Top 5 Technology Trends to Get Behind in 2021
2020 is finally over, and it is evident that it has taught us a lot. With the effects of the COVID-19 pandemic, industries of all kinds experienced new hardships, creating new solutions to their problems. Technology was at the forefront of these fixes. Here are five technology trends that we will see utilized in the business world that will shape 2021 and the future.
1) Robotic Process Automation
Robotic Process Automation (RPA) is the use of software to automate business processes, aka automating jobs. RPA makes it simple for users to automate tasks dealing with data and transactions. RPA better integrates your business so you can avoid repetitive tasks, improving employee efficiency. Its the "robot takeover" we've heard about for years. While it may possibly threaten the value of workers, it is extremely valuable for businesses. SAP, IBM, and Dell are just a few examples of companies offering RPA solutions to their customers. The Robotic Process Automation (RPA) market size is anticipated to reach USD 8,781.2 million by 2026.
2) Internet of Things
A technology that has been growing at a fast rate over the past couple of years is Internet of Things (IoT), the concept of internet connectivity. IoT enables devices, appliances, cars, cloud, etc. to be connected to the internet, storing data in a simple way. IoT enables increased efficiency for data collection and leads to better business decisions. An example is retail stores having digital price tags that update automatically when there are sales. Putting sensors in buildings allow business owners to make budgeting decisions. The global spending on the Internet of Things (IoT) is forecast to reach 1.1 trillion U.S. dollars in 2022, and today, the number of connected devices in the world is at 31 Billion, set to reach 125 billion by 2030.
3) Edge Computing
Edge Computing is a rising technology. Cloud computing is still a growing market and will continue to grow throughout 2021, but Edge computing is the emerging technology as of recent. Edge computing is used to process time-sensitive data in remote locations where there is limited or no connectivity to a centralized location. Using Edge allows users to avoid any latency issues caused by using regular cloud computing solutions. Combining Edge Computing with the capabilities of Artificial Intelligence provides even quicker predictive insights. The global edge computing market is expected to reach $6.72 billion by 2022. Businesses around the world are able to use Edge to do tasks such as track hospital patients in the healthcare field, predict maintenance needs in the manufacturing industry, or monitor oil and gas assets, the possibilities are endless.
Blockchain has been on the up for years, but is more important than ever. Blockchain allows users to complete transactions efficiently and securely through providing records of transactions in the form of a "chain of blocks" that store each level of important information. Blockchain is used to store valuable data such as supply chain monitoring, money transfers, loyalty programs, data sharing, and digital voting. These records are distributed across your entire computer network, securing it so that it is not susceptible to hacking and no changes can be made. In the past, it has often only been used among the finance sector, but in 2021 we will see it in many other industries including healthcare, government, global trade, and more. The Blockchain market is expected to grow from 3 Billion to 7 Billion in 2021, and will grow to reach 39 Billion in 2025.
5) Cyber Security
If there is anything 2020 taught the business world, its that cyber security is a must for organizations. The increase in data breaches and phishing attacks with the shift to remote work will lead to an increased initiative for security. The global market for cybersecurity software is set to grow to $230 billion in 2021. Companies are likely to increase their cybersecurity spending, by implementing VPNs and other security software, as well as hiring IT staff to avoid these problems.
2020 taught us that we need to be predictive rather than reactive. All of these trends are ways of staying ahead of possible problems for your organization. Of course there are plenty of other trends that will be of importance, such as cloud computing, AI, 5G, etc. Utilizing just one or all of these trends will push your organization to become a more intelligent enterprise. All of these trends will continue to grow throughout 2021 and beyond.
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