From entertaining ourselves and connecting with one another, to growing our businesses by investing in website and app development, digital marketing, and business management software, it’s no secret that technology has radically transformed every aspect of our lives over the last few decades. In fact, in our lifetimes, we have already witnessed numerous tech booms that have completely changed how we live, work, socialise and operate as a society in general.
When we speak of a technological boom, we are referring to an era of accelerated technological progress characterised by new innovations whose rapid application and diffusion typically cause an abrupt change in society. Some notable tech booms in the past include the “.com” boom — also known as the internet bubble — between 1995 and 2001, during which tech companies that solved problems through their innovative utilisation of the internet, attracted a massive amount of attention from venture capitalists and traditional investors.
Fast forward a little further and we enter into the mobile boom, spearheaded by Apple’s revolutionary release of the first iPhone on the 29th of June, 2007. With this monumental shift into mobile, also came the launch of the app store and the art of app development.
Skip ahead a few more years and we witnessed what is now known as the ‘crypto boom’ — when Bitcoin broke $1 in April 2011, entering its first mini “bull run”, continuing to rise by roughly 3,000% over the next three months and finally peaking between $29 and $32 by June 2011. A decade later, Bitcoin hit its all time peak of US$63,558 on April 12, 2021.
This beckons the question that is all on our minds today — what will be the next inevitable tech boom? Today, we share 5 innovations that could very well be the next “big thing” in the world of technology, so sit back, relax and read on to find out more.
1. No-Code App Development
Gone are the days when you needed an in-depth knowledge and background in coding to launch a mobile or web app for your business. Since the rapid digital transformation of global industries over the past few years, we have seen a meteoric increase in the utilisation and implementation of no-code app platforms and tools.
What is no-code app development? Simply put, this alternative to traditional software development methodologies allows virtually anybody to create their own apps using drag-and-drop software instead of having to manually write their own code. As you can imagine, the availability of no-code or low-code development software has the potential to completely revolutionise the way that both businesses and individuals create their own apps.
And what impact has no-code app development software held currently? In 2022 alone, there’s a general consensus over no-code developers and enterprises utilising no-code tools, that these software offerings have proven to be an efficient alternative for digital asset development. A major selling point for many seems to be that no-code tools allow individuals and businesses to produce their own apps in a matter of days or weeks rather than months. Compared to the traditional development method that can take anywhere from months or years to launch, we predict further rapid growth in no-code development technologies by 2025.
2. Process Automation & Virtualization
In 2022, we are by no means strangers to the concept of process automation and virtualisation.
Common examples of process automation in business include auto emails and prompts sent to job applicants as a means of automating employee onboarding, or the automation of data extraction, transformation, and loading, converting raw data into usable industry and company insights. Fortra offers business process automation software to assist in automating the needs of companies making them run more efficiently.
Contrastingly, in our daily lives, we encounter process automation and virtualization on a regular basis, albeit in different ways. Automation capabilities can be found in really all modern technologies, ranging from smart cars that have cruise control or can self-park, to smart homes equipped with lighting, heating, and electronic devices and appliances that can be controlled remotely from our smartphones and tablets.
With an upward trend in process automation witnessed in the last decade, it is safe to say that the majority of daily processes both in the home and perhaps even at work could be automated in the next few years and decades, as next-level process automation and virtualization become more commonplace. Analysts at the International Data Corporation (IDC) also estimate that more than over 40 billion devices will be connected to the Internet of Things (or the ‘IoT’) by 2025, with all these devices generating a collective 79.4 zettabytes of data.
3. Artificial Intelligence
What was once thought of as science fiction is now rapidly becoming our everyday reality. A standout in the world of digital technology, artificial intelligence holds untapped potential for streamlining a wide array of personal and organisational processes.
But what is artificial intelligence exactly? As the name suggests, artificial intelligence revolves around the development of processing capabilities that allow computers to perform tasks which traditionally require human intelligence. These tasks can vary from performing visual observations, speech recognition, complex decision-making, image generation and even translation between languages.
It’s been estimated that in the next 5 to 10 years, robots will be able to learn skills, perform tasks, and then upload that learned information into the cloud to help other AI systems learn quickly, producing virtual learning resources for AI technologies across the globe (and perhaps even beyond!). Machine learning and user interfaces that use AI to provide speech and gesture recognition technology are also predicted to advance in the coming years, in order to increase productivity as well as potentially also support the eradication of menial work for human workers across the globe.
4. Virtual & Augmented Reality
Goldman Sachs predicted in 2016 that the AR/VR market would be worth $80 billion USD by the year 2025. Well we’re not too far off from that point now in 2022, so what is the value of virtual and augmented reality technologies today? Prior to the pandemic, the global market size for these industries was estimated to be around $17-$18 billion. In 2022, however, the AR/VR market has grown to around $28.42 billion, with projected growth to $87 billion by 2030. This means that we’re not likely to hit Goldman Sachs original estimates with the current market trajectory.
But that’s not to say VR/AR won’t contribute to our next tech boom in its own right! With the rise of gaming and eSports, VR and AR technologies will continue to play a major role in the future of gaming. It’s also important to note that introducing augmented and virtual reality technologies into our everyday life is also by no means a brand new concept. Digital products and offerings like Google Glass, Snapchat, Google ARCore, photography and editing software, interior design apps and many more all use VR and AR as a means of enhancing our daily routines and responsibilities.
Another major player in the AR/VR game is Mark Zuckerberg’s metaverse, where both virtual and augmented reality are essential technologies for both shaping and accessing the platform. Will the metaverse be as monumental for shaping our relationship with technology as the internet itself proved to be? Some critics think that it certainly holds the potential to, but the technology and the platform itself still has a fair way to go. It will be interesting to see the future of the metaverse and how it interacts with our personal and professional lives.
We can also expect major upgrades to technology infrastructure and the introduction of a vast ecosystem of apps for consumers and enterprises alike over the next few years thanks to the forecasted development of VR and AR technologies. Simply put, as VR and AR technologies continually improve and more content becomes available for global users, creators, and developers, human experiences with technology will naturally continue to evolve.
5. Autonomous Driving
If companies like Google, Apple, Tesla or Lada have their way, you may soon be reading, online shopping or even sleeping instead of having to drive your car to work. Self-driving cars already exist in 2022, and everyone is racing to dominate the market. Many companies have adopted autonomous driving technology over the last few years, including Ford, BMW, Audi and Volkswagen. In fact, some studies have estimated that the U.S. autonomous vehicles market will grow to become a $186 billion industry by 2030, up from $4 billion in 2021.
Aside from being incredibly cool and seemingly something out of a science fiction movie,
autonomous driving technology also offers huge potential in helping to reduce the number of crashes on our roads as a result of human error. In other words, the future of driving could end up being a lot easier and a lot safer to boot.
And there you have it – 5 innovations that have the potential to take over the technological world in the next 5-10 years. Although some may stand a greater chance of becoming the next definitive tech boom, it’s clear that virtually all of these emerging technologies have a growing role to play in humanity’s combined technological advancements and evolutions over the near future. At the end of the day, the truth is that the next “big thing” will simply lead to a “bigger thing” because innovation never stops in the age of digital.