The COVID-19 pandemic has accelerated the adoption of digital technologies in almost every industry sector. Investments inside digital transformation, in fact , are projected to surpass $1. 8T by the end associated with 2022, and over $2. 8T by 2025 .
Following are six areas of innovation that are already impacting, or are soon likely to impact, how business is managed plus accomplished in our increasingly digital world:
1 . Cybersecurity. As organizations deal with the risks and vulnerabilities posed simply by digital change, cybersecurity is required in order to continue to advance to keep pace with continually evolving and increasingly sophisticated cybercrime methods. Artificial intelligence (AI), machine learning (ML), and robotic process automation (RPA) can help detect malware plus ransomware. For instance, advanced algorithms are aiding in tighter security, especially when combined with automation tools.
2 . Wireless 5G technology. 5G is a prerequisite for our continued electronic transformation, along with global 5G smartphone subscriptions anticipated to reach 1B in 2022, and over 3B by 2026 . 5G allows for 10-20 times higher data speeds, significantly greater device connectivity, plus a greatly improved user experience with little to no lag times. 5G is also essential for supporting the continued advancement associated with augmented and virtual reality (AR/VR), which are destined to be game changers for exactly how we work, live, plus play.
As an example of 5G’s value, manufacturing companies are utilizing it to create “smarter” factories that use sensors, mobile robots, advanced automated tracking, and wireless connection of machines for greater productivity, accuracy, and cost efficiency. As another example, in the particular logistics plus transportation sectors, containers, cars, cranes, and ships may seamlessly connect to one another on 5G to provide greater visibility throughout the end-to-end shipment plus delivery process. And in retail, smart screens and the omnichannel customer buying experience will be greatly enhanced through 5G.
3. Artificial intelligence. Already a component of the aforementioned cybersecurity, AI’s footprint will be much broader and along with equally deep impact inside other business areas, with the market projected to reach over $126B by 2025 . At a high level, AI-based business equipment allow organizations to forecast more precisely, in turn helping to improve operations, project sales and revenue more accurately, plus recognize market trends much faster.
4. Natural language processing. Centered on interactions between computers and the human language, NLP is one of the most interesting plus widely used AI technologies (think Siri and Alexa virtual assistants as well-known examples). However , NLP is still formative, and as advancements continue, companies will produce machines with the ability to engage with humans in a way that will disrupt multiple aspects of our company and personal lives in ways many might currently deem unimaginable.
5. Metaverse. The particular virtual globe where people can work, play, and interact with each other through immersive online experiences will always see its popularity plus sophistication grow. AR/VR gaming and digital marketplaces that include livestream shopping, virtual art galleries, and electronic real estate (the latter alone surpassing over $500M in 2021 and expected to more than double to over $1B within 2022 ) will continue in order to expand and integrate along with social networks over the next several years. Again, AI and ML technologies may assist with powering the particular metaverse forward.
6. Web3 . Something of a rebrand of blockchain technologies, Web3 offers benefits to businesses plus individuals, including complete ownership of data, the capability to allow users access to their information across multiple apps, and full data encryption allowing for enhanced security and higher transparency. Decentralized systems enabled by Web3 are also benefiting creators and artists who can leverage non-fungible tokens (NFTs) in order to market their products for fair earnings, shared ownership, plus autonomy. As the “creator” economy grows along with Web3, even more people will be enabled to build and generate.
As digital transformation continues to affect how we do business, businesses must be constantly aware of new technologies in order to learn what to adapt and when, as it makes the most sense for their organizational roadmap and vision.
Of these technologies, advanced cybersecurity solutions are currently a “must have” in order to ensure full customer information protection. Other technologies, such as 5G and AI/ML, are also becoming more widely available plus may quickly join the category associated with innovations that organizations must integrate inside order to thrive from a competitive and customer satisfaction perspective.
While the particular universal hope is that the outbreak will 1 day be an event from the past, the effects of the digital modification it helped catalyze will certainly remain with us and continue to inspire future forwards momentum and innovation.