The Changes Happening in the Tech Industry Today
Across the tech industry, dramatic change is taking place. Not only has the coronavirus pandemic disrupted many industries, it has led to faster technological development than ever. Keeping up with the latest changes in the tech industry may prove more difficult than ever before. What changes are really happening within the tech industry? What do they look like? What do they mean for businesses trying to maintain operations and stay at the top of their industry? Consider these key elements.
1. Even the last holdouts are making the transition to digital technology.
Companies where the stakeholders have held on to outdated technology are already in the minority. Thanks to COVID-19, however, many of those businesses have been forced to adapt to digital technology. As a result, tech providers may see a surge in sales in certain areas. They may also see more upgrades as people move to ensure that they are using the latest technology and maintaining the highest level of security across their business.
2. Artificial intelligence will continue to grow.
Artificial intelligence has become increasingly important across the tech industry. Many businesses are turning to AI solutions to help them accomplish basic tasks, including customer service and normal customer interactions. Machine learning can also streamline automation and make it easier for many people to accomplish their jobs, especially with an increased number of employees working from home.
Thanks to artificial intelligence, many businesses are able to provide higher degrees of personalization and customization for their customers. They are able to collect more data and add more information to normal business operations. This, in turn, means that AI will continue to appear in an increasing number of platforms, particularly in the tech industry.
3. Virtual collaboration is becoming the norm.
Even with businesses across the country reopening, many employees are still working from home. Not only that, travel restrictions and reluctance to travel–not to mention worries about traveler safety–are decreasing the number of events and opportunities for industry professionals to network and collaborate.
The tech industry, however, is quickly responding to the challenge, shifting to virtual collaboration through Zoom meetings and other virtual platforms. Many professionals are even holding virtual events and classes, allowing professionals to come together to share knowledge and collaborate without needing to worry about social distancing protocols.
4. Telehealth is increasing rapidly in popularity.
Telehealth is an important advancement for both medical practices and patients. During telehealth visits, patients can connect directly with their doctors and nurses without having to go into the office in person. They are able to share their symptoms, discuss potential treatment plans, and receive prescriptions from the comfort of home.
Increasingly, telehealth is gaining in popularity–and patients and physicians alike are looking for new technology that can help supplement telehealth visits and make them even more effective. They want to be able to get close to their patients, from checking their heart rate or seeing their temperature to being able to examine the progression of healing–and as technology improves, doctors will be able to shift an increasing number of those visits and requirements to a virtual environment. Not only can this cut down on patient and caregiver costs, it can decrease the spread of many types of illnesses.
5. Increased security concerns have challenged many individuals across the tech industry.
Phishing scams–both those related and unrelated to COVID-19–are on the rise. Businesses and private individuals alike are also experiencing more cyber attacks, both as a result of decreased security due to people working from home and as a result of increased concerns for many individuals who are struggling to maintain a source of income during the pandemic. As a result, security has become increasingly important, both for tech industry businesses and to other businesses that rely on data security to protect their clients.
The tech industry is stepping up to the challenge, tightening security regulations and offering support that can aid many businesses and private individuals in protecting their data. Many customers are also taking an increased interest in cybersecurity, since they recognize that they can take steps to protect themselves in the midst of the pandemic.
6. Augmented reality needs are increasing.
Virtual and augmented reality grew hugely in 2019, and that growth has continued throughout 2020, especially with an increasing number of individuals looking for a way to escape their current realities and make the most of the space around them. Augmented reality is getting faster and being used in multiple new platforms, including healthcare-related fields. Not only that, many game technologies are taking advantage of augmented reality to provide their users with an entirely new experience–from increasingly smaller devices. Not only that, augmented reality has increasing potential to transform many industries through the provision of smart glasses and other technologies that can offer digital input within the user’s current field of vision.
7. Innovation will likely continue across the tech industry, particularly as the digital divide decreases.
Across every industry, people are looking for solutions that will allow them to continue to collaborate with their peers and provide high-quality service and interaction. Technology, especially technological innovation, offers continuing solutions that can help many people increase their comfort level or improve their ability to perform their regular remote functions. Innovation is on the rise, and likely to continue to grow over the next several years. As a result, the tech industry may see more growth than ever before. Luxury technology delays, including the delay of increased cellular technology or 5G deployment, could become more common, but innovation that supports businesses and users alike will continue to grow. Innovative, solution-driven technologies will quickly find their place in the market, allowing more entrepreneurs than ever before to claim a corner of the market.
Changes are inevitable in the fast-moving tech industry, where professionals must keep up with the latest changes. If you want to learn more about potential changes in the tech industry and how they have the potential to impact your business, contact us today.