Four disruptive technologies redefining the business landscape in 2022
Innovation is accelerating progress and success today and, for many, technology is the pinnacle of innovation.
One technological development taking over almost every industry and sector is disruptive technologies. Disruptive technologies are innovative replacements of processes, products, or already-established technologies.
These technological advancements help businesses exploit new business models, better execute strategies, and respond faster to fluctuating market trends. Apart from entirely changing industries, disruptive technologies also carry the power to reshape research and data gathering.
The rise of these disruptive technologies: virtual reality, artificial intelligence, IoT, machine learning, blockchain, and big data, is making digital transformation a requirement for all organizations. In this article, we will talk about four key emerging disruptive technologies that are redefining the business landscape in 2022.
1) Artificial intelligence
More commonly known as AI, Artificial Intelligence is one of the most well known and impactful disruptive technologies today.
AI refers to a system, or a program, that mimics human intelligence. It makes it possible for machines to adapt problem-solving and decision-making inputs like a human-like mind.
Within a short period of time, AI has become a fast growing trend in the business world. According to statistics, as many as nine out of 10 leading businesses choose to invest in AI technologies, while 37% of companies employ AI in their activities. What’s more, nearly 86% of CEOs attest to AI being a mainstream technology in business operations.
AI carries tremendous benefits for organizations in every sector and domain. AI can lead to immense efficiency and productivity gains, improve customer communications, reduce costs, improve monitoring, and speed up operations.
Studies show that AI will boost labor productivity by 40%, 84% of businesses will sustain a comparative advantage through AI, and 51% believe AI will enhance product features and performance.
However, it is crucial to understand that learning and adopting AI is not straightforward. It is a highly complex technology that requires thorough knowledge and concentration. Business professionals and even beginners can benefit from earning an Artificial Intelligence certificate from a reputable institute to familiarize themselves with the concept. Such certifications enable professionals to capitalize on AI and leverage its full potential in the business.
2) Big data
Big data technology refers to data sets whose size significantly exceeds traditional databases. In other words, it is a semi-structured, structured, and unstructured data set in exceedingly large quantities usually used by organizations to mine information.
Big data has proven to be an exceptional technology for many businesses worldwide. Big data doesn’t only help store large amounts of information, but it also assists in making better decisions and reducing costs.
Leveraging big data increases your company’s efficiency, improves pricing and forecasting, and enhances sales. It also helps in the hiring process, increases business agility, boosts productivity, helps with fraud detection, and strengthens security.
Many experts predict that the big data market will exceed $103 billion by 2023. Likewise, 70% of organizations will likely shift their focus on big data in the coming years, with almost 97.2% of businesses planning to invest in it.
Some reports also show that savings through big data accumulated to nearly $1 trillion in 2020. The same report findings claim that business efficiency increased by 17%, and innovation speed enhanced by 25%.
These statistics prove that big data is one of the most significant disruptive technologies currently redefining the business landscape.
3) Virtual reality
Virtual reality is a breakthrough technology that immerses individuals in a virtual world to interact with an artificial time-dimensional visual. Even though virtual reality isn’t widely available, people are increasingly gaining awareness about the technology. Nonetheless, VR remains a crucial tool for several businesses as it helps them explore new business models.
The most significant benefit of VR in businesses is that it lets the consumers test the products before purchasing. For instance, consumers can experience effects at brick-and-mortar outlets in a 360-degree landscape using headsets and gloves.
VR became increasingly famous during the pandemic for this very reason. People had to refrain from touching merchandise at the store, and that’s where VR came in handy. Moreover, VR also gives powerful insights to medical professionals, makes gaming more innovative, allows you to visit other countries, and simplifies complex systems.
As mentioned before, VR is becoming increasingly famous and a standard tool for many businesses. A study reported that the global shipment of VR headsets equaled nearly 5.5million units in 2020. It further stated that the VR market hit the $6.1 billion mark in 2020, and might reach almost $20.9 billion by 2025.
Blockchain is another highly relevant and immersive disruptive technology in today’s business world. Blockchain is a digitized and shared ledger consisting of transaction records, more commonly known as blocks.
Blockchain technology ensures higher efficiency as there is no room for human error and no requirement for third-party intermediation. Furthermore, blockchain guarantees advanced traceability, higher security, and transparency. Enterprise blockchain allows organizations to use different levels of accessibility. They can benefit from faster transactions and can leverage intelligent contracts.
Statistics show that blockchain technology will grow to $19 billion in 2024 from $4.5 billion in 2020. That is a massive jump and shows how speedily the technology is growing and will most likely become highly relevant in the future.
Technology is changing the way we do business
The technological advancements we are witnessing in today’s time are beyond remarkable. These emerging technologies are altering business operations, but they are also changing how we live.
Such technologies can improve the business landscape, and we already have enough evidence to support the claim. However, it is only fair to note that these technologies are not easy to crack. And although they are highly secure, one must vigilantly leverage and implement them in the business processes.
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