The COVID-19 pandemic saw a rise in the digitization of every industry. To stay competitive, businesses, and in fact the governments of all the countries will have to adapt and provide with an infrastructure ready to support the latest technology required for a digitized world.
We have listed down major tech trends leading to the biggest digital transformation for the post-COVID-19 world.
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Blockchain Technology
Blockchain Technology is known for transparency in businesses by integration of disparate networks. COVID-19 has shed light on the poor data exchange and lack of connectivity in the global supply chains. The pandemic has led to a global healthcare crisis and that's where Blockchain Technology has come to rescue by building connective, transparent, and interoperable networks. It has enabled a seamless tracking and surveillance of public health data and donations. It can also help with optimization of securing medical supply chains.
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Internet of Things (IoT)
IoT basically refers to all the billions of physical devices connected to the Internet all over the world, constantly sharing and collecting data. Statistica.com reported that there are approximately 26 billion IoT devices in 2019 and this is going to shoot up to 75.44 billion in 2025. With IoT, we'll be able to predict as well as treat any health issues before the appearance of symptoms. This can be done with implementation of smart medication containers and IP for all the vital human body parts.
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AI (Artificial Intelligence)
AI has to its credit numerous technological innovations like face and speech recognition and intelligent data processing. The post-COVID-19 world will continue seeing the rage in online services, as most people will be working remotely. To adapt to this, AI will be greatly involved, particularly for the supply and retail chain industries. Using advanced data analytics and machine learning, AI will be able to offer an optimized experience to the customers. Through AI, companies will have a constant forecast of consumer behavior to help with effective logistics which otherwise is extremely difficult.
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VR/AR
Thanks to the pandemic and the isolation, more people have now started seeking technology by using VR headsets for playing video games, partaking in online entertainment, and exploring virtual travel destinations. Similarly, VR platforms are now used extensively by businesses for virtual training, conferences, and collaborations.
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Entertainment Digitization
The pandemic has proved to be a blessing for the online entertainment industry. Netflix saw more than 26 million new subscribers in early 2020. In 2019, the streaming giant spent $15 billion for content. The same boom has been seen in online gaming. Amazon's e-game live streaming platform, Twitch reached 4.3 million viewers, which is a record number. Nintendo reported record breaking sales of Switch in March. As things have gradually started opening up, the people who invested in online games in the lockdown continue playing them indoors.
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Cloud Computing
COVID-19 has brought along a WFH culture, e-learning practices, and everything virtual. This has led to a rise in demand of cloud services. Microsoft saw a 775% spike because of the pandemic. In the near future and probably for a long time, this technology is going to remain popular with all the industries.
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Cybersecurity
For the businesses which work entirely on data-driven technologies, data security is of prime importance. Cyber criminals have taken advantage of the global crisis for phishing. With almost everyone working remotely, cybersecurity has become more vital than ever as anyone's private data could be vulnerable to data theft.
In a nutshell, now more than ever, to survive, businesses will have to realize the importance of digital readiness and understand that all these changes are tightly interrelated. They will have to anticipate consumer demands and come up with innovative solutions.
