In the 21st Century, the world has redefined. Every era improves from its predecessors; this Century has simply disrupted and changed the outlook of the world, with the radical speed. In only 20 years, we have observed the boom of the internet, almost demise of TV, online shopping, enhanced medical practices, and whatnot. Industries and products getting obsoleted or outdated are the norms in this Century. Our conventional definitions of work, productivity, lifestyle, and entertainment are changed now. Today, we can shop from anywhere in the world without even moving from our couch. You can send funds anywhere without visiting your bank. We are connected 24/7 with our family and friends without any hassle. These things sound ordinary or basic today, but imagine you in the 80s and 90s, and think about them as possibilities, it might seem fiction.
One of the main drivers of such sweeping inventions and disruptive matters is the IT sector. Revolution in Technology allowed such massive transformations in the world. Conventionally, IT considered a support function and a mere productivity driver. However, in recent years, it didn’t only grow in its domain but also supported other industries to fly high, for example, disruption in the banking sector due to blockchain technology, increased growth in retail and FMCG sector due to online shopping, etc.
However, the IT sector is still new in the whole ecosystem of all the industries, and due to its speedy developments and comparatively slow adoption of academia to teach and train more population for the way forward, the IT sector faces a shortage of talent and experience. Conventionally, academia and universities used to offer generic Bachelors and Master’s Program in IT. Still, as IT pushed every industry, academia is also driven to develop and provide comprehensive and specialized programs in different technologies. Nowadays, courses like MPS Degree (Master of Professional Studies in IT Management), Masters in Cloud Computing, Masters in Engineering with majors in Blockchain, etc. are being offered.
We are already observing and hearing the buzzwords of blockchain technology, artificial intelligence, data sciences, etc. and it indicates that the near future would be more disruptive and speedy transformation.
Let’s explore some of the trends of Technology that are catching pace in the year 2020.
Artificial Intelligence has already transformed a lot of industries, and it will get into mainstream utility moving forward. It will still trend in the coming years as it can change the way we work, live, and interact with others. In simpler words, AI is a technology that works as human intelligence, and it can replace humans for tasks like pattern recognition, trend analysis, human recognition, etc. Interestingly, AI allows computers to perform such functions with speed and more accuracy.
Currently, we at least use one AI service or utility in the form of ride-hailing apps, home personal assistance, navigation, etc. In the coming years, it will be sturdy and relevant enough to manage aircraft satellite surveillance, business risk assessment, energy efficiency, etc.
Many people would also critique AI as it will surely make a lot of people jobless. AI delivers in the form of automation. And automation could simply replace humans with machines and algorithms. According to an article by McKinsey Global Institute, such automation will kill around 73 million jobs by 2030. But with such elimination, it will also add 23 Million jobs in the AI sector too. Therefore, it is undoubtedly a mover and shaker in the coming years.
Blockchain Technology initially got the limelight because of the cryptocurrencies like Bitcoin. But the world has found more utility of it in the form of its secure structure and mechanism. In simpler words, Blockchain is a database management system where you can only add data, which cannot be deleted or changed, and such a database system shared among hundreds and thousands of people. Therefore, it is an entirely decentralized, peer-to-peer data sharing system. Due to its widespread and decentralization, there is no need for any third party to monitor and validate any transaction.
Corporates are foreseeing a lot of security, transparency, and convenience through such systems. Therefore, there is a massive demand for blockchain developers in the world. Currently, there are around 14 jobs available for every blockchain developer that exists in the world. Therefore, the grass is quite greener in this field for future developers.
VIRTUAL REALITY AND AUGMENTED REALITY
VR and AR are highly adopted and pushed by many electronics and smartphone companies. Both of them offer significant possibilities for the future in the form of providing simulation experience. Virtual Reality transcends the user into another environment without leaving one place, whereas Augmented Reality improves the existing situation. Currently, these both primarily used in gaming, but the possibilities are endless. Through VR and AR, a lot of technical and professional training can be done without high costs and with better real–time experience.
Tech companies are banking heavily on AR and VR to give seamless experiences like virtual concerts, virtual museum visits, augmented medical training classes, etc. However, VR and AR don’t require any comprehensive technical skillset but necessary coding and creative, forward–thinking mind. In the coming years, we might see cinemas and similar physical spaces might lose their value in competition against VR and AR.
With the increased digital exposure, digital security is not a feature but one of the most mandatory elements in a service. Every company that collects manages and uses user data need to ensure that their data is secure and has minimal risks of being breached or hacked. As companies will lose their credibility, customer base, and business along with hefty fines and penalties from authorities, in case of any breach.
Many Cybersecurity professionals are minting serious money as there an influx of demand for Cybersecurity professionals and a very lesser talent pool to fulfill the need.
INTERNET OF THINGS (IoT)
Internet of Things refers to the devices that can get connected through the internet. These connections can empower them to interact and help each other to bring more ease and convenience in the user’s life. For example, if our smart cars connected with the home Air conditioner, it can command to get started and maintain our preferred temperature as per our time of arrival at home. Or our refrigerator can inform our computers about grocery inventory to order online and buy groceries timely on automation. Similarly, it will bring more accuracy, ease, safety, and better decision making in our businesses and lives.
Therefore, we can foresee that majority of the consumer electronics will IoT enabled, and they will become part of one whole connected alliance that will bring automation, convenience, comfort, and ease in our lives.
All the emerging technologies that we discussed and many others are evolving and transforming the world at mindboggling pace, and due to their utility, they offer high career potentials too. Hence, time is right to spend time learning and get trained on such technologies to get the best advantages; otherwise, later on, you won’t get any competitive advantage. It is possibly the best time to change, and those don’t change with time, would have to face the music.