The Technology Revolution
In the last decade, we have seen a technology revolution that has changed the way we live our daily lives. From communication to locomotion, the world has been entirely disrupted by the early adoption of new technologies. But far from being a one-off disruption, the latest wave of technological advancement is powering a new era of innovation that is changing multiple industries and leading to the dawn of a new technology boom.
I. Enabling Technologies Are Removing Barriers
Technology can seem like a double-edged sword. While it can revolutionize industries, the complexities involved can also be a barrier to adoption and a hindrance to progress. However, this is shifting as new enabling technologies are lowering the barriers to usage and allowing for the widespread adoption of innovative solutions.
A. 5G Network Adoption
For many years, the speed and capability of cellular networks have been a hindrance to the growth of technology-driven services. But with the widespread adoption of 5G networks, this bottleneck is being removed as 5G boasts speed and capacity that was beyond the scope of earlier networks. This is enabling the rapid growth of sophisticated services and applications, such as augmented reality and autonomous vehicles, that can only be run over 5G networks.
B. Edge Computing
Edge computing is also removing a major obstacle to progress. By decentralizing computing capacity, edge computing enables businesses to process data close to the source and therefore reduce latency and increase performance. Finally, storage costs are also coming down as cloud storage solutions become commonplace and “pay-as-you-go” cloud computing models are adopted.
II. Emerging Technologies Are Logically Advancing
The years of hype about technologies such as artificial intelligence and robotics have now started to come to fruition as these technologies are being used in multiple different industries. A major part of this breakthrough is due to the advances in data science, which is providing the tools to understand and interpret data.
A. Automation of Collecting and Processing Big Data
As well as the development of algorithms and deep learning models to generate insights, automation is now being used to reduce the manual processes associated with collecting and processing big data sets. This is providing a platform for the growth of services such as predictive analytics and prescriptive analytics that are driving business performance in multiple industries.
B. Natural Language Processing
Natural language processing is also shaking-up multiple industries. From search engine optimization to customer service, natural language processing is providing the tools for computers to interpret language in the same way that humans process natural language. Furthermore, natural language generation is being used to allow machines to write articles that are being shared by millions of people.
III. New Platforms are Bringing Consumers Closer to Businesses
One of the main advantages of technology is the way it has made communication easier. From social networks to email, consumers can now interact closely with their favorite brands and businesses. This has removed geographical boundaries and led to new business models such as the “digital nomad”, who can work remotely and maintain a global presence with ease.
A. Social Media Platforms
Social media platforms are at the forefront of this change, providing an arena for businesses to reach out directly to their customers. From customer service to lead generation, social media provides the platform for businesses to engage with their customers in a more personal and intimate way.
B. On-Demand Platforms
On-demand platforms are also poised to disrupt multiple markets. By enabling the delivery of services at the click of a button, on-demand platforms are making services more accessible than ever before. Packaged with the convenience of being able to pay with a swipe of a finger, services such as food delivery and ride sharing are changing the way we interact with our day to day lives.
The latest wave of technological development is speeding up the progression of human civilization, by allying with the “digital era” and removing the boundaries that have slowed progress. From enabling technologies to emerging technologies, the technology boom is creating a revolution in the way we experience the world and providing a platform for the growth of multiple industries. We have come a long way in the last decade, but the growth of technology is only just beginning!
