5 Technology Trends That Are Changing the Market in 2020

In 2019, if someone has asked you about what to expect from 2020, you may have mentioned smarter technologies, sustainable infrastructure, or perhaps, a more connected world. However, no one could tell that a virus would be the major highlight of this year. While the COVID-19 pandemic has had a significant impact on the market, we cannot ignore the fact that there have been a few interesting technology trends that have been changing the market this year.

  1. Automation:

In the past few years, there has been significant development in the field of artificial intelligence (AI) and Machine Learning (ML). And in 2020, they are still trending as they continue to influence how we consumers interact with the businesses. Automation, which is a result of AI, machine learning and other similar technologies, is set to replace 40% of the existing jobs.

People are already using AI services in one form or another every day. From searching the availability of the nearby store to making a schedule with the help of phone’s personal assistance – AI is touching our lives without us realizing it. And since AI-powered tools and software are a more cost-effective option, a lot of businesses are automating several departments of their companies with the help of AI.

  1. Cybersecurity:

Due to the ongoing pandemic, a majority of the consumers are using e-commerce platforms for all their needs and making transactions through digital platforms. While that has been a convenient way to live through quarantine, it has also put a lot of stress on the security concerns. The good news is that cybersecurity is also evolving simultaneously.

According to Jim Gough, the operation manager at MyAssignmenthelp, “The security of the clients’ personal data is one of the major concerns for the eCommerce platforms like ours. This is the reason why we have enabled secure payment gateways for safer transactions of payment.

In the past few years, there have been numerous instances of cyber attacks on companies as well as individual users. While technologies such as end-to-end encryption, intrusion detection systems (IDS), identity and access management (IAM) are providing more security to the businesses and their customers, the companies are also encouraging their clients, vendors as well as the employees to practice digital hygiene, which includes the use of complex passwords, not responding to suspicious emails etc.

  1. Blockchain:

According to Assignmenthelp, the revenues generated by the global blockchain technology are likely to reach a massive growth or 24 billion USD by the year 2023. If that prediction is something to go by, then we must discuss how the blockchain technology is affecting the market right now. The term blockchain refers to the digital information stored in a public database.

Blockchain has made a huge impact on software development where a distributed database system is involved for the purpose of recording the transactions. This technology is also being used in different industries with the goal of providing more transparency, enhancing cash flow, enabling value exchange, and minimizing transaction settlement time.

  1. Internet of Things (IoT):

Google Home and Amazon Echo devices are becoming increasingly popular in 2020. According to a report by Gartner, the number of IoT devices is expected to reach 30 billion by 2020. Now we have smarter home appliances, smarter home security systems, personal fitness monitors and lots of other IoT devices in life that are allowing us to stay connected to exchange data over the internet all the time.

While the IoT devices let the consumers operate various activities as per their convenience, they also benefit the business in a number of ways. The IoT can offer better safety, efficiency and decision making as it continues to collect and analyze user data. Also, it has a great application in predictive maintenance, improved customer service as well as medical care. The only problem is that there’s a significant lack of trained professionals for IoT jobs.

  1. Virtual Reality and Augmented Reality:

While the gaming industry has made great use of the Virtual Reality (VR) technology, a lot of other industries are also trying to capitalize on it. The technology has also been used for training. The simulation software, VirtualShip is being utilized for training U.S. Navy army and coast guard ship captains.

Augmented Reality (AR) technology, which has gained popularity through gaming (take Pokemon Go, for example), also has enormous potential in training, education, marketing and entertainment. In fact, in this time of the pandemic, when most academic institutions remain closed, these technologies are being utilized for more immersive education and training experiences.

In conclusion,

It is quite evident that it will take several months for things to go back to the way they were. In this situation, it can be really difficult for the businesses to operate at their 100% strength. However, these aforementioned technologies are having a significant impact on the current market with their emergence. And if you want your business to stay on top, you need to find ways to incorporate these technologies in your strategy and make the most out of it.

Author Bio: Ricky is a marketing expert who has served in several MNCs in his professional career. He evaluates the assignment writing services and helps students make better choices.

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