This article was first published on Nasscom Community.
The technology landscape has been undergoing rapid evolution in the last few years, and this evolution will continue in the near future.
As per a Statista report, “Emerging tech” as a segment is forecast to witness the highest growth rate of 104% between 2018-2023, compared to software services, which are the second-highest with only a 50% growth rate.
Such exponential growth in the tech space has helped companies streamline their business operations and improve customer service. However, it has served as support to hold up the part of the economy that was still operating during the pandemic. Moreover, as the COVID-19 is not going away anytime soon, it’s imperative for companies to the “new normal”.
Let us have a look at some of the technology trends that will shape the future of our “new normal”:
Cloud technology has revolutionized the digital world like never before. Traditionally, businesses adopted cloud migration to embrace this new technology. However, this lift-and-shift approach from their monolithic on-premises systems to cloud platforms failed to take the complete benefit of the cloud.
With cloud-native technology, businesses can build new cloud applications which are elastic, agile, and resilient cloud applications. Whether it’s a shorter Software Development Life Cycle (SDLC) or greater scalability, the cloud-native approach helps businesses extract real value from the distributed microservices architecture.
Since the pandemic, digital transformation has been fast-tracked across the industry spectrum. However, in this highly competitive market, most businesses with their legacy infrastructures and conventional automation practices lack the agility to deliver cross-functional results. As a result, organizations realized that they are more than just automation.
Hyperautomation, as an emerging approach to traditional automation, can transform every business process by streamlining and scaling automation at every step in the organization. The technology uses intelligent automation powered by Artificial Intelligence (AI), Machine Learning (ML), and robotic process automation (RPA).
Autonomic systems are defined as self-managed digital or physical systems that learn the surrounding environment and dynamically revise their existing algorithms on a real-time basis to optimize their functioning and behaviour in a complex ecosystem.
IBM laid down the blueprint of autonomic technology in the last decade. It was based on the idea of the Internet of Everything (IoE), where different computers (tiny or invisible) will communicate around us and work without any human intervention.
Until now, technology has been in the nascent stage; the technological transformation in the field of AI has the potential to unleash the true potential of autonomic systems.
While historically, Big Data has been at the forefront of the digitalization journey of most organizations, it is no longer the case. Nowadays, data scientists and technology leaders want to focus more on data quality than quantity. With so much data overflow, businesses have realized that what goes into their analytics engine is more important than how much of it goes into it.
In this regard, Smart Data frameworks are a great help to organizations. It uses AI and ML technology to filter data before it lands in the data lakes, thereby ensuring that only high-quality data and relevant data are processed in the system. This framework also helps organizations in better and faster decision-making.
Most of us know about blockchain due to our cryptocurrency awareness. However, cryptocurrencies are only one of the blockchain implementations; many others are still unexplored.
Blockchain is based on digitally distributed and decentralized public ledger technology. This technology trend is ideal for any business operating in the digital world because of transparency and security. A blockchain network can help organizations track vital records such as payments, orders, and accounts in real-time.
Besides, healthcare is one area where blockchain can remove the existing bottlenecks such as data interoperability and security in the financial industry.
There has been a tremendous rise in the new digital applications coming into the market in the last few years. However, the number of developers who built these are not rising as fast to match apps’ demand. Hence, there is a new demand for low-code and no-code development platforms.
Both these platforms enable businesses to develop apps without having to depend on hand-coding experts rapidly. They translate the flowchart into code, eliminating the need to code an application. The main reason this has become one of the widely applied technology trends is that businesses no longer need to adjust according to the software needs, and instead, they tailor software according to their needs. So, development teams can build new apps using visual design tools and a drag-and-drop interface.
It is a fact that not all of these technology trends would help every business equally. However, some of these emerging techs may offer a road map for companies to differentiate them from their peers and help them fulfill business objectives in the long run.
So, businesses must keep themselves abreast with all the happenings in the tech arena. One never knows which disruptive technology is waiting in the corner to be tapped into and unleashed in the market.
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