The technology revolution has made our lives easier than we ever imagined. It was a good year for tech innovation. Technology has been a part of our daily lives for many years, from Amazon Prime’s 1-day delivery to the rise in personal assistants AI and personal computers. Amazon Prime is a prime example.
Amazon Prime, a one-day delivery service that has already made a huge profit in the US retail sector, now stands at $1.8B. This number is expected to grow to $40B. Chatbots have made it easy to solve our problems and queries. Instead of calling or filling out forms, people prefer to use chatbots. As draws to a close, it’s time to look at the technological innovations that will take the world by storm. Here are the top seven tech trends that will change how we live.
1. Mobile commerce
Did you know that 49% of Americans rely on their mobile phones to shop? The majority of Americans use their phones to compare the prices of different products when they visit brick and mortar shops. Mobile payments are used by almost 61 million Americans. These statistics suggest that mobile commerce will be a major part of our daily lives. Most people use mobile apps and websites that are mobile-friendly to shop on the move today. Mobile payments are great because you don’t have to spend any cash. You can use Pay or GooglePay to pay for products and services. China already has Alipay and WeChat for online transactions. This system makes financial management easier for everyone, even panhandlers.
2. AI as a service
Siri and Alexa are amazing examples of AI technology. These tech innovations have made life easier for millions of people before, it is obvious. AI has already been used by companies to streamline their business operations and improve customer experience. AI-based systems can be expensive, but will see most companies equipped with AI platforms in the form service platforms. These AI-as a service or AIaaS systems can be found on platforms such as Amazon, Microsoft, Google. AI allows us to search for specific products among multiple Amazon products. You can type in the product name and instantly get all similar products. We can expect other organizations to adopt the AIaaS system by and offer tailored applications to consumers.
Automating mundane and time-consuming tasks has made it possible to automate them. Automation has allowed organizations to increase productivity and improve production rates. While human labor can lead to high-quality workmanship, automated systems are more likely to do the same task with less variation. This results in consistent product quality. Automated systems allow organizations to make the most of their raw materials and produce comparatively less scrap in. Therefore, we can expect automation to take over many industries including banks and pharmacies. Automation will reduce human effort and other production costs. Automation will increase the company’s profit potential. Combining AI and automation already creates business opportunities in many fields. Automation will provide enough jobs and high wages for workers all around the globe by. To keep up with the machines’ pace, workers will need to learn new skills.
4. 5G network
The 5G network will make life easier and more efficient. 5G will be the next big thing in tech innovation in. It can enhance self-driving cars and run smart cities. People who want more speed, more features and more storage space will find 5G a boon. AT&T has already introduced 5G to seven additional cities . This is 250 times faster than normal transmission speeds and will be the dominant technology in the world. 5G will revolutionize the way we travel, live, work and communicate by. In a matter of minutes, we will be able ride in self-driving cars or transfer movies and videos. This brainchild will make everything much easier and faster. The advent of 5G will make VR and AR even more popular. Many products, from smart home devices to wearables, will see a significant improvement in functionality thanks to 5G.
5. Autonomous driving
Elon Musk, chief executive of Tesla, an automobile manufacturer, stated recently that he expected his company to produce an autonomous vehicle this year. Tesla is also working on vehicles that can operate with less autonomy. Autonomous cars will include features like automated braking and lanes changing. Autonomous driving technology is also claimed to increase security and entertainment functions. The autonomous cars will be more dependent upon data and analytics. These autonomous cars will fundamentally change the automotive industry. Other vehicles, such as trucks or ships, would also be autonomous. Waymo recently tested autonomous vehicles in California, transporting more than 10,000 people. We can expect further breakthroughs in automobile technology in the future. Let’s hope will be the year of many of these incredible technologies.
6. Prescriptive analytics
Businesses are now susceptible to an overwhelming amount of data because of the organizational source chain. Companies tend to use analytic solutions in order to understand the reasons for the massive amounts of data and improve their decision making. Data mining and data aggregation are two methods that descriptive analytics uses to summarize raw data. This is something the world has been exposed to. These analytics allowed people to learn from past behavior and predict future outcomes. Prescriptive analytics allows us to use simulation, algorithms and optimization to determine possible outcomes. Prescriptive analytics answers the question, “What has occurred?” While descriptive analytics answers the question, “What should I do?” Prescriptive analytics forecasts the future and estimates the likelihood of success. Companies can use predictive analytics to predict what might happen. Predictive analytics is based solely on probabilities. These analytics are able to identify patterns in data and create statistical models and algorithms that determine relationships between data sets.
7. Predictive and personalized medicine
The healthcare industry has seen a rapid rise in technology. 5G, as I mentioned earlier, will allow us to retrieve data from wearable devices such as smartwatches. This will allow us to predict and treat our health problems with the utmost precision. This technology will allow the wearable devices to keep track of a person’s health status. Even if you don’t have any symptoms, you will be informed about your health risks. A data-driven understanding of the effects of a particular medicine on a patient will allow doctors to prescribe medication. This will allow you to see more customized approaches to your treatment. This is also known as precision medicine, which allows doctors to apply the best treatment using relevant data analytics. Doctors will be able to better understand how our bodies function thanks to modern advances in technology in genomics and AI. It will be possible to determine if the body is equipped to combat specific diseases. Bottom line: Is the year for personalized healthcare and predictive medicine.