Top Technology Trends for Emerging Economies

Top Technology Trends for Emerging Economies?

The world's emerging economies have a lot to offer the global economy. Their growth is projected to be faster and more sustainable than many other countries' economies, but they also have unique challenges that will require new technology solutions. That is where emerging technologies come in. Here are some trends that one should look out for as they emerge in this rapidly changing landscape:

Computing becomes the fifth utility

In the next few years or even earlier, computing will become a utility. This means that it's no longer an optional extra for your business; instead, it's an essential part of how you run your company and compete in the marketplace. The key to this shift is cloud computing—a platform that lets you access data and applications via the internet rather than having them stored on physical hardware in-house or at another organization (like Google).

According to Gartner Research Director John Rymer:?“Cloud-based services are now available from almost every vendor across all industries. i.e customers can choose from a wide range of providers who offer different levels of service based on their specific needs."

Cloud computing is essential to how your company can compete effectively in the marketplace. This lets you access data and applications via the internet rather than on physical hardware. This means you save money, and have access to more powerful tools, with no servers.

The Data Deluge

Data is the new oil. The data deluge is a new reality that will change the rules of engagement for businesses and individuals alike, as well as create a new economy. Data has become so abundant and accessible that it's now cheaper to collect than it is to use, according to venture capital firm Kleiner Perkins Caufield & Byers (KPCB). This trend has been so significant that KPCB predicts "the majority of people will have access" by 2022—and that means more opportunities for entrepreneurs who want to harness this wealth of information.

Mobile & Social Networks Fuse

In many ways, mobile and social networks are fusing. For example, Facebook is increasingly making use of mobile devices as well as desktop computers to connect people in new ways. Many users now access their social media accounts primarily on smartphones or tablets rather than traditional laptops and desktops.

The same trend is also occurring with other types of social media platforms such as Twitter and Instagram—both of which have seen significant growth among emerging economies since they launched their services in Latin America (primarily Brazil) and Asia-Pacific (primarily China). This means that you not only need a smartphone but also an Internet connection from your home country if you want to participate fully in these services!

Businesses Become Ecosystems

Businesses are no longer one-off transactions. They now become ecosystems, creating value for customers through the interactions between different companies and industries.

Businesses will continue to grow in size and influence, but they'll also become more complex—so much so that they may not even be recognizable as "businesses" anymore. Rather than thinking about them as a collection of companies with their CEOs and boards of directors, think of them as an ecosystem where all parts work together towards a common goal: providing value to those who rely on it (customers).

Ecosystems offer several advantages over traditional enterprises: they're more efficient; they're better able than corporations at adapting quickly; they're better able than corporations at taking advantage of new technologies like artificial intelligence (AI), and finally, perhaps most importantly, ecosystems can scale rapidly when needed because there aren't any limits on how many people or machines can join up within each networked system!

The Internet of Things Will Become a Reality

The Internet of Things (IoT) is a network of physical devices, such as vehicles, home appliances, and other items embedded with electronics, software, and sensors that enables these objects to connect and exchange data. The IoT is expected to grow from 8 billion connected devices in 2020 to 20 billion by 2025.

The IoT will have a major impact on emerging economies because it could help them achieve their economic goals more quickly than before. For example:

In India alone, there are more than 100 million rural farmers who don't have access to electricity or running water at home or work; they use solar panels or batteries instead, which can be expensive if they need replacements every year or two, depending on how much power you use each day (for example). A smart meter connected to the internet would allow you to read information about how much energy your solar panels produce each day. This would let you know when they're getting enough sunlight exposure, so they won't die out before being able to recharge themselves again next week!

Workforce Transformation Changes the Rules of Engagement

The technological revolution has changed the rules of engagement for employees. Firms are no longer constrained by fixed hours and locations but instead must find ways to adapt their workforces to meet these new demands. In a world where employees are more mobile and flexible than ever before, companies will need to create new ways for them to collaborate across time zones or even continents to maintain productivity levels that were once achievable only through physical proximity (and thus a lot less likely).

The shift towards remote working has also created an opportunity for talent management solutions providers like Workday (formerly CA Technologies), who can help companies match their needs with those of their workers—whether they're looking for new opportunities within the same company or looking elsewhere altogether!

Cybersecurity

Cybersecurity is a top technology trend in emerging economies. It's an issue that affects everyone, whether they're government officials or just someone who uses the internet to shop for groceries and make travel arrangements.

As such, cybersecurity is also a global concern, which means no one can take on this challenge alone—and as such, there needs to be cooperation between governments and private companies alike if we want to protect ourselves from hackers and other cybercriminals.

Blockchain?technology

Blockchain?technology is one of the leading innovations in the finance industry, holding promise to reduce fraud, ensure quick and secure transactions and trades, and ultimately help manage risk within the interconnected global financial system. Blockchain is a digital collection of transactions that are tracked and recorded in a decentralized network. It is a distributed ledger, which means there is no central authority of the network or no one person or entity in control with the ability to corrupt the network. The?blockchain?comprises individual blocks of data, each containing a record of information, that are linked together in chronological order. These links cannot be changed, which is what instills confidence in the network.

This revolutionary technology manages transactions of information by securing them as they occur. The purpose of blockchain is to lower the cost of transactions and make them more efficient and faster.

Benefits of Blockchain in Financial Services

Blockchain has the potential to make the financial services industry more transparent, less susceptible to fraud, and cheaper for consumers.

§?Improving transparency.?Blockchain can make the financial industry more transparent since users are performing activities on a public ledger. This transparency can expose inefficiencies like fraud, leading to problem-solving that could reduce the risk for financial institutions.

§?Adding security.?As consumers become increasingly active online, the digital universe is a breeding ground for scammers. With blockchain technology, this concern could be reduced. Payments and money transfers made on the blockchain are faster and more traceable than in traditional banking.

§?Lowering costs.?As investors move away from financial advisors to avoid higher fees, blockchain provides an opportunity for consumers to benefit from lower costs associated with traditional financial services.

§?Financial Technology?companies have become a huge part of the financial services industry, allowing investors to open accounts with digital advisors and make independent financial decisions. As fintech plays a stronger role in global finance, its relationship with blockchain will inevitably become stronger.

Risks that Blockchain and Financial Institutions Face

Weighing against the promise blockchain holds for financial institutions is one major risk affecting the bottom line: Traditional financial institutions make money on transaction fees that could be lowered or eliminated with blockchain technology. When it comes to transferring money, consumers have to rely on banks or third parties to process transactions.

But adoption of blockchain could bypass third parties such as banks, which would eliminate fees and other costs associated with these services. As a result, banks may face challenges in volume and transaction-based revenue.

Imperatives & Conclusion

It’s clear that there is a lot of technological ground to be covered in the coming years. But by working together and innovating, the emerging economies will be able to create a better future for themselves—and everyone else and to achieve this we will have to:

??Embrace new technologies to bring efficiencies and lower cost curves and to identify new sources of revenues.

???Leverage profits to invest in innovation for speed, superior service, and pricing.

Good Luck!