Digital technologies have revolutionised every facet of business operations, from online schooling, virtual medical consultations, and fitness workouts to payments, interactions, purchases, and transactions. The coronavirus outbreak in 2020 acted as a catalyst for the faster adoption of newer and advanced technologies. Nationwide lockdowns and restrictions accelerated the rate of digitisation across all businesses in India.
Rapid digitisation has transformed traditional ways of working, and its impact will amplify in the years to come. Evolving and emerging technologies such as artificial intelligence, machine learning, blockchain, cloud computing and the Internet of Things (IoT) are disrupting lives for the better.
Here’s an insight on the information technology trends that might rule the IT industry in the coming years:
Artificial Intelligence (AI)
Artificial Intelligence and machine learning have gained extreme popularity in recent years and continue to be an emerging trend with widespread application and long-lasting impact.
Smartphones, smartwatches, smart TVs use artificial intelligence and machine learning algorithms to reduce manual intervention and make life easier for individuals. AI-Powered solutions extract structured data from complex information, pictures and handwritten notes and turn it into actionable information.
Financial institutions use AI systems for fraud detection. Hospitals utilise AI systems for the diagnosis of diseases. Manufacturers have successfully implemented predictive maintenance solutions by using machine learning. It reduces machine downtime and improves equipment efficiency.
Artificial Intelligence and Machine Learning are revolutionising business operations and will continue to transform processes in the years to come.
Additional Read – 6 Business Trends to look out for in 2022
Internet of Things (IoT)
Internet of Things (IoT) is one of the most promising and significant technology trends. It refers to a vast network of devices that allows data sharing over the internet. It is driving the majority of the technological innovations in the world. IoT has played a significant role in developing technologies like 5G networking, Artificial Intelligence, and Machine Learning.
IoT technology has great potential, and it has created a noticeable impact on several major industries. During the pandemic, the Healthcare sector embraced newer technologies and extensively used IoT across various use cases ranging from building medical equipment to installing smart cameras to enforce social distancing. Also, IoT has significantly increased the efficiency of manufacturing companies by utilising sensors to flag irregularities in production facilities and highlight significant security lapses or possible risks.
2022 would finally be the year of a 5G mobile network with high-speed, bigger bandwidth, low latency, increased availability and efficient wireless connections. The 5th Generation internet technology will support all the emerging trends and result in a more consistent user experience.
Telecom giants like Airtel and Reliance Jio have got their trial spectrum approved by the Indian Government. 5G will support all the industries of the Indian economy, cater to smart city implementations, digitise business operations and logistics.
The coronavirus outbreak has made the corporates realize the many benefits of implementing a flexible working model. The mental health benefits of flexible work from home culture and environmental benefits of limited travel are essential factors to consider in determining the future of work.
It is crucial to provide secure and safe remote access from anywhere to the employees. Investment in laptops, cybersecurity software, and workplace technology is essential to meet the new way of working requirements.
Additional Read – Automotive industry trends to watch out for in 2022
Cybersecurity is regarded as one of the most important technology trends for the future. With rapid digitization, the identification and mitigation of threats become more critical. Investing in the latest security tools, maintaining appropriate backups and developing comprehensive disaster recovery plans are vital to ensure business survival.
Digitization has gained momentum since the pandemic and continues to have a remarkable influence on all major businesses in India. Enterprises must embrace newer technologies to stay ahead of the curve and futureproof themselves.
As the pandemic prolongs, its impact will also be felt in 2022, and the information technology industry needs to focus on technological breakthroughs and trends to simplify how businesses operate. If you’re looking to invest in these futuristic trends, reach out to your Tata Capital Corporate representative to know more about our financial offerings that can support you with these investments.