Top Tech Trends To Keep An Eye On In 2020

Technology disruptions are continuously altering business processes and strategies. The current year i.e. 2019 already ushered in various new tech trends and innovations. From robot dexterity changing the business and everyday life to drones and driverless cars dominating the headlines, 2019 was surely high on technology trends.

With 2019 bidding adieu in a few months, its time we prepare ourselves for the next breakthroughs in technology for the year 2020.

As an ardent follower of technology, I came across the following trends which will have a fair share in top tech trends in 2020.

1.    Mobile commerce

Mobile commerce, abbreviated as m-commerce, is when commercial transactions are carried over by wireless devices such as a smartphone. The Indian m-commerce market is growing at a rate of 28 percent annually and is expected to more than double over the next four years accounting for USD 54.0bn in 2022. India will be among the top five m-commerce markets in the world after China ($1.18tn), US ($0.36tn), UK ($115.3bn), and France ($62.3bn).

2.    Prescriptive analytics

Prescriptive analytics is a set of data analytics – that allows organizations to make better decisions by analyzing patterns in the raw data. Prescriptive analytics takes into account possible situations and suggests a long-term or short-term strategy or course of action. In 2018, the market for predictive and prescriptive analytics was valued at USD 6.64 billion; the market is expected to reach a value of USD 22.50 billion by 2024 at a CAGR of 22.53% during 2019 to 2024.  

3.    AI as-a-service

AI services will soon adopt the SaaS model of delivery to bring the best of AI to the masses in a cost-efficient manner. Technology giants like Google, Amazon, and Microsoft are already offering machine-learning solutions as-a-service. In 2020, we can see a proliferation in this field. As per a report, the global AIaaS (Artificial Intelligence as a service) market will grow by USD 9.49 billion during 2019-2023.

4.    The proliferation of 5G network

2019, already saw the rise of 5G networks with many operators rolling out 5G wifi for blazing fast internet services. The 5G fever will intensify in 2020, seeing more widespread usage and integration with drones and driverless cars. A faster internet network will facilitate communication in futuristic smart cities.

5.    Blockchain

Despite the arguments on the practicality of blockchain, the technology is here to stay and grow. Bitcoin currently holds 70% of the total crypto market share. According to other statistics, the blockchain market is forecasted to be worth $20 billion in the year 2024. The application of this phenomenal technology is limitless with major usage found in healthcare, smart contracts, banking, etc.

It will also be interesting to see the growth in other similar technologies like augmented reality, virtual reality, automation, cognitive analytics, etc. in the coming year.

What’s your take on these technologies? Feel free to share your thoughts in the comments section. 

Sandeep Yadav,

Director of Coherent Lab LLP