By Kashish Jhamb
Interconnected and synced across geographies, technology holds the key to getting the vast expanse of the world just a click away. Since the advent of the computer age and World Wide Web expanding its reach from the 2000s, technology has rapidly shaped the world we live in.
As another year begins, the question on every business, brand, consumer and observer’s mind would be – what would be the technologies that will shape 2020? It’s tough to have a clear peek at technology’s crystal ball and predict its future. But based on observations and studies conducted by multiple research firms, we can pick a few of the key technologies that will enable digital transformation in 2020.
Digitally driven Marketing solutions: The world around us is in a state of constant change and upgrade. In this age of technology, data and information are the bedrock for business marketing strategies. Reaching out to the consumers, understanding their psyche, habits and reason to purchase are insights that every brand in the world is keen to have. And as usage of mobiles and the reach of internet expand digital outreach becomes the future of marketing.
Digital technologies like AI, Chatbots, programmatic advertising, voice search and other such rapidly developing methods will play a key role in transforming business marketing techniques. 2020 and onwards will probably see digital revenues of brands overtaking their offline counterparts and moving up to be crowned the future of marketing, building brand loyalty and enhancing consumer interaction.
Building on Analytics: If sales, reach, or recognition are the factors upon which a brand’s performance is judged, data and analytics are the bricks upon which they are built. 2020 is set to be a year when processing data through analytical tools will shape the course of businesses. With technology making it easier to access consumer data, tech tools that can process and dig an insight from it will be crucial this year. Data is the key to generate bigger revenues for your business in 2020.
AI, IoT and Machine Learning: IoT explorations and Analytics and AI has to go hand-in-hand. When these technologies are leveraged together, only then can you process the sea of data that’s available and unearth key insights. Technologies like AI and Machine Learning has made analyzing complex data simpler and possible in a fraction of the time that was done even a few years ago.
As the quantity of data we deal with increases with passing years, usage and development of Edge Computing is crucial. It can process time-sensitive data and is a market that’s expected to touch $ 7 billion by 2022. And the growth of edge computing is dependent on the rise of the Internet of Things (IoT) devices. The more advanced and seamless IoT is designed to be, adapting new technologies is made easier.
New wave of Conversations via Tech: Technology that can manage natural language processing in today’s scenario is in a good state, but definitely not at its peak. Bots like Alexa, Siri and Google Assistant have ushered the first wave of conversational tech and users have started to embrace it slowly, yet steadily. Industry leaders in Information Technology have already set their sights on the next generation of conversational technology. These are envisioned to be bots that won’t just provide functional answers but also participate in extensive conversations and programmed to be highly intelligent. So, it may not be too farfetched to say that 2020 could be the year when humans can host debates with technology.
The year of 5G: The year 2020 is predicted to be the year when 5G technology finds its way across cities. With some of the biggest names in telecommunications like Nokia, Huawei, At&T, Qualcomm working towards experiments in 5G and its adaptation, 2020 is set to be the year it hits the ground running.
Other than bringing faster broadband speeds to us, implementation of 5G will also ensure enhanced dependency on Digital Platforms. Smart cities, urban tech, healthcare, education – multiple industries can benefit from the successful implementation of 5G.
While technological developments and explorations will continue to widen our horizon and realms of living, it also depends on how we adapt to it. Sectors which are first movers in trying out and supporting new technology will drive the year ahead and many more to come. The C-suite will have a key role to play in adopting these technologies and making the most out of it. If we can let technology function and be developed to its complete potential, 2020 could a great year to look forward to.
(Disclaimer: The author is Executive Director and CMO, City Innovates. The views expressed are his own and is outside the purview of CXOToday.com editorial policies)