Trends in technology

May 9, 2024

By AITM

Trends in technology

If I told you to go down memory lane, you would find the time when feature phones were a market standard to not be very far. The Internet was a luxury. ‘E’. That was the logo that persisted at the top right of the screen of such phones while the internet was being used. The symbol indicated EDGE – a technology that lies somewhere between 2G and 3G that gave speed that capped at less than 200kbps. In these few short years, the internet speed has gone up from 200kbps to 200mbps and the connection status has changed from E to VoLTE. Every possible signal is on the way to being digitized.

Technology is anything that is realized through an application of scientific knowledge. It is implicit that in the last two decades, technology has paradigm-shifted the way human lives are modeled. The era that started with the internet marching towards the mainstream has now indicated the rise of a new era of computation with Quantum Computing and networking through 5G. The Internet has been an inseparable part of human life. AI is exploding with newer and advanced learning techniques like deep learning and technologies based on Convolutional Neural Network (CNN). To sum it all up in a sentence, technology is evolving. The trends in technology are changing, much like they always do. 

So in this constantly changing locus, where has this trend reached this moment? Let us look at what are the top 10 technological trends for the year 2022:

Artificial Intelligence (AI)

Artificial intelligence, or AI, has made a lot of noise over the past 10 years, but its effects on how we live, work, and play are just now starting to be seen, making it one of the most recent technological revolutions. In a variety of areas, such as ride-sharing apps, smartphone personal assistants, picture and speech recognition, navigation apps, and more, AI is already well known for its prowess. AI is indeed one of the largest technological trends in business of the current time. 

In addition, AI will be used to analyze interactions to reveal underlying relationships and insights, forecast demand for services like hospitals so that resource allocation decisions can be made more effectively, and identify shifting customer behavior patterns by analyzing data almost instantly, thereby increasing profits and enhancing personalized experiences. 

With global spending on cognitive and AI systems expected to reach over $57 billion in 2022, it is predicted that the AI business would expand to a $190 billion sector by 2025. New jobs will be created in development, programming, testing, support, and maintenance, to mention a few, as AI spreads throughout industries. The top new technological trend to watch out for is AI, which offers some of the highest incomes available today.

Blockchain

The first thing that typically comes to mind when someone says "blockchain" is "bitcoin." That shouldn't be a huge surprise considering that blockchain technology was first applied in the banking and financial sectors. In actuality, blockchain is much broader than just bitcoin. While it does influence bitcoin, the decentralized network of ledgers, which are dynamically growing computer records, is what primarily drives the present trend. Each ledger only contains a little percentage of the data, so even if someone were to gain unauthorized access, they would not be able to piece anything meaningful together. 

Another sector that is avidly following the development of blockchain technology is cybersecurity. It is the perfect example of how blockchain technology might be applied outside the financial industry. Daily stories of data breaches are troubling in our rapidly digitizing culture. As a result, blockchain may rank among the most widely used technological developments for protecting your privacy.

The benefits blockchain technology brings with it affect many more industries. For example, the food business will gain from increased openness and stronger client-vendor connections, while the voting process may change and become less susceptible to rigging. In summary, there is a lot of unrealized potential in the blockchain, making it one of the biggest technological trends of 2022. 

Internet of Things (IoT)

The idea of the Internet of Things is that all digital gadgets would be linked by a single media, allowing people to control every aspect of their homes. As technology advances, more and more companies are realizing that this is the direction of the future. This idea is being adopted by more brands, and the facts that support it are convincing enough to support positive development in this area.

According to data from IoT Analytics, there are already 17 billion connected machines worldwide. IoT devices make up about 7 billion of them, and over the next several years, their number will skyrocket. For the first time by the end of 2022, there will be more Internet of Things (IoT) devices online than there are conventional devices like laptops, cellphones, PCs, and landlines. Over 21 billion IoT devices will be in use by 2025. 

These numbers show that the trend will not subdue in near future. Industries like healthcare will be transformed by IoT. No longer will you need to go to the doctor every time you get sick. If necessary, he will be able to monitor your health and issue a prescription for medicine without meeting you once. Smart sensors in transportation can reduce the number of collisions, forecast the optimal routes, and significantly reduce the cost of travel. Thus, IoT is surely one of the most exciting technology trends at the moment.

Datafication

Say you googled, “technological trends 2022”. Or say you want to know about the contemporary news of technology in Nepal. So you go to google and type in, “new technology in Nepal”. You instantly get millions of results. While there lies a massive computation under the hood, the computation means nothing if there isn’t enough data to compute upon. That’s where datafication comes in. 

Datafication is the process of transforming an organization into a data-driven enterprise utilizing a range of tools, technologies, and methodologies. This term alludes to an organizational trend in which a reliance on data and its underlying infrastructure on a global level define the key to fundamental business operations. In conclusion, datafication is the transformation of manual labor-intensive processes into data-driven technologies. From our smartphones to industrial equipment, to office apps, to AI-powered gadgets, and everything else, data is here to stay for longer than we can imagine! Consequently, keeping our data secure and protected has turned into a sought-after competence in our economy.

Datafication has increased the demand for many different types of workers, including IT specialists, data scientists, engineers, technicians, and managers. The availability of certification programs in data-related specialties is even more beneficial for anyone with a strong background in technology who wants to work in this industry. By taking a course like RPA to better your understanding of how automation functions in the realm of data, you can also arm yourself with this useful trending talent. 

Virtual Reality

Virtual Reality (VR), Augmented Reality (AR), and Extended Reality (ER) are the newest outstanding technological trends. While AR improves the environment, VR immerses the user in it. Despite the fact that up until now, this technology trend has mostly been utilized for gaming, it has also been used for training, as demonstrated by the use of VirtualShip, a simulation program used to train captains of the U.S. Navy, Army, and Coast Guard ships.

We may anticipate a deeper integration of these technologies into our daily life in 2022. AR and VR are frequently used in conjunction with some of the other cutting-edge technologies we've included here. They have huge potential for use in marketing, training, entertainment, education, and even post-injury rehabilitation. Either may be used to improve theme parks, train surgeons to do surgery, give museum visitors a richer experience, or even improve marketing. Whatever the case, it is a fact that this trend is one of the most exciting things ever in the world of technology.

5G

5G is the new technology in computer science that is eagerly anticipated. Whereas 3G and 4G technologies allowed us to access the internet, use data-driven services, enhance streaming bandwidths on Spotify or YouTube, and do so much more, 5G services are predicted to completely transform our way of life by enabling cloud-based gaming services like Google Stadia, NVidia GeForce Now, and many others, in addition to applications that rely on cutting-edge technology like AR and VR. It is anticipated that it will be utilized in factories, HD cameras that help with traffic management and safety, smart grid control, and smart retail as well. With URLLC (Ultra-Reliable Low-Latency Communication) of the 5G network, the things that we are not able to do using the network of today will be easily achievable. 

Almost all telecom companies, including Verizon, T-Mobile, Apple, Nokia Corp., and Qualcomm, are now developing 5G applications. By 2024, it is believed that 40% of the world's population will have access to 5G networks, which will handle 25% of all mobile data traffic, making it one of the emerging trends in educational technology that we surely want to keep an eye on.

Automotive

While the automotive industry is being affected on many levels simultaneously by global disruption, technological advancements, and changing customer behavior, it is, indeed, trying to set a new sail in this journey of technological trends. With all the fuel-related issues and the energy crisis, the automotive industry is rushing toward a new era that includes electric cars, connected cars, mobility fleet sharing, onboard sensors, new business models, and always-on connectivity. This new era is being driven by sustainability and changing consumer behavior.

Several phenomena will facilitate the adoption of EVs on a global scale. Improved EVs and better infrastructure are two significant advances we may anticipate in the upcoming years. The EV market has primarily targeted sedans and compact automobiles thus far. As manufacturers increase production, automobile customers will have more options in the coming years.
Another problem that the EV sector is facing is the range. If EVs are to take the place of conventional combustion-engine vehicles, consumers need longer ranges. As a result, battery technology has substantial R&D, which opens up new opportunities for innovation. Future technology will probably enable a world where EVs are the norm by 2050.

Quantum Computing

While quantum computing has been the buzzword of this space for quite a while now, significantly fewer of us know what exactly it signifies. It is a type of computation that makes use of quantum effects including superposition and quantum entanglement. Due to its remarkable ability to readily query, monitor, analyze, and act on data, regardless of the source, this technology trend is also involved in computations relating to healthcare, market predictions, and so on. In addition, the management of credit risk, high-frequency trading, and fraud detection are other areas in which quantum computing is being used. It is even speculated that with the advent of quantum computers, today’s cryptography will all be irrelevant. 

Today's quantum computers seem to be many times faster than conventional computers. Major companies like Splunk, Honeywell, Microsoft, AWS, Google, and many more are working to further this technology. By 2029, it is anticipated that the global quantum computing sector would generate more than $2.5 billion in revenue. Fascinating, isn’t it? However, you need to be proficient in quantum mechanics, linear algebra, probability, information theory, and machine learning if you want to succeed in this emerging field of technology. 

Cyber Security

Given that it has been around for a long time now, cyber security may not seem to be new technology, but it is developing nonetheless, much like other technologies. This is partly due to the ongoing emergence of new threats. The malicious hackers who are attempting to gain unauthorized access to data won't give up anytime soon, and they will keep looking for ways to get beyond even the strictest security measures. Additionally, it's because modern technology like quantum computing is challenging the present methods of cryptography. In such a situation, cyber security doesn’t seem to be a trend that will faze out any time soon.

The fact that there is a three times quicker growth in cybersecurity jobs than other tech jobs is evidence of the high need for cybersecurity experts. According to a study by Gartner, by 2025, 60% of businesses will base their decisions on cybersecurity risk when engaging in third-party transactions and business engagements. 

Web3

Web3 is hailed as the internet of the future. Cryptocurrencies, NFTs, DAOs, decentralized finance, and other concepts are part of the vision for this future blockchain-based web. With a read/write/own model, users have a financial stake in and greater power over the online communities they are a part of. The online experience is expected to change significantly with Web3, much as PCs and smartphones did. But it is not without peril. Some businesses have entered the market only to encounter opposition due to the Web3 projects' negative effects on the environment and financial speculation (and possibilities for fraud). And while blockchain is promoted as a solution to issues with privacy, centralization, and financial exclusion, it has exacerbated many of these issues.

Nevertheless, the hype web3 has created over time and the implications it brings are massive. Although Gavin Wood first used the word in 2014, several of these concepts have only lately come to pass. The interest in cryptocurrencies, advancements in layer 2 scaling solutions, extensive trials of novel forms of governance, and revolutions in digital identification have all seen significant increases in the past year alone. It is surely one of the top 10 emerging technologies to look for in the coming years.

Technology has been an inseparable part of human lives. With each changing bit of it, a part of our lives changes as well. For instance, the development of AI is bound to take the jobs of many people in the coming years. However, that is also sure to open up newer possibilities. Big data appears to be the connecting factor for all emerging trends. There is already a ton of data on the Web. The way we choose to manage it could decide how mankind develops as a whole.

The list of the trends goes on and on, and there is really no way to know for sure what will be the next big thing and which will fizzle down just like that. It is upon us to what extent we allow it to affect our lives, and how we make the most out of it. 

No matter what the state of it all is in the next few years’ time, one thing is certain: Technology is sure to solve pre existing problems and make our lives easier.