Every business needs to adapt to the latest technology developments that may have an impact on their industry. By implementing the latest technology trends in business, organizations can improve their productivity and efficiency, reduce costs, and offer better customer service. Companies need to stay aware of the latest tech features that consumers may expect to see in their offerings.
Below are a few technology trends that are shaping the business landscape.
Businesses all over the world are changing their traditional business models and adopting digitization and artificial intelligence (AI) in their day-to-day operations. Digitization helps enhance market penetration, improve productivity, offer better customer experience, reduce operational costs, amongst others.
Artificial intelligence (AI) and Machine Learning (ML) models are among the top emerging trends in the business environment and are being implemented in various sectors, such as banking, healthcare, transport, and more. With the growing dependency on digital technology, Singapore offers the right opportunities for businesses to create customized products and services for their customers, thanks to its strong and reliable Information and Communication Technology (ICT) infrastructure and a growing pool of leading IT companies. With AI-based solution providers, companies can enhance user experience and simplify work processes in various sectors.
According to MarketsandMarkets forecasts, the global Artificial Intelligence (AI) market size is expected to grow from about US$58.3 billion in the year 2021 to about US$309.6 billion by the year 2026. The Compound Annual Growth Rate (CAGR) during this forecast period is expected to be around 39.7%.  Moreover, the growth of data-based AI and progression in deep learning, along with the need to achieve robotic autonomy, are some of the factors that are sure to fuel the adoption of AI solutions and services across the globe.
With 24/7 access to the Internet and smart devices, customers can shop for various products from the comfort of their homes. Various big industry giants and startups are moving online to reach out to consumers, both, locally and globally. From home appliances and electronic gadgets to apparel and luxury items, companies can use their e-commerce/online shopping sites to sell their goods to consumers. On the same lines, it is estimated that the e-commerce market revenue in Singapore is expected to grow to about US$10 billion by 2026, according to a report published by Facebook and Bain & Company. With the necessary IT infrastructure, staff, logistics and business processes, companies can target the niche market for a seamless e-commerce experience.
With the rise in digital transformation in businesses and industries, it becomes paramount to protect information and operational technology systems. Cyber threats and malware can pose serious risks to a company’s data. Cybersecurity, which can be defined as the practice of protecting systems, networks and programs from cyber/digital attacks, can help protect various sectors, such as banks, healthcare systems, military, transport, etc., from infiltration and cyber-attacks. Singapore has implemented various features and solutions to enhance its cybersecurity like the Singapore’s National Cybersecurity Strategy which helps to create secured cyberspace for businesses and communities.
Augmented Reality (AR) offers an interactive experience of the real-world environment, wherein the subject and objects of the real world are enhanced by computer-generated perceptual information, usually across multiple sensory modalities, such as visual, auditory, olfactory, haptic, etc. AR helps businesses enhance customer experience, opening a plethora of opportunities. Similarly, Virtual Reality (VR) is a simulated experience wherein an artificial environment is created using software. When presented to the user, the environment that is created using computers or 360-degree videos makes the user perceive it as a real environment.
According to Statista, a global provider of market and consumer data, the global VR market size is estimated to increase from less than US$5 billion in 2021 to more than US$12 billion by 2024.  The top sectors where these technologies are being implemented are banking, securities and investment services, and central/federal governments (as per International Data Corporation). AR and VR can revolutionize the way people work and play, making them the next big thing in digital technology.
As AI, blockchain, cloud and cryptocurrency are gaining popularity worldwide, various technology and business giants are showing a tendency to move towards FinTech. FinTech, a portmanteau of the words finance and technology, has the capacity to transform multiple businesses in varying segments, such as banking, retail, logistics, financial advisory services and more. FinTech enables people to access money and manage businesses with their smart devices. Even though the Covid-19 pandemic disrupted businesses and industries, it spurred the rise of FinTech. A joint study by the World Bank, the Cambridge Centre for Alternative Finance at the University of Cambridge’s Judge Business School and World Economic Forum showed various FinTech firms reporting strong growth for the first half of 2020 (during the pandemic) vs the same period in 2019 (pre-pandemic times).  This data was generated from 1,385 FinTech firms in 169 jurisdictions from mid-June to mid-August 2020.
The above-mentioned technologies and trends are changing the way companies work. The advancement in technologies, like AI, AR, VR, amongst others, helps drive major technological and business innovations, creating a plethora of opportunities for investors, professionals and organizations. Staying abreast with the latest business trends can help companies stay ahead of the competition.
Some of the current technological trends in business are:
- Digitization and Artificial Intelligence (AI)
- Enhanced focus on Cybersecurity
- Augmented Reality (AR) and Virtual Reality (VR)
- Continued reliance on E-commerce.
Staying updated with the latest and upcoming business trends helps businesses stay ahead of the curve. From keeping an eye out for the changing customer needs to streamlining businesses practices by implementing emerging trends and technology, businesses and companies can get a competitive edge over their competitors.
With the implementation of automation, such as digitization and AI, various businesses have experienced enhanced efficiency, improved productivity, reduced time spent on mundane tasks and other benefits. Automation has also ensured predictable results with minimal scope for errors.
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