Fast adoption of technologies by enterprises to meet growing demands of digitally empowered customers indicates that how business landscape has changed in the digital era.
Gartner recently shared 10 technologies that technology leaders should begin to incorporate into their roadmaps and strategies.
Machine Learning/Artificial Intelligence
Machine learning (ML), a subset of artificial intelligence, extracts knowledge and patterns from a series of observations. This technology is also utilized in industrial and commercial industries to automate processes and identify patterns. It’s a rapidly evolving technology with digital business opportunities ranging from digitization — improving efficiency by automating tasks — and business function optimization, including fraud detection and spotting customer behavior patterns.
Virtual Personal Assistant (VPA)
Awareness of VPAs, such as Apple’s Siri, Amazon Alexa, Microsoft Cortana, and others continues to grow, with 35 percent of respondents to the Gartner 2016 Mobile Apps survey reporting using one on smartphones in the past three months.
Some VPAs, such as Microsoft Cortana, are expanding into the business world, and other companies are creating enterprise-specific VPAs. For businesses, opportunities include instant responses and access to information that will increase productivity and improve client interactions.
However, Gartner notes that very real technical and security concerns surround VPAs, so companies should tread cautiously.
According to HTF Market Intelligence Research analysts, the global virtual assistant market to grow at a CAGR of 11.60 percent during the period 2017-2021.
Immersive Technology (AR/VR)
Immersive technology has the potential to change how users and employees interact with physical and digital environments and their devices. This technology mixes the real and digital worlds, but is very early in the development phase.
Potential business uses include training for employees and maintenance and repair across a variety of industries, such as design and healthcare.
According to a Markets and Markets research, global AI market is expected to be worth $16.06 billion by 2022, growing at a CAGR of 62.9 percent from 2016 to 2022.
An IDC report recently showed that worldwide revenues for the augmented reality and virtual reality market are forecast to rise by 100 percent or more over each of the next four years.
Total spending on AR/VR products and services is expected to jump from $11.4 billion in 2017 to nearly $215 billion 2021, for a CAGR of 113 percent. The U.S. will be the region with the largest AR/VR spending total in 2017.
3D printing offers the ability to create a nearly infinite array of objects in a variety of materials. The technology is mainstream and will continue rapid growth and evolution.
This market is expected to be worth $32.78 billion by 2023, at a CAGR of 25.76 percent between 2017 and 2023.
3D printing enables organizations to reduce product cycle times and create one-off products, such as medical implants. It will also offer unique opportunities in aerospace to create components that are more lightweight. Concerns exist about trade secrets and intellectual properties in this field, but new printers and materials are constantly emerging.
Location Sensing/Tracking (of Things and People)
Location sensing/tracking technologies offer an ability to track the position of people or things creating business applications that link digital objects to the physical world. About 25 of these technologies exist currently, with varying degrees of accuracy and price point. Enterprises have a wide range of options to consider. These technologies offer a variety of business opportunities ranging from location-aware car insurance to real-time usage and tracking for medical machinery in a hospital. Customer consent and privacy are the main concerns and hold the potential for significant brand damage.
This technology enables depth in images, allowing businesses to measure objects and use 3D content for logistical planning and gesture and facial recognition. The technology has a potential for streamlining business processes, but is also surrounded by hype. Additionally, enterprise-level solutions can be prohibitively expensive.
Biometrics authentication uses biological features unique to each user and include technologies such as facial or iris recognition. Microsoft has Windows Hello, which requires a 3D camera and recognizes faces and fingerprints. They are more secure than passwords or PINs. Some biometrics technologies are still in the early adoption phase, but others, such as fingerprint and voice authentication, are quite mature. Biometrics technology could enable more streamlined mobile purchasing and better building security. Essentially, any application that could employ faster, easier authentication would benefit.
Wearables span a wide variety of technologies, from mature wristbands to first-generation VR headsets. As a result, wearables offer potential business opportunities in many industries — from medical smart patches to mobile payments to industrial repairs. Device selection is only one part of the wearables process, and businesses should consider how they fit into the digital business first.
Wearable technology market is expected to be worth $51.60 billion by 2022. According to ABI Research, revenue from enterprise wearable devices will reach $55 billion in 2022 from $10.5 billion in 2017.
Chatbots are conversation interface and automation tools, available in a wide range of maturity. Enterprises will have no difficulty finding a platform, but there is little standardization across products. Chatbots can be used to replace human service assistants in call centers and can be used internally for scheduling and simple tasks. The fragmented and immature market for chatbots mean businesses should view selection as a tactical decision that may change in the future.
Market research firm Technavio predicts that the global chatbot market is expected growth at a CAGR of more than 37 percent during 2017-2021.
Wireless power, which enables electronic devices to be charged without using connecting cables, is available two ways: Power harvesting, which gathers power from environmental sources such as light or heat, and wireless charging, which enables electronics users to avoid carrying chargers or remembering to charge their phones. Most consumer electronic devices don’t support wireless charging, and it is seldom an essential part of a digital business offering. However, it can make processes more convenient and effective by increasing battery life and, in a few specialized verticals, such as electric car charging, change the industry.