The word ‘technology’ is synonymous with growth, progress, development, and our future. Technology has been a critical enabler for innovation as well as our rapid intellectual growth. Today, the conversation about technology and its impact on our lives is more important than ever before as we recover from the severe disruption caused by the COVID-19 pandemic. It has enhanced many aspects of our lives from health to remote working to engineering and empowering major industries across the globe. As we head into 2022, technology is set to shape our lives even further. Here are the tech trends to keep an eye on.
1. EDGE COMPUTING – SPEED OF LIGHT
Simply put, Edge Computing refers to using enterprise applications near the source of data, and it is transforming businesses by reducing latency issues and driving exponential growth in areas such as IoT, AR/VR, robotics, machine learning and telco network functions. In the current age of digital disruption, businesses need to optimise digital platforms and Edge Computing gives them the ability to conduct operations at the speed of light, thus addressing hefty workloads requiring quick processing without any downtime.
2. CYBER SECURITY – MAKE IT OR BREAK IT FACTOR
The pandemic revealed the significance of protecting our physical and mental health as well as our digital health. For businesses, it is more crucial than ever before to protect themselves against cyber-attacks. Protecting systems, networks, programs, dataflows, employee information without disrupting the business flow and continuity is one of the most significant needs for organisations worldwide. Even though this aspect of Cyber Security has always played a dominant role in securing companies’ future, it is only now, in the post-pandemic world, that Cyber Security is getting the attention it deserves. Going ahead, Cyber Security will prove to be a ‘make it or break it’ factor, thus escalating the need for companies to turn to managed security services by third party providers.
3. MULTI-CLOUD STRATEGY – THE MORE THE MERRIER
A strategy where businesses or organisations implement multiple clouds for storing their data instead of relying on just one cloud vendor. A multi-cloud strategy is beneficial for enterprises with geographical presence in various locations across the globe and for those who wish to avoid issues such as vendor lock-in. It is simple: the more, the merrier as each provider delivers different cloud options, thus enabling firms to take advantage of competitive solutions. They can pick the best supplier to fit the solutions or services they need based on requirements. For example, businesses can easily choose who they partner with for solutions depending on preference.
4. NETWORK AUTOMATION – AGE OF AI
The process of automating various tasks involved in configuring, managing, testing, deploying, and operating physical and virtual devices within a network absolutely cannot be underestimated, given its drastic impact on altering the landscape of how businesses manage everyday tasks and operations. Not only does the automation of these repeated tasks streamline and optimise operations, but it also cuts costs and empowers team members to enhance their efficiency and productivity by saving time.
5. IoT – A CLOSER CONNECT
While IoT (Internet of Things) has played a significant role in data collection thus far, it is predicted that the application of IoT based devices will increase manifold in the coming year. IoT devices will be used in decision-making processes, enhance connectivity, and bring forward another level of personalised experiences. For example, with the help of AI and IoT, retailers will deliver hyper-personalised experiences to their consumers depending on their likes, dislikes, preferences, tracking records and more. According to the report entitled: State of the IoT 2020: 12 billion IoT connections, surpassing non-IoT for the first time – it is expected that there will be more than 30 billion IoT connections by 2025, almost four IoT devices per person on average.
6. HUMAN ELEMENT – POWER TO THE PEOPLE
As we speak about technology and its ground-breaking impact on our lives, we must not forget the reason technology exists in the first place, to empower humans. The juxtaposition between technology and the human element remains key to ensuring we progress in the right direction. Companies need to leverage automation and other tools to enhance employee performance instead of making it obsolete. Take, for instance, the evolution in the role of HR in a post-pandemic corporate world, and we will be incorrect if we say that this crucial employee segment is now becoming archaic and redundant. Instead, technology reinvents the wheel for HR processes and their role in an organisational setup. HR managers are now tasked with leveraging technology to their best to adapt to the new normal of hybrid and work-from-home culture. Thus, balancing the two will be crucial for organisations to determine their performance and success overall.
7. 5G – FROM CONSUMER TO CORPORATE
Cast an eye around in the mobile technology space and 5G is arguably one of its most enticing commodities. It’s currently deployed mainly for individual consumers, but this looks like it’s set to change over the next year. Given the enhancement it can give to different aspects of businesses – improved network speed, better latency, strengthening key aspect of the IoT – this shouldn’t come as a shock. While 5G may take some time to implement, its benefits make a safe bet for the private sector to invest in.
8. FINTECH – THE RACE TO ADAPT
Perhaps the technology sector that’ll see the most disruption in the coming year is Fintech. Not only are banks and Fintech entities in a race to meet the needs of customers – they’re having to both adapt to new technologies and opportunities, while shaping the future of the sector. The growth and technology of high-frequency trading have altered global financial markets and between Machine Learning and Artificial Intelligence – which can process myriad data sets – and the emergence of trends such as Banking-As-A-Service and the rise of digital banks, Fintech is likely to be one of the most exciting sectors to watch in the coming year.