Trend Setting Technologies of 2018

Banking CIO Outlook | Friday, November 30, 2018

With the invention and integration of new technology in the everyday market, businesses are looking forward to optimizing their workflow and reduce downtime to maximize business growth as well as the profit margin. Following are some of the important technology trends predicted for 2018.

• Artificial Intelligence - the research and development on machine learning and neural networking to create an intelligent source which has the capability of processing and comprehending in a humanly way are on the rise. Companies such as Facebook’s FAIR and Google’s DeepMind AI are vastly researching into creating human intelligent level machine that would render most of the tedious and mundane manual work obsolete. AIs are being vastly employed by industries to transform work processes and reduce downtime in a cost-effective manner.

• VR - Virtual reality, an upcoming market trend with the unveiling of Oculus rift had opened an opportunistic venture for businesses to integrate this technology in their daily work to provide a platform to test their products and services in a realized situation.

Internet of Things (IoT) - prolific integration of internet in our surrounding matters to make our environment smarter has opened up large number of business and investment opportunities. The demand for IoT devices has escalated over the years as time in hand reduces with passing time. Staying connected with each and every aspect of businesses has become a necessity and so has development of IoT.

• Business process automation – research into robotic arms and automation of supply chain processes to human surgery has already highlighted the importance of the technology. Now, it has become one of the highly invested field science with opportunities worth billions of dollars.    

• Gamification – as gamification turns into a multi-billion dollar industry, the market growth for this technology is still on the positive scale. This technology is a great source of elevating employee-management and customer-producer relationship through incentives and rewards as a motivator. Even though it is a billion dollar industry this industry is still at its nascent stage and has a huge potential to grow into a mandatory norm.

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