Top 10 Emerging Technologies to Look Out for in the Next 5-10 years (2020–2025)
With so many technologies cropping up on numerous fronts, it’s a challenge for many businesses to keep up. Although not all emerging technologies will disrupt the business or social landscape, some will significantly alter the way we live, work, and execute business. Over the next 5-10 years, the world will experience rapid growth in the digital industry and change the status quo.
Many organizations will actively implement emerging technologies to jump-start their growth and leapfrog their competitors. But to leverage technological advancements effectively, you must know which emerging technologies are worth investing in. So, here are the top 10 technologies to consider over the coming five to ten years.
Artificial Intelligence (AI)
Artificial Intelligence is currently the most demanded technology in almost every industry around the globe. AI is very effective for data processing, such as real-time and big data analysis and voice and image search. Besides, AI can be implemented to enhance tech systems such as the internet of things (IoT) in supply chain management and voice recognition for managing virtual voice assistants.
AI is projected to rise globally, with its value estimated to reach $190.61 billion by 2025. All businesses, from small enterprises to large multinationals, can today afford AI. The most popular use cases include big data analysis, intelligent virtual assistants, and the implementation of cloud-based apps and services.
5G technology is quickly attracting attention. Numerous countries are already developing the infrastructure needed to adopt the groundbreaking technology. It promises a better cellular network and lightning-speed internet connection with the potential to support a larger number of mobile devices.
Besides, the improvement in mobile broadband speed will quicken big data transmission and speed up data processing. 5G technology is also expected to drive IoT development. Its applications include smart cities, autonomous cars, and augmented reality. Overall, 5G offers multiple upgrades over 4G, such as low latency, high device density, and smart power utilization.
Internet of Things (IoT)
The Internet Of Things, or IoT, is a system of devices and sensors that gather data and provide real-time analysis. IoT is currently used in numerous life spheres, such as smart homes where home appliances are remotely connected to the internet to provide actual data. Several wearable devices ensure quick data gathering on a patient’s health and a smart supply chain that tracks goods from their source to the shops, providing extensive data on product manufacturing. Over the coming years, the use cases of IoT will continue to grow. For example, Microsoft is already developing and testing its proprietary Connected Vehicle Platform (MCVP) to improve car diagnostics and driver behavior on the road.
Biometrics can enhance security by permitting individuals and devices to make verifications and move consistently. Many biometric services are already under development and testing. In a few years, various biometric emerging technologies will crop up everywhere and make plastic cards recede into the background. Actually, fingerprint scans will be a standard daily operation across the globe.
Also known as Function as a Service (FaaS), serverless computing permits organizations to create apps that scale continuously and react to demands that change drastically based on orders of magnitude. With serverless computing, no server management is necessary, and developers only pay for the server space they utilize, reducing cost. Besides, serverless architectures are extremely scalable, making quick deployments and updates possible.
Most people associate blockchain technology primarily with financial transactions. Other than cryptocurrency applications, blockchain technology is rapidly evolving and can be used to run secure voting systems, anti-money laundering systems, medical data sharing systems, and more.
Over the coming years, blockchain will be utilized in various industries to ensure effective data security with its smart contracts. It could eliminate the necessity to involve third parties when consummating business deals.
Augmented Reality/Virtual Reality
Virtual Reality (VR) and Augmented Reality (AR) emerging technologies are expected to receive the most significant investments by the year 2023 of approximately $8.5 billion. Until recently, AR and VR were primarily used in the gaming industry. Today, numerous startups and companies are beginning to adopt these emerging technologies for real-life uses. For example, you can use AR and VR for medical training or training employees to operate in high-risk situations. More practical applications will likely crop up over the coming years.
Natural Language Processing
Natural language processing (NLP) is a trending field of AI that enables computers to dissect and comprehend human language. Most of us already interact with NLP emerging technologies daily through website chatbots and virtual assistants such as Siri or Google Translate. Most industry experts suggest that the demand for NLP solutions will grow exponentially over the next few years.
Autonomous Things (Aut) is a relatively new tech trend. It has AI, Machine learning (ML), Robotic process automation (RPA), and Artificial Intelligence (AI) at its core. AuT enables robots to measure, analyze, and monitor the gathered data and make independent decisions. As a result, robotic devices will be able to function freely without human supervision. Other than the autonomous drones that already exist, AuT will, over the coming years, include autonomous robots, personal robots, robotic appliances, and more.
Quantum computing provides more effective data computing using qubits instead of 0s and 1s. Qubit is an unmeasured state that takes the value of 1 and 0 at the same time. As a result, a single computer can perform many computations rather than a regular computer using set values. Over the coming years, quantum will proliferate, with its market expected to reach $64,988.3 million by 2030.
Wrapping Up Emerging Technologies
In five to ten years, several new promising and disruptive technologies will crop up and influence the global market significantly. Your business should always keep up with these new trends and implement what works best for your industry. But since it’s easy to get lost in all these emerging innovations, it’s helpful to work with a team of knowledgeable technology specialists who can provide sound advice.
ParkwayTech is a trusted and experienced IT services company specializing in helping businesses overcome security and IT-related hurdles. We provide cybersecurity, business continuity planning, dark web monitoring, IT support, and more. Contact us today to stay on top of the latest emerging technologies for your business.