Blog / Technology / Technology Trends that are going to Re-shape the Economy in 2020

Technology Trends that are going to Re-shape the Economy in 2020

Ajay Kumar By Ajay Kumar | June 20, 2019
technology trends 2020

In the last few years, we have seen noticeable variations and updates in technology, be it eye-catching animation, 360-degree product review, advanced product search, chatbot, etc. While some remained in the market as a driving force for the business, others become a history. This has made it absolutely hard and a bit of intuitive thing to decide what technologies will lead us in the future, aka, what will be the technology trends for 2020.

Taking the same thought into consideration, let’s predict what will be the upcoming technologies for 2020 and what changes will it bring in the business industry.

INTERNET OF THINGS (IoT)

INTERNET OF THINGS

When talking about what will be the future technology trends in 2020, IoT is the very first one in taking the lead.

Often referred as IoT, the technology builds an ecosystem in which every physical device, appliance, and tool is connected to each other and exchange data via the Internet – even without human intervention.

The technology is already in practice in startups and established brands for easier and quicker data handling, seamless data sharing, monitoring any activity, and more. But, its adoption is currently a slower process.

However, as per a Gartner report, around $6 Trillion will be invested in IoT – with more than 30B devices live in the market. This will make more business turn towards investing in IoT app development.

Read – IoT Market Trends

AUGMENTED REALITY

There is no denial, Augmented Reality is one of the highly advanced technology trends in our society and will emerge even stronger in the upcoming year.

It is currently serving businesses in different business verticals like healthcare, travel and tourism, real estate, etc. with its potential to bring the best opportunities to merge virtual and real world. And is expected that the approach of AR technology in the business world will expand to newer sections to earn higher revenue.

As Tractica has already made a prognosis that by this year, the installed base of actively used augmented reality apps will grow more than 2.2 billion apps. Also, according to Digi-Capital, the technology will reach a $90 billion in revenue within 5 years.

VIRTUAL REALITY

Though not new, Virtual Reality is one of the emerging technologies that will rule by 2020 which is likely to transform the economy in a better way. Many major tech giants like HTC, Google and Samsung are coming up with their own VR devices which somehow highlights the popularity of it in the coming future.

It is one of the best and modern technology trends 2020 and has already brought a revolution in the market be it healthcare domain , travel or any other by bringing the opportunity to take our minds to a virtual world.

80% of the companies are investing in the concept of VR based software and technology and the number is likely to grow in the future. It is expected that the VR industry will cross around $1 billion and will become a staggering $150 billion market by the year 2020.

If you are also planning to invest in VR based mobile application, choosing the best and most acknowledged app development company can do wonders to your app along with providing you desired result.

VOICE TECHNOLOGY

Voice Search

When we talk about what are some future technology trends in 2020, we will be including Voice in the list for sure. We have already witnessed voice-activated devices or say digital assistants like Google’s Home, Amazon’s Alexa or be it Apple’s Siri, altogether transforming the way we communicate in the society.

Moreover, Voice search can also enhance the Apple Store App experience along with the Android app store experience. It seems as if Voice technology is showing a green signal to businesses to invest in the same for brighter and growing future.

Hence, the future of technology trends 2020 will remain incomplete without the mention of voice in the list. Digital technology is drastically changing the whole concept of voice-enable and voice-based smart assistants. Therefore, if enterprises or startups are planning to get ready for the dwelling in the future of corporate communications, they are also required to prepare for digital transformation at any cost.

5G Technology

There is already great fuss about 5G in the market today and it will remain in the future technology trends 2020 .  The day is not that far when we will be able to enjoy the internet with best of speed along with other associated perks with it.

5G technology

Advantages of technology in business related to 5G will underpin a good amount of worth of goods and services such as retail, transportation, healthcare etc. With the introduction and acceptance of 5G, businesses can turn on their level of productivity to a higher level. With 5G connectivity, it will become easier to work while saving time, cost, energy along with increasing revenue.

Hence, it is among the most awaited technology trends 2020 holding so many things for the business and also slowly and gradually becoming the need of the hour.

FACIAL RECOGNITION

Facial Recognition

Earlier, which was only associated with security, facial recognition system is changing the dimensions of industry to reach to a whole new level. The future technology trends 2020 is incomplete without the mention of facial recognition.

The technology is offering better security and authentication services. Because of this, many businesses are teaming up to bring out the best facial recognition features in their devices and slowly and gradually, enjoying the perks of  considering this top technology trend to influence app development process. In fact, Samsung, Apple iPhone and other mobile phone giants are also playing fairly with the features of this technology to get celebrated treatment in the market.

AUTOMATION

When you are searching for what are the latest technology trends , Automation registered itself in the list.

Automation is helping businesses by digitizing their tasks which were once done manually. In this way, this technology in business world is helping the startups, enterprises, and established brands with optimizing their workload, ensure higher productivity, streamline their processes, and more, while not hiring too much of human power at once.

ARTIFICIAL INTELLIGENCE

When you feel baffled about  what is ai technology , always calm your senses by saying it is one of the most happening technologies for mankind. Though, not fairly new but it is managing to get a good rapport in the market by its potential to mimic the working of human brain.

The technology, in the form of Chatbots and other self-driving machines, is considered by businesses of all shapes and sizes for facilitating 24×7 communication, getting escape from repetitive tasks, streamlining processes, and more.

Because of this, 47% of the advanced enterprises have clinched the concept of AI  and also applied the strategy to their mobile apps. Whereas, many more will integrate AI into their processes. A proof of this is Accenture’s report that states that AI can double economic growth rates by 2035 along with increasing productivity by 40%.  And so, knowing why to invest in AI development process will be like a cherry on the top for enterprises.

CYBERSECURITY

Considering the growing data breaches and other hacking incidents, cyber security will also become a pivotal element of our digital world. It will come up as an answer to why is technology important in business in terms of security by bringing better opportunities and options than what we find in any mobile app testing guide. The concept will work as a shield for the firm along with protecting the data and information of the users.

According to the press release by Global Market Insights, Inc, it is estimated that the value of the cybersecurity market is anticipated to reach  $300 billion by 2024. Moving on to another data, the cost of annual cybercrime damages is expected to reach $5 trillion by 2020, hence it is beneficial to be aware of this technology in order to figure out any loophole along with correcting the same. Moreover, it is also seen that by 2021, the unfilled cybersecurity jobs are expected to balloon to 3.5 million.

BEACON TECHNOLOGY

Beacon also showcase itself as a must-mention name, when asking what are the latest technology trends. Being like a small Bluetooth radio transmitter, this technology is the young lad in the family of technology. But, it is certainly helping the business to do digital marketing for their brand with a modern approach. It is dynamic, secure, versatile and can also be personalized according to the needs.

beacon technology

While people believe that Beacon technology is reshaping the future of retail marketing only, the technology has entered various business domains such as Transportation, Hospitality, News, Tours and travel, and banking. And it is expected that Beacon-based apps will eventually bring more opportunities for startups and big businesses in terms of growth.

So, these were some of the upcoming technology trends 2020 in the market that will transform the business world and generate new sources of opportunities and revenues in the future, implying you should never miss out on integrating these technologies into your traditional process for gaining the best of the time.

Ajay Kumar
Ajay Kumar

A young entrepreneurial technocrat who is the Co-Founder & CEO at Appventurez Mobitech. After completion of his masters in Computer Application, he dived into the world of technology as an iOS developer. As a CEO, he firmly believes teamwork and collaboration are the essential tools for any company’s success.

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