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Top technology trends for business growth in 2021

Top technology trends for business growth in 2021

New technology is evolving at a rapid pace in the 21st century that annual trend predictions may seem outdated before they are even published as a published blog or blog article. As technology is used in parallel with the development of technology, it enables even faster changes and progress, causing the acceleration of development and changes in the structure of life of people who – whether they want to or not – are forced to use it.

Therefore, companies around the world invest a ton of money in technology every year to stimulate growth, innovation and improve overall efficiency. This is specifically why investors around the world are keeping an eye on the latest technological trends and developments where they can invest their money and enjoy higher returns in the future. While there are plenty of other sectors that you can turn to, it’s only ideal that you should keep a tab on the technology trends to make the most of your investment.

Here take a look at the top 3 technology trends expected to have the biggest impact on business and 2 other areas worth mentioning.

  1. IT Automation
  2. Artificial Intelligence (AI)
  3. Internet of Things (IoT)

Other areas:

  1. Virtual Reality and Augmented Reality, Mixed Reality
  2. 3D Printing Technology
Graph business investments in technology areas

1. IT Automation

Nowadays, more and more people are using automated technology to speed up repetitive tasks, improve consistency and efficiency, and free up employee time. But what exactly is IT automation and is it worth investing time and involvement in your IT department or company?

IT automation is a set of tools that perform manual repetitive tasks. In other words, it is software that performs information technology tasks without human intervention. IT automation plays an essential role in proactive service delivery, allowing you to provide faster, more effective technology services to your clients. Also, this allows teams to be more productive, reduce errors, improve collaboration, and free up time that can be spent on more meaningful, thoughtful work.

The 2020 Honeywell Intelligrated Automation Investment Study reveals that the e-commerce (66%); grocery, food and beverage (59%); and logistics (55%) industries are most willing to invest more in automation. “The global pandemic caused a sudden and seismic shift in the global supply chain driving distribution centers to embrace remote operations and social distancing work processes”, said Chris Feuell, Chief Marketing Officer at Honeywell Intelligrated.

Few years back, a 2017 study by Smartsheet– which surveyed approximately 1,000 information workers- 65 percent reported using automation in their daily work, while 28 percent said their company plans to start using automation in the future.

Clearly, if you’re not currently using IT automation, you’re already falling behind the competition.

2. Artificial Intelligence (AI)

Another technological trend that attracts the attention of a large number of both investors and the media is AI or Artificial Intelligence. AI-powered startups have seen quarterly investment totals rise from a few hundred rounds and a few billion dollars each quarter to 1,245 rounds and $17.3 billion in the second and third quarters of 2019, according to data from CB Insights.

AI systems mimic human intelligent behavior through applications in real life situations. The field to which it applies is infinite, AI is everywhere: search engines use it to improve query response, speech recognition, language translation, email programs use it to filter spam, banks use it to predict exchange rates and stock exchanges, doctors use it for tumor recognition, robots use it to localize themselves and obstacles, autonomous cars use it to drive, video games use it to improve the player experience, customizable telescopes use it to improve image quality, smartphones use it to recognize objects / faces / gestures / voices / music, etc.

AI is making lots of progress in the scientific sector. The large amounts of data it uses and processes faster than human minds make AI perfect for researching and interpreting everyday life situations. You may be surprised to learn the extent of which AI has become pervasive in business operations; mobile apps, websites and various kinds of software applications, all use artificial intelligence to better understand users, customers and to create the best customer experience possible.

People discuss the possibilities of superintelligence and AI risks but on the other side large companies like Google, Amazon, Baidu, Microsoft, etc. are investing billions in AI and the AI-related job market is growing extremely rapidly.

3. Internet of Things (IoT)

Internet of Things is a catchall phrase for all the various internet-connected devices that are not traditional computers. Hence, the Internet of Things or the IoT. It’s a future that has already enabled devices, cars, household appliances and much more to connect and exchange data over the Internet. The field of application is huge and includes everything from fitness trackers and smart watches to headphones, cameras, traffic lights, etc.

The IoT is slowly causing another industrial revolution. The reason is simple: tiny devices connected to the Internet minimize unexpected costs while increasing overall productivity. The production in which most of the technology is involved has outstanding performance compared to the classic. Remote control, process automation and optimization give significantly better results.

Only a few areas in which significant results are achieved are listed below.

Other areas - Virtual Reality and Augmented Reality, Mixed Reality

Virtual Reality (VR) is a generic term for content that can be played by digital devices such as smartphones (mobile VR) or HMDs (head-mounted displays). VR puts you in the world through these lens that project content displayed in a virtual environment. Using technology that tracks head movements allows you to look around by physically moving your head.

On the other hand, Augmented Reality (AR) allows you to see the world around you with digital images layered on top of it which means that you can translate text using your camera, identify stars in the sky, and even see how your garden would look with different plants. There are also a bunch of applications on the market such as Snapchat and Instagram using their filters on the AR base.

The term Mixed Reality (MR) is used for videos where VR content is combined and overlapped with real-time film sequences. In order to do this, the person in the VR is recorded with the help of green-screen technology. The position of the real camera is then connected with the position of the virtual camera.

There is no doubt that this technology is applicable in the sales area. From online shopping like trying on glasses to using it as an outdoor navigation tool, this technology gives you a real-time experience.

While getting familiar with how others are making profits from AR will help you frame your AR-based strategy, it is crucial to understand the limitations of your traditional business processes. That implies exploring the different segments of your business and bringing the individual teams on board to get a clear picture of what challenges they are facing.

AR engagement is up nearly 20% since the beginning of 2020 with conversion rates increasing by 90% for consumers engaging with AR compared to those that don’t, according to a Retail Customer Experience source.

It’s time to let the technology speak for itself.

Other areas - 3D Printing Technology

3D printing is the process of converting any digital file into a real 3D object. You can draw using CAD design software or scan any object you would like to get into a real object or you can simply download any files from the internet. Widely used in science and engineering, medical field, aerospace, automobiles, architecture, educational, entertainment, they are also used to print masks during the coronavirus pandemic. 3D printing technology has been widely used in many industries and was recently used by NASA and reached the sky.

Nothing is as simple and elegant as a personalized object made with a 3D printer.

While some investors ponder why 3D printing stocks and companies are worth their time and attention, you’ll be glad to know that this sector is growing at a consistent pace. According to some of the industry reports, 3D printing business and market is likely to touch $35.4 billion by 2020.

Conclusion

In the 21st century, technology has begun to open many doors that have so far been closed and unknown to humans but in the end, this is all just the beginning.

Fran Čudina
fran@theorionlabs.com