This 2017 we saw many new technologies coming up and becoming the buzzword in the IT industry. New cryptocurrency startups are offering ICOs. More and more brands are developing Chatbots. Blockchain has brought out a whole new range of fintech startups. While there are many innovative solutions and technologies to evaluate there is always a shortage of time especially for C-level executives who are the decision makers in these initiatives. Here we have discussed 5 major disruptive technologies which being the decision makers you should closely follow and analyze.
By 2018, there will be more than 171 million active Virtual Reality (VR) users (Source - Omnivirt)
The world is all set to put on a wireless headset and experience a virtual world come alive. Being a decision maker in digital innovations it is important for you to tap into this expanding market and figure out new ways to make the most use of this opportunity. Virtual reality has seen tremendous growth in recent years with industries like gaming, media and travel making the maximum efforts. CMOs especially should pay special attention to innovations in Virtual Reality since it offers a new potential market which they can use for innovative marketing campaigns.
The dedicated augmented reality device market is expected to reach $659.98 million by 2018 (source)
Augmented reality merges the virtual and real world objects to create an experience that can easily be adapted on the scale. The biggest advantage of augmented reality over other innovations is that it does not require any special hardware and can easily be accessed by one’s own mobile. The year 2017 marked the launch of ARKit by Apple and ARCore by Google. With these two augmented reality development kits, these tech majors have made Augmented Reality the hot topic for 2017 and coming years. There are many examples of companies who have successfully leveraged AR and there are definitely more to come.
Amount the global blockchain market is expected to be worth in 2024 – $20 billion (Source)
If you are active in the tech community then you might have already noticed the growing traction towards Blockchain technology. Bitcoin and Ethereum are two most widely adopted Blockchain technologies. While there are many other applications of Blockchain, it’s potential to eliminate the middlemen in financial transactions is the central focus of all innovations. CIOs and CDOs should keep a special eye on this technology because if leveraged properly blockchain can optimize many critical business processes including cloud computing and asset management (Find more about Blockchain applications)
Business leaders believe AI is going to be fundamental in the future. In fact, 72% termed it a “business advantage.” (Source: PwC)
Artificial Intelligence (AI) is the simulation of human brain functions like logical reasoning and problem solving in computer systems. While the future of AI is a debated topic in the business industry it is obviously a powerful technology. There are many popular applications of artificial intelligence in business. Some of the well-liked ones include chatbots, process automation, predictive analytics, etc. Chatbots have rightfully earned the attention of many CMOs with their capabilities to drive the consumers from inquiry to purchase. Automation and predictive analytics, on the other hand, are something that must be followed closely by CIOs and CDOs due to their technical nature.
According to General Electric, the Internet of Things will add $10 to $15 trillion to worldwide GDP growth by 2030—that is equivalent to China’s entire current economy.
From the workplace to logistics, Internet of Things has a potential to impact every business activity. By connecting all the physical devices to a network IoT offers a solution to data enrichment, collection and utilization leading to better insights into the business activities. CIOs and CEOs can leverage IoT to make better decisions and optimize business processes by using sensor technologies in not IT devices.
These are the major technologies which every C-level executive should follow. They all carry the potential to create a digital disruption and change the course of current business operations. Follow us on Twitter to keep yourself updated about these techs and stay relevant in the age of evolving technologies.
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