Fastest Growing Tech Trends for 2021
We’re excited for the future and what it holds for us, specifically with the advancements in technology. Here are a few sectors that we expect to see rapid growth in the 2021 and the coming decade.
Artificial Intelligence as a Service
Artificial Intelligence has been a hot topic in the tech world for years. However, as more companies find new ways to adopt this kind of technology, its use has rapidly become widespread. You’ve probably heard of software as a service (SaaS), which is a third-party software solution which is typically paid for on a monthly basis.
The advantage of this model is that businesses can use these services without having to build it on their own, and can implement it with the assistance of the service provider.
We believe that this industry will grow massively throughout 2021 and beyond. Artificial intelligence has applications in almost any industry and can help businesses make sense of the data they are already collecting. AI includes a number of technologies including machine learning, robotics, Natural Language processing, and computer vision.
Internet of Things
Internet of Things (IoT) devices are now ubiquitous, from smart home devices to smart watches. There are far more internet connected devices in the United States than there are people, this number will continue to rise over the next decade.
We predict that not only will the number of devices increase, but also the types of devices that are connected to IoT will increase. Over the past decade we’ve seen rapid IoT developments in infrastructure and wearable technologies. The coming decade will likely see even more growth as sensor technology improves and becomes more widely used.
There is still room for more advancement here with applications like “smart stores” with no cashiers that use IoT sensors to determine what a customer has purchased. We also believe that there is a large opportunity for IoT applications for industrial settings like factories and warehouses.
Predictive and Personalized Tech
We’re in the midst of a data gold rush. Data plays a role in nearly every business’ decision making process today. Because businesses have amassed tons of data about their customers, they have developed the ability to make predictions about customer’s future purchasing behavior and brand interactions.
The past decade saw platforms using their data to drive revenue and sales. The coming decade will continue to see this trend, but businesses will have to offer more benefits for existing customers beyond simply recommending new products. For example, an online clothing store could use measurements from a customer to provide a garment specifically tailored to the customer’s body.
Because mobile apps have the capability to track users’ location history, certain apps may be able to consider a person’s location or behavior when suggesting certain actions within an app. Innovation in this space is inevitable as apps look to improve their customer retention and interaction time.
After suffering a data breach or hack, U.S. organizations spend an average of $8.19 million to resolve the issue and prevent it from happening again. The stakes of a data breach are constantly increasing as businesses collect and store more data than ever. The cybersecurity industry will likely see growth both in size and in innovation. Cybersecurity jobs are expected to grow by 31 percent from 2019 to 2029, making it on one of the fastest growing fields in the tech space.
Small and large firms will continue to expand their cybersecurity teams in the coming years. Many large firms have already developed cybersecurity teams in response to previous hacks or data breaches, while many smaller firms are likely just now growing their cybersecurity capabilities.
Remote Work and Business Communication
The transition to remote work was already happening prior to the COVID-19 outbreak in 2020. The pandemic really just sped up the inevitable transition. Business communication platforms like Slack, Zoom, Microsoft Teams, and Google Meet have seen their use skyrocket throughout the past year.
There is plenty of potential for innovation in this industry, as many of these platforms have been in their current state for years. With more people working from home and looking for better communication solutions, there will likely be some big leaps forward in this industry that will benefit people working from home, as well as those in office settings.
Subscription-Model Content Creators
In the past year, we’ve seen many high-profile content creators and internet personalities move from platforms like YouTube to subscription-based platforms like Patreon, OnlyFans, and Substack. Creators who are concerned with platforms censoring and taking down certain content have made the move away from ad-supported platforms to allow for more free and open discussion of controversial topics. This change allows creators to have more control over their revenue, rather than relying on Google and YouTube for their incomes.
Interest in Patreon and OnlyFans spiked during the COVID-19 pandemic as millions of people found themselves out of work. If anything, this period proved that people were actually willing to pay for content from people they like and care about. Many creators are using subscription sites to share “premium” content for paid subscribers while continuing to post on YouTube or elsewhere for free.
In the next decade we predict that subscription-models will continue to grow in popularity as more and more people want the independence from Google and other ad-supported platforms.
Which trends are you most excited for in 2021 and beyond? Do you think we missed a major developing industry?