Technology Trends That Will Impact Businesses in 2021
By: Finwin Technologies
Tags: VR, AR, AI, 5g, IoT

Technology is growing day by day. It has become important to stay in touch with the latest technology and use them in your business wherever necessary. Implementing these technologies in your business will help you in growing and scaling up your business in 2021.

#1 Artificial intelligence

It’s no secret that AI is taken over every possible industry. Gone are the days when only IT companies used to work with AI. Now, all the businesses are using Artificial Intelligence in many ways.

The simplest example here is the chatbot and if you take a little complex example, there are image and speech recognition that will take your business to the next level. In the future, if your business is not utilizing the power of AI, you might lose a lot of revenue and your competitors might even get ahead of you.

AI is going to be a $190 billion industry in the upcoming years. According to the reports, it will be possible by the end of 2025. In the coming years, AI will play a very important role. Now, all the businesses have started the digital transformation which is surely going to increase in the upcoming years.

It’s the right time to implement AI in your business. Even small businesses can start with a recommendation system and chatbots to increase the branding of the business.

#2 Blockchain

A decentralized platform is the new choice of many people. Starting from digital currency to privacy, blockchain has all the things that people need. If your company is product-based, you should surely start focusing on blockchain.

By that time, mostly all the people have already started implementing blockchain for their business. Blockchain has the word “Chain” which means that all the activity you implement will form a chain. In simpler words, once the activity is done, it can’t be removed from the chain. This will make it a lot more secure than it is supposed to be. Further, people also trust blockchain more as privacy is properly maintained here unlike many other platforms.

This mostly applies only to the companies or businesses who have a digital product or is an IT company. If your business falls among any of these, you should surely focus on blockchain.

#3 Machine Learning (Part of AI)

Machine learning is a part of AI which has become a lot more popular. The reason to add this in another section is that ML is a huge technology trend that has a lot of things you can take into consideration.

Machine learning is a process of writing programs that will allow the machine to teach itself. In simpler words, once the data is provided to the machine, it will analyze the data and train itself. Chatbots are the best example here. When people chat with the chatbot, the bot will collect the data and analyze it. Depending on the data, the machine is capable of answering other questions. The Recommendation system is also an example of ML.

There are various use cases of machine learning. It can be used for prediction, making a decision, surveillance, and many others. All businesses can take the advantage of machine learning. Further, you can also implement deep learning which is a subpart of machine learning.

#4 IoT (Internet of Things)

Internet of Things simply means the physical device that is capable of connecting to the internet. Any regular appliance or device that can connect to the internet can be considered an IoT device.

This can be a simple home appliance such as a home security system or you can consider big things such as electric cars and auto-pilot cars. As billions of devices work on the internet, it’s safe to tell that every business will surely have an impact on IoT.

No matter what you are selling, you will need to implement IoT at some point in time. Especially, if your business is selling appliances, you will have to keep an eye on the Internet of Things as well. With the 5G speed, it will be easier to connect and use these devices.

#5 5G

No doubt, the 4G has given us tremendous speed. However, there are still some of the places where 4G lacks behind. Like we talked about in the previous example if the use of IoT will increase, the need for 5G will also increase.

Many companies have already started working on 5G technology and there are already some f devices in the market that are capable of using 5G. It won’t be long that you will see a 5G impact on your business.

#6 AR VR

AR stands for Augmented reality and VR stands for Virtual Reality. Virtual Reality will immerse the person in the new environment whereas AR will do the reverse.

Virtual reality devices are wearing which you can experience the scenarios similar to or opposite to the real world. Whereas in the Augmented Reality, the object will reside in the real world.

For example, one can experience the live solar system after wearing VR glasses. In the Augmented Reality, the planets and the other objects will revolve in the real world giving you almost real experience.

This is usually going to impact the gaming industry at first. However, it will soon impact the rest of the businesses as well. Therefore, it’s always better to start planning.

Final Words

To conclude, these are some of the technology trends that will impact businesses in 2021. If your business falls in any of the given categories, you should surely act on it. Sooner or later, it will start impacting all the business. Especially, the first three technologies will have a huge impact on every single industry. So, it’s always better to start acting now and be ahead of your competition.

If you are planning to act on it right now, we can have a consultation call and experts from our team will guide you on how you can proceed with these technologies.