Technology Trends and Software Industry
Overview
Did you know that software industries are expected to earn a revenue of over USD 507 billion by 2021?
Software industries are likely to witness an era where technological advancements will completely change the prospect of business. It will enable faster change and will become an exponential part of the industry. Technology is evolving at such an expeditious pace that every annual trend seems out of date even before they enter the market. Currently, industrialists have already started bidding on the ‘to-come’ technologies in the market.
Let’s see what market has to offer in the near future: Here are 6 techs to change the future of software industries:
Artificial Intelligence
Artificial intelligence has been popular since 1956. It is a computer system built to mimic human intelligence and perform tasks such as speech pattern and decision making. The reason why AI is so popular among the industries is that it aids in assessing business risks, predicts maintenance, and maintains energy efficiency among many other money-saving tasks. This tech can perform tasks way faster and more accurately than humans. Moreover, AI has also paved its way to smartphones and enables us to perform daily tasks with utmost efficiency.
AI is expected to leave a positive impact on our economy by creating more jobs for skilled professionals. For instance, it is predicted by the ‘Tech Pundits’ that AI will create 23 million new jobs in 2020. Currently, industries, business, and workplaces are shifting towards AI-driven approach. Moreover, AI software market is expected to reach USD 118 billion by 2025.
Future of Artificial Intelligence
- In the future, AI systems are predicted to make decisions of human capability in an industrial setting, customer service roles, and financial institutions
- Organizations will benefit from increased productivity and double the revenue
- Offer more job opportunities for skilled professionals
- Governments around the worlds can take advantage of additional cost-saving, which, in turn, will increase government investments and drive economic growth
Machine Learning
Machine Learning, one of the subsets of AI, is expected to attain a value of USD 8 billion by 2022.
Machine learning discovers patterns and insights from data and enables machines to perform tasks which they are not programmed to do. Moreover, this system is rapidly being employed in all kinds of industries and creating a huge buzz in the market. This automation system is widely used for data analytics, data mining, and pattern recognition. Based on the consumer end, this automation channels web search results, network intrusion detection, and real-time ads.
Future of Machine Learning
- Will be offered as a cloud-based service following its increasing application in the industries sector
- Will become an integral part of all AI systems
- Will help other machines to makes better content and meaning of the provided data
- ML algorithms will automatically learn newly emerging information on the internet
- ML data processing will be popularly used among the hardware vendors
Robotic Process Automation
Did you know that 45% of our activities can be automated?
Yes, with the application of robotic process automation, the jobs of financial managers, doctors, and CEOs can be easily automated. Despite the advanced and beneficial features provided by this technology, it is predicted to be a bane for the global workforce. According to Forrester Researches, RPA is likely to threaten the livelihood of over 200 million professionals.
RPA technology is an emerging form of the business process of AI, which is based on the notion of metaphorical software robots. Globally, the RPA market size is expected to reach over USD 3 billion by 2025. In addition, it is used by business processes to interpret applications, processing transactions, replying to emails, dealing with data, and perform automotive daily tasks.
Future of RPA
- RPA will replace the data entry and data rekeying jobs with automated tools and techniques
- Every computer-aided process that uses a set of robotic sciences will be performed using RPA
- With technological advancements in robotic science, it is predicted that in future RPA will be able to perform all human-based operations
- RPA will provide higher technological potential by reducing the risks of inaccurate reporting’s with higher data accuracy
Blockchain
Blockchain Tech market is expected to reach USD 1600 million by 2025.
Blockchain tech is a consensus-driven, chained data, which eliminates the risk of hacking. It enables safe transactions without the interference of a third party to validate the transaction. This high security of the blockchain is why it is popularly used in cryptocurrency and is why it can play a significant role in protecting important information such as personal medical data. This automation can drastically improve the global supply chain and can protect assets from trespassers.
Future of Blockchain
- No Need for Trusted Third Parties
Blockchain is a fundamental threat to a wide variety of processes and technologies, which is likely to eliminate the need for trust transactions. Moreover, it will create opportunities for corporate companies to create applied blockchain technologies targeting specific transactions such as mortgage industries.
- Protect Self Driving Cars
Currently, hacking is one of the biggest problems with self-driving cars. However, this problem will not cease to exist once blockchain is implemented in the tech of self-driving cars
- Digital Advertising
Lack of transparency, bot traffic, domain fraud, and lengthy payment models are few challenges faced by digital advertising because of unaligned incentives. Thus, blockchain is the solution which will bring transparency to the supply chain by inheriting trust to a trust-less environment.
Virtual Reality and Augmented Reality
- Virtual reality immerses the user in a life-like an environment. Besides, VR can be used in both gaming and training. For instance, VR is used in virtual ship simulation software to train the U.S. navy, army, and coast guard, and ship captains. Moreover, the market size of virtual reality software and hardware is predicted to reach over USD 10 billion by 2020, by Statista report.
- Augmented reality enhances the real-world environment by computer generated perceptual information across multiple sensory modalities such as visual, haptic, somatosensory, auditory, and olfactory. Moreover, augmented reality is expected to generate the revenue of over USD 60 billion by 2025, by Straits Research Report.
Future of Virtual reality and Augmented Reality
- Rapid growth of VR and AR in entertainment and education industry
- 59% of AR and VR developers will be working on games
- AR will take over the automobile industry
- Standalone headsets will become a mainstream VR device
- AR and VR will provide limitless unfathomable experiences
Cyber Security
The cyber security market will generate a revenue of over USD 240 billion by 2030. It might not seem like emerging technology, but it is evolving rapidly.
As stated by computing context, cyber security aids in securing the internet-connected systems such as confidential data, hardware, and software from cyber-attacks. Moreover, it is also used by enterprises to protect themselves against unauthorized access to data centers and other computer systems.
One of the massive challenges encountered by cyber security is the constantly changing nature of security risks. The conventional approach has been to focus on crucial system components and protect it against critical known threats, which also meant that leaving components undefended against less critical known risks. However, betterment in cyber security has enabled to defend computer systems form all kinds of threats.
Future of Cyber Security
The future of cyber security is connected to the future of information technology. The following trends are expected to be evident over the next decade:
- Criminal groups will continue to seek ways to use cyber-attacks for financial gain
- Terrorist groups will shift their activities to cyberspace
- Organizations sponsored by nations will continue developing cyber-attack technologies for defense
- Hackers will continue using cyberspace to send their messages
- Will successfully detect intrusion that can harm any system or organization
- Data security to be the major concern of businesses
Conclusion
Here, in this article, we have discussed some of the technology trends, which are going to impact IT industry. There are many more emerging areas, which will grow in future and impact software industry. We will discuss more trends in our future articles.
