Emerging Technologies-Keep Evolving

When it comes to emerging technologies, it looks like the time has come for industries to prepare for the 4th industrial revolution. By the end of 2025, the adoption of blockchain, nanotechnology, AI (Artificial Intelligence), and ML will be more mainstream.

With the advent of digitalization and more tech advancements, the world of business is changing at a faster pace. In fact, Frontier Technologies CEO, Reshma Moorthy believes that AI and blockchain have the power to transform industries for good.

As of now, developments related to AI and machine learning have started to tie together with 3D printing, nanotechnology, robotics, biotechnology, and genetics.  Moorthy also stated “At its core, AI and Blockchain are amplifying and supporting one another.”

According to a recent McKinsey report, these key emerging technologies are bound to be beneficial for companies operating in a variety of industries. In fact, AI-powered solutions alone can address many global challenges and cut out traditional processes altogether.

Keeping that in mind, let’s take a look at the top emerging technologies of 2022:

Top Emerging Technologies

• Artificial intelligence

For several years, AI continues to serve as a monumental emerging technology. And why wouldn’t it be? The technology helps companies automate operational processes and make logical business decisions. AI-based solutions are gaining ground in different industries and business processes. In fact, AI-powered solutions have become the go-to tools for companies to boost productivity and increase operational efficiency.

Although AI solutions come with a high price point, the benefits of these solutions are absolutely worth it. Organizations can perform AI-based automation for a long list of operations and gain an edge over close competitors. Remember that artificial intelligence has been around for decades, but modern-day AI-based robots and devices are more than capable to optimize workflow for industries for an extended period of time.

Despite the nature of practice or operations, AI solutions combine numerous capabilities and technologies. Plus, the deployment of AI-powered solutions is not as difficult as many companies think. In fact, companies can even integrate AI-based solutions with their current systems to improve operations across departments.

• Machine Learning

ML is part of the AI that revolves around developing computer programs. The idea is to create programs that can plan, act, understand, learn, and reason on their own. This self-sustaining approach within ML has the potential to create useful products and services. For instance, hospitals can now use ML-based programs that scan images and detect and diagnose a disease in an instant.

Once you pair together big data and machine learning, you can develop a long list of applications. In layman’s terms, ML influences computers to act and learn from the received data in order to improve performance. While ML is a subset of AI, it looks like the scope and reach of machine learning are much broader. In terms of development, ML presents a unique opportunity to build programs at lower costs and assess big data.

• Blockchain

Like AI, blockchain technology has also been around for many years. But in the last few years, blockchain technology managed to reach its peak. Whether it’s banking or healthcare, the use of blockchain technology has become integral to support different types of applications.

One of the hallmark elements of blockchain technology is that it offers decentralized and dedicated digital ledgers to store valuable information. And users can track this information through multiple locations. This is a new approach to make it highly improbable of potential hacks and cyber attacks. Blockchain technology involves complex calculations and requires proper IDs to be part of the system.

As of now, the market expectations for blockchain technology are at an all-time high. Although blockchain technology is revolutionary, it is hard to predict how it may progress in the next decade. But one thing is clear is that the idea of decentralized data and transactions appeals to commercial banking, finance, and healthcare sectors.

• Cloud-Native Platforms

Developers use cloud-native platforms to build applications through the cloud delivery model. Cloud-native applications are scalable, resilient, flexible, and elastic. What’s more is that cloud-native technology allows developers to build and run apps in private, public, or hybrid clouds.

Developers can leverage features like containers, service meshes, microservices, and immutable infrastructure to change “how” the tasks and applications are deployed. This, in turn, helps developers reduce the extended development cycle. Kubernetes work as an open-source solution that simplifies automated deployment and makes it easier to manage containerized apps.

• Internet of Things

The internet of things is a modern-day technology that involves sensors to render data in real-time. You can place these sensors on any device to monitor specific performance parameters. IoT devices have become popular solutions for identifying operational gaps and contract tracing.

IoT devices use AI and ML to make sense of data and improve productivity and operational efficiency. IoT sensors paired with AI also offer technology like the digital twin. It utilizes real-world data in order to recreate a product, service, digital environment, business process, or production process.

• Low-code

Low-code app development consists of over 65% of entire app development by the end of 2024. Low-code app development makes it possible to create mobile and business apps without coding skills. Low-code app development involves graphical user interfaces with drag-and-drop features. This cuts out the need to write code on a large scale.

In a practical sense, companies usually need visual cues and dedicated software to leverage the full capabilities of low-code app development. You can use a no-code service partner to create chat and voice assistants without coding skills. In 2022, many businesses have started to leverage low-code development to maintain interactive and seamless conversations with customers through chat assistants.

• Robotic Process Automation (RPA)

Most recently, RPA has become a vital emerging technology. You can use RPA or robotic process automation technology to build, manage, and deploy software robots mimicking human actions. Like people, these software-based robots can extract data, navigate systems, perform predetermined actions, and identify patterns. And unlike humans, software robots are consistent and faster. Many entities now use dedicated RPA systems to automate their internal service processes.

• Edge Computing

It works as a unique distributed computing technology that reduces overall bandwidth use and latency. Edge computing makes it possible to endure fewer processes in the cloud and allows users to move these cloud processes to IoT devices, edge server, or a user’s computer.

Today, AWS offers a dedicated hybrid cloud edge model that comes with AI, ML, IoT, analytics, robotics, and computer storage capabilities. In retrospect, edge computing bridges the communication gap between the server and the client over a long distance.

How Different Countries Can Leverage Emerging Technologies

It is true – the COVID-19 pandemic crisis managed to accelerate the adoption of emerging technologies. But in the post-pandemic world, AI and other technologies have evolved enough to the point they’re considered integral for business growth.

From Asia to Europe to North America, the focus of countries should be to understand practical applications that stem from emerging technologies. At the same time, countries around the world should also dive into different use cases of emerging technologies.

Although the promise of future technologies is unparalleled, private organizations and federal governments of countries around the world have to take initiatives to accelerate adoption.  And in the end, the countries that adopt and embrace more of these trailblazing technologies will be able to reap the most benefits. But this direct impact ties together with “how” different industries in a country respond to AI, ML, blockchain, or other technology.

It means countries need to be progressive enough to make new and transformative changes. Whether it’s improving digital presence, automating processes, or interconnecting networks, nations should focus on the most innovative technologies. This, in turn, would expand their industries’ capacity to operate and render seamless operations.

Power Dynamics of Powerful Emerging Technologies

The power of this lies in extracting value from a multitude of data. From education to healthcare to finance to eCommerce, more and more entities now want to leverage new tech innovations to stand out in the market.

Although it is hard to exactly predict how specific innovative technology will pan out, the future outlook of top-tier technologies looks brighter than ever. In today’s world, industries are rolling out new technologies all the time. But at the cusp of 2022, the advancements in major technologies like AI, ML, RPA, and cloud computing are some of the most significant ones.

Final Thoughts

In the last few years, there has been a significant expansion of nanotechnologies, AI, and robotics. What’s interesting is that tech experts and enthusiasts believe that most of the emerging technologies are still in their infancy and have yet to realize their full potential.

Whether you realize it or not, many industries are going through transformative change and latest and greatest technologies are at the center of it. In fact, AI and blockchain now serve as foundational technologies for applications in the future. One can raise the question: Are companies feeling overwhelmed by the rapid ever-evolving technology advancements?  Easy answer: Of course; however, to rise to the top, smart companies will continue to monitor the plethora of tech trends and decide accordingly as to what the best avenues are for their individual companies.  But decide how? According to Moorthy, “There are a few ways to stay I the know…attend industry conferences and tech events that include your type of company; take time daily or weekly to review the latest tech news; check the buzz on reliable social media sites, watch TED talks and maybe listen to podcasts by influencers in technologies.”

The key is to remember that you don't always have to think big to be innovative. Even small changes can make a difference for your business. The more you know the more informed your choices will be.