Advancements in technology help develop newer products, create new markets, drive improved performance, enhance efficiency, help grow corporations and power social progress. Businesses and governments are compelled to adapt newer technologies to meet their corporate or governance objectives. Over the last decade, the internet has been central to the survival and growth of all businesses and activities worldwide. Today, there are around 5.6 billion internet users globally and an online presence will give businesses large and small, access to markets and customers.
At all times, there are a few emerging trends in technology driving the larger ecosystem. Here’s a snapshot of a few current ones.
Artificial Intelligence and Machine Learning - Artificial Intelligence (AI) and Machine Language (ML) are some of the hottest technologies with the potential to drive a slew of developments and possibilities. The AI market is poised for healthy growth in the coming decade and the market currently valued at 100 billion USD, is projected to grow by twenty times to almost 2 Trillion dollars by 2030, according to a study by Next Move Strategy Consulting.
AI and ML are making their inroads into every space from healthcare to consumer appliances to retail. This revolution is poised to accelerate business processes, study customer behaviour, market trends, and enable closer engagements with all stakeholders. AI and ML based solutions also help analyse and gain insights from large volumes of data to automate tasks and make faster decisions.
Advanced Analytics - Advanced or predictive analytics helps by generating a predictive model for specific domains and scenarios like expected sales etc. the model uses Artificial Intelligence and statistical methods to predict outcomes. With this historical data is used to identify patterns and trends and then potential future scenarios are predicted with this information. This can help businesses in preparing themselves for course correction with resources, finance, raw materials, market plans, product launches etc.
Datafication - Datafication is the approach of converting daily human chores into data-driven models. This converts labour intensive manual procedures to the digital realm powered by data. Considering that all devices we use in our daily lives such as smartphones, AI devices, industrial machines, use data to communicate with humans, this data can be leveraged to analyse and change human behaviours. For example, data on mobile usage can help us determine the attitudes of users, their personality and whether or not they would deliver performance in specific tasks.
Robotic Process Automation – This technology utilizes several specialised applications and software to automate manual tasks. For example, companies are reducing costs by automating data collection, analysis and even customer service. Bots are deployed to handle repetitive operations. In addition to reducing costs, you can focus on critical tasks by using bots to handle repetitive operations which also leads to efficient workflow and enhanced performance.
Augmented and Virtual Reality – Used largely in entertainment, training, simulation and gaming spaces, these fascinating technologies are also being explored in the areas of travel and recreation. The entire concept revolves around providing humans created environments to escape the real world to experience interactive experiences.
AR technology helps in augmenting a real-world scene to offer more insights, guidance and information. For example, digitally created elements are added into your surroundings via a smartphone or headset by which you can gather more information or insights on the location, space or product you are interacting with. Virtual Reality transports you to a computer-generated landscape or environment using a headset or similar device.
IT Outsourcing - The very concept that made India an IT powerhouse, IT outsourcing would continue to enjoy massive growth, according to studies. Companies of all sizes outsource their requirements and the trend is expected to continue. Outsourcing is driven by the promise of cost reduction, improved efficiency, access to special skills and scalability of the operation as and when necessary. According to Statista, The IT outsourcing market is projected to reach USD 10.51bn in 2024 and about USD 20.09 billion by 2028.
Low-Code Technology - This is a visual approach to enable quicker and easier software development. This technology has the potential to reduce the stress of the IT team and the volume of hand coding that is done to build a project. The platform will have built-in templates with drag and drop options of preferred elements thereby significantly improving the time to market and customer satisfaction.
Natural Language Processing (NLP) - NLP enables computers to understand text and words like humans can. With this devices can perform regular tasks without human intervention, tasks like spell check, ticket classification, slot allotment according to schedules, etc. Also the financial market is the number one user of NLP and is used to obtain data from repositories and provide valuable market insights. In fact, ChatGPT is a large language model.
CyberSecurity - With an increasing number of businesses, government services and communities at large depending on computers, mobile phones and networks, cybercrime is increasing exponentially. This underscores the need for robust security to secure systems, data and prevent fraud. Firewalls, anti-virus software, sophisticated server security devices, tracking tools and other arsenal are being developed and millions of dollars are being invested into the cybersecurity space. This momentum is only expected to increase going forward.
Cloud Migration - Cloud technology has revolutionised the activity of secure data storage, retrieval and transaction processing in a remote fashion, thereby reducing the need for investments on servers, space, maintenance and resources. With cloud migration, businesses can achieve more efficiency by shifting several of their activities while maintaining the required compliance. Cloud computing uses specialised software, business models, platforms, and infrastructure all of which are customised to meet the demands of your specific industry.
Blockchain - Say Blockchain and most would say Bitcoin. Banking and financial institutions were among the earliest to explore the potential and leverage its benefits. Blockchain is a distributed ledger technology that helps in recording and tracking transactions in a distributed corporate ecosystem. According to Gartner, blockchain technology will generate over USD 3.1 trillion in business value by the turn of this decade. Blockchain promotes transparency in online transactions and asset ownership. The technology can be used in a supply chain management system which can track goods, record processes and offer improved visibility to business users, while offering unprecedented security.
Internet of Things - This concept involves bringing on to the network, more devices and products than ever thought of before. This would be achieved by incorporating software, sensors and other components wherein these products could be instructed and controlled online with minimal human intervention. It is estimated that companies are poised to invest approximately USD 15 trillion in IoT by 2025. With IoT it is possible to control devices such as washing machines, OTGs and microwaves using a mobile app through the internet.
Dayananda Sagar Institute of Technology (DSIT) one of India’s leading names in technical education offers 3 year, full time diploma programs in Civil, Mechanical, Electrical, Electronics, Computer Science and Information Science. Since inception, DSIT has been upgrading its curriculum consistently to ensure students are imparted with the latest in technology. The institution works closely with several industry leaders to ensure students are equipped with the knowledge required to pursue promising careers. Some of the topics covered include:
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