Top Trends 2022 - Emerging Technology
Consequently, because of our need for innovation, newer ideas and technologies emerge. With the current (read: rapid) rate of technological development, it can be challenging to keep up with all the significant up-and-coming technologies.
Fret not; we're here to give you the scoop on the top 5 Emerging Technology Trends of 2022!
When everyone thought that the End Game was indeed the end of the Avengers storyline, Marvel decided to let the Eternals, an ancient alien race, take charge and a new storyline emerged. Technology also follows the same pattern. Just when you think this is the best you can get, a newer, better innovation hits the market and becomes the disruptive technology of that era!
Having said that, innovation doesn't happen without cause. Nor do the ancient aliens, who had been living on Earth in secret for thousands of years, suddenly emerge out of nowhere. #NotWithoutCause
The pandemic became the cause behind this innovation. The world has spent the last two years adjusting to the sudden shift caused by the global pandemic. We had to adapt new standards of hygiene and social interaction to contain the spread of the Covid-19 virus while scientists and virologists tried to identify a long-term solution.
However, this shift in societal norms had a much more significant impact than we initially assumed. With industries being shuttered and the economy taking a dive, new technologies, tools and applications had to be developed to regain normalcy. This resulted in higher productivity across various domains. Last year, we witnessed the rise of ethical AI, blockchain, autonomous driving and 5G, among the top emerging technology trends of 2021.
What's the storyline this year? How is the face of innovation changing in 2022? Without further ado, here are the top 5 Emerging Technology Trends for 2022 to help you answer these questions!
Trend 1: AI Will Mature Faster Than Ever
Artificial Intelligence (AI) has been progressing at an astonishing rate in the last few years and it won't slow down in 2022. AI is poised to revolutionize the world in many ways - and no, not just for robots and machine learning algorithms! AI will influence our daily decisions in 2022 in a variety of innovative and exciting ways. Artificial Intelligence will form the crux of recommendation systems, big data analytics, predictive analytics, customer segmentation, etc., assisting businesses in providing higher personalization. AI will provide businesses with valuable information and insights by processing and analyzing data more quickly and accurately than ever before.
Artificial Intelligence will be used by businesses across industries to automate routine tasks, leading to more productivity and efficiency. With AI's massive potential, we will be able to transform the way we live, work, interact and think. We mean, don't we already rely on Siri and Alexa for our Google searches? As Artificial Intelligence grows into our daily lives, the global market for Artificial Intelligence is predicted to inflate, reaching a market value of $190.61 billion by 2025!
TechDogs' Opinion: Even though in its early stages, we are expecting 2022 to be the year of Generative Artificial Intelligence which would give you the capability to artificially translate and create content using RL or Reinforcement Learning algorithms. Wondering what that means? Essentially, businesses would be able to automate the creation of reports based on data or generate realistic text or images based on keywords. #SuperCool
Moreover, Artificial Intelligence technologies such as Deep Learning and Neural Networks will grow in terms of performance and function, helping various industries analyze vast amounts of data and forecast emerging trends much faster.
Trend 2: Robotics Will Have Our Back
Another industry that shows no signs of slowing down next year is the robotics industry. Robotics will be an area to look out for in 2022, with the development of autonomous robots along with collaborative bots and agile robotics being the focus. Recent statistics on global robot sales indicate that the yearly robotics unit sales of 465,000 in 2020 will increase to roughly 600,000 units in 2022 and for a good reason.
Industry experts say that in 2022, robotics will become smarter more advanced and replace outdated nonvalue added jobs. For example, a single robot will manage the work of multiple skilled workers in a smart factory (They're coming for our jobs!). Hence, this new technology will cause a revolution in the manufacturing, agriculture, shipping and transportation industries. The current estimated worth of the robotics industry is predicted to rise from $135 billion in 2020 to over $1 trillion by 2030! #RobosGotBigMonies
Additionally, the pandemic ushered in a new era of warehouse and factory automation. Robotics helped industries - ranging from supply chain and logistics to fabrication - cope with the lack of physical workforce during the lockdown phase, thereby giving popularity to industrial robots. It is estimated by the International Federation of Robotics that between 2020-2022, there will be a 12% increase in shipments of robots worldwide as businesses will grow more reliant on industrial robots.
TechDogs' Opinion: So far, we have witnessed robotics taking over repetitive tasks by automating them with Robotic Process Automation (RPA). This year, we believe that robotics will enter the business world even more aggressively with Robotics-as-a-service (RaaS). Thanks to the ongoing trend of Everything as a service, smaller businesses and start-ups will also be encouraged to adopt robots and RPA as subscription-based service models.
Another point of focus will be mobile robots, which can be deployed in various locations through easy dismantling and assembly. This will allow businesses to save on investments made on heavy machinery and cranes, as the dismantled robot can be transported using simple forklifts. Some of these mobile robots are being developed with autonomous capabilities so that they can travel wherever they are needed without human intervention.
Trend 3: Blockchain And Web 3.0 Will Change The Game
Blockchain is one of the most disruptive technologies that humans have ever experienced. It has the potential to upend industries that rely on secure transactions and centralized infrastructures. It will play a considerable role in transforming the financial sector and institutions such as national banks and governments. Blockchain technology refers to a secure, reliable and transparent way to transfer money or assets - without a third party. #ThreeIsACrowd
What makes it so awesome? Blockchain has the potential to revolutionize how we store data and ensure that it's not vulnerable to hacking or fraud. It will be a game-changer for several industries, including finance, telecommunications and healthcare. According to the Worldwide Semi-annual Blockchain Spending Guide by International Data Corp (IDC), annual global spending on blockchain solutions will approach $11.7 billion by 2022!
Banks and other financial institutions will soon leverage blockchain to build networks that will provide higher value to customers through quicker payments, reduced fees and real-time transactions between financial institutions. Yes, the blockchain revolution is real! #HappeningRealSoon
TechDogs' Opinion: As much as we love blockchain, let's face it - it isn't without its challenges. We cannot completely ignore the fact that it would not be easy to integrate it into existing financial infrastructures and is quite expensive. At the same time, there's no denying that blockchain will help businesses, banks and governments to be more transparent and secure in their transactions. We think businesses would have to weigh in both sides and decide what's more important for them.
Moreover, with Web 3.0 deployments growing by the day, businesses will also start doing the same for their websites and applications. This will mean improved consumer privacy, as users will get a complete say over data ownership and whatever data they allow to be transferred through Web 3.0 networks will be completely encrypted. Together, blockchain and Web 3.0 will truly revolutionize how businesses process customer data.
Trend 4: The Metaverse Will Be Inevitable
The Metaverse is one of the hottest buzzwords of 2022. It has the potential to influence every business sector by introducing the concepts of Virtual Reality (VR) and Augmented Reality in wearables to allow users to travel to an alternate virtual world – all from the comfort of their own homes. Although it is not a technology in and of itself, the Metaverse will create a virtual world by combining various emerging technologies, including VR, AR, brain-computer interfaces and blockchain, among others that are still being developed. Think of it as a Digital Twin of our world!
While it is still under development, companies such as Meta (formerly Facebook) are working to make the Metaverse an accepted place where we can meet, work, play, learn and study - with people who might be on the other side of the world. It will take remote work and digital interconnectedness to a whole new level in 2022!
By blurring the lines between physical and digital environments, this trend aims to push the boundaries of extended reality to new heights. Over a hundred companies are currently contributing to the Metaverse project, ranging from programming engines to hardware interfaces, digital products to customizable avatars and so on. Moreover, almost 50,000 users were active on the Web 3.0 virtual worlds in 2021, indicating that the Metaverse is also likely to be well-received.
TechDogs' Opinion: The Metaverse project has been gaining momentum in recent years but the first glimpses will only be seen in 2022. Aside from revolutionizing how we use social media and community platforms, the existence of a virtual alternate reality will necessitate in-game purchases. This will allow users to purchase virtual goods and services using the metaverse currency, giving rise to specialized jobs that were not even possible last year, such as personalized avatar designers, metaverse real estate agents and so on.
However, one of the points raised by experts is that of privacy concerns within the Metaverse. Without the ability to hide personally identifiable information (PII), users' data such as biometrics may be seen and misused by anyone on the Metaverse platform. Another concern is the “invisible-avatar eavesdropping”, where users with invisible avatars would be able to join meetings without making their presence known.
Trend 5: Hyper-Automation Will Take Businesses To Hyper-Drive
Although we've all heard of the term, automation isn't yet available to the general public. Rather, complete automation is only widely adopted and implemented at the highest levels of large corporations via Robotic Process Automation (RPA). However, because of the proliferation of hyper-automation — the concept that anything that can be automated should be automated — we will see automation trickle down to small and midsize businesses (SMBs) in 2022.
By automating processes that can run independently without human intervention, hyper-automation will enable businesses to do the same amount of work more effectively. The focus of the workforce will shift from process-centric approaches to a more flexible and agile approach. Furthermore, companies will improve their ROI by replacing time-consuming manual activities with hyper-automated alternatives. In fact, 85 percent of Gartner's SMB clients said that they planned to increase or maintain their hyper-automation investment strategies this year.
Hyper-automation has been a buzzword in automation circles for some time as a concept, yet in 2022 we will see "proof-of-concepts", allowing businesses to actually see the difference between traditional automation and hyper-automation. According to some businesses that were early adopters of hyper-automation, there can be up to a 30% reduction in operational costs.
TechDogs' Opinion: Ultimately, the mark of any competitivebusiness is being one step ahead of its competitors. By embracing emerging technologies, such as hyper-automation, enterprises will be able to scale faster, reduce costs and improve operational efficiency. By introducing Artificial Intelligence, Machine Learning and cloud computing integrations, hyper-automation will be made even smarter and will be tailored to the specific needs of the business. Moreover, automation experts and business leaders will need to be aware of the advancements in technologies such as Robotic Process Automation (RPA) and Low-Code/No-Code, which often sit at the core of hyper-automation initiatives.
With so much innovation and digital transformation happening consistently, it's impossible to predict the next big thing. Still, we tried our best to take a stab at it! Thanks to the advancements in intelligent hyper-automation and robotics, various industries will soon adopt innovative, out-of-the-box approaches and strategies. Blockchain and Generative Artificial Intelligence will improve the quality and quantity of data generated by digital interactions, while the Metaverse will prove to be one of the most significant emerging tech trends of our time. We are convinced that these five Emerging Technology Trends will be success stories and transform our world in 2022 and beyond.
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