Technology has made our lives more efficient, faster, connected and more convenient, but there’s no doubt that the globe is accelerating to new boundaries. When the pandemic disrupted face-to-face interaction, thriving businesses were seen in their stride, factories had to close, and at that point, technology saved the day. It’s difficult to keep track of how technology has helped several businesses flourish as it helped revive stalled businesses.
Booming Industries like semiconductors faced a huge hit. On a global scale, this resulted in a massive chip shortage. In 2021, it took a toll on the economy, and we anticipated that supply problems will persist until the end of 2022.
But the industry faced a surge in demand caused by digital transformation during the pandemic. This has led experts to believe that the global semiconductor industry will exceed $600 billion by the end of this year!
These figures demonstrate a vital insight: crises are the catalyst for innovation.
What this means is that companies are learning how to harness digital transformation and rethink their operations to thrive in a changing world. As a result, executives across the technology industry are looking for more effective ways to drive business results while staying ahead of evolving customer needs.
But which tech trends will intersect with businesses and people’s lives? How can we categorize them? How will AI and quantum computing impact our technology? To what extent can we predict such trends? Let’s have a look:
#1 Bio Revolution
Our first trend reflects the convergence of advances in bio-sciences with the development of computers, automation, and artificial intelligence, leading to a new wave of innovation, called the Bio-Revolution.
The biomolecules dimension, which includes “omics” and molecular technologies, has emerged as the fastest-growing and most advanced biological sciences. And with the avalanche of new computational models equipped with quantum computers, we’re witnessing impressive growth in our understanding of the nanoscale world.
As biological innovations penetrate industries such as healthcare and food, profit margins for these sectors are soaring.
An example of such technology is our RD service application which helps with Aadhaar authentications or e-KYC transactions. This supports two biometrics – fingerprint and IRIS, which allow you to register your device for receiving biometric data. The registration of biometric devices and capturing of the images of fingerprints and IRIS takes place as per UIDAI (Aadhaar India).
#2 Future of Clean Technologies
The second trend showcases advancing technologies that address the growing need for clean energy generation. This focuses particularly on smart grid power distribution systems, EV batteries, carbon-neutral power generation, energy storage systems, and fusion energy.
Transport, infrastructure, buildings, and industrial undertakings are becoming more environmentally friendly as a result of these technologies.
This is also evident in the transportation sector and the building & infrastructure sectors. Like clean vehicles, insulation, HVAC, windows, automation, appliances, home energy management, and LED lighting. Trend showcases new technologies that address the growing need for clean energy generation. This focuses particularly on smart grid power distribution systems, carbon-neutral power generation, energy storage systems, and fusion energy.
When it comes to e-waste, we need to be even more prudent. E-waste, also known as tech waste, is dangerous to the environment and must be recycled by professionals. At Evolute, we are committed to implementing India’s Ministry of Environment regulations and the E-Waste Management Rules.
#3 Next-Generation Materials
Innovations in materials science and quantum computing make this field our third pick.
We have recently seen a revolution in synthesizing and predicting the physicochemical properties of next-generation materials.
Examples include graphene and 2D materials, nanomaterials, and a range of smart, responsive, and lightweight materials that are enabling new functions and improved performance in pharma, energy, transportation, healthcare, semiconductors, and manufacturing.
# 4 Fintech
Since FinTech encompasses a wide variety of applications, we have broken down the fourth trend for better comprehension. Studies show that the following key technologies will shape the competitive landscape of finance over the next decade:
- Artificial intelligence, machine learning, and quantum simulations for massive value creation. A.I chatbots, natural language processing algorithms, and A.I algorithms will facilitate fintech firms at a level where there will be no scope for error, no issue, and no inconvenience to the people relying on them.
- The EMS services do not directly relate to fintech, but the activities undertaken in this area have a considerable impact on finance. EMS’s experience is quite extensive and the comprehensive development and innovative designs of organizations such as Evolution indicate a promising future for EMS. EMS will lead the world to being a sustainable planet as it will lead the way to sustainable living.
- SOP, Cloud Computing, Transits to digital finance services to make the entire system more flexible and faster. It will boost security networks and will expand the horizons of fintech solutions.
- This digital ledger aims to correct current financial protocols, which are based on established protocols. This will foster increased security, faster transactions, improved transparency and access to financial services for people.
- With IoT for finance, it will improve accuracy and efficiency in financial transactions, decrease fraud, increase transparency, and provide better customer service and support throughout the system.
- Using open source and serverless services for easier entry into the mainstream, and low-code and no-code implications for future developments, financial institutions are becoming more competitive and undergoing increased digital transformation.
- Robotics, hyper automation, etc. facilitate more efficient, accurate, and cost-effective work.
These key trends are increasingly interwoven and integrated, giving the FinTech and finance industries and as a whole humanity a massive boost in innovation. Currently, it is the niche economic subsectors that are primarily leveraging technological innovation to launch applications, create value, and shape the competitive landscape.
Conclusion
While it is impossible to pinpoint what exactly will happen in the next few years, some major technology trends like the ones mentioned above are posed to significantly impact society. It’s exciting to see how tech companies will harness the power of an increasingly connected and integrated world.
Major positive changes for business and society in terms of FinTech, bio-sciences, CleanTech, and quantum modeling of next-generation materials, are anticipated because of advancements in these fields. The world truly is getting tech-powered to new heights!
