Exciting Tech Trends for businesses in 2020
Businesses are expected to spend more on keeping up with the rapidly changing technological environment. Technology is very volatile; new inventions arise quickly. For companies to remain competitive, they have to adapt to these changes. A report from Spiceworks on the state of IT in 2020 shows that 88% of companies will increase their expenditure on technology. Small businesses that employ 100 employees are expected to divide their spending across various sectors. 35% will be spent on hardware, and 31% on software. 11% will be allocated to running services, while 22% will cover cloud-based and hosting services.
Artificial Intelligence (AI)
The use of Artificial intelligence is anticipated to increase significantly in 2020. Statistics from Tractica project the revenue from AI to reach $118.6 billion by 2025. This is a significant increase from the $9.5 billion accumulated in 2019.
As more companies venture into providing AI services, more businesses will start outsourcing the services through a monthly subscription. The popularity of user-friendly platforms will rise; this will result in more people learning how to interact with this technology. Businesses will also be able to develop AI-aided solutions.
Developers continue to teach robots ways of understanding humans. Soon, artificial intelligence will understand sarcasm, irony, and many more tones hence facilitating conversations between humans and robots.
Increased Use of Mobile Devices
A mobile compatible website is an essential marketing tool for business. Remaining competitive without having a mobile-friendly website in 2020 will prove quite difficult for your company. Besides marketing, mobile devices are also used in other ways, like making payments and communicating with your employees.
More consumers will use mobile forms of payments. For example, when shopping in a brick-and-mortar store, customers can hold their phones to a scanner or terminal instead of using credit cards. Mobile wallets have better conversion rates; therefore, they are better options for online payments.
Mobile apps are popularly used to make online purchases and order for transportation. The convenience that these apps offer will see more industries adopting this practice. These sectors might include agriculture, mining, education, and many more.
5G Expansion
The deployment of 5G started in 2019; some cities in The United States already have access to this network. More locations globally will have access as 2020 progresses. In addition to mobile operator networks, private networks, critical communications, and enterprise networking will also have access to 5G.
This network will elevate not only the mobile interconnection of people but also control devices, machines, and objects. More industries will be interconnected, and the performance levels of devices will be massively improved. The biggest providers of the internet continue to announce the arrival of their 5G networks; therefore, in no time, more users will be able to enjoy this fast network.
More Application of Human Resource (HR) Technology
The HR department is challenging to manage without the help of technology. The use of automated programs has revolutionized the management of human resources. HR tools that are cloud-based aid in decision making because it provides information in real-time.
Access to self-service applications helps employees feel that they are in control of their information. It also minimizes the chaos in the office as fewer employees will need to consult on specific issues. In 2020, entrepreneurs, especially those who own small companies, will use technology to offer better employee experience in recruitment, training, onboarding, and health and wellness.
More Interest in Blockchain
With investments from IBM, FedEx, Mastercard, and Wal-Mart, it is clear that interest in blockchain technologies keeps rising. Not every business will venture into the business of buying and selling cryptocurrency. However, more businesses may use blockchain for security reasons.
Consumers and business owners will continue to encounter the risks associated with various forms of making payments in 2020. The use of blockchain may be the solution to existing issues. As 2019 ended, there were more than 42 million people using blockchain wallets; this number will keep rising in the coming years.
Blockchain is decentralized, transparent, automated, and immutable. These qualities make it suitable for various industries such as finance, law, real estate, health care, and supply chain. It can also be used in sports, international trade, and entertainment.
2020 will see the emergence of new trends and even the improvement of existing ones. These trends will make managing businesses more efficient