We are now in the era of the Industrial revolution 4.0 which also means Globalization 4.0 as announced in the year 2016. The first Indian Revolution had happened to us in the form of hand-operated works replaced by the machines. It happened around 18th century end and the beginning of the 19th century. The The Second Indian Revolution started with the commencement of the 19th century bringing the electrical power in use for the mass production till the mid-time of the 19th century. The Third Indian Revolution , also known as the digital revolution had introduced the computer in the market. We have witnessed the tremendous growth of the industry since the computer came into the picture. CNC machines, VMC machines, Programmable panels etc are some examples. Going beyond the computers, Industrial revolution 4.0 has its aim to concentrate on the most advanced technological aspects like the Internet of things, artificial intelligence, virtual reality, mixed reality, augmented reality, block-chain technology and various others.
(Source: DFIK 2011, Bosch)
We are going to witness tremendous advanced changes and we are hopeful regarding various innovations and evolutions. As always, people have a lot of expectations from this year. Here, in this article, we will discuss some of the upcoming technological trends for the year 2020.
Artificial Intelligence (AI)
Artificial Intelligence (AI) , widely known as AI is the intelligence demonstrated by the machines which are one of the most trending technologies nowadays. It helps in numerous services like automation of manufacturing, navigation apps, smart-phones, etc. According to a report by Statista report, AI is expected to have a market share of118.6 billion USD in the year 2025 making 2020 is a crucial year for AI.
The survey in the form of a figure given below by Finances Online depicts the ground-breaking impact of AI in the year 2020.
(Source: Finances Online)
According to the report by IDC, the blockchain market is leading towards $60 Billion worldwide. This technology is nothing but the growing list of records/transactions which is used in cryptography. Blockchain is primarily used in Crypto-currency but has a lot of potential to help in sectors such as banking, shopping, financial etc.
Thanks to the benefits of smart storage, decentralization, smart contracts, secure user identification and secure registry, more and more companies are trusting and loving this technology. It has also helped save a ton of resources that ensure usefulness and protection of an organisation or services.
Extended reality works on the principle of human-machine interface with the aid of computers and various wearable objects like smart-glasses. It’s a technology that goes beyond the idea of virtual reality.
Extended reality can make a far positive and advanced impact in the sectors like manufacturing, services, advertising, maintenance, shopping, navigation, etc. The XR market share is going to be 209 Billion USD in the upcoming year 2021-22. The image given below can give a better idea regarding the benefits that various sectors could get by using extended reality technology.
(Source: Visual capitalist)
It is helping transform various industries such as remote work, marketing, real estate, training and entertainment etc. It is indeed true that there are certain challenges that have to be taken care of but despite that XR will grow and flourish.
Machine Learning (ML)
Machine learning is not a sector in itself but it’s a sub-part of Artificial Intelligence. ML is the technology that helps in making the machine learn by itself to improve the experience without much explicit programming. In a nutshell, ML targets on developing the kind of computer programs that can access the data and use it to learn for themselves. Machine learning is being expected to reach $8.81 Billion by the year 2021-22. It has a massive potential to perform well in Voice assistance, Digital data forgetting, rapid decision making, etc.
Internet of things (IoT)
Internet of things is the technology that connects physical objects in our surrounding with the internet so that they can be operated remotely even from kilometres away. There will be around 20 billion IoT devices in the market till 2020 as per the predictions by Gartner. The statistics predict that almost 90% of the automotive would be connected with IoT in 2020. The only discouraging thing about IoT is there aren’t enough corporate companies with sufficient staff for IoT and not even proper training facility. If we take care of the same, then IoT can do wonders for us in becoming digitally more advanced. IoT metadata is also going to become increasingly important.
A massive inflow of around 457 billion USD is expected in the market in 2020. IoT is progressing rapidly and even if we don’t like it, there’s no way we can stop it. Be it a small business or huge company, IoT will anyhow reach you.
Cyber security is slowly turning into an important sector amidst this increasing demand for the data. This market is going to have a larger share in the upcoming years because, in this digital era, the protection of data is crucial.
As long as hackers exist in the market, we will need cyber security. This further implies the important role of this technology in data security and server protection. For example, recent Ransomware attack, phishing attacks, etc. are the instances of a cyber security breach. In such cases, an emergency solution should be kept handy to reduce the digital as well as physical structure losses.
The global expenditure on cyber security will exceed $1 trillion from 2017 to 202, according to a report by Cybersecurity Ventures. As per the predictions of Forbes, around 83 per cent of the enterprises will have their data on cloud till 2020. In such a case, we need to improve R&D in cyber security to strengthen our digital structure.
Robotic Process Automation (RPA)
RPA resembles AI and ML in many ways. It is using the soft-wares for automating the business processes. For example, if we have to reply to 80 percent of our emails in the same manner, then we can use RPA to do the same task that will reduce efforts. This simply means that RPA can help us in performing the tasks which are repetitive in nature.
(Source: towards data science)
As per the report by Forrester, RPA market is expected to reach a height of 2.9 billion USD in 2021 from just 250 million USD in 2016!! It growing market trend which is worth investing in. Deutsche Bank, AT&T, and Ernst & Young are some of the companies investing in RPA to elevate efficiency and transmute the way they carry on their business.
Technology is a dynamic field, constantly evolving. All these technologies discussed above are some of the most advanced. They have the power to bring in a complete change in our perception. From what we can see, it looks quite promising. The growth of these technologies is increasing exponentially. Such an opportunity to invest or to incorporate these new edge technologies is a life-changing opportunity that should not be wasted by any investor or enterprise owner and one should always be welcoming towards these. Let’s hope that 2020 as expected turns out a fruitful and great year leading to growth which will pave way for a brighter future!