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Summary
- Emerging technologies are having a significant effect on changing work and the world with businesses in the middle of a major digital revolution amid COVID-19.
- Artificial intelligence (AI), 5G network, blockchain, digital reality, and other emerging technologies are assimilating into our everyday lives more rapidly and deeply than ever.
- Technological innovations, from AI to robotics, are helping in managing the epidemic and preparing the world to fight such a crisis in a timely and systematic manner.
The value of digital resilience, which helps business and the lives of people to proceed as usual through pandemics, has been confirmed by COVID-19.
With work from home becoming the new normal, technology is playing a significant role in supporting the response and recovery efforts in emerging markets.
Coronavirus outbreak has led to some dramatic structural changes and technological upgrades that would otherwise have taken at least a few years. Consequently, this has led to a surge in firms focused on technology.
Technology will play a vital part in reforming consumer, business and government behaviour and new business models in a progressively contactless society.
Let’s have a look at 5 technologies that are changing our world.
Image Source: © Kalkine Group
1. Artificial Intelligence
Artificial Intelligence (AI) is one of the most transformative tech advancements in these times. It is a branch of computer science involved with developing smart machines skilled in performing tasks that generally require human intelligence.
According to PwC, AI will provide a global economic growth of US$15.7 trillion by 2030.
A lot of companies are testing this technology. Many firms are using it in the healthcare industry for drug doses and giving different treatment in patients. It has played an important role in the range of healthcare activities during coronavirus like surveillance of disease through intelligent drones, virtual chatbots and robots, facial identification, and fever detection.
Some of the other examples where AI is being applied include self-driving cars, computers that play chess. AI is also being used in the financial industry with many banks using it to identify any unusual debit card usage and large account deposits, helping them to figure out any kind of fraudulent transaction.
2. 5G data networks
The buzz around 5G technologies and its effects on the next wave of networking and services has been circulating since 2019. Telecom providers have been hesitant to build capacity due to expectations that demand might not reach anticipated levels.
The coronavirus outbreak and the rising trend of remote working have increased the need for more robust 5G technologies.
The capacity of 5G technologies to create lightning-speed data transmission wirelessly and pervasively would be crucial in an atmosphere in which remote information workers have become more suitable.
Preference to be remote and profitable would produce new products and businesses to take the benefit of the prospect.
3. Cloud computing
Cloud computing industry has also become solid due to the upturn witnessed in the digital user base in coronavirus times. Cloud played a crucial role in enabling a rapid transition to new modes of work.
As people are forced to work from home to reduce the spread of COVID-19 outbreak, online learning models have been implemented to enable people to work comfortably online without affecting their routine.
Since then, the market for cloud-based video conferencing and training has climbed sharply. To satisfy this need, numerous cloud service providers have actively updated their functions and offered services.
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Cloud technology is anticipated to see a rise in implementation across all kinds of applications after coronavirus comes to an end.
4. Blockchain technology
Blockchain is another name in emerging technologies, that has sprung up to deal with the current public health emergency and any such crisis in future.
Blockchain technology is a form of distributed ledger system that harmonises data into a shared digital network from independent devices that are scattered through several geographic locations. Blockchain technology processes information as a linear sequence of information "blocks" that cannot be updated.
An increasing number of businesses are exploring the blockchain technology to address the newly identified logistical challenges that they are facing due to COVID-19. Many of the COVID-19 led blockchain technologies will spark permanent change.
For example, even after the pandemic is over, a blockchain-based approach to data privacy issues will definitely remain applicable.
5. AR/VR
Augmented reality (AR) and virtual reality (VR) technologies are rising in demand due to coronavirus. AR, VR, and mixed reality are fully developed technologies where people can be transferred to other places, both simulated and reality based.
Coronavirus increased the number of people using VR headsets to play video games, discover virtual travel destinations and participate in online entertainment as they sit in their homes.
A PwC report (in 2019) projected that about 23.5 million jobs all across the world would be using AR and VR technology by 2030 for work meetings, training, or to provide improved customer service.
The tech industry is optimistic that the coronavirus pandemic might spark VR headset sales growth.
Bottomline
COVID-19 has shown the world the need to be prepared for such emergencies in future. Though technology has accelerated and will continue to advance exponentially, human institutions and societies need to step up to invest in building technological systems and adapting the technological innovations.
The ultimate consequence of the coronavirus epidemic remains unknown with governments and employers adjusting to second waves, treatment and vaccination continuing in earnest and people are finding ways to react to transition.
It would be crucial for every business or nation to stay competitive in a post-COVID-19 environment to develop the requisite infrastructure to sustain a digitised world and remain updated with the latest technologies.
