Tech Trends Of The 2020S
The tech industry is no more something you should laugh at. It hugely and unarguably contributes to the global economy. For instance, in 2018, it accounted for 15.5% of the world economy. More precisely, the contribution was valued at $11 trillion globally. These are figures that get you to think and rethink. Of course, for those who are well seasoned, these figures mean they should keep an eye on the industry as the next big things will come out from there.
Here are the industry trends of the decade. And I personally think they are worth every single dollar of investment.
Machine Learning and Artificial Intelligence
Major tech companies are massively reorienting themselves around Artificial Intelligence and Machine Learning. From Google to Uber to Amazon, AI has become the number one priority. It’s just not a coincidence. According to a PwC’s study, AI is expected to account for $15.7 trillion in the world economy. This $15.7 trillion game-changer literally means that machines, not humans, will make most decisions.
Take the marketing industry as a prime example. Most of the advertising tasks will be run by machines. They’ll decide how to target audiences and what to show them. AI software will trigger tremendous business opportunities and societal value.
Software companies will be taking the lead, making automation, search, and social media go beyond humans expectations. AI, so-called juju of tech companies, will empower automation in industries like autonomous vehicles and unmanned drones.
In a bigger picture, virtual assistants or chatbots will offer more advanced and sophisticated assistance. Instantaneous research will be enabled by smart robots and robot advisors. Governance will be easier because data will facilitate decision-making. Other transformations include better medical assistance and diagnosis enabled by AI.
Internet Of Things
The Internet Of Things is evolving rapidly, connecting home, business, and mobile devices with each other. According to Statista, the industry is expected to reach nearly $457 billion by the end of 2020. But the trend has recently reversed as the Internet Of Things has become the Intelligence Of Things. This literally means that AI along with IoT is going to highlight every single facet of commerce and culture.
“Connected intelligence defines today’s device ecosystem from consumer favorites such as smartphones and TVs to an expanding universe of smart home solutions making intelligent living spaces a reality. Over the next 10 years, the dynamics of connected intelligence will grow apace with advancing 5G networks and innovative applications of AI to propel the consumer tech industry forward — and with it consumer experiences, safety, health and more,” says Steve Koenig, vice president of market research, Consumer Technology Association.
Also, streaming, electric machines along with the popularity of in-vehicle tech, the rise of digital health with the launch of several fitness apps and devices will mainly be trends of the 2020s.
The VR boom began after Facebook acquired Oculus in 2014. Since then, VR has always been on the radar of tech companies and has in some ways contributed to the success of the AI industry. Although its growth can’t relate to the one of AI, the VR industry still has whopping wonders in store for us. According to Facebook’s Mark Zuckerberg, “technology is still around a decade away from providing consumers with a good VR experience.”
As the industry is evolving, VR is going to be more utilized by large stores as they would love to offer walk-in customers a live experience of how products will work in their homes. VR will also find its way into driving and education. There will be more rooms for virtual classes and car-less driving.