The influence of technologies enterprise is apparent. It has radically overhauled the way businesses function and interact with customers. Few businesses, sitting in their silos, sense a palpable threat out of the latest technology trends, whereas nimble businesses count on the emerging technologies to spearhead disruption in their respective industries. Whatever the case may be, the change thrusted by technologies is imminent.
In 2018, innumerable technologies hit the global market. Some sat astride on to the wave, whereas some others decided to wait for the dust to settle down. But 2019 is the time to take it up a notch. This is the year when companies, across industries, will exhibit an eagerness to unfold the potentials of technologies that break the mold of conventional business practices. The year 2019 is expected to witness huge investments in market disruptors that will form the pillars of Industry 4.0.
According to a report published by IDC, the investment in technologies and services that support digital transformation (DX) of business products, processes, and practices is expected to be worth $1.97 trillion by 2022. At such a juncture, it would be useful for businesses to know the tech trends of 2019 that can help them make the right investments and grab the opportunities before they are gone.
Technologies That Will Attract Maximum Attention in 2019
We shall all agree to the fact that the digital revolution has led to innumerable innovations in technology. Let’s discuss the key tech trends in 2019 that are expected to create a buzz throughout.
Blockchain, we all know, is a distributed digital ledger, in which the stakeholders of a particular network record transactions in real-time, without involving any central or regulatory authority. Having earned recognition with the surge in the use of cryptocurrencies, especially Bitcoin, Blockchain is a critically acclaimed disruptive technology, which is thriving among businesses across the world. According to Deloitte, 2019 will be the year in which enterprises will further explore the potentials of Blockchain.
Another technology trend in 2019 that is expected to make headlines is the Internet of Things. Known by multiple names such as “embedded Internet” and “pervasive computing,” or “web of things,” IoT as a concept has been there since the 1970s. It was only in 1999 that Kevin Ashton coined the term Internet of Things. Although IoT did not gain traction until 2013-2014, the technology is underpinning for Industry 4.0.
3. Artificial Intelligence (AI) and Machine Learning (ML)
It won’t be wrong to say that the AI and ML technologies are about building cognitive abilities. According to an article published by Forbes, “Machine Learning is a centerpiece of digital transformation strategies,” when people say AI, they are basically talking about ML. These technologies came into existence during the 1940s-50s when a neural network was created. Based on that a computer program was developed which had the ability to learn and evolve from the tasks it was made to perform. And then, years of research, development, and innovation led AI and ML to become prominent technologies of the Fourth Industrial Revolution.
4. Conversational Interfaces and Designs
When Joseph Weizenbaum first created ELIZA, the world’s first Chatbot, people were easily able to make out that they were talking to a bot and not a human. As a result, ELIZA failed the Turing Test. In the years that followed; Chatbots has become a prominent technology in the making. Later, when bots such as Alexa, Cortana, Siri, and Google Now rose to prominence during 2010-2015, the stage was set for Chatbots to evolve further.
The journey which started with Chatbots has reached to conversational interfaces and designs, which is about delivering integrated experiences. Today, conversational interfaces are being designed to play different roles. For instance, a personal assistant, who crack jokes, take notes, play music on demand, or a customer-service executive, who provide all sorts of information on products or services.
Robotic Process Automation is fast gaining momentum. It is amongst the latest technology trends witnessing maximum traction across industries. Be it medical, food and beverage, manufacturing, or personal and home appliances, companies across all sectors are mulling over harnessing the potentials of RPA. In a McKinsey report, it is predicted, that by 2025, technologies such as RPA will have a “potential economic impact” of $1.7 to $4.5 (trillion) across sized applications.
RPA is helping companies in the manufacturing, telecommunication, and oil and gas sector, which cannot rip and replace their existing legacy suites as a whole. It help companies modernize infrastructure and other legacy business suites, but gradually.
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6. Augmented Reality (AR) and Virtual Reality (VR)
The history of AR and VR dates back to 1838 when Charles Wheatstone devised a stereoscope for creating 3D images of objects for the viewers. However, this does not mean that the AR and VR technologies are new crops of Industry 4.0. It is just that the ripe flowers have started to emanate fragrance now, and businesses plan to harvest the benefits out of it.
While VR gives the users a feeling of spatial presence, the AR technology helps simulate things, which are not present in the real world. AR and VR are among the latest technology trends for 2019, as enterprises all over the world are making huge investments to explore their potential.
7. Cloud Technology
Cloud technology is undoubtedly one of the major digital transformation enablers. It has obliterated the conventional practices that were being followed to save, process, and manage business data. It has proved to be quite beneficial for companies in multiple ways. For instance, it offers real-time and remote data access, improves decision-making ability, boosts operational efficiency, and most importantly, reduces operational costs.
If we talk about the history of Cloud Computing, it goes back to 1960s, when JCR Licklider presented the idea of an Intergalactic Computer Network. But the technology gained worldwide attention only when Cloud experience solutions such as AEM (now Adobe Cloud Experience), AWS, Azure, Software AG Cloud, Google Cloud, IBM Cloud, and quite recently, Alibaba Cloud started transforming businesses unprecedentedly.
8. Over-the-Top (OTT)
The conventional television is integrated with technology capabilities and a smart set-top box to produce Over-the-Top content, which is video content delivered in the form of web series and movies. The services are provided through the Internet and traditional facilitators such as satellites and other operators are nowhere involved.
When the Internet usage flourished, it gave birth to OTT. Initially, YouTube had the monopoly, but with the arrival of various live video streaming service providers such as Amazon Prime, Netflix, Hotstar, Sky Go, Hulu, and more, the market for OTT has now largely been decentralized.