- The Internet of Things (IoT) will become intelligent
IoT is advancing and evolving with each passing day. In 2019, a network of collaborative intelligent things will be created where multiple devices will work together developing IoT to its full potential. Connected to the global web and combined via wireless communication channels, things will turn into a one big integrated system driving a major shift in the human-machine interaction.
As per the Forbes report, global IoT market will grow from US$ 157 Billion in 2016 to US$ 457 Billion by 2020, attaining a Compound Annual Growth Rate (CAGR) of 28.5%.
- Self-teaching Artificial Intelligence (AI) will be more confident
Since the invention of the first artificial intelligence, the field has witnessed some ground-breaking innovations. Artificial intelligence has done some revolutionary work in assisting human in tasks such as decision making, recognition of objects, emotion & speech, overall reinventing the customer experience. AI has been able to cope up with these tasks better, faster, and cheaper than people. The capability of algorithms for self-learning brings us closer to implementing the AI into many areas of human life.
Based on the forecast by Tractica, a market intelligence firm, the AI market is expected to grow more than US$ 191 Billion by 2024.
- Augmented Reality
Augmented reality is one step ahead of virtual reality. In augmented reality, systems combine to give you a real-time 3D vision, sound, haptics (the sense of touch), location data and even other senses such as smell. All this enable people to immerse themselves in a created physical world, react to what’s around them and alter their virtual environment in real time. Organizations are increasingly applying this technology across a wide spectrum of human activity from art & entertainment to commerce and education. 2019 will witness ground-breaking work in this field to make it readily available to people on their smart devices.
As per the Market Watch Study, Virtual and Augmented Reality market is expected to grow more than US$ 117 Billion by 2022.
- Cyber Security
In this digital world, where everyone and everything is connected, information flows through the speed of light. Due to our increased digital footprints, cyber security has emerged as the gravest concern. There will be heavy investment in this field to adapt to new technologies to enhance security.
As per the Zion Market Research, global size of Cyber Security market is expected to rise to USD 181.77 Billion by 2021.
- Robotic Process Automation (RPA)
The ability of RPA to automate tedious and time consuming tasks has made it the most sought-after solution. It can automate mundane tasks, assist employees with the use of supervised automation. As a result, companies can save resource time and ensure productivity of the processes. In 2019, RPA would enable small businesses, not just enterprise business, to leverage the advantages of a digital workforce.
As per the P&S Market Research, New York, the RPA industry’s market size is expected to rise to US$ 8.6 billion by 2023, growing at a CAGR of 36.2% during 2018-2023.
Authored by: Kunal Nagarkatti, COO, Clover Infotech