The pace at which human-machine technologies are evolving and getting seamlessly integrated into our lives is unimaginable.
On National Technology Day 2018, here's a look at the top technologies that are impacting the way we think, love and communicate.
Artificial Intelligence (AI) - Undoubtedly, this is the biggest trend that has grown exponentially. Combined with machine learning, AI has the potential to not only bring about enormous changes in business, it can help create solutions for prevalent social issues. A large number of organisations have begun to realise the direct implications of infusing AI in their operations. While the ground work in AI has already begun, the times ahead are exciting as the ideas and prototypes are taking shape in real projects across multiple sectors - healthcare, retail, construction, banking, manufacturing.
Internet of Things (IoT) - It has been predicted that IoT will comprise 200 billion 'smart' devices by the year 2020. That roughly equals 26 'smart' devices per person on the planet. These smart devices would need to be collaboratively connected through the internet, converting the devices into one big integrated system driving a major shift in human-machine interaction. Implications of this technology are immense, which can be as simple as a smart home to an entire city! At present, IoT is being used by businesses to increase process efficiencies and deliver better customer experiences, thus generating new revenue streams.
Blockchain - Blockchain as a technology has immense prospects in the field of digital transactions. After the initial hype around blockchain in the financial services' industry, we are seeing many more potential use cases for the government, healthcare, manufacturing, supply chain/logistics, F&B and other industries. In 2018, many blockchain technology platforms will move from development phase to pilot phase in the banking, media and industrial sectors.
Cloud-based architecture - Cloud based architecture has been around for quite a while now but in 2018, we expect to see many more organisations take advantage of the simplicity and high-performance the cloud guarantees, as well as a sharp uptick in cloud-hosted Software-as-a-Service (SaaS) that provides an opportunity to grow computing capabilities without costly investments in infrastructure, physical or technical.
Augmented Reality (AR) and Virtual Reality (VR) - Worldwide spending on AR and VR is expected to reach $17.8 billion in 2018, which is 95 percent more than the USD 9.1 billion spent in 2017. Businesses are quickly understanding the potential of AR and are integrating the technology into their business and marketing plans to make most of the first-mover opportunities available. Industries like telecommunication, manufacturing, energy where the workforce is scattered to remote areas are already using AR extensively for communication, training. The scope is even greater in healthcare where AR can be used in the operating room by bringing the virtual elements to the real world.
To conclude, half of the year has gone by and it already looks very promising for technological innovations.
The exponential improvement of technologies will not only allow every business industry to flourish but also impact our daily lives.
Disclaimer: No Business Standard Journalist was involved in creation of this content
