6 Most Profitable Tech Trends of 2017
In 2017, tech companies around the world are expected to spend US$3.5 trillion with most of those investments going into software and services and away from hardware.
Driven by the availability of massive computing power and internet bandwidths of today, the shift from hardware to software led predominantly by Cloud computing solutions.
Unrestricted by user hardware limitations and expensive license payments, Cloud solutions are a system and business model where a vendor’s data and software are stored within the business operator’s computers and delivered to consumers via the internet.
According to Business Insider Malaysia, software R&D spending is expected to grow by 7.2 per cent in 2017 to a total of US$357 billion, and IT companies are expected to spend US$943 billion on developing their services – an increase of almost 5 per cent from 2016.
These are the 9 leading fields that is driving the tech sector today and is expected to dominate the market in 2017:
1. Artificial Intelligence and Machine Learning.
From search engine semantic learning that understand what its users are searching for to cars that drive themselves, artificial intelligence is an exciting field to be in – and Google and Microsoft are among the many tech companies that have started to implement the technology into their services.
AI learning software is also being developed for customer service, where a virtual system will be able to answer customer queries 24/7.
According to Markets and Markets research, the AI industry is projected to grow from US$420 million in 2014 to US$5.05 billion by 2020.
2. Personal/Virtual Assistants.
Taking AI up to the next level, personal assistants or Intelligent Virtual Assistants (IVA) like Siri, Cortana and Google Now will change the way we interact with computers to retrieve information, operate equipment and, possibly, even companionship.
In 2016, Apple made the decision to turn Siri into an open-source product to encourage third-party developers to incorporate it into their software and expand on its capabilities. Need to make a payment through Venmo? Siri can do that now thanks to this. Similarly, Microsoft’s counterpart Cortana will be incorporated into a number of Microsoft Office applications.
According to Grand View Research the industry is projected to grow to US$12.28 billion by 2024.
3. Internet of Things (IoT)
Just as electricity eventually became so seamlessly integrated into our everyday lives, computing has become small and powerful enough that they being incorporated into everything around us. From toothbrushes to pay cards to augmented reality goggles, IoT will seamlessly connect users into the internet.
The IoT market is expected to grow from US$157.05 billion in 2016 to US$661.74 billion by 2021.
4. Augmented/Virtual Reality.
There’s a lot more to augmented reality than Pokemon Go. Google and Microsoft have recently announced the release of their first augmented-reality (AR) goggles, Google Glass and HoloLens respectively. Able to superimpose virtual graphics over real-life in real-time, the applications of augmented reality for both work and play are enormous.
One of the most exciting applications is the ability of AR goggles to retrieve information from the internet and superimpose it on real-life persons or objects, giving you information about what interests you on the go – so the next time you’re at a corporate party with AR goggles on you’ll know exactly who to suck up to and how.
Virtual reality on the other hand are more promising for entertainment although the technology does have its more practical applications, such as in digital twin technology where a virtual counterpart of a real-life object is created in a virtual space to facilitate better diagnostics and monitoring in a work environment.
The AR/VR industry is expected to grow from US$5.2 billion in 2016 to US$162 billion in 2020.
A system that is able to maintain a continuously growing database (called blocks) which are highly secure, which is then shared across a wide reaching network of computers. The security of blockchain technologies are ideal for industries to keep track of information digitally such as digital currency. Bitcoin is a great example of blockchain in use.
The industry is expected to grow from US$210.2 million to US$2.3 billion by 2021.
6. Adaptive Security Architecture
As individuals and enterprises become ever more dependent on storing and conducting business digitally, traditional methods of security including preventive and policy-based controls are no longer sufficient. Instead, systems need to change the way it responds to threats from an “incident” level to a “continuous” one, providing a pervasive and continuous form of data security that is constantly on the lookout for trouble.
The industry is expected to grow from US$7.07 billion by 2021.