December is a month when many of us will be taking some time to plan for the year ahead.
But, just for today, instead of looking at your forecasts for the next 12 months, I’d like you to take some time to think about what’s coming up over the next 10 years. Especially when it comes to technology.
The rate of change in tech has always been blistering. But according to many experts, we will experience more technological progress in the next 10 years than we did in the previous 100.
Of course, when you’re running a business this can be an overwhelming prospect.
• How do you keep up with advances in technology?
• Will you choose the right tech for your company to flourish?
• Will it be damaging if you don’t adopt the right tech at the right time?
• Or could this be the opportunity of a lifetime?
The real challenge is knowing which changes will be most beneficial for your business.
This guide provides the lowdown on 8 technologies that are garnering the most interest from investors and tech thinkers right now.
These are the emerging technologies that you’re most likely to experience in your business at some stage – and they look set to change the landscape of the workplace over the coming decade.
As with anything in your business, preparation is key, so by learning about these technologies now you can be ready for the future.
Watch For These Trends
We spend a lot of time recommending ways our clients can automate many of their processes. It can help to create more streamlined systems, increase productivity, and simply make some jobs less tedious.
Over the next couple of years, around half of all existing work activities could be automated. That’s because next-level process automation is set to become the norm.
Digital connections are speeding up. We currently have 5G mobile connections (there’s already talk of 6G), and the IoT (Internet of Things). These have huge potential to unlock greater economic activity.
By 2025, 4.3 billion new devices, from cars to computers, will connect using mobile technology, and mobile will continue to dominate as the way we work and communicate.
In fact, it’s said that mobility, healthcare, manufacturing, and retail could increase global GDP by as much as $2 trillion by 2030. By then up to 80% of the world’s population could have 5G coverage.
5G and IoT are set to be some of the most-watched tech trends in the coming years.
Cloud and Edge Technology
Cloud computing is where the processing is done away from your device. Think of anything you log into through your browser. Your browser doesn’t process anything, it just shows you the information.
It’s estimated that as many as 70% of companies are already incorporating cloud and edge technologies as a crucial part of their IT infrastructure. That figure is set to grow year on year.
Edge computing is where the heavy processing is being done closer to where results are needed. For example, Netflix places servers closer to large groups of its subscribers as that speeds up video streaming times.
Has your business switched to cloud platforms as a way of running systems and storing data? If not, this may need to be one of your tech priorities for 2023.
Not only is cloud computing a good way to increase the speed and agility of your business, but it reduces your hardware costs and also helps to improve your cyber security defenses, protecting you from malware, data theft, and other breaches.
By 2025, 75% of enterprise-generated data will be processed by edge or cloud computing.
Next-Gen Computing and Biometrics
Next-gen computing is a catch-all term that encompasses everything from quantum AI to fully autonomous vehicles. And though this might not be a primary concern for most businesses, it’s still something you should bear in mind as it’s definitely coming.
Your business may not be what we call a ‘first wave industry’ (that’s things like finance, travel, and logistics) but you will, at some stage, adopt new tech like this.
And it’s worth remembering that this also includes things like biometrics. By 2025, 75% of companies plan to ditch traditional passwords, which means tools like facial recognition, retinal scanning, and signature identification will all become more commonplace. We’re already seeing these new, more advanced ways of logging into accounts with the advent of Passkeys which are slowly taking the reins from traditional passwords.
Artificial Intelligence (AI)
We’ve already touched on AI – that’s Artificial Intelligence. It’s tech we’ve seen spreading everywhere over the past few years. Many of us already use Alexa and Siri on a daily basis.
We’re still very much in the early days of AI tech. It will become more advanced and be used to develop easier methods of training, and pattern recognition, which will help to further automate many of our business functions.
By 2024, AI-generated speech will be behind 50% of our interactions with computers. Many businesses are still trying to work out how to incorporate AI most efficiently to make a difference to their bottom line.
But have no doubt, it’s tech that will gradually change everything.
The Future of Programming
Although you may not get directly involved with the programming of your apps and systems, the future of programming will have some form of impact on your business.
We’ll see programming written by AI-driven applications, making software creation faster and more powerful. It also means that existing software and coding processes can become standardized and automated across entire businesses.
Overall, it’s expected that there will be a 30 times reduction in the time it takes to create software and analytics.
Last year there were 4,145 publicly disclosed data breaches that exposed more than 22 billion records. And it’s only looking to get worse. Realistically, we’re looking at a 5% increase, even despite the advances in cyber security.
That’s because cybercriminals are increasing their efforts all the time, developing more sophisticated methods of hijacking our data and sensitive information every day.
Zero-trust architectures will become the standard approach to cyber security, especially for businesses. Not only can zero trust protect your business from more cybercrime, but it can also be a more cost-efficient form of security.
As the world moves towards reduced emissions and a lower environmental impact, technology and the businesses that use it does as well.
Renewable energy, cleaner transport, and greater energy efficiency are all high on the future agenda. That means the costs of implementation will be lower and use will become more widespread.
It will be increasingly important for your business to stay environmentally aware as it will become a big deciding factor for prospects when choosing the companies they want to do business with. It will also be a big selling point when it comes time for you to grow your team. We’re already seeing candidates choosing companies that are more socially and environmentally conscious.
Advances in clean tech will mean that green energy can power the new technology you use, including high-powered computing.
By 2050, more than 50% of global energy will be produced by renewables.
And there we have it. The 8 top tech trends for the coming decade.
So What Now?
It may be daunting – but it’s also really exciting.
How many of these are already on your business agenda? And how much work do you think you’ll need to do to keep your business up to date?
We recommend that you start by thinking about your current tech and the ways it’s helping to make your business processes easier and faster.
Then think about the ways you could further use your tech to help your team become more productive (and happier and more engaged in what you do).
Our team keeps a constant eye on upcoming tech and how it can help businesses.
Would you like help to review your current setup and identifying opportunities to increase speed and productivity?
Get in touch, our Virtual Chief Technology Officer service will help you put together a long-term strategic plan for your business.
Call us today at 502-200-1169 or use the contact us form to let us know how we can help.