In 2016, the Internet of Things (IoT) and wearable technologies will continue to dominate and it’s likely robotics and artificial intelligence solutions will go mainstream. These are the key predictions in a new report entitled ‘What’s Hot in 2016: Technology Trends’ published by Advanced 365 in association with Global Futures & Foresight.
The Top Six technological developments that organisations should consider in the next 12 months to drive business innovation and growth are listed as follows:
*New era of cyber crime – Organisations will increasingly be targeted by independent groups of cyber criminals, with the average cost of a data breach exceeding £100 million by 2020. As businesses become more connected, influenced by technology platforms such as the IoT, hackers will develop specific malware with “potentially devastating” consequences. To mitigate the risk, it’s vital to develop relationships with trusted partners who can provide security assessments and additional forms of due diligence to address these IT challenges.
*Rise and fall of apps – Growth in apps is predicted to peak in the short term before consumers switch to virtual assistants in the cloud by 2020. Certain companies have developed home and remote control apps in addition to e-commerce sites with back office data warehousing and reporting facilities for RS components.
*’The IoT at the Edge’ – The IoT is shifting from a connected device (ie remote sensors and monitoring) to an intelligent device paradigm (ie equipment, instruments or machines with computing capabilities). Examples include Pizza Hut testing the world’s ‘first subconscious menu’ using eye-tracking technology to predict customer choices. To take advantage of such developments, organisations will need to ensure that their IT infrastructures are sufficiently robust to store, process and analyse increased volumes of IoT-related data close to – or ‘at the edge’ – of networks.
*Mobile technologies (including ‘wearables’) – Consumers and employees alike are increasingly demanding access to the information they need, when and wherever they require it. The ‘wearable tech’ market could reach 385 million people worldwide by 2025 which will see it evolve into a viable mass alternative to smart phones. Almost three quarters (72%) of consumers believe ‘wearables’ represent the future of in-store shopping, while 50% expect this technology to provide full health monitoring from implantable devices. Bio batteries, whereby ‘wearables’ harvest kinetic energy from users, could also emerge as early as next year.
*Software robotics – Software robotics enable organisations to generate new growth opportunities and enhance existing products and services. Analyst Gartner believes that, by 2017, these autonomics-based managed services and cognitive platforms will reduce the cost of IT solutions by 60% through automating processes that are currently performed by humans. Businesses are urged to evaluate employee skill sets to determine how software robotics might augment creative thinking by freeing them from routine tasks. Benefits include reduced costs and better interaction between staff and customers.
*Virtual Reality (VR) – By replacing how we create, share and experience anything, VR technologies will dominate industries that train through simulation, such as aviation and medicine. VR and adjacent solutions are anticipated to generate mass consumer revenues from software platforms and delivery services, television and gaming content and hardware and distribution channels. Going forward, organisations should consider how their existing training processes could benefit and examine whether or not the customer engagement process would be enhanced from a more experiential form of interaction.
Speed of innovation “creating uncertainty”
Neil Cross (managing director of Advanced 365) told Risk UK: “The speed of innovation within business technology is creating much uncertainty, particularly for those organisations still reluctant to abandon old processes and systems. While disruption should not be underestimated, businesses that are bold enough to embrace change stand to be rewarded with significant opportunities and efficiencies as time passes.”
Cross continued: “There remains a real need for businesses to understand how the competitive advantages on which they’ve based their strategy might erode or otherwise be enhanced a decade from now by emerging technologies. Greater collaboration and forming alliances with trusted partners is therefore critical when it comes to tackling big issues like software robotics and cyber crime. ”
‘What’s Hot in 2016: Technology Trends’ is authored by David Smith, the CEO of Global Futures and Foresight. In all, the comprehensive document highlights 15 technologies which are “most likely to create disruption and opportunities” for businesses, while also including Best Practice recommendations for a range of industries.
*The report is available for download on Advanced 365’s website via the following link