7 Emerging Technologies that are Reshaping The Future
Founder & CEO at ARF Interactives (Pvt.) Ltd. | Software Development Services | Applications, Websites and Games Development
In today’s fast-paced technological world, new and innovative developments are constantly emerging. These new technologies have the potential to change the way we live and work, creating new opportunities for business, innovation, and growth.
In this article, we will explore 7 of the most exciting emerging technologies that are reshaping the future: Internet of Things (IoT), Artificial Intelligence, Virtual Reality/Augmented Reality, Drones, Solar Panels, Wearable Tech, and 3D Printing.
1. Internet of Things (IoT)
The IoT refers to the growing network of connected devices that make up the Internet. From smartphones and smart homes to wearable technology and appliances, IoT is rapidly changing the way we live, work, and interact with technology.
The Growth of IoT
According to a recent report from IDC, the IoT market is expected to reach $1.1 trillion by 2023, with more than 41 billion connected devices in use by 2025. This represents a compound annual growth rate (CAGR) of 14.4% from 2018 to 2025.
IoT in the Home
One of the most popular applications of IoT is in the home. From smart thermostats and lighting to refrigerators and security systems, IoT is making our homes more comfortable, secure, and efficient. Companies like Amazon and Google are investing heavily in IoT technology, with releases like Alexa and Google Home leading the way.
IoT in Industry
IoT is also transforming various industries, such as healthcare, transportation, and manufacturing. By connecting devices and equipment to the Internet, companies can monitor performance and make data-driven decisions in real-time. This leads to improved efficiency, reduced costs, and enhanced customer experiences.
2. Artificial Intelligence (AI)
AI refers to the development of computer systems that can perform tasks that would normally require human intelligence, such as speech recognition, decision-making, and image recognition. With the rise of AI, many industries are experiencing increased automation and improved efficiency.
The Growth of AI
According to a report from MarketsandMarkets, the global AI market is expected to reach $190.61 billion by 2025, with a CAGR of 36.2% from 2020 to 2025.
AI in Customer Service
One of the most common applications of AI is in customer service, where chatbots and virtual assistants are taking over more and more tasks. These AI-powered systems can handle simple requests, such as providing information and answering frequently asked questions, freeing up human agents to focus on more complex issues.
AI in Healthcare
AI is also revolutionizing the healthcare industry, helping to improve diagnosis and treatment, and reducing costs. For example, AI-powered imaging analysis can assist doctors in detecting cancer and other diseases earlier, leading to improved outcomes and reduced costs.
3. Virtual Reality/Augmented Reality
Virtual Reality (VR) and Augmented Reality (AR) technologies have become increasingly popular as costs have decreased, making them accessible to a wider range of users. These technologies are having a significant impact across a range of industries, including education, training, and entertainment.
Growth of VR/AR
According to a report by Grand View Research, the global Virtual Reality market size is expected to reach $44.7 billion by 2025, growing at a CAGR of over 31% from 2020 to 2025. Meanwhile, the global Augmented Reality market size is expected to reach $61.2 billion by 2023, growing at a CAGR of over 42% from 2018 to 2023.
VR/AR in Industry
Some of the biggest names in tech, such as Google and Facebook, are investing heavily in VR and AR technologies, driven by the potential for remote, safe and cheap training and education, as well as new and innovative entertainment experiences.
Drones are increasingly finding employment in a range of fields, performing tasks more efficiently and cost-effectively than traditional methods.
Growth of Drones
According to a report by ResearchAndMarkets, the global drone market size is expected to reach $11.2 billion by 2025, growing at a CAGR of over 14% from 2020 to 2025.
Applications of Drones
Some of the most exciting applications of drones include deliveries, agriculture, news coverage, and wireless internet access. The FAA has also released regulations for drone flight, allowing for greater integration and deployment of these technologies.
Drones in Action
For example, HeroX is hosting a Land Survey Automation Challenge, offering a prize of $25,000 for the development of a drone-based system to automate land surveys, increasing speed and accuracy while reducing costs.
5. Solar Panels
Solar panels are becoming increasingly competitive with traditional fossil fuels, driven by falling costs and improving efficiency.
Growth of Solar Panels
The growth of solar panels has been exponential in recent years, with the market for photovoltaic (PV) installations reaching an all-time high in 2022. According to the International Energy Agency, solar power capacity reached over 600 GW worldwide, a 20% increase from the previous year. The cost of solar energy has also decreased significantly, making it a competitive alternative to traditional fossil fuels. In 2020, the average cost of solar energy was $100/MWh, while wind energy was $50/MWh. With the continued advancements in technology, we can expect the growth of solar panels to continue, and the cost of solar energy to decrease even further in the future.
Imptovement in Solar Cells
Experimental solar cells are now more efficient than commercial versions, with researchers working to further improve this technology. The result is a bright future for solar panels, with many experts expecting to see costs decrease further in the coming years.
6. Wearable Tech
Wearable technology is becoming increasingly fashionable, with wearable devices such as Snapchat Spectacles and Carnival’s Ocean Medallion program leading the way. These devices allow for the recording of experiences and personal augmentation, making wearable technology an exciting and growing market.
Growth of Wearable Tech
According to a report by Technavio, the global wearable device market size is expected to reach $54.9 billion by 2025, growing at a CAGR of over 21% from 2020 to 2025.
7. 3D Printing
3D Printing is the process of creating a three-dimensional object from a digital model. This technology is making it possible to print a wide range of materials, from plastics and metals to ceramics and even living cells.
The Growth of 3D Printing
According to a report from ReportLinker, the global 3D printing market is expected to reach $35.8 billion by 2023, with a CAGR of 19.9% from 2018 to 2023.
3D Printing in Healthcare
One of the most exciting applications of 3D printing is in the healthcare industry. From printing prosthetic limbs to creating custom-fit implants, 3D printing is transforming the way medical devices are designed and manufactured.
3D Printing in Manufacturing Applications
3D printing has a wide range of applications in manufacturing, including the production of:
- Prosthetic limbs
- Engine parts
- Consumer goods
- Aerospace components
- Automotive parts
- Medical implants
Leading Companies in 3D Printing in Manufacturing
There are several companies at the forefront of incorporating 3D printing in their manufacturing processes. Some of the leading companies include:
- Stratasys: A leader in 3D printing and additive solutions, Stratasys offers a range of 3D printing solutions for various industries, including manufacturing. With its advanced technology, Stratasys is revolutionizing the way products are designed and manufactured, enabling customers to reduce time-to-market and improve overall efficiency.
- HP: Known for its innovative technology, HP is a major player in the 3D printing market. The company offers a range of 3D printing solutions for various industries, including manufacturing. HP’s 3D printing technology enables customers to produce high-quality, durable parts and products, making it a popular choice for manufacturers.
- Ultimaker: A global leader in desktop 3D printing, Ultimaker is making it possible for small and medium-sized businesses to incorporate 3D printing into their manufacturing processes. With its advanced technology and user-friendly software, Ultimaker is transforming the way products are designed, prototyped and manufactured, helping businesses to reduce costs and increase efficiency.