At a time when the world is trying to crawl back to normalcy in the wake of the Covid-19 pandemic it becomes all the more important to know which the growing technologies for the future will be. In spite of the worldwide recession there are some industries that have managed to survive the onslaught of the virus outbreak.
Technology has always been the dominating factor in both our personal and professional lives. During the pandemic, the importance of internet technology, fintech, artificial intelligence, etc has been reinforced. Below are discussed the top 5 growing technologies today that will continue to be relevant even in the years to come:
- Security: Technologies in this field are booming because more and more sophisticated tools are being discovered that threaten cyber security. Businesses are coming out with vehicle detection devices and access control devices for protecting houses and companies from employee thefts and burglaries. Cyber security measures are expected to thrive as the threats to data continue to escalate. Given the high incidence of malware infections in the past few years, and particularly during the pandemic, it is only natural that these technologies will be in demand for protecting business data and assets.
- Virtual Reality: VR is the new buzzword and had made its debut in the early nineties. But the technology has made its presence felt only recently and taken the world of entertainment by storm. VR is also being used for military training purposes and for treatment of trauma victims. Big names like Google have been incorporating VR technologies to give their customers a unique shopping experience.
- AI: Artificial Intelligence is slowly being incorporated into industries of all kinds, whether it is ecommerce or medicine, and AI tools are being adopted for advanced analytics and customer service. AI is being used for diagnosing patients, suggesting alternative and better treatment methods, predicting future health, etc. Whether it is brands like Amazon or small businesses, chat bot technology powered by AI is fast making its way into our lives. Chat bots are making customer service far superior than they were and successfully converting site visitors into buyers. Reports suggest that this technology is likely to rope in almost $9 billion by 2025.
- Fintech: Financial technologies are on the rise as well and cryptocurrencies are fast emerging as a possible alternative to traditional financial institutions like banks. Online payment services are making headway and new decentralized crypto coins are coming out every few days. The blockchain technology on which cryptocurrencies like the Bitcoin was founded is here to stay and it is being integrated by other industries like healthcare. Blockchain lets people invest money without middlemen like banks getting involved.
- Biotechnology: One of the fastest emerging technologies is biotechnology which finds myriad applications, particularly in the field of agriculture where it can improve crop produce and reform agricultural practices. As climatic changes start affecting crop cycles and unbridled population growth threatens food scarcity, this technology assumes more significance. Biotechnology can even use genetic manipulations for curing genetic diseases.