Emerging technology trends to watch
Emerging technology are deeply impacted by both market and technological trends.
Progress in green technology
Green technology is a rapidly growing field aiming to reduce the negative impact of human activities on the environment. As people become increasingly concerned about climate change, air pollution, and energy security, governments and industries have made a significant push towards green technology development and implementation. The industrial push has led to progress in renewable energy, energy efficiency, and sustainable transportation. Companies in the TMT industry are as much a part of this trend as any other. All things considered, green technology plays a crucial role in reducing fossil fuel dependency and protecting our planet for future generations. Some examples of this are:
Low-carbon buildings emit little to no carbon across their lifespan. They require minimal heating and cooling, produce very little waste and pollution, and produce a portion of their own energy by leveraging solar, wind and geothermal energy
Carbon capture technology pulls carbon from the atmosphere where it can make synthetic fuel. Right now, it’s expensive and relatively small-scale, but developments may see costs fall
Renewable energy storage. In the transition to renewables, one key problem is working out how to make clean energy consistently available. In order to meet this demand, innovative companies around the world are developing unique long-term storage solutions for the power generated by renewable energy sources.
Large language models (LLM)
This is the engine driving the boom in AI we are witnessing. By framing all activities that come under the AI umbrella as language models, progress made in a specific field impacts another. As a result, we now see an exponential growth rate in the AI field which is beginning to affect every sector. Large language models are applicable to human speech, images, DNA, ferromagnetic resonance imagine, Wi-Fi signals, and more. This will undoubtedly have an unconceivably large impact on the global economy both positive and negative. For example, productivity will go through the roof and medicines will become tailored to your DNA.
The darker side of LLM led AI is one of intimacy and persuasion. Given that LLMs are able to indistinguishably replicate human behaviours in both text and speech, online authentication will have to evolve at an impossible pace. What’s more, there will be devastating consequences in human psychology as people sacrificing real human connection in favour of AI.
Emerging technology is what comes next
Change happens through emerging technologies. All of a sudden, we are witnessing huge impacts across life from industry to the home. It will champion efficient, sustainable, and innovative ways of doing things, to solve problems the of the day. Without reservation, we predict that emerging technology will create job opportunities and stimulate sustainable economic growth.
Emerging technology in today’s world
Unsurprisingly, emerging technologies are at different points in their evolution. In spite of this, many are already having a tangible impact across industry and everyday life.
Industrial Internet of Things (IIoT)
IIoT uses embedded sensors, cloud-based data, and interconnected devices to ensure better industrial performance. It leverages a wide range of tools for a business and applies smart techniques to gain a competitive edge.
IIoT improves inventory management and supply chain visibility, enhances product quality controls, provides real-time insights and increases asset security. To that end, IIoT provides productivity gains, cost and time savings, and safety improvements.
Business operations are due to improve up through Quantum Computing. Compared to classical computation, Quantum Computing massively increases speed and capacity using only a fraction of the memory a classical computer would for the same task. While the technology is not mature, hybrid approaches are being deployed to boost standard computer capacity. A keen example of this is optimising logistics operations and enriching machine learning tools.
Emerging technology impacts everything
Emerging technologies are making a significant impact across industries, revolutionising the way businesses operate and transforming the way we live. In healthcare, AI is being used to improve diagnostic accuracy and speed up drug development. Financial institutions are using blockchain to streamline transactions and improve security. Further, manufacturing is being evolved using IoT to optimize production and improve supply chain efficiency. With all of these possibilities, the potential for societal evolution is enormous.
The business world will continue to be deeply affected by emerging technologies. At any rate, emerging technologies boost productivity, refreshes ideas, builds new markets and supports product development. As they grow, they will become consolidated and lose their classification as ‘emerging’.