The start of a new decade brings with it the anticipation of what lies ahead in the technological frontiers of tomorrow. Which are the technology trends that will continue, and which are the significant ones likely to dominate 2020? It would be interesting to observe how startups across industries are mapping out their digital plans to meet customers’ changing expectations.
Here, we will examine five major trends that are going to set the tone for innovation in the startup ecosystem in 2020:
Reap the opportunities with 5G
Worldwide 5G wireless network infrastructure revenue is expected to reach $4.2 billion in 2020. This projection highlights how networking technology has gone up several notches with the development of the impressive 5G technology. Telecom major Qualcomm’s venture arm recently committed to a $200 million global fund to invest in startups developing unique 5G use cases. The company’s strategic investment should be viewed in the larger context of 5G being a gamechanger in fuelling innovations. From connected cars to detecting floods, 5G’s applications are transforming the startup ecosystem as we know it. This could be a precursor to how the world will connect and communicate in the years to come.
Experience immersive technology through augmented reality and virtual reality (AR/VR)
From startups that are re-defining how education should be delivered in classrooms to those aiding in innovative patient care, the ecosystem is rife with entrepreneurs leveraging the potential of AR/VR technologies. And nobody is complaining as increasingly, customers are endorsing immersive experiences, tailored to individual needs. In recent years, the world has noted a momentous shift in disruptive innovation as AR/VR have been deployed to improve performance across key business and marketing functions.
According to a report, worldwide spending on AR and VR is forecast to be $18.8 billion in 2020. Industry watchers predict that these twin technologies will take hyper-personalisation to a new level as they encourage an intuitive understanding of customer needs. We are heading toward a world where AR/VR will no longer be considered exclusive to the entertainment domain, but as mainstream technologies that are integral to everyday living.
Race to the future with robots
According to a recent forecast, 2020 looks like a boom year for robotics. More than 120,000 order fulfilment robots (excluding those by Amazon) will be installed by the end of 2020. Robotic platforms and systems across industries — from manufacturing to agriculture — are accomplishing critical business goals for companies. Be it basic human resources functions like onboarding or nuanced product testing capabilities, sophisticated robots are transforming organisations by driving down costs and improving productivity.
Companies big and small are automating their processes, led by robotic technology. Robotic collaboration has become a reality in today’s dynamic work environment as Amazon’s warehouse robots that automate the tech giant’s logistics process show. A flood of startups using robotics have been emerging in the past few years to streamline operations and scale the business in various sectors. Thus, 2020 heralds the start of a new decade that will see the emergence of new paradigms to deliver automated solutions to organisations.
Adopt AI for your business
AI is widely regarded as the backbone of innovation across business models, capable of handling a wide range of sophisticated tasks that gives entrepreneurs a competitive advantage in the market. According to a recent report, AI startups raised a record $26.6 billion in 2019, spanning more than 2,200 deals worldwide. The growing global interest in AI is reflected in the rise of venture capital funding for AI startups, leading to more opportunities in DeepTech platforms. Organisations are embracing AI technology faster to reap benefits, such as cost reduction and business efficiency. AI is expected to make headway across sectors as data scientists are exploring its rich capabilities.
“See” the future with Computer Vision
The growing popularity of computer vision can be seen in areas as diverse as livestock and self-driving vehicles. With tech behemoths such as Google and Microsoft investing billions of dollars in Computer Vision, the market for the technology is expected to exponentially grow and touch $26.2 billion by 2025.
Experts believe that the allure of the technology lies in its ability to be used in conjunction with AI and its subsets, such as NLG (Natural Language Generation). Since computer vision is powerful enough to even surpass human abilities, venture capitalists are now funding startups that drive innovative use cases by applying computer vision. Experts believe that the world is poised at the threshold of a new wave of sophisticated AI applications that will radically transform workflow processes and achieve long-term ROI (Return on Investment).
The year 2020 brings along the above-mentioned emerging trends and opportunities to help startups remain at the forefront of innovation. The technologies also enhance customer satisfaction across multiple touchpoints and create a level playing field for organisations to remain accessible to more people. Startups that focus on leveraging these technologies to create new opportunities are the ones that will reshape the future. Those who don’t, may lose out on the last mile leap to digital transformation.