According to Statista, global investment in digital transformation is expected to increase by 20% yearly to $1.8 trillion next year.
Market disruptions facilitated by Covid and the broad adoption of hybrid work arrangements hastened the process. Many organizations are shifting their focus to building in-house technology in order to lessen their reliance on third-party service providers and to guarantee they are less impacted by future supply chain disruptions, according to industry experts.
"Digital technology initiatives continue to be a top strategic business priority for businesses as they reinvent the future of work... investing in bulletproofing their infrastructure and accommodating employees' increasingly complex hybrid work in 2022," said Jon-David Lovelock, research vice president at Gartner.
Check out the ten biggest technological trends for this year, amidst rising digital transformation expenditures and the introduction of new breakthroughs.
Generative Artificial Intelligence
Generative AI is one of the most powerful artificial intelligence algorithms currently available. It entails a collection of machine learning techniques that infer information about the content or things from their data and then utilize that information to create wholly new and more realistic products.
Gartner, Connecticut-based technology research and consulting firm, forecasts that generative AI would account for about 10% of all data developed by 2025, up from less than 1% currently.
This technique may be used for a variety of purposes, including the creation of software code, quickening the development of novel drugs, and targeted marketing. However, industry observers noted that it may also be used for frauds, misinformation campaigns, and the creation of counterfeit identities.
The Mainstreaming Of Digital Finance
Financial inclusion and cross-border payments will be facilitated by digital finance innovations such as cryptocurrencies as well as central bank-backed digital currencies (CBDCs). The International Monetary Fund stated in October that it was examining both the dangers and possibilities posed by digital currency.
Global central banks are increasingly evaluating the possibilities of digital currencies in light of the rising interest in cryptocurrencies and other online payment methods. According to research by Moody's Investors Service, the number of nations building CBDCs has risen considerably as customers turned to digital payments during the coronavirus epidemic.
"For many consumers and businesses that have shifted to digital payments, there is likely no going back, even if pandemic-related concerns about the tactile nature of cash subside," Eswar Prasad, an economics lecturer at Cornell University and also the author of The Future of Money: How the Digital Revolution is Transforming Currencies and Finance, informed CNBC.
Self-contained Systems
Traditional programming or basic automation will be insufficient to grow as organizations continue to modernize.
Autonomic platforms are self-managing physical or software platforms that take in information from their surroundings. Despite automated or perhaps even automation systems, autonomic systems may adjust their own methods without requiring external software updates, allowing them to swiftly adapt to changing field situations, much as people do.
"Autonomous behaviour has already been demonstrated in recent implementations in complex security surroundings but will become more prevalent in physical systems including robots, drones, production machines, and smart spaces in the longer term," according to David Groombridge, data analysis vice president at Gartner.
Interoperability of EV Charging Networks
Electric cars are rapidly gaining popularity as a result of government incentives and subsidies. However, charging remains a challenge, since public EV charging networks often lack compatibility - including disparate access methods, transaction types, and accounts.
Juniper Research, located in the United Kingdom, forecasts that it will start to degrade in 2022. Tesla, the world's largest EV manufacturer, has already begun expanding its supercharger network, and other significant charging networks are likely to follow suit, helping to mainstream the technology.
"End users will considerably benefit... They will have a more robust charging network, which will make EV ownership more practical," Juniper said.
"More EV charging networks will facilitate interoperability and contribute to the development of standard access and payment methods. "Vehicle makers will provide aggregator applications that make charging more convenient," the company claimed.
Computing At The Quantum Level
Quantum computers offer a quantum leap forward in computing capability and speed. It is projected to make significant improvements in a variety of areas, including pharmaceutical research, nuclear energy, materials engineering, renewable energy, mitigating climate change, and sustainable agriculture.
The world's four largest economies — the United States, Russia, China, and Japan – as well as technology heavyweights IBM, Alibaba, Google, as well as Microsoft, are all vying for dominance in the sector. Visa, JP Morgan, as well as Volkswagen are among the companies willing to experiment with early-stage quantum technology.
Google said in May that it hopes to construct a commercial-grade quantum computer capable of doing error-free complicated computations in fractions of a second by 2029.
Abu Dhabi announced in March that it would create the country's first quantum computer, which will be capable of processing information at a far quicker rate than current technology.
Hyper Automation
Hyper Automation is a procedure in which corporations use techniques such as artificial intelligence, machine learning, and robots to automate as many activities as possible.
By rapidly identifying, testing, and automating as many procedures as possible, it promotes rapid growth and company resiliency.
Mr Groombridge said that high-performing hyper-automation teams prioritize three main objectives: enhancing the quality of work, accelerating up business processes, and increasing decision-making agility. As per International Data Corporation, roughly 45 percent of repetitive labor activities will be automated and supplemented by digital coworkers driven by AI and robots by 2022.
Connecting Intelligently To Accelerate Development
Industry analysts indicated that faster digital connectivity enabled by 5G and the Internet of Things would uncover untapped potential and contribute to the global economy.
According to McKinsey, ensuring speedier connectivity in industries such as transportation, healthcare, production, and retail may boost global gross national product by $1.2 trillion to $2 trillion by 2030.
Cybersecurity Tangle
A cyber security network is a system that protects each device individually through its own boundary. While the majority of conventional security approaches rely on a single perimeter to protect a complete IT environment, a cyber security mesh takes a more holistic and all-encompassing approach.
"Data is only valuable if businesses can trust it," Mr Groombridge said.
"Assets and users may now be located everywhere, the old security boundary has vanished... This necessitates the creation of a cyber security mesh architecture."
By 2024, Gartner predicts that enterprises that implement a cyber security network to integrate security products into a cooperative ecosystem would minimize the cost-effectiveness of individual security events by an average of 90%.
Supply Chains Must Use Cutting-Edge Technology
Disruptions caused by Covid and cyber assaults have highlighted the need of having a robust network of supply chains.
Cybersecurity in the supply chain would become a worry for many companies, not just those directly involved with software, Juniper projected.
"Legislative pressure, primarily from the United States, is pushing software supply chain cyber security reform... Following multiple high-profile data breaches in 2021, increasing availability of AI, blockchain, and other digital technologies will be exploited for enhanced security," it stated.
Computing In The Cloud
The epidemic and the exponential growth of digital services are transforming the cloud into the focal point of new digital interactions. Gartner estimates that worldwide cloud sales will reach $474 billion in 2022, up from $408 billion this year.
"Without a cloud plan, there is no business strategy," stated Milind Govejar, vice president at Gartner.
"Cloud computing has allowed new digital interactions including mobile payment systems whereby banks have partnered in start-ups, energy providers leveraging the cloud to enhance their retail experiences, and automakers offering new personalized services for consumers' safety and infotainment," he said.
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