COVID-19 has accelerated the innovation process. Every day we come across a new technology that has the potential of changing the course of our lives. This pandemic has reshaped technology trends, innovations, and the digital ecosystem. Along with this, our perspective on life has changed, and we are digging ways to be more productive and competitive through technology.
Businesses are speeding up innovation as they aim to be more competitive and better prepared for unprecedented times. The next few years will be full of technological surprises and disruption. In this piece, we shall examine some emerging technology trends in 2021 that can set the course for the next few years.
5G Will Go Mainstream
The last few years have had enough hype around 5G and its impact, but in 2021, it may go real. Given the remote work, digital collaboration, and videoconferencing becoming part of our lives, the need for a reliable and fast connection has become super important. Gartner predicts that by 2023, there will be more than 1 billion active users of 5G, which means more than 217% compound annual growth rate.
While it was a no-brainer for telecom companies, the deployment of 5G technology will rapidly change various industries’ dynamics. Companies playing with tools like AI, IoT, and customer data-platforms will benefit the most, leading to improved insight into customer needs, behaviors, and preferences.
Internet of Behaviors
Do not confuse the term with IoT. The Internet of Behaviors is meant to capture the “digital dust” of people’s lives from various sources. Public or private entities can use that data to read and influence specific behavior, like following social distancing protocols.
Based on consumers’ data regarding their buying patterns, driving routes, facial features, government agency information, public sector information, and social media searches, consumer behavior is influenced.
Gartner predicts that more than half of the global population will be under an IoB tool by 2025. Given the implementation of COVID-19 protocols, we shall experience a boom in the internet of behaviors in the year 2021. This will be phenomenal in monitoring and improving consumer choices, priorities and actions.
Distributed Cloud
Cloud-based applications have captured markets by storm. More than 90% of firms are now cloud-based. The stat clearly shows how integral cloud-based technologies are. Apart from this, 60 percent of work is done on cloud-hosted servers. As the name suggests, distributed cloud means cloud services allocated according to their physical location through public cloud providers.
In 2021, distributed cloud-based technology will flourish for its many advantages, mainly physical proximity, less latency, and lower cost of the data. Without a doubt, cloud distribution is the future and the new normal.
Digital Health
This pandemic revealed the fragility of our system. The health of all the sectors suffered the most. It was then the digital medical examination or digital health could rescue humanity. Globally the digital health market was worth around $88 billion in 2018. It is now expected to grow over $500 billion by 2025.
In 2021 the digital health sector will develop sustainable, affordable, and scalable health solutions. If anything, we know for sure, it is how rapidly our world will embrace technological leaps. It will be only in a few years when every aspect of our lives will be surrounded by digitalization.
Customer Data Platforms
In recent months, we have seen a rise in the development, adoption, and popularity of customer data platforms (CDP). Since organizations could not take advantage of the fragmented data scattered across different places, they needed well-curated data at a single platform. Studies estimate that companies lose around $3 trillion due to bad data.
To help modern enterprises make the right and data-backed decisions, CDPs help solve the problem by collecting data from multiple sources, organizing it, labeling it, and making it usable for decision-makers. 2021 will see a further rise in CDPs’ adoption and popularity as they are super vital for IoT, IoB, and AI-powered apps.
Remote Work and HR Tech
Forrester Research predicts long-term flourishment of remote work, HR technologies, and greater automation. Employee experience (EX) in 2021 will be defined by long-term remote work, and success will depend upon a firm’s investments in HR technologies and ability to manage the crisis.
The research firm suggests that less than one-third of the firms have employee experience surveys. Some more have a voice-of-the-employee program, which is critical to measure and improve employee experiences. In the future technology trends, managing employee experiences (EX) will be super important, just like customer experience.
Rise of Ethical AI
Artificial intelligence (AI) and its byproducts are certainly improving and empowering, but merely the thought of machines being granted the essence of consciousness that humans have can have a devastating impact. If not monitored, access to data can also have dire consequences. These apprehensions have pushed the demand for ethical AI.
Unlike the past, today’s consumers and employees expect companies to adopt AI responsibly. Over the next few years, firms will deliberately choose to do business with partners that commit to data ethics and values.
E-sports
Until a decade ago, the concept of online gaming, virtual matches, and sports was hard to comprehend. The past few years and the pandemic resulted in a growing market of esports, expected to surpass $1.5 billion by 2023.
When the pandemic hit, it was noted that one-third of online consumers subscribed to virtual sports avenues, including a surge in demand for best plus-size fitness clothing. Alongside video gaming, cloud gaming, and virtual sports portals, fitness apparel became essential as people increasingly participated in-home workouts and digital fitness programs. Millennials and Gen Z consumers, in particular, are gravitating towards Esports and virtual fitness activities more than ever, blending their love for technology with a growing focus on health and inclusivity in fashion.
Blockchain Technology and Cryptocurrency
A digital asset or the online monetary equivalence, cryptocurrency is a huge market worth over $265 billion. We will observe an increase in cryptocurrency users (currently around 40 million) in the coming years.
Blockchain technology and cryptocurrency are going to shine through in digital transactions in the year 2021. Businesses’ growing interest towards digitalization will increase the likelihood of cryptocurrency and blockchain.
At Xavor, we help businesses take advantage of emerging technology trends responsibly and fuel their growth. If you are facing a technology challenge and need some support down the road, feel free to reach us out. Having worked with Fortune 500 companies, our team has experience of handling easy to complex projects.