Top 10 Technology Innovations
In the quick-changing, digitalized world of today, technical advancements happen all the time. Innovations are causing industries to modernise and speed up the digital transformation as a result of sophisticated technologies like IoT, AI, blockchain, AR, and more being a part of the core strategy of businesses. Since Covid-19, the demand for digitization and technological advancements has accelerated and solidified its significance in the modern world. Significant advancements in blockchain usage, smart manufacturing, augmented reality applications for retail, and other areas have occurred in 2020 and 2021. It is fascinating to see what lies ahead for us in terms of tech innovation offers as 2022 will also usher in a flood of emerging trends and applications of such technologies.
Here are some trends we can expect in 2022 and beyond:
1. The Rise of Decision Intelligence (DI)
Business decision-making can be accelerated, data-driven, and insightful thanks to technology like artificial intelligence, machine learning, etc. These choices support problem-solving and are supported by substantial data. Banking and financial behemoths like Morgan Stanley and Lloyds Group employ DI for their wealth management platforms and other business operations, giving them the chance to examine client behaviour, better meet their demands, and add a personalised touch. By 2023, a third of enterprises, according to Gartner, will be utilising DI for structured decision-making.
To enable a more connected and digitalized world, a variety of industries, including manufacturing, healthcare, entertainment, and more, have boosted their usage of 5G. Technologies like 3D robotic control, virtual reality monitoring, and others can be addressed and supported by 5G. It makes it possible for things, machines, devices, and more to be connected. The next advanced iteration of 4G, 5G technology, seeks to offer substantially quicker activity rates than 4G. In 2022, the total number of 5G subscriptions is anticipated to reach 1 billion (Statista). In the B2B market, the total revenue for 5G IoT modules is anticipated to rise from USD 180 million in 2022 to USD 10 billion by 2030, according to a Mckinsey analysis. This represents the rapid growth rate that 5G is anticipated to see. Additionally, 5G networks are anticipated to reach one-third of the global population by 2025. (GSMA). Some of the leading 5G market participants include Qualcomm, Ericsson, Samsung, and Huawei.
3. Automation/Hyperautomation Powered by AI
In many corporate sectors, automation is reportedly powered by AI. Hyperautomation makes it possible to automate the majority of procedures, lowers the need for human intervention, and speeds up corporate operations. Process automation has become more and more necessary ever since Covid-19 broke out throughout the world. Hyperautomation appears to be a highly effective way to boost productivity and cut costs. Hyperautomation will become more widely used across sectors by 2022 and beyond. By 2022, the global market for software that enables hyper automation is expected to be worth up to $600 billion, according to Gartner. Hyperautomation has become essential in our digital-first society in order to speed up the process of digital transformation and acceleration.
4. Every aspect of blockchain
According to IDC, spending on blockchain solutions will reach over $6.6 billion in 2021, a 50% increase over 2020, and $11.7 billion in 2022, a 75% increase. Additionally, it predicts that spending on blockchain would climb from 2020 to 2024 at a CAGR of 48%. Additionally, it is claimed that by 2022, vaccine distribution and delivery will be tracked via blockchain systems. Retailers are using this tool more and more frequently to track customer goods deliveries more effectively. NFTs utilising blockchain technology are becoming more popular for asserting ownership of digital assets. Additionally, it is anticipated that large corporations like Amazon, Microsoft, IBM, and others would start to offer blockchain-as-a-service in 2022, making it more widely available. The next trend down is the acceptance of cryptocurrencies in the retail and other industries, which is also seen as a potential development for 2022.
5. AI generation
Generative AI is another another use of AI that is expected to raise the bar for AI use cases and provide businesses all around the world a reason to adopt it. It utilises an algorithm that can create similar material using data in the form of text, audio, photos, and other formats. Higher-quality outputs are possible thanks to this self-learning system. Since this application of AI has some limits, there is room for innovation and potential to develop technologies or methods to address them. Generative AI may greatly aid the healthcare industry, and IBM has already started to take use of it by looking into antimicrobial peptides to identify treatments for Covid-19. According to Gartner, generative AI might make up 10% of all data produced by 2025, up from its current 1% share.
6. Adoption of Smart Cities
The urban population’s thirst for more efficient and intelligent cities is discussed in Forbes as well, where it is predicted that smart city technologies would become a rising software trend in 2022 and beyond. At a CAGR of 13.8% over the course of the forecast period, the size of the worldwide smart city market is anticipated to increase from USD 457.0 billion in 2021 to USD 873.7 billion by 2026. IoT, sensor technologies, blockchain, and other innovations are crucial to the growth of smart cities. Better decision-making, greater traffic management, energy conservation, climate control, and better quality of life are all made possible by these digital technology.
7 . Cloud-Native Platforms (CNPs)
By 2025, 95% of all new digital projects, up from the current 40% in 2021, would utilise CNP as their foundation, according to Gartner’s prediction. The necessity to switch to cloud-native applications and approaches rather than the conventional on-premises infrastructure strategy is now more important than ever. According to Mckinsey, by 2022, more than 70% of businesses would rely on a specific type of cloud management solution. By enhancing cloud computing, CNPs seek to simplify infrastructure administration. Some advantages of CNP include speed of service, lower costs, auto-scalability, and more. As it becomes the centre of company activities in this more digitalized world, the worldwide cloud revenue is expected to reach $474 billion in 2022.
For some time now, cryptocurrency has been in the news. It is anticipated to develop into a more applicable and widely used form of investing in 2022 as well. Aside from the well-known Bitcoin, Ethereum, and so on, cryptocurrencies have seen a roller coaster since Covid-19, but this hasn’t stopped newer cryptocurrencies from entering the market. Ethereum, the second-largest cryptocurrency at the moment, might unseat Bitcoin as the leader in 2022. (Yahoo News). In 2022, there may also be an increase in the acceptability of cryptocurrencies as legitimate payment methods, which will remove their main barrier and pave the way for further cryptocurrencies and developments within them. Many nations, including China, want to introduce their own digital currencies in order to combat the unregulated character of cryptocurrencies and make them a legitimate payment method/currency. Additionally, this will lessen cryptocurrency misuse. If stores start accepting cryptocurrency as a form of payment, which buzz was already produced by Amazon in 2021 when it contemplated taking Bitcoin for goods payments, the retail industry can also anticipate significant changes. As the globe pushes us to take additional cautious actions and make judgments with a greener environment in mind, innovations to lessen the carbon footprint when mining such currencies can also be expected. Thus, in 2022 and beyond, the potential for cryptocurrency developments seems limitless.
9. Technologies Powering Smart Devices
Our lives have become more convenient and tech-driven thanks to a variety of technology, including smart automobiles, wearables like smartwatches, TVs, smartphones, and more. One of the key technologies powering this interconnectedness of smart gadgets is the Internet of Things. By 2022, Statista predicts that there will be more than 1 billion wearable linked gadgets. We may anticipate additional and more intriguing features being added to the list as more manufacturers enter this market. Even though smartwatches still dominate the wearables market, several innovative products, including hearables and smart patches, are being introduced. Applications of smart wearables to track Covid symptoms in the Covid-19 era were a timely and important innovation, and they will remain so as we strive to eradicate Covid-19 in 2022 as well. Currently, 4G, but soon also 5G, will aid in such devices’ connectivity. In 2022, over 900 million individuals will be connected thanks to an increase of 89 million wearable gadgets connected to 4G, according to Statista. Smart helmets, a more recent innovation, are set to expand as well since they provide intriguing capabilities like tracking speed, stamina, listening to music, GPS services, and more.
10. “Virtual Try On” Powered by AR and VR
This AR/VR movement is revolutionising the retail sector because to its inventive and alluring virtual try-on functionality. Customers enjoy using in-store augmented reality (AR) mirrors and smart mirrors because they can virtually try on clothing, which also saves them a lot of time and effort. Businesswire estimates that the market for VR and AR applications in retail would grow from US$ 3790.94 million in 2021 to US$ 17864.86 million in 2028, at a CAGR of 24.8% over the expected period. This illustrates the breadth of innovation and adoption that will soon occur in this industry. Only major brands—such as Ikea, Loreal, Nike, and so on—are now utilising the potential of AR/VR applications in retail, but adoption is expected to expand significantly by 2022. Learn more about the AR/VR uses we can expect to see in the retail industry in 2022 and beyond by visiting this page.
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