our living and work. When it comes to the business part, data is everything, and IoT helps collect and analyze data to fulfill data transformation to reinforce efficiency, improve safety levels, and empower the decision-making process.
IoT is a next-generation business-transforming solution impacting businesses to leverage the facilitation and simplify the business processes. IoT technology helps enterprises collect and predict the data to drive effective sales strategies and generate the desired revenue. In 2021 and in upcoming years, IoT will emerge as an effective business technology to predict the data analytics collected by IoT sensors and support the sales strategies for upcoming years. Through this expanded architecture, businesses can make productive decisions and bolster their business strategies for 2-3 years.
Virtual & Augmented Reality - an Emerging Concept
Virtual reality and Augmented reality are the technologies that are already trending to satisfy various industrial purposes, from entertainment to education to marine industries. It is leveraged by applying it to real-life situations or environments. Since people tend to give space to virtual reality and this encourages the techno-enthusiasts to do more innovations.
If we peep into its vitality and adoption in different industries, a multitude of industrial examples can be considered. For instance, Virtual Reality is being used for training purposes, not just in regular educational hubs, even in the US Navy, Army, etc., to train the people there. When we talk about the real example of Augmented Reality, you could see how Pokemon Go has gained popularity among the players’ minds. Considering this market and user adoption, AR & VR could be an enlarging deal by the end of 2021.
Another term, ‘Mixed Reality,’ also started spreading its legs gradually wherein both the AR and VR are combined to act together to render the mixed experience. Microsoft’s Hololens is an early example to be considered.
The global virtual reality and augmented reality market were recorded at US $18.8 billion in 2020, which may take a lope by the end of 2021. Further, Statista projects that it can increase from 6.2 billion dollars in 2019 to more than 16 billion US dollars by 2022.
Machine Learning - Empowering Businesses
Machine Learning is another name that reserves its vital place in this list. Machine Learning is considered a subset of AI and is used for data mining, pattern recognition, and data analytics. Machine learning helps to bolster and strengthen customer dealing, reinforce personalized customer service and helps in predicting future possibilities.
As the name suggests, ML acts like a learning tool that steadily learns from every interaction or activity and enables businesses to empower their customers with effective web search results, real-time advertisements, and more.
Machine Learning is something that is replacing or reducing the human workforce. Enterprises are triggering their operational effectiveness while reducing their costs by simply deploying Machine learning tactics in their working infrastructure. Machine learning is elevating its market reputation with different industrial necessities, and by next year, it could reserve effective market space.
The ML market is expected to grow $8.81 by the year 2022 and may open doors for several opportunities for working professionals in the same.
Blockchain to Drive Data Security
Blockchain is commonly known as a technology related to cryptocurrency like Bitcoin, but this is just a partial truth. Blockchain is used in various terms and to ensure security for different industrial needs. Blockchain technology allows you to add data to a chain but does not allow you to make any change in that chain. As you cannot make changes in the previous block, but yes, you can always continue adding your valuable data with no more concern of data breaching and insecurity.
To ensure and equip data security, most industries have already initiated leveraging Blockchain. Considering the uplifting demand for Blockchain technology, Blockchain is expected to grow from $1.5 billion in 2018 to an estimated $15.9 billion by 2023. If we talk about the year 2020, worldwide spending on Blockchain solutions was $4.1 billion. And this spending didn’t remain limited to the banking & financial sector, it could also get success in imbibing the Agriculture and Food market globally.
Robotic Process Automation to Ensure Efficiency
To drive an effective and efficient approach, businesses require automation in their day to day operational tasks. In recent years, several organizations concluded the automation practices to simplify their entire business processes while eliminating the redundancies and reducing the errors that may impact your efficiency level.
Robotic Process Automation (RPA) has been adopted by medium to large organizations. Next year, it could be deployed by small business hubs, too, as everyone wants to simplify their operational performance and drive profitability with maximum potential.
RPA helps brands in several terms as it automates your repetitive tasks, decreases the opportunity of errors, reduces human efforts, rescues your time, which ultimately impacts your productivity level, and keeps your customers happy.
According to Grand View Research, the robotic process automation market was accounted for $1.40 billion by the year 2019, which is further extended and reached $2.35 billion by 2020 and is expected to raise its CAGR by 40.6% year 2027.
DevOps as a New Working Methodology
DevOps is another technology trend that reserves its space on the list. DevOps helps to enlarge the profitability of IT hubs and businesses. DevOps works while combining the software development process and IT operations. DevOps support the agile working methodology and help IT hubs to shorten the development life cycle while ensuring the optimum quality level.
According to IMARC, the global DevOps market accounted for US $4.1 billion in the year 2021. As considering the need to deploy the software imbibing the quality and frequency rate, many enterprises are taking recourse to DevOps; thereby, by the year 2021, an increased lope could be seen in adopting DevOps technology.
Cybersecurity to Rescue Data Vitality
With rising internet adoption and online business transformation, Cybersecurity cannot be avoided as hackers eternally try to hack or illegally access business data by trying their optimum level of effort. Although most of the technology solutions today come with security embedded algorithms that help secure your crucial data still, a single loophole could mislead or harm the business.
Obviously, no one would not love to compromise with their data security. The more you digitally transform your business, the more you need security measures to ensure your data is safe and protected. Cybersecurity helps modern firms secure them from any data breaches by building security layers around.
According to CyberCrime Magazine, in 2003, the Cyber Security market was worth $3.5 billion. Further, Cybercrime damage costs are predicted to reach $6 trillion annually by 2021.
Big Data - a Tactic to Deal Large Database
Organizations working on a major level or dealing with a huge amount of data need to drive extra mileage to ensure adequate data storage, data processing, and analyzing. Big data could be a proven deal for business hubs requiring large amounts of data solutions in data storage, synchronization, processing, and analysis.
Big data helps and bolster business hubs embraced with a large level of the customer base. It empowers them to diagnose and predict their customer behavior and implement the required tactics to transform the product strategy and uplift the entire organizational efficiency. By the year 2019, the Big data and business analytics revenue remained US $189.1 billion and is expected to grow with its maximum potential.
Big data has started reserving its market values in recent years and taking a lope year by year. By 2021, it may be opted by almost all enterprises to improve their customer experience and impact their productivity level.
Bottom Line
With these trending technologies, every scale of a business unit can emerge as a pro. Several business hubs have already penetrated the market by siphoning these technologies, and some are planning to imbibe to start accomplishing effective business results. Few of the above-mentioned technologies are driving their early phase. In contrast, others are ready to fully bloom by 2021 to ensure leading businesses toward a successful and efficient path.
