20 Technologies geared to grip the Industry
Digital transformation is possible with the use of exponential technologies. VARINDIA has elaborated on how these 20 key technology trends are shaping 2022 and beyond. These technologies are driving the 4th Industrial revolution, which is the trend towards automation and data exchange in manufacturing technologies and processes including cyber-physical systems (CPS), IoT, industrial internet of things, cloud computing, cognitive computing, and artificial intelligence.
Artificial intelligence (AI), eCommerce, social networking, IoT, 5G, blockchain and many other emerging technologies are being leveraged to blur the lines between industries, creating new business models and converging sectors. For example, traditional automobiles are morphing into electrified, autonomous infotainment centres, while manufacturing facilities are transforming into computerized, robotic clean rooms.
Building on the widespread availability of digital technologies that were the result of the Third Industrial, or Digital, Revolution, the Fourth Industrial Revolution will be driven largely by the convergence of digital, biological, and physical innovations. Artificial intelligence (AI) is a key driver of the Fourth Industrial Revolution. Its effect can be seen in homes, businesses, schools and even public spaces, enabling advances in autonomous driving, energy efficiency, and even facilitating better care for the young and elderly.
As rapid advances in machine learning (ML) increase the scope and scale of AI’s deployment across all aspects of daily life, multi stakeholder collaboration is required to optimize accountability, transparency, privacy and impartiality to create trust. eCommerce giants are pioneering the use of new technologies like AI, speech recognition, drones, and autonomous vehicles. There are also frequent headlines about extending their reach and disrupting other sectors like food delivery, healthcare, insurance, energy, and prescription drugs.
Social networking platforms ranked second as they strive to capture an ever-larger percentage of consumer mind share and wallet with new offerings like exclusive and original content, live sporting events, augmented/virtual reality, educational services, and cryptocurrencies.
New advances in technology are still disrupting our lives in many cases for the best. The rise of 5G, AI and edge computing are all rapidly changing how people consume technology and how we approach data and IT operations.
1. 3D Printing
Three-dimensional (3D) printing is an additive manufacturing process that creates a physical object from a digital design. The process works by laying down thin layers of material in the form of liquid or powdered plastic, metal or cement, and then fusing the layers together.
Impact to the Industry: 3D printing allows goods to be produced at an extraordinary speed, using less and fewer materials, and reducing labor. 3D printing is also now being used for rapid prototyping in a variety of industries today including aerospace, medical, and automotive. As technology in 3D printing has improved, the ability to make larger items as well as more detailed objects has become more commonplace.
OEMs into the sector: 3D Systems, Proto Labs, FARO, Materialise NV etc.
2. 5G and Improved Connectivity
5G is designed to support a 100x increase in traffic capacity and network efficiency. 5G has lower latency than 4G. The main advantages of the 5G are a greater speed in the transmissions, a lower latency and therefore greater capacity of remote execution, a greater number of connected devices and the possibility of implementing virtual networks (network slicing), providing more adjusted connectivity to concrete needs.
Impact to the Industry: The key functional drivers of 5G will unlock a broad range of opportunities, including the optimization of service delivery, decision-making, and end-user experience. This will result in $13.2 trillion in global economic value by 2035, generating 22.3 million jobs in the 5G global value chains alone.
OEMs into the sector: Samsung, Intel, Nokia, Huawei, Ericsson, ZTE, Ericsson, Qualcomm etc.
3. Artificial Intelligence and Machine Learning
Artificial Intelligence refers to the general ability of computers to emulate human thought and perform tasks in real-world environments, while Machine Learning refers to the technologies and algorithms that enable systems to identify patterns, make decisions, and improve themselves through experience and data. Artificial intelligence (AI) and Machine Learning (ML) are often used interchangeably, but ML is a subset of the broader category of AI.
Impact to the Industry: Artificial intelligence can dramatically improve the efficiencies of our workplaces and can augment the work humans can do. When AI takes over repetitive or dangerous tasks, it frees up the human workforce to do work they are better equipped for tasks that involve creativity and empathy among others. Machine learning is changing the world by transforming all segments including healthcare services, education, transport, food, entertainment, different assembly lines and many more.
OEMs into the sector: Amazon, Apple, Facebook, IBM, Microsoft, Tencent etc.
4. Automation and Robotics
Automation is the use of computer software, machines or other technology to carry out tasks that would otherwise be done by a human. Robotics uses multiple disciplines to design, build, program and use robots.
Impact to the Industry: Automation and robotics are the use of computers, control systems and information technology to handle industrial processes and machinery, replacing manual labour and improving efficiency, speed, quality and performance.
OEMs into the sector: NVIDIA, Universal Robots, Rockwell Automation, Boston Dynamics, Akara Robotics, iRobot, Zebra Technologies etc.
5. The Internet of Things (IoT)
The internet of things, or IoT, is a system of interrelated computing devices, mechanical and digital machines, objects, animals or people that are provided with unique identifiers (UIDs) and the ability to transfer data over a network without requiring human-to-human or human-to-computer interaction.
Impact to the Industry: Internet of Things can create information about the connected objects, analyze it, and make decisions; in other words, one can tell that the Internet of Things is smarter than the Internet. Security cameras, sensors, vehicles, buildings, and software are examples of things that can exchange data among each other.
OEMs into the sector: L&T Infotech, VVDN Technologies, Tech Mahindra, NTT DATA Services, Capgemini India, Accenture etc.
6. Blockchain and distributed ledgers
Blockchain is one type of a distributed ledger. Distributed ledgers use independent computers (referred to as nodes) to record, share and synchronize transactions in their respective electronic ledgers (instead of keeping data centralized as in a traditional ledger). Blockchain is a way to implement a distributed ledger, but not all distributed ledgers necessarily employ blockchains.
Impact to the Industry: A blockchain is a distributed and immutable ledger to transfer ownership, record transactions, track assets, and ensure transparency, security, trust and value exchanges in various types of transactions with digital assets. It can help governments collect tax, issue passports, and record land registries, licenses, and the outlay of Social Security benefits, as well as voting procedures.
OEMs into the sector: Intel Corporation, NTT Data Corporation, Amazon Web Services, Accenture, Huawei etc.
7. Cloud Migration and edge computing
Cloud computing is the act of running workloads within clouds, while edge computing is the act of running workloads on edge devices. Edge computing optimizes Internet devices and web applications by bringing computing closer to the source of the data. This minimizes the need for long distance communications between client and server, which reduces latency and bandwidth usage.
Impact to the Industry: For companies that undertake the process of cloud migration, the cloud can have a massive impact. This includes a reduction in the total cost of ownership (TCO), faster time to delivery, and enhanced opportunities for innovation. With edge computing, businesses can optimize their IT expenses by processing data locally rather than in the cloud. Besides minimizing companies' cloud processing and storage costs, edge computing decreases transmission costs by weeding out unnecessary data at or near the location where it's collected.
OEMs into the sector: AWS, Azure, Dell Technologies, Veeam Software, Google, Microsoft, Intel, NVIDIA, NXP, Cisco, Hitachi Vantara, Hewlett Packard Enterprise, IBM etc.
8. Cryptocurrency
A cryptocurrency is a digital currency, which is an alternative form of payment created using encryption algorithms. The use of encryption technologies means that cryptocurrencies function both as a currency and as a virtual accounting system. To use cryptocurrencies, one needs a cryptocurrency wallet.
Impact to the Industry: Crypto currencies can have a considerable impact on developing countries, by increasing financial inclusion of individuals and companies. In particular, by reducing the transaction fees and time, cross-border payments can be improved. The transaction volumes and market values of cryptocurrencies are increasing, but they have much effect on monetary policies since their use is still at very low levels.
OEMs into the sector: Binance, eToro, TradeStation Crypto, Kraken, Crypto.com, BlockFi, Gemini, Coinbase etc.
9. Cybersecurity and resilience
Cyber resilience refers to an entity's ability to continuously deliver the intended outcome, despite cyber attacks. Resilience to cyber attacks is essential to IT systems, critical infrastructure, business processes, organizations, societies, and nation-states.
Impact to the Industry: Companies need cybersecurity and cyber-resilience plans to not only protect against attacks, but also mitigate damage in the aftermath of a successful one. Cybersecurity describes a company's ability to protect against and avoid the increasing threat from cybercrime. Meanwhile, cyber resilience refers to a company's ability to mitigate damage (damage to systems, processes, and reputation), and carry on once systems or data have been compromised.
OEMs into the sector: Palo Alto Networks, Trellix, FireEye, Check Point Software Technologies, Fortinet, VMware, CrowdStrike
10. Drones and Anti-Drone Technologies
An unmanned aerial vehicle, commonly known as a drone, is an aircraft without any human pilot, crew, or passengers on board. UAVs are a component of an unmanned aircraft system, which includes adding a ground-based controller and a system of communications with the UAV. Anti-drone systems are designed to counter drone technologies and interfere with them in various ways and are used to detect and/or intercept unwanted drones and unmanned aerial vehicles (UAVs) as the world moves forward and technology evolves, the threats that a country like India faces also shapeshift.
Impact to the Industry: Drones, for example, are rapidly being used by industrial stakeholders to improve and optimize industrial processes and increase operating efficiencies. Drones have also begun to replace dangerous jobs such as mining and construction all across the world. In reality 90% of drone users are amateurs who use drones for a joy. That is why to maximize the protection from the drones or to apply the suitable solution depending on object size and security policy different systems could be used.
OEMs into the sector: Hindustan Aeronautics, Info Edge (India), Solar Industries India, BEL, Zen Tech etc.
11. Disaster Recovery
Disaster recovery is an organization's method of regaining access and functionality to its IT infrastructure after events like a natural disaster, cyber attack, or even business disruptions related to the COVID-19 pandemic. A variety of disaster recovery (DR) methods can be part of a disaster recovery plan. The fundamental purpose of DR software is to provide continuity and recovery in case of any disruptions.
Impact to the Industry: The objective of a disaster recovery (DR) plan is to ensure that an organization can respond to a disaster or other emergency that affects information systems – and minimize the effect on business operations.
OEMs into the sector: Arcserve, Microsoft Azure, Veeam Software, Quorum etc.
12. Facial recognition
Facial recognition is the process of identifying or verifying the identity of a person using their face. It captures, analyzes, and compares patterns based on the person's facial details. The face detection process is an essential step in detecting and locating human faces in images and videos. Facial recognition is used in the automotive industry to make the driving experience safer and enjoyable. One of the interesting safety features is unlocking the car via facial recognition.
Impact to the Industry: The global facial recognition market size was valued at USD 3.86 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 15.4% from 2021 to 2028. Technology is improving, evolving, and expanding at an explosive rate.
OEMs into the sector: Megvii, Clear Secure, Any Vision, Clarifai, Sensory, Cognitec Systems GmbH, iProov, TrueFace, CaraCom Group, Kairos etc.
13. Low-code everywhere
Low-code is an approach to software development that reduces the amount of custom coding required to build an application by incorporating drag-and-drop interfaces, process modeling, reusable code templates, and software development kits (SDKs) into the software development process.
Impact to the Industry: Low-code platforms give organizations a myriad of digital capabilities, which are crucial in today’s fast-paced digital environment. As businesses pursue digital transformation, they need solutions that connect teams, automate processes, streamline workflows, improve time to market, and provide easy access to data.
OEMs into the sector: Skyve, Pegasystems, Appian, WaveMaker etc.
14. Metaverse
The metaverse is a hypothetical iteration of the Internet as a single, universal and immersive virtual world of the future that is facilitated by the use of virtual reality and augmented reality headsets. In other words, metaverse is a network of 3D virtual worlds focused on social connection. Metaverse technology is more likely to employ a combination of AR and VR, popularly called Extended Reality (XR). Integration of AI, machine learning, and IoT will facilitate crucial functions like limitless interactions and seamless integrations of data.
Impact to the Industry: The organizations using Metaverse can virtually connect and engage customers with the principle of Human-Machine interaction, thus, generating a new economy of income streams.
OEMs into the sector: Epic games, Meta, Unity Software, Snapchat, Google, Amazon, NVIDIA etc.
15. On-line gaming & e-sports
Online gaming is electronic game playing over a computer network, particularly over the Internet. Esports or electronic sports, is a form of competition using video games. Esports often takes the form of organized, multiplayer video game competitions, particularly between professional players, individually or as teams.
Impact to the Industry: The global media market has consistently been growing, with gaming accounting for the biggest share of market revenues. This boost was of course due to the global COVID-19 outbreak, which forced many people to stay at home and turn to digital avenues of entertainment and find new channels to connect with others. Currently, there are an estimated 1 billion online gamers worldwide with China, South Korea, and Japan having the biggest online gaming reach among the population. In 2025, online gaming audiences are projected to surpass 1.3 billion.
OEMs into the sector: Nintendo, Ubisoft, Electronic Arts, The Pokemon Company International, Activision Blizzard, PopCap Games, Epic Games etc.
16. Quantum computing
Quantum computing is a rapidly-emerging technology that harnesses the laws of quantum mechanics to solve problems too complex for classical computers. Quantum theory explains the nature and behavior of energy and matter on the quantum (atomic and subatomic) level. Devices that perform quantum computations are known as quantum computers.
Impact to the Industry: Quantum computing has the potential to revolutionize the research and development of molecular structures in the biopharmaceuticals industry as well as provide value in production and further down the value chain. This will enable businesses to better optimize investment strategies, improve encryption, discover products, and much more.
OEMs into the sector: Strangeworks, Google, Zapata Computing, Coldquanta, IBM, D-Wave Systems, Bleximo, Xanadu etc.
17. Remote working devices
As the pandemic hit all over the world there was a need for devices to work from home. At a bare minimum, most people will need reliable high-speed internet, a computer, and a phone to work from home. Some remote jobs require certain upload and download speeds, typically anywhere between five and 15 MBPS, and will usually include those requirements in the job description.
Impact to the Industry: The global shift to remote work has changed how companies conduct business, and it is making an impact on a future post-pandemic world. That is why there is an increasing need for secured remote working devices.
OEMs into the sector: Zoom, Microsoft, ViewSonic, Google, LogMeIn etc.
18. Robotic Process Automation
Robotic process automation or RPA is a form of business process automation technology based on metaphorical software robots or on artificial intelligence /digital workers. It is sometimes referred to as software robotics.
Impact to the Industry: RPA is used in most industries, particularly those that include repetitive tasks such as insurance, banking, finance, healthcare and telecommunications. RPA is used in finance to automate governance, reconcile accounts or process invoices.
OEMs into the sector: Appian, Automation Anywhere, Datamatics, EdgeVerve Systems, IBM, Kofax, Microsoft etc.
19. Virtual and Augmented Reality
Augmented reality (AR) augments surroundings by adding digital elements to a live view, often by using the camera on a smartphone. Virtual reality (VR) is a completely immersive experience that replaces a real-life environment with a simulated one.
Impact to the Industry: AR and VR are becoming more present at home and jobs. Their massive social success came when they were used for entertainment. The current trend is to unify them under the name of XR, a term that combines augmented reality, virtual reality, mixed reality, etc.
OEMs into the sector: Apple, Google, NVIDIA, Meta, NIANTIC etc.
20. Voice-Activated Searches
Voice-activated search is a technology that allows the user to use a voice command to perform a search on the Internet, a website or an application. The result of advances in speech recognition, this feature first appeared on smartphones, making it possible to replace the search bar.
Impact to the Industry: Voice search impacts the way people search and shop online. Voice control can also help those in the hospitality industry to deliver a superior customer experience, by shortening response times, streamlining booking processes and allowing customers to make requests for room service, or fresh towels, without needing to leave their room or lift a finger.
OEMs into the sector: Amazon, Google, Microsoft, Samsung etc.
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