The global startup ecosystem is constantly growing and expanding to become a fiercely competitive space. Which is why now, more than ever, for tech entrepreneurs, staying on top of the latest tech trends is critical.
At a time when innovative tech developments have the potential to disrupt entire industries overnight, you need to be a step ahead of and consistently look at the next innovation curve.
Capitalizing on the right emerging tech trend can serve as your window to startup stardom.
So, without further ado, let’s look at the tech trends that can reshape the future of your tech startup in the near future.
1. Augmented Reality will change the way we interact with our world
Augmented reality (AR) is often associated with the gaming world, but with the advent of 5G technology, AR will start serving a more significant purpose on handheld devices in the coming years.
AR will empower businesses to use technology to showcase their core offerings hence providing an immersive and superior experience to their customers.
Several businesses like Ikea and Mercedes Benz are already using AR to give a three-dimensional view of their product to the customers and to train their staff for various functions.
AR is also growing in the tourism and hospitality industry as well as for GPS maps.
With smart glass technology, heads up displays, eCommerce AR, the applications of this technology are increasing with every passing day.
2. Artificial Intelligence is pushing science and technology to a new realm
Artificial Intelligence (AI) is a tech marvel in its own right and it has been dominating tech trends since the last few years now.
Although many consider AI as a replacement for several job functions, it is not completely true.
Having said that, AI is constantly pushing the limits of science and technology and helping us achieve unimaginable things.
The pace at which AI is evolving makes it a promising technology that businesses and startups should keep an eye out for.
According to a 2016 report by Accenture, AI is slated to double the global annual economic growth rates by 2035.
This growth will primarily be down to the fact that AI has changed the way people work by creating a new relationship between man and machine.
The coming years will witness numerous startups and businesses opting for AI-based solutions to address their complex issues.
For instance, eCommerce businesses are already using AI-powered chatbots to communicate with website visitors.
This has reduced the dependency on human resources to carry out this task.
3. IoT is making devices smarter
Tech trends indicate a meteoric rise in the growth of IoT. Internet of Things or IoT collects vital business data from inter-connected devices that use the internet.
The collected data is then transferred to a central system where it is analyzed and studied to provide a more customized experience for users by making the devices communicate with each other.
The tech industry is soon going to witness the emergence of an IoT dominance which will change the way people interact with devices and businesses.
Every action will be tracked, and the data generated from it will be used to better human lives.
Furthermore, blockchain can be used within the context of an IoT solution, providing a better alternative to cloud-based systems. And the introduction of 5G networks will add to the increase in efficiency of IoT networks.
IDC’s prediction indicates that IoT spending will reach $745 billion this year and surpass the $1 trillion mark in 2022. That’s a 15% increase over 2018’s $646 billion!
IoT Analytics will empower businesses, enterprises, and device manufacturers to efficiently and swiftly gain operational insights.
IoT analytics will be especially useful for startups and businesses in the engineering and automation field, mobile apps developers, cloud computing businesses, and hardware specialty startups.
IoT analytics is poised to enable businesses, brands, and startups to gain insightful data about buyer preferences thus providing competitive gains and enhancing the buying experience.
4. Blockchain will potentially revolutionize every industry
Although Blockchain has always been largely associated with cryptocurrency and finance, it’s a promising tech that is primarily a vastly distributed ledger that records anything of value.
The tech industry can surely expect the implementation of blockchain across various sectors.
Not just that, Blockchain is gearing up to debut in futuristic technologies such as brain-computer interface, quantum computing, smart robots, and more.
The downside includes the heavy costs of implementation and inadequate governance measures that could hamper the developments of blockchain projects.
Blockchain will require new expertise and skillsets as it is pegged to contribute greatly towards evolving the world of technology.
Blockchain will bring with it a balance between scalability, decentralization, and security and this will potentially revolutionize every industry.
5. Data Analytics will improve business performance
Data is the basis of all business decisions and this has made data analytics increasingly commoditized.
Companies are now looking to monetize their data, as well as use this data in a way that will create value for customers and their business.
Data analytics offers better business insights which in turn results in better business performance.
Insights include adding new or modifying existing offerings, investing in an entirely new business model, and indulging in strategic partnerships with other businesses or companies in related fields to create pools of shared data.
The overall global data analytics market is estimated to grow by leaps and bounds due to an increase in efficiency of tools and products specializing in data processing.
6. Apps and software platforms will take center stage
When it comes to tech trends, it’s hard to skip mobile apps and web software platforms. The rise of 5G will see an increase in the adoption of more mobile apps and software platforms.
This is further amplified with the emergence of voice search and immersive reality that are all slated to profoundly impact the way people interact with each other and with businesses.
Immersive reality is incomplete without mentioning virtual reality. Unique virtual reality content such as social VR and VR powered games will captivate consumers in the coming years.
Startups can witness a rise in adoption of mobile-based VR apps and platforms across industry verticals. Better internet connectivity, courtesy of 5G, will surely see a wave of new apps and platforms take center stage.
These tech trends are on the rise and as a tech startup that’s trying to forge its way to success, it’s imperative to keep your eye out on how these technologies can be used to your advantage.