Chuck LEAN Business Consultant
Savvy entrepreneurs and executives pride themselves on their vision. [removed] are always looking ahead, looking to see how markets, technology, and consumer behavior will shift over time. A great leader also embraces the reality that things are always changing. They use it to their advantage and [removed] .
The [removed] is a great time to [removed] . What technologies will be invented, and which ones will hit mass adoption? How are consumers' needs and desires changing?
These questions will help you isolate the core trends for a new year, and anticipate how they can enhance or disrupt your industry, or create new opportunities that most people don't see yet.
Here's a list of a few technology segments that will likely dominate 2020 from an innovation, adoption, or infrastructure standpoint.
How to Use Data to Empower a Community
1. Artificial Intelligence (AI)
This is the most obvious inclusion for a reason: [removed] . The reason AI is exploding is that its applications are virtually limitless. It has the power to impact every digital market: from cybersecurity to [removed] .
Expect to see AI-driven solutions continue to receive massive focus in fundraising, acquisitions, and competition over talent. LinkedIn stated that AI specialist positions were among the fastest-growing job titles heading into 2020.
Some of the more visible applications of AI include smart assistants, chatbots, and self-driving cars. Yet savvy entrepreneurs and executives should be thinking about the ways that AI will change their industry, or create new ones. You should also be thinking about how AI can disrupt you if you already have a business.
2. Edge-computing for video
Demand for server infrastructure continues to increase as more and more devices are connected to the internet and each other. This is especially true for video camera-based solutions that require constant video streaming.
By moving the computation to the edge, video providers can significantly reduce server costs and add core functionalities that were not previously possible. Investors see this and are flocking to startups that provide platforms for artificial intelligence, computer vision, and machine learning.
Many of those are on the cloud, so look for a shift to edge computing. That's where the trend will likely go for cost mitigation purposes and to add new capabilities.
3. Autonomous Vehicles
This new category of the automotive industry dominated CES 2020. The sheer industry size and growth potential is drawing the focus on car companies and technology providers. There are plenty of opportunities in B2B and consumer markets.
While it's likely you won't be driven by a computer in the next year or two, this industry continues to attract massive investment and top talent. It's also likely that the industry will experience consolidation. One thing is certain: this industry will be an annual top technology trend for the foreseeable future.
The obvious place to focus is on the driving technology, yet don't lose sight on the new opportunities created by passengers no longer needing to focus on driving. Watch for new services and features that will cater to health, focus, entertainment, comfort, and productivity while someone is driven in the car.
4. 5G
[removed] is the perpetual buzzword in the technology community. It's being hailed as the latest industrial revolution (although it's more of an evolution of technology versus a revolutionary new technology), and proponents are around every corner to advocate for the speed and new capabilities it will provide.
The trend to watch within 5G is how the carriers and phone manufacturers continue to invest in, and successfully roll out, 5G infrastructure into their networks and phones, respectively. Also, consider how a cellular signal that can be as fast as Wi-Fi can empower your products and solutions.
Lastly, anticipate what new solutions will be possible and determine how to build now for that future.
5. Finance will continue to decentralize
At first, you may hear "finance" and "decentralize" and immediately think of cryptocurrencies. That certainly applies to trends for 2020, yet there's also another trend to watch in the areas of finance and investments.
In traditional finance, we're seeing a shift in power toward individual investor empowerment. Startups like [removed] are attracting waves of new amateur investors (especially millennials) and most of the major traditional brokerages (Schwab, TD Ameritrade, etc) have dropped, or will drop, commissions and fees for trading stocks.
When you also consider new Robo-trading solutions can outperform stockbrokers and hedge funds, it's easy to see that we're entering a new wave of finance that is more decentralized than ever. The power is shifting to the retail investor.
6. Retail technology
There's no question that traditional retail has been significantly impacted by Amazon's dominance in e-commerce. It seems like an almost foregone conclusion that retail is dead. But is it?
New technologies can help save retail. [removed] , machine learning and artificial intelligence can now analyze data from cameras and sensors to re-invent the shopping experience and drive new efficiencies.
San Francisco based startup, [removed] , has proven that technology can create a new shopping experience. Their retail locations use an array of technologies to not only improve the offline retail experience but also to learn more about customer engagement and product sales. Amazon has also shown what a store of the future can look like with its [removed] stores - which allow customers to grab and go through an automated checkout process.
7. Smart Home: Software is the new hardware
Major acquisitions, and the fact that hardware is now ubiquitous, has led to a slow-down in innovation in the Smart Home industry. Sure, everyone's talking about 5G, and big companies are still involved in Smart Home, yet there are few exciting storylines to watch this year.
In terms of growth, the key areas to watch are in software, services and international growth. It's clear that hardware is now ubiquitous and now the value is in what you can do with the hardware. Expect companies to explore computer vision, machine learning, and other routes to services in the home.
In terms of international expansion, markets in Asia stand to be the best areas of subscriber growth. Smart companies are looking at Japan, China, and Korea for expansion.
Final Word
What should you do with this information? It depends on your circumstances. If you have a business, then consider how these trends will help or hurt you. If you're looking to start a business, consider how these trends will create new consumer needs and desires. Keep an eye on the future and you'll have a better chance for success.
Are you ready for the future?
Top 10 Business Trends That Will Impact Growth Through 2022Â
Understanding what drivers will contribute to growth over the next few years will inform your business strategy. According to the World Economic Forum’s “The Future of Jobs Report 2018,†the top 10 business trends that will impact business growth through 2022, include:
Increasing Adoption Of New Technology
The top five strategic business drivers through 2022 are [removed] . It’s no surprise that the Fourth Industrial Revolution and the new technologies that define it will spur business growth, job creation and demand for specialist skills.
The Increasing Availability Of Big Data
According to the stated investment intentions of companies surveyed for “The Future of Jobs Report,†85 percent of respondents are likely to expand their adoption of user and entity big data analytics by 2022. This will inform decisions and make for smarter and more pointed innovations and investments.
Advances In Mobile Internet
Everywhere you look, someone’s face is buried in a smartphone. And that’s no different all around the world. According to GSMA Intelligence’s “Global Mobile Trends 2017,†two-thirds of the global population are mobile subscribers. Mobile now has the greatest reach of any technology. This connectedness leads to life-enhancing services for developing countries, including greater access to education and health services. The opportunity in developed nations for mobile consumerism will also play a part.
Advances In Artificial Intelligence (AI)
[removed]  is already being used to increase efficiency, improve productivity and better performance in manufacturing, technology, healthcare and other industries. The MIT Sloan Management Review’s “2017 Artificial Intelligence Global Executive Study and Research Project†found that 85 percent of executives believe AI will help their businesses obtain or sustain competitive advantage.
Advances In Cloud Technology
According to the stated investment intentions of companies surveyed for “The Future of Jobs Report 2018,†72 percent of respondents are likely to expand their adoption of [removed]  by 2022. This will make businesses more agile, collaborative, efficient and scalable while reducing costs.
Shifts In National Economic Growth
Combined with technology, socio-economic trends will have an effect on business growth through 2022. National growth trajectories will have the greatest impact in industries like aerospace, supply chain and transport; infrastructure; and mining and metals.
Expansion Of Affluence In Developing Economies
Increasing access to technology and education will provide greater opportunities in developing countries and therefore contribute to the expansion of the middle class. It will have the biggest effect on the following industries: aviation, travel and tourism; chemistry, advanced materials and biotech; and global health and healthcare.
Expansion Of Education
The increased access to education is partly due to [removed] , as well as the expansion of the middle class. The industries most impacted by this socio-economic trend are aviation, travel and tourism; mining and metals; and professional services.
Advances In New Energy Supplies & Technologies
[removed] Â in renewable energy. Coupled with advanced computing power, new energy supplies and technologies will drive business development in many industries.
Expansion Of The Middle Class
According to the World Economic Forum, the world has reduced the number of people living on less than $1.25 a day by one-half and the world is on track to meeting the Organisation for Economic Co-operation and Development’s (OECD) 2010 forecast that the global middle class could double by 2020 and triple by 2030. It is argued this is due to urbanization, including greater access to education, technology and opportunity.