More and more technological trends appear each year. Some of these trends are already changing our everyday life, for example, automated vacuum cleaners empowered by Artificial technology, smart houses based on the Internet of Things, to name a few. While many of them are still waiting for their adoption such as 5G networks.
For a successful market presence, companies have to constantly evaluate emerging technologies and search for ways to enhance their business strategies. Along with the increasing demand of software development services, there are many software technologies rising in popularity. In this article, we’ve gathered the most prominent and promising software development technology trends of 2020 that are very likely to stay with us for a long while.
Internet Of Things
Automated cars, construction machinery management, smart homes, monitoring of water consumption, machinery predictive maintenance, tracing of supply chains are just a few examples of IoT implementation.
Statista expects IoT to increase its revenue six times from $248 billion in 2020 to $1.6 trillion by 2025. This dramatic growth is explained by the rapid development of Artificial intelligence (AI) and 5G technology. Both can improve and add to the expansion of IoT. AI helps to process massive amounts of gathered data and upcoming 5G technology is expected to ensure more stable and faster wireless bandwidth.
IoT helps businesses accelerate logistics and production processes, reduce operational costs, decrease product damage possibility, gather and process large amounts of data, and much more.
Blockchain is usually associated with cryptocurrency, however, it spreads beyond the idea of virtual money. With its decentralized scheme of data recording and self-executing contracts, Blockchain can be seen as the security system of the future that is very hard to hack.
It is already well-used in crowdfunding, stock trading, medical records transfers, and others. Moreover, there are many open-source platforms that experiment with technology, building decentralized applications (dApps) that use blockchain in their core. Some of them include video, decentralized messaging, and commerce platforms, and other solutions.
MarketandMarkets report predicts Blockchain to raise its revenue of $39.7 billion by 2025 with its Annual Growth Rate (CAGR) reaching 67.3% between 2020 to 2025. Blockchain will help more companies to simplify their business processes. Moreover, Statista claims that 55% of healthcare applications are expected to utilize blockchain for commercial use by 2025.
Big Data is a part of data science that allows gathering, storing, processing, and presenting data in a logical structure. It represents an effective solution that can share valuable information in any business sphere. With Big Data, companies can analyze and predict business development, improve risk management, get insights into customer behavior, enhance advertising, improve customer experience, and much more.
According to Statista, the worldwide Big Data market is expected to grow to $103 billion by 2027 which doubles its size in comparison with 2018. Therefore, Big Data represents a promising investment field.
Artificial Intelligence isn’t a new trend, however, it continues to develop and expand rapidly. For example, IoT and Big Data utilize AI for effective data processing, and combined with natural language processing (NLP) it empowers virtual assistants.
MarketandMarkets predicts the AI market to reach $190.61 billion by 2025 with a CAGR of 36.62% between 2018 and 2025. The factors that determine its growth are the increase of Big Data volumes, wide implementation of cloud computing, increased demand in workflow automation, and widespread use of personal virtual assistants.
Businesses can successfully apply AI for their internal needs like data analytics and filtering, programming machine algorithms, robot utilization, and enhanced customer assistance like chatbots, personalized customer approach, and others.
Mixed Reality combines Augmented Reality (AR) and Virtual Reality (VR) and anchors virtual objects to the real world. For example, Mixed Reality platforms are used for safety training in industrial areas, training in high-risk environments, or designing highly accurate 3D models. It can also be used for healthcare, retail, cultural and practical education, and other spheres.
Juniper Research company states that by 2024 Mixed Reality market will raise more than $43 billion, while in 2019 it earned only $8 billion. Moreover, more than 75% of Mixed Reality applications will be accessible through mobile gadgets by the same year. In this way, this technology has all the prerequisites to become a progressive trend in the IT-sphere in 3-5 years.
Edge Computing is the technology that represents a decentralized computing infrastructure. With Edge Computing, it has become possible to process the data in the nearest location to a user. As a result, the time needed for data calculation has decreased while its security has improved. It’s because the data doesn’t have to travel long to remote areas to get processed.
Statista forecasts the rise of the Edge Computing market from $1.47 billion in 2018 to $26.84 billion by 2025. Therefore, Edge Computing is the technology worth considering to invest in.
5G is the most anticipated technology in the market that ranks the top in Google trends. It has the potential to revolutionize mobile devices. 5G means a faster internet connection with more productive mobile applications empowered with virtual reality features, improved traffic systems on the roads, and Smart cities based on IoT.
Statista says that by 2024 there will be around 1.9 billion 5G subscriptions globally. The countries that are the most interested in 5G development are in Asia and North America. The global spendings on 5G are expected to reach $2.3 billion by 2021.
Progressive Web Apps
Progressive Web Apps is one of the most promising web development trends. It allows adjusting websites to mobile devices, providing native app-like user experience. This blend of a website and mobile app offer a full-screen experience for its users, improving customer experience, and expanding brands’ reach for multiple platforms. Besides that, PWA offers faster loading time, better data usage and it’s less storing.
There is a wide range of companies that already use PWA in their brand development such as AliExpress, Pinterest, Starbucks, Uber, BookMyShow, and many others.
Technological advances are a driving force of businesses’ development. They can significantly add to business effectiveness or totally disrupt brands and companies. That’s why business companies from any industrial niche should follow software development trends and wisely implement them to make their businesses grow.
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