Technologies of the Future
The last five years have been witness to a number of disruptions that have had a huge impact on our lives. Businesses in every sector are adopting disruptive digital technologies to gain a competitive edge. And in recent times, we have seen more technological innovations move out of the R&D departments and into our daily lives than ever before. As someone who closely observes emerging technologies, start-ups, and investing patterns in India – I can tell you this is not a coincidence.?
Today the Indian start-up ecosystem is highly empowered. Standing on the shoulders of new technologies, innovations, and skills – start-ups are now at the helm of revolutionary commercial applications. Not only that, they hold the potential to expand their market by building better product competencies through innovation.
At this juncture, when we sit down to evaluate the new ideas and ventures – I feel genuinely fascinated at the opportunities presented by emerging technologies. While it's difficult to predict precisely what the future will hold, there are a few technologies that are likely to play a significant role in shaping our world in the coming years.?
Some innovations I am most excited about are:
Artificial intelligence
Artificial Intelligence (AI) has begun to? make a big impact in all walks of our life . AI refers to the development of computer systems that can perform tasks that normally require human intelligence, such as learning, problem-solving, and decision-making.?
According to a report from the World Economic Forum, the global AI market is expected to grow from $20.7 billion in 2020 to $190.6 billion by 2025, with a compound annual growth rate of 44.1%. This rapid growth is being driven by the increasing demand for automation and the ability of AI to improve efficiency and accuracy in a wide range of industries, including healthcare, finance, and retail.
Internet of Things (IoT)
Another technology I see as playing a? significant role in the future is the Internet of Things (IoT). The IoT refers to the growing network of connected devices that can communicate and exchange data with each other and with people. These devices include everything from smart thermostats and security cameras to industrial machinery and healthcare devices.?
The number of IoT-enabled devices is expected to reach 75.4 billion by 2025, up from 27.1 billion in 2017, according to a report from the International Data Corporation . The growing number of connected devices is expected to drive significant improvements in efficiency and productivity across a wide range of industries and provide new opportunities for innovation and growth.
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5G?
?5G is another technology that is going to have a major impact in the future. 5G is the next generation of mobile communication technology, and it is expected to bring significant improvements in speed, coverage, and capacity compared to previous generations.?
According to a report from Ericsson, the number of 5G subscriptions is expected to reach 4.3 billion by the end of 2023, accounting for 45% of the global mobile market. The adoption of 5G is expected to drive significant changes in industries such as healthcare, transportation, and manufacturing, as well as provide new opportunities for innovation and growth.
Virtual Reality
Another technology that will have a significant impact in the future is Virtual Reality (VR). VR refers to the use of computer technology to create immersive, simulated environments that can be experienced in real-time.?
According to a report from Grand View Research, the VR market is expected to reach $45.09 billion by 2025, growing at a compound annual growth rate of 32.8% from 2020 to 2025. The increasing adoption of VR is expected to drive significant changes in industries such as gaming, education, and healthcare, as well as provide new opportunities for innovation and growth.
Renewable Energy Technologies?
Finally, renewable energy technologies? play a significant role in shaping the future. Renewable energy refers to energy sources that are naturally replenished, such as solar, wind, and hydroelectric power.?
According to a report from the International Renewable Energy Agency, renewable energy is expected to account for 60% of global power generation by 2030, up from 25% in 2019. The increasing adoption of renewable energy is expected to drive significant improvements in energy security and reduce greenhouse gas emissions, helping to address the challenges of climate change.
It is these technologies of the future that inspire venture capitalists to invest in R&D-intensive businesses. Indian start-ups are leveraging emerging technologies to create sustainable solutions for Indian consumers. But most start-ups need time and money to bring their solutions to the market.?
If you ask me, my optimism stems from the willingness of corporates and venture capital firms to bet on new and untested innovations pitched by the new kids on the block. While it's difficult to predict precisely what the future will hold, it's clear that these technologies will play a significant role in it.