Technology has made our lives way simpler than we could have possibly imagined and 2019 has been quite a favorable year with its many tech innovations. From Amazon Prime’s one-day delivery system to the rise of personal assistants and AI; technology has become an integral part of our lives. Take the case of Amazon Prime, for instance. The one-day delivery gamble has attained a whopping amount of $1.8B in the US retail segment and the number is expected to rise to $40B by the year 2022.
Similarly, the advent of chatbots has helped us resolve our queries and problems easily. People resort to virtual assistants rather than calling or submitting forms, which would have been quite time-consuming.
As we near the end of 2019, it is time for us to analyze the tech innovations that would take the world by storm in the year 2020. Here is a list of top 7 tech trends that are predicted to change our lifestyle in 2020.
1. Mobile commerce
Did you know that almost 49% of consumers rely on mobile phones for shopping? Most consumers in the US use their mobile phones to compare prices of different products while at brick and mortar stores. Almost 61 million people in the United States have been reported to be using mobile payments. Considering all these statistics, it is safe to say that mobile commerce will successfully edge into our lives by the year 2020.
Today, most of us use apps and mobile-friendly websites for shopping on the go. When it comes to mobile payments, the best thing about it is that you can pay for products without dishing out cash from your money. You can pay for the products or services through Apply Pay and Google Pay. China has already introduced WeChat and Alipay for online transactions. Even panhandlers tend to opt for this system of transactions since it has financial management simpler for many.
Recommended for you: Top 9 FinTech Trends Creating Ripples in the Financial Space.
2. AI as a service
Alexa and Siri are nothing but the amazing products of AI technology. It is needless to say that these tech innovations have made things easier for millions of people already before 2020. Companies have already started to streamline their business operations through the use of AI to improve customer experience. Although AI-based systems require a great deal of money, 2020 will find most brands equipped with AI applications in the form of service platforms.
We can find such AI-as-a-service or AIaaS systems on the platforms of Amazon, Microsoft, and Google. The AI makes it possible for us to look for specific categories among the multiple products on Amazon. We can even type the name of the desired product and get access to all the similar products within a matter of seconds. By 2020, we can expect different organizations to adopt this AIaaS system and provide tailored applications to consumers.
Automation has made it possible for organizations to get over with time-consuming and mundane tasks. Organizations have been able to maximize their productivity and increase production rates due to automation. Although human effort may lead to high-end quality workmanship, automated systems tend to perform the same activity with less variability. These results are in the consistency of product quality. The automated systems also help the organizations make the most of raw materials, thereby giving rise to comparatively less scrap in 2019.
We can, therefore, expect the automation movement to take over most of the industries, including banking and pharmacies. It will decrease human effort considerably, along with other production costs. Thus, automation will also maximize the profit potential for most of the companies. The combination of AI and automation has already started to create business opportunities in multiple fields. By 2020, automation will create enough jobs with high wages for workers from all over the world. In that case, the workers would have to acquire new skills to match pace with the advanced machines.
4. 5G network
5G network will make our lives easier and faster. From the possibility of enhancing self-driving cars to running smart cities, 5G is most certainly the Next Big Thing in the generation of tech innovations in 2020. 5G is definitely a boon for those people who are always looking for more speed, more features, and more storage space. 5G has already been introduced to the seven additional cities by AT&T. It is expected to provide a speed of up to 5 gigabytes per second (that is, 250 times more than the normal transmission speed) and is sure to dominate the entire world by the year 2020.
By 2020, 5G is all set to change the way we live, work, communicate and travel. We will be able to ride self-driving cars and transfer videos or movies in just a short time span. From uploading assignments with the help of 5G to the Drive or carrying out video conferencing, this brainchild will make it way faster and smoother for you. VR and AR will also enjoy maximum exposure due to the advent of 5G. From wearables to smart home devices, several products will improve in terms of functionality due to the impact of 5G.
5. Autonomous driving
Elon Musk, the chief of Tesla, an automobile company, recently said that he expects his company to come up with a successful autonomous vehicle by this year. Tesla also aims at designing vehicles that are capable of operating with a lesser degree of autonomy. Thus, autonomous cars would consist of features such as automated braking and lane changing. The autonomous driving technology also claims to improve the security and entertainment functions of the car. We can expect the automated cars to be more dependent on analytics and data capture.
Simply put, these autonomous cars will redefine the automobile industry to a huge extent. Apart from cars, other vehicles such as trucks and ships would become autonomous too. Waymo just completed trying out autonomous vehicles in California which transported more than 10,000 people. So, we can expect more breakthroughs in the automobile industry in the coming years and let’s just hope that 2020 could be witness to most of these amazing technologies.
6. Prescriptive analytics
These days, businesses are susceptible to a flood of data due to the organizational supply chain. Thus, the companies tend to turn to analytic solutions to identify the purpose of the huge piles of data and improve their decision-making techniques. The world has already been exposed to descriptive analytics, which uses data mining and data aggregation to summarise raw data. These analytics helped people learn from their past behaviors and determine how they could impact future outcomes. Prescriptive analytics lets us use simulation, algorithms, and optimization to determine the possible outcomes.
Descriptive analytics is the answer to the question “What has happened?” Whereas, prescriptive analytics is the answer to the question “What should we do?” Predictive analytics estimates the chances of a future outcome and companies can use this strategy to forecast what can happen in the future. The concept of predictive analytics is strictly based on probabilities. These analytics can help you identify specific patterns in the data and implement statistical models and algorithms to determine the relationships between different sets of data.
7. Predictive and personalized medicine
Technology has influenced the healthcare industry at an unprecedented rate. As I have mentioned before, 5G will help us fetch data from wearable devices like smartwatches. This feature will help us predict and treat our health issues with utmost precision. The technology will be designed in such a way that the wearable products can keep track of the person’s basic health status. You will be notified about your health risks even if your body hasn’t shown any relevant symptoms. Doctors will also be able to prescribe medicine through a data-driven understanding of how the medicine would work on a specific patient.
You can expect to get a glimpse of more personalized approaches when it comes to treatment. This can also be termed as precision medicine which lets doctors apply the right treatment through relevant data analytics. Owing to the modern advancements in technology in the field of AI and genomics, doctors will have a deeper understanding of how our bodies work. We will also be able to understand if our bodies are equipped enough to fight off specific diseases. The bottom line is that 2020 is the time for predictive healthcare and effective personalized treatments.
You may also like: 5 Industries That Are Significantly Changed by Robotics.
All in all, we can expect innumerable changes & innovations in the tech sector by 2020. We have already been exposed to some innovations right in 2019 and the streak will continue. The tech innovations will certainly change the way we lead our lives in 2020. The products of technology will be a boon for major tech companies and budding entrepreneurs.
Here’s to the hope of a better and smoother life. Cheers!
This article is written by Olaila Lee. Olaila is a marketing expert who is working for an MNC for the past 6 years. She has been associated with MyAssignmentHelp as an academic expert for a couple of years and provides assignment help services Apart from writing engaging blogs on marketing, tech and education trends, she likes hiking and surfing when not wooing her international clients with amazing marketing advice.
Disclosure: Some of our articles may contain affiliate links; this means each time you make a purchase, we get a small commission. However, the input we produce is reliable; we always handpick and review all information before publishing it on our website. We can ensure you will always get genuine as well as valuable knowledge and resources.