The tech has been a driver of economic growth for decades. And it's not likely to let up anytime soon. The hi-tech industry is characterized by rapid innovation that often results in market disruption and competitive prowess among players. Hi-tech firms enjoy healthy profit margins compared with their counterparts in other sectors primarily because of their R&D efforts. These firms develop products using cutting-edge technology in collaboration with leading industry manufacturers and research and development firms. While we touch upon what comprises hi-tech, this blog mainly outlines Top Hi-Tech trends shaping the future.
We are entering a phase where high-performance computing will be used in every household, and the semiconductor industry, part of hi-tech, will play an increasingly crucial role in enabling this high-performance computing, as well as many other technological advances. Since the semiconductor industry is highly dependent on research and development, the strength of any industry is directly related to its ability to remain competitive. And this is precisely what we will watch closely in 2021 as chip technology becomes more powerful and complex - for both consumer and business applications.
According to an industry report, the third quarter 2020 semiconductor market made $114bn, up 11.0% from the 2nd quarter 2020, according to World Semiconductor Trade Statistics (WSTS). The 3Q20 growth was the highest since 11.6% in 3Q16.
Similarly, the rapid shift from local to online content, coupled with the proliferation of mobile devices and apps, has increased the need for new generation of delivery mechanism for content. We're seeing consumers re-evaluate the value and convenience of packaged goods as they look for products that deliver content via social channels directly to their doors.
Technological innovation is hard to predict, and often comes at a shock to our paradigm. We are witness to a move in how businesses and industries are launching products and services, combining old tools with new strategies to improve results. This shift has implications for both small business owners and larger players in the industry as they look to embrace the new realities of working from home.
There are a bunch of forces converging on the hi-tech industry in 2021. Rapid innovation and the emphasis on getting stuff done have created a virtuous cycle where new products drive innovation, which drives more applications and business, and so forth. And it looks like we're going to see even more disruptive innovations at this point next year. 2021 is going to be a important for hi-tech companies: they'll either figure out how to stay relevant as market shifts or be left behind as competitors forge ahead with new tactics.
From Artificial Intelligence to IoT, there's much to be excited about in tomorrow's tech. Realistically, though, it's hard to predict exactly what will come next—and whether current trends will continue or change. Without further ado…
Top Hi-Tech trends shaping the future
Cloud transformation: A fundamental re-thinking of how we approach data and business processes:
Cloud transformation is a term which is used to describe how organizations are transforming their IT infrastructure and application lifecycle in order to support the needs of their business customers. Cloud transformation requires a collaborative approach between different departments and business units within an organization to identify ways in which resources can be shared across boundaries more efficiently, and avenues for collaboration can be opened up to enable innovation at a faster pace. An operational approach to data and technology, cloud transformation enables organizations to transform their data and bring complex solutions to life in ways that would have taken months or years to build using traditional resources. It is about making information processing and sharing both frictionless and secure. Today's data supports the performance of complex business logic and enables new business opportunities, while also reducing costs and increasing sustainability, which becomes a top priority for all hi-tech businesses.
It can happen in many ways. Transformation starts with a shift in IT policy, or business strategy. There are unique challenges facing each organization as they transition to the cloud. Key modern practices such as open source, microservices, cloud data centers and big data apply. Hi-tech organizations must integrate new technologies into their systems to ensure continued value and reduced IT drift if they seek to stay competitive in the coming days.
Putting Customer First: The future is vision driven and customer centric:
Up until this point, companies have focused primarily on increasing revenue through growth in the bottom line. But customer experience is becoming increasingly relevant as companies seek to differentiate themselves through innovation, data, analytics, and real-time customer insight. It is not enough for businesses to out-innovate each other; they must also out-compete on customer experience.
CX processes such as onboarding a new customer, retention marketing, cross-selling, cross-channel marketing, and PPC advertising will all become more sophisticated with an emphasis on creating convenient, memorable experiences for customers.
The positioning of product and service offerings is changing rapidly, as well as the mindset of customers toward services and brands. We're already seeing this with loyalty programs that have a more interactive component along with better measurement tools. This shift is inevitable and impactful to the way hi-tech companies' market and deliver services.
There has been an explosion in customer experience marketing over the past 5 years. Increasingly companies are using data driven and user centered marketing approaches to achieve better CX results while also automated customer service. This trend will continue as hi-tech companies look towards AI for help with resistant to change efforts like onboarding new clients or ignoring technical underpinnings altogether.
AI for Software and Services: It is relatively unobtrusive, inexpensive, and scalable:
AI technology is not being deployed to solve every problem in every industry. Rather, it is being used to enhance existing solutions, provide new solutions when needed, and accelerate the adoption of technology in new domains. It is being used today by large companies to run ad campaigns that engage consumers on specific content across a broad range of search engines while simultaneously saving them time and money with the assistance of intelligent ad software.
A Gartner research indicates over 70% of companies intend to deploy AI and 14% have already implemented in their business processes in some form.
Many AI–based solutions already have a foothold in industry wide adoption. Even in retail, AI is being implemented to to help optimize shelf life and inventory management. Many believe that AI will be a force to be reckoned with in 2021 for the hi-tech industry, creating advances in product design, marketing, customer engagement and more.
Hi-tech businesses are investing heavily in AI to improve not just their own efficiency but also the efficiency of their suppliers' operation. AI-powered software provides a way for a business to do analytics without staff. The tech can be used to conduct security checks, automate customer service etc. Agencies are starting to experiment with the technology, with some seeing it as a way to cut costs or speed up service. And companies are thinking about how they can use AI to cut down on human error in customer service and increase security across their infrastructure.
Automation: Strengthening the workforce of the future, not replacing it:
Automated systems will be able to perform more tasks and replace human workers in routine tasks when and if needed. This doesn't necessarily mean that software and software-based technology will replace human creative thinkers and problem solvers but rather could potentially fall into the category of supporting creative output during times of limited human impulse-control.
Workplace automation plays a key role in creating a more efficient and effective organisational structure. It allows businesses to both delegate and respond more quickly to changing circumstances.
Hi-tech businesses will see huge value added to work both by automating routine and semi-routine tasks, helping clear space for human creativity and innovation, and speeding up business process operations. Technology is easily transferable from one place to another: the faster the technology, the quicker you can put it into place. Automation doesn't just mean programming computers to do work for you - although that's an important use of AI. It also means using software tools to create business value from textual information.
Digital Workplace: Bringing knowledge and collaboration in a more efficient way:
Digital workplace will enable new business models that cut costs, improve efficiency, and give employees more freedom.
The rise of shared workspaces, connected databases, professional interactives and new social media platforms have combined to create new possibilities for teams to collaborate and to plan in ways that were never possible before. Digital Workplace will continue to be one of the leading providers of virtual workspace solutions for organizations of all sizes looking to connect online or off.
Digital Workplace's mission is to fundamentally change the way organizations build and manage their digital assets. Hi-tech and in fact, all businesses alike, will experience a future where hybrid teams work alongside traditional teams and digital assets reside on-premises, while creating value for both consumers and businesses.
Modernizing the Hi-tech Supply Chain: Capitalizing on new efficiencies generated by the cloud
In recent years cloud SCM has become a big deal in the hi-tech supply chain - a trend that will continue. The basic idea is simple: instead of keeping track of where your stuff is physically located, manage it across multiple places using one centralized platform. It's about keeping track of transactional and delivery data from point A to point B without having to physically touch any physical items.
Yet many organizations are still struggling to realize the potential of cloud-based SCM—despite its widespread adoption—whereas the benefits far outweigh the costs for most companies. The benefits of cloud-based SCM extend beyond cost savings to increased innovation, engagement, and productivity—while also potentially expanding your business globally.
IoT: Driving the technology forward as an enabler
IoT is becoming a driving force for the hi-tech industry as well as the global economy in general as more and more things are being connected and operated using technology. The Internet of Things (IoT) is increasingly powered by sensors, robots and other systems that perform functions such as security, transportation and energy management. This has resulted in both convenience and safety benefits as well as opportunities for new economic models. The IoT future will see many more interconnected devices and systems as well as ever more processing power for applications that require it.
IoT is being deployed at an accelerated pace across industries. Each new generation of connected devices relies on wireless networks as a backbone to reach its users. Every industry is looking for ways to manage and control the IoT data flowing through its systems. It is the hi-tech industry driving the growth of this technology, being providers and users.
Hi-Tech companies need digital transformation. It involves continuous experimentation to continuously improve business outcomes. Innovation is the key to propelling a hi-tech business forward. It translates into new products, services or business models. HI-TECH INDUSTRY is experiencing explosive growth. The best technology companies are winning new customers by delivering services that were previously only available to large corporations.
The coming revolution in hi-tech business will be predominantly digital. The transformation will create millions of new opportunities and create profound changes in the way we live, work and interact with each other. Entrenched industries will be disrupted by agile new entrants. Innovation will come from all corners of the world and be fueled by inexpensive computers, cloud, high bandwidth networks and software as a service.
The world of hi-tech innovation is in constant change. Change means disruption and every company, no matter how large or small, needs to be able to decide what shape its future will take.
The hi-Tech industry is leading businesses across the world into transformation and growth. However, as business models change, underlying IT applications need to adapt quickly to the new normal. They need a strategic roadmap and implementation services through, to fuel their growth and apply transformative technology. An agile technology partner who comes with in-depth technology knowledge, accelerators, reference architectures, and proven methodology developed to cater to specific hi-tech needs can offer enhanced positive impacts on the organization.
About the Author
Sanoobar Shaikh, Associate - Content Strategist Marketing
Sanoobar is a Content Strategist at Jade Global working and engaging with a diverse range of material and literature, and interacting with SME's from different industries and verticals. She comes with 13+ years of experience, in writing, and teaching, working in Academia, Advertising, Wellness, and IT. She has donned several roles in her career span, from a teacher, copy writer, communications specialists, script writer, to an editor, always in the pursuit of creating content that strikes a chord with the reader and brings value.
At Jade Global, she oversees content strategy, planning and creation for print, media, research, and marketing collateral, campaigns etc. She is also a research scholar and a published writer, en route to pursuing her PhD.