The Fastest Growing Tech Industries that You Should Consider When Starting a Business
If you are a tech-savvy entrepreneur looking to start disrupting the world as we know it, there are a few industries you should consider. These, according to specialists, are where the future of technology lies. According to specialists at Gartner, a technology research firm, the following industries are beginning to break out of an emerging state.
Blockchain and distributed ledgers
A blockchain is essentially a distributed ledger in which value is exchanged and distributed, without the possibility of it being copied. Transactions are grouped into blocks, which are chained together, across a peer-to-peer network. Data is recorded over time and cannot be deleted. These characteristics have caught the attention of various corporations, as this type of technology can completely change industry operating models.
Most still see blockchain technology as something that will only change the financial industry, but there’s a lot more to it. Blockchain technology, according to Nasdaq, can be useful in private transportation, cyber security, healthcare, music distribution and more.
AI and advanced machine learning
Artificial Intelligence and advanced machine learning are now starting to erupt, as we see autonomous vehicles and smart tools becoming reliable. This type of technology can go far beyond what we are currently capable of imagining, as most even believe robots will be a significant part of the work force in the near future. Moving beyond traditional rule-based algorithms has allowed us to create machines that can learn, predict and adapt – leading to a whole new era.
As our lives keep getting more complex to manage, intelligent apps that perform human assistance tasks surge in popularity. Apps that can, for example, prioritize emails or schedule our day are already a part of our daily lives. There exist intelligent apps that can help with specialized tasks in professional areas such as sales or customer service. The full potential of smart apps is yet to be unleashed.
Virtual and augmented reality
Have you ever played Pokemon GO, or used Google Cardboard? These are examples of what Augmented Reality (AR) and Virtual Reality (VR) can do, as they transform the way we interact with the world around us, with one another, and with software systems. According to experts at Gartner, AR and VR will:
“.. merge with the digital mesh to form a more seamless system of devices capable of orchestrating a flow of information that comes to the user as hyperpersonalized and relevant apps and services”.
Soon enough, our world is going to be in conjunction with virtual worlds.
According to Microsoft, conversational systems “interact with people through language to assist, enable or entertain”. This means they can and will go far beyond the current chatbots and microphone-enabled devices. As we keep evolving, there will be a full range of endpoints to interact with and devices will be connected to each other, creating a new digital experience. This industry is, quite clearly, in need of savvy entrepreneurs.
Mesh App and Service Architecture
As our digital needs evolve, so does the IT architecture that supports them. Digital apps need to communicate with each other, which means the architecture has to withstand the growing needs and methods we use to interact with technology around us. Mesh App and Service Architecture should be able to link to numerous endpoints so that apps, services, and devices can work together to provide users with a cohesive, consistent experience. Entrepreneurs need to address the task of creating modern architectures that can deliver agile and dynamic applications.
Digital technology platforms
Digital technology platforms have been incredibly valuable in the last few years. According to a report by Accenture:
“It used to take Fortune 500 companies an average of 20 years to reach a billion-dollar valuations, today’s digital start-ups can get there in four years. Digital platforms are largely responsible for this shift.”
Yet, these platforms are still critical enablers. Gartner believes there are now five new points that will enable new business models for digital businesses – the Internet of Things (IoT), business ecosystems, information systems, analytics, and customer experience. Every organization will, in the future, mix these five platforms to succeed in the digital world.
Did you know there are fridges that order food and play films? This is possible thanks to the execution of applied AI and machine learning. While the most advanced examples we have are autonomous vehicles and smart appliances, in the future there will be a shift to a collaborative intelligent things model, as these devices keep on taking over the environment around us, both at home and in the workplace. This shift essentially creates a plethora of opportunities.
Adaptive security architecture
Since every industry we mentioned so far are in a high growth phase, the need for better, more advanced and complex security technologies surges. Experts at Gartner believe that established security technologies can be used as a baseline to secure IoT platforms, and that monitoring user and entity behavior is, in these platforms, critical. The IoT is essentially creating new vulnerabilities that need to be addressed by security professionals.
A digital twin is fundamentally a dynamic digital model of a physical object that relies on sensors to understand its state, and accordingly respond to changes, add value, and improve. In the coming years, millions of things will be represented by digital twins and organizations will use them to improve their processes and increase efficiency, while maintaining and enhancing new product development. The digital twin industry is just starting to blossom, and tech entrepreneurs can benefit from it.
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