In the last ten years, we’ve arguably seen more technological advancements than at any other point in time. Blockchain. Internet of Things. Virtual reality. Technology is evolving at breakneck speed, and 2020 is expected to be the year of the so-called great technological leap.
Business and IT are highly interconnected, and to some point, each company is a technology company. Using digital technologies to run day-to-day operation is just a typical day at the office for many organisations.
Therefore, to stay competitive on the marketplace companies should integrate emerging technologies in their business models to develop innovative products and services for a new generation of consumers.
Nearly every industry will soon become dependent on or will need to incorporate several or all of these technologies. Some sectors have made significant progress in getting smart about new technologies and their potential implications for their businesses.
And we are likely to see this trend of early-adoption be reflected in other industries too, especially fields like construction, real estate, insurance, retail, education and transportation.
This is especially true in the realm of iGaming, where technologies like AI are used to help operators provide a carefully curated game list and special offers based on users data obtained from their activity.
We have already seen some new UK casino sites with great potential, who have been quick to utilise these latest technologies in order to set themselves apart from their established counterparts.
So, which key emerging markets will be crucial for your future success, and how can you prepare your business?
The insights generated by its most powerful asset – machine learning, can help companies better understand customer expectations and market trends, facilitating automated, personalised engagements.
AI can automate many tasks, but it will also open the door to innovation to swiftly and precisely meet the needs of present-day purchasers or fill gaps in the market. It can also provide you with insightful recommendations and strategic input to empower your business operations.
In the automotive industry, AI is the driving force behind smart autonomous vehicles and identification of safety or quality problems. And it can help the telecommunications industry to identify and address network faults, as well as allow insurance companies to profile customers and detect insurance claims fraud accurately.
To exploit the true value of AI, a company must be able to attract and hire the right people with the right skills. And it should integrate machine learning into both existing and new applications, and it has to be able to gather and store enormous amounts of data.
The global business value of AI is projected to create $2.9 trillion in 2021 and 6.2 billion hours of worker productivity globally.
Blockchain is a decentralised digital ledger – it brings reliability, transparency, and security to all manner of data exchanges, without the need for an intermediary. Whether it’s business transactions, contractual and legal negotiations, or changes of ownership.
A blockchain uses a distributed peer-to-peer network to keep an unchangeable record of every exchange, removing the need for a middle-man to authorise digital transactions. This results in faster tamper-free processes, real-time transaction visibility, and decreased costs across every industry.
Blockchain’s transformative influence will be a game-changer in numerous industries and sectors – financial services and insurance, eCommerce, healthcare, human resources, and more.
However, there are certain barriers to utilising the power of blockchain in your business, such as lack of regulation, legal concerns, costs and availability of computing resources. But, once those roadblocks are handled soon, you’ll be all set.
Experts predict that blockchain will support the global movement and tracking of $2 trillion of goods and services annually, with a business value-add to grow to slightly more than $176 billion by 2025.
Internet of Things
Almost everything equipped with a sensor can be made smart – from a smartwatch that can monitor your blood pressure and heart rate levels to smart-factories automatically collecting and analysing data to optimise production.
IoT will impact some businesses further than others. The public sector, manufacturing, transportation, automotive, retail market, and even healthcare will never be the same once the capacity of IoT takes effect.
It provides a chance to extract new data and improve existing business methods, bring innovative goods and services to market fast, and gather additional information on consumer trends and preferences.
To utilise the full business benefits of IoT, each business must develop and adopt an ecosystem of IoT-enabled devices, embrace sophisticated analytics and machine learning abilities.
Gartner, Inc. forecasts that the enterprise and automotive Internet of Things (IoT) market will grow to 5.8 billion endpoints in 2020.
Augmented reality improves, intensifies or expands real life by inserting virtual things into the user’s real-world surroundings. It uses everyday devices like a smartphone or a tablet, and sensors to detect the location of physical objects and then determine where to put the virtual ones.
Though it is still in its infancy, augmented reality has a lot to offer. Slowly but surely, it is changing the shape of several sectors like retail, real estate, design, education and healthcare.
It will help bridge the gap between sellers and customers and promote the ability to superimpose 3D models into physical spaces which will allow businesses to deliver stronger sales and marketing material.
Still, it’s a long way to go until AR rises to its full potential, but its current outputs are can already provide your businesses with many opportunities to benefit from.
The number of AR users globally is expected to reach 2.4 billion by 2023, which is fuelled in part by a growing desire for AR technology to enhance user experiences in media and entertainment.
Virtual reality creates an entirely virtual world that users interact with using devices that isolate them from the real world, through a head-mounted display.
VR offers every business the chance to rethink how they present to and engage with their customers. As both marketing and customer service tools, VR opens new possibilities for showcasing products and services.
Further down the line, it is likely to become uniquely useful for collaboration, training, learning and sharing experiences as a team despite the distance.
Current high-end VR devices still generally require costly, dedicated machines to power them, but this is likely to change as standalone headsets become more affordable.
Big consultancies predict that by next year (2021), 30% of large enterprises will evaluate and adopt Virtual Reality solutions as part of their digital transformation.