While the traditional pillars of growth hold steady, new avenues open up in the form of Emerging Technologies (EmTech). This is the category that every industry is focused on to make it to the next level, be it excellence in strategy, product or service, to increase their longevity in the market.
Exploring new businesses and opportunities with emerging technologies may sound very exciting. But to succeed and bring in disruptive innovation, it is crucial to define the problem statement and identity the right technology and the know-how to solve it.
Estimated contribution of new Global Tech spending during 2018 - 2023 time period
Augmented Reality and Virtual Reality (AR-VR) technology has brought a new definition to user experience and an innovative array of applications. The rising demand of these technologies in healthcare, retail and e-commerce and entertainment are the key drivers of growth in AR-VR market. According to Markets and Markets report, the augmented reality market is projected to grow from USD 15.3 billion in 2020 to USD 77.0 billion by 2025and the virtual reality (VR) market is projected to grow from USD 6.1 billion in 2020 to USD 20.9 billion by 2025.
The term Artificial Intelligence(AI) coined in 1956, used in Hollywood movies and science fiction books, is now an integral part of most of the modern technological applications. AI makes it possible for machines to learn from experience and get trained to perform specific action. AI is embedded into an applications through various components like Machine Learning, Deep Learning, Natural Language Processing(NLP), Computer Vision and software automation. One needs to put together theories, algorithms, methods and technologies to use Artificial Intelligence into the system.
Autonomous machines are independent systems that make the world around us “Smart”. A combination of technologies, hardware and software innovation to perform a specific task without human intervention such as vehicles, drones, robots, and even smart home devices and industrial applications.. Many a times, enterprises seek a tactical solution for a quick adoption. But to enjoy the true benefits of autonomous technologies, they need to work on overall organisational strategy. Finding a right partner, right skills and right blend of technologies are crucial to determine the success of such disruptive systems.
Blockchain is the underlying technology for cryptocurrency or Bitcoin. It has changed the way the transactions happen or a company operates. Fundamentally designed for financial sector, the technology based on digital ledger has a huge potential in supply chain management and healthcare. As per MarketsandMarkets report, the global blockchain market size is expected to grow from USD 3.0 billion in 2020 to USD 39.7 billion by 2025. A private blockchain type segment where the database or ledger is shared, provides more opportunities in B2B use cases.
Internet of Things as the name suggests is the network of objects or devices that help to collect data continuously in real time. This data can be further analysed and used for many applications. IoT has maximum number of successful use cases across all industry segments. The success of IoT is due to many technological advancement from semiconductor innovations, sensor technologies to Cloud Computing, and networking technologies. The IoT technology has fuelled many new revenue streams with innovative applications which demand real-time data, connectivity everywhere and enhanced customer experience.
Quantum Computing technology is still at a very nascent stage. But several organisations are working on adopting QCaaS post-COVID 19 as per the report from MarketsandMarkets. The technology that uses quantum energy for faster computation is seen increasing use cases in banking and financial services industry. Quantum Computing is also gaining a lot of traction due to investments in research and development from various government agencies across the globe. The idea is to simulation and optimisation that can be implemented by quantum computers to increase the efficiency.
The entire lifecycle management of each technology, its integration with multiple other technologies and in situational formats, adherence to security and privacy, and then having a sight on the market nuance, is a tall order for any organisation.
The biggest challenge faced by the organisation is to realise the product and make it commercial within a short time span. Strategy planning, product specifications and design, acquiring technical know-how in such a short time and making it effective and efficient would be the key tipping point for success. The most optimum option is to engage with on- demand services that fit the required level of need-at-hand.
At Boston Technology Consulting, we work with corporates to help them identify the new business opportunities and transform the business with emerging technologies. We provide advisory, strategy and insights that drives adoption of emerging technologies for new growth avenues.
Boston Technology Consulting (BTC) is the IT and business consulting vertical of Boston IT Solutions India. It brings the best talents and global exposure through its master-mind consultants to address complex business needs leveraging technology.
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To help our clients make informed decisions about new technologies, we have opened up our research & development facilities and actively encourage customers to try the latest platforms using their own tools and if necessary together with their existing hardware. Remote access is also available
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