Authored by Mr. Manoj Kumar Pansari, Chairman & Managing Director, CMD, Astrum.
Take a minute to look around and think about the technological advancements of today. Doesn't it seem like a page from the futuristic novel? Cars are self-driving, Wireless devices, Flying Drones and so much more; defines the year 2018. The Year saw several Technological advances at a rapid pace. It may seem like an era of Technological change but 2019 has much more to come. Though, we have advanced on several Technologies, the real progress shall be seen in the Year 2019. The Year 2019 shall transform the marketplace and make Technology a reality.
Some key trends include; AI (Artificial Intelligence), has already received a lot of buzz in recent years, but it continues to be a trend to watch because its effects on how we live, work and play are only in the early stages. Just like the Internet did in days of yore, AI shall be everywhere. AI shall power the next phase of Digital Transformation. AI shall dive deeper into each sector – it will branch out to support several functions. As against the Myth, more jobs will likely be generated by AI than would be lost to it. Artificial intelligence is redefining industries by providing greater personalization to users, automating processes, and disrupting how we work. One such example being chatbots which is being used in today's upcoming websites which helps you answer your question in a manner that won't differentiate much with whether you are talking with a human or a robot. The machine learning curve smoothens the workflow. Though there is grass root level AI adoption today in India, yet the pace of innovation around establishing a comprehensive AI strategy for the future isn't comparable to developed countries.
Another hot emerging technology includes Block Chain Technology. We are still in the very early days of Block Chain Technology. Though this Technology was developed to power crypto currencies, but it has spread to several range of Industries including the Capital Markets, supply chain, Money transmission and banking to name a few. Among some extensions for future, the IOT Devices will need some sort of system that ties them together and that makes their data interoperable. That could be where the block chain comes in. Increased use of Smart Contracts and Content streaming could further increase the demand. Recruitment too could be another vertical, building the block chain infrastructure.
Augmented reality too shall go mainstream. The AR Market has remained open to several innovative solutions. Trimming the users experiences more natural and personalised is the newest trend. Mobile AR shall steal the slow for the Year 2019. Another extension to AR shall be the XR – Extended reality which shall be the new buzzword in the world of Tech. Entertainment shall remain the main Industry for the XR Products. Overall, it shall be the time for businesses to build revolutionary solutions and undergo AR based digital transformation based on gradually evolving technologies.
Deep Learning shall remain faster. Nowadays, deep learning faces certain challenges associated with the data collection and the complexity of the computations. Innovations in hardware are now being developed to speed up the deep learning experiments. This will improve the functional characteristics, increase productivity, and reduce product costs. The Internet of Things will become intelligent with smarter interactions with people and the environment. IOT has been in a spotlight for several years, and with a continuous expansion and enhancement in 2018 they will influence another global trend. The fusion of artificial intelligence with the Internet of things shall bring new amazing technologies to create smart homes and cities.
To conclude, the year 2018 brought great progress in technological innovations with several new approaches and solutions that are continuously evolving. Though digital impact on retail is yet to be fully realised but such innovations provides a great new idea with facilities, opportunities and guidance. It will continue fostering innovation like this in the future too. Tech companies are becoming more innovative and are willing to pursue new ideas than companies operating in other industries.