Companies are beginning to rely more on technology to meet their objectives. As a matter of fact, IT jobs are projected to grow 12 percent over the next decade, according to the Bureau of Labor Statistics. This is probably due to the growing use of cloud technology, data storage and security as the world becomes more technology-centric.
For this reason, it’s important to take a peek behind the curtain every once in a while and try to understand the topics being discussed or what’s happening in the industry. Whether you’re a business owner, a tech enthusiast or just curious, staying informed about what’s here and what’s coming can be an advantage.
With that in mind, here are five technology trends and topics to keep an eye on in 2020.
1. Blockchain Technology
Blockchain is a digital ledger, a series of records that store data in chronological order units called “blocks” in a sequence or “chain”. Furthermore, once that data is stored it cannot be changed or altered. Information can be added but not changed. That is because any changes to a block would alter its connection to the previous one in the chain. This is due to the way block chain encrypts data. The information in a block becomes a sequence of symbols called hashes and every input creates a unique hash output. In blockchain, even changing the case of the first letter in a sentence alters the output.
The inability to change information is what makes it so secure and appealing to a variety of industries. As a result, companies like Samsung, Microsoft, Amazon and IBM are have already begun investing in block chain technology. So much so that blockchain-related jobs are the second fastest growing category of jobs according to Techcrunch.
2. Cyber Security
Cybersecurity risks are a problem for every organization in every industry. In order to remain competitive and accomplish their business initiatives, business owners and leaders have had to modernize their IT infrastructure. However, the digitization of things has increased the risks of cyber threats.
For evidence of that you just have to look at the most recent cyber-attack on a local government or institution. Schools, police stations and even hospitals have all fallen victim to a cyberattack that freezes their systems and extorts them for money. Not to mention the all of the private organizations that are attacked regularly and don’t make the news.
By 2020 100% of large enterprises will have to report on cybersecurity and technology risk at least annually according to Gartner. This is not a surprising statistic when you consider all the places that depend on digital technologies to function properly. This is becoming a hot button issue only now that cyberattacks and breaches are impacting entire communities but the threat has been there for a long time.
As these threats become more pervasive CIO’s and business owners will have to take the step to secure themselves accordingly. Unfortunately as of now, industry leaders only invest in cyber security once they’ve experienced a breach themselves.
We wrote a blog on cyber security lessons a business should consider to grow in today’s digital era that you can read here.
3. Internet of Things (IoT)
Everything from cars to refrigerators to vacuum cleaners are being designed to connect to WiFi and therefore, the internet. The internet of things is not a fad but a transition to a more seamless system of exchanging data.
We aren’t just talking about consumers, businesses are also expected to benefit from IoT as well. IoT can create safer working conditions, faster data acquisition and as a result more efficient decision making. Gartner also forecasts that the IoT market in the enterprise and automotive fields will grow to 5.8 billion in 2020, which is a 21 percent increase from 2019. To put this into perspective,90 percent of all automobiles will be connected to the internet by 2020.
Moreover, the economic impact of IoT technology could range from $4 to $11 Trillion per year by 2025. The benefits are wide ranging because the technologies are. Devices like smart sensors could improve how logistics companies track and deploy products flowing through their supply chain, for example.
4. Artificial Intelligence
Artificial Intelligence (AI) is one of the most interesting tech developments in recent years. Companies are exploring AI technology to improve business operations and customer experience. Developments in AI has led to things like machine learning, where computers software is programmed to adapt and adjust by analyzing data. Amazon and Netflix use machine learning to make suggestions on what to watch next or what products to buy. For those working in the financial services industry, this technology could help eliminate compliance risks.
AI technology will continue to grow and develop in the coming years and its generally associated with automation. A report by McKinsey Global Institute says that 73 million U.S. jobs will be lost to automation. Fortunately, AI technology will create demand for experts to develop and operate this new technology. Jobs in AI engineering, AI Development, and Data science should become more lucrative.
As AI becomes more commonplace, AI-as-a-service will emerge. It will function in the same way other as-a-service because it will be distributed through cloud computing. AIaaS will be for those businesses that cannot or do not want to develop their own AI software.
5. 5G Networks
The next generation internet connectivity for mobile devices will become the norm in the future. Increased bandwidth will increase internet speed and facilitate communication between smart devices. Businesses should consider how this will impact their industry. Leaders across the communications industry estimate that by there will be 3.5 billion cellular IoT connections.
This will ultimately create more flexible networks that provide truly end to end systems that apply to not only networking but data storage and more. It will also improve your companies infrastructure and strengthen it against cyber threats like crypto jacking. This is all under the presumption that your existing IT infrastructure is reliable and capable of managing your network.
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