The world of business continues changing rapidly in the backdrop of revolutionary technologies. Technology has made globalization a reality and businesses have to adapt fast to stay competitive. Consumers who want to shop from across the globe can do so with a few clicks. And it’s now only about shopping. Entertainment is now easy to access in one place. You can now reach Macau, Vegas or Monaco with a few clicks and savor the best of the entertainment world and it’s all due to cutting-edge technology.
Business spending in tech has hit $3,360 billion in 2019. But the revolution has just started, according to Adobe CEO Shantanu Narayen. Businesses should expect the next decade to be even more disruptive. If you are a business owner, you have to stay on the lookout for new technologies in your industry. It is the only way to stay at the top of your game. Here are some of the emerging technologies you should prep your business to embrace.
- Virtual Reality (VR)
Virtual Reality (VR) is just starting out according to experts. While it is a big trend in the entertainment industry, adoption in other industries has started picking up. Estimates for the global virtual reality market by 2020 are $21.5 billion. It is one of the fastest-growing realms in technology.
VR is a great tool for providing customers with an immersive shopping experience. It is a great technology for improving consumers’ interactions with products before purchase. Experts say the world of business has not even scratched the surface when it comes to applications of VR.
2. Robotic Process Automation (RPA)
A few decades ago, the use of robots in the business world would have sounded unrealistic. Today, Robotic process automation (RPA) is a popular trend as early adopters streamline processes at their busy facilities.
RPA spending continues rising, and practical hardware is already in use. RPA boosts productivity by removing repetitive tasks from workers’ daily routines. Cloud and cloud-ready solutions
3. Cloud Technology
Cloud technology continues boosting business efficiency across industries. Gaming enterprises now leverage the cloud to provide seamless gaming experiences and to leverage the latest technologies.
New casinos don’t have to spend a lot of moneyon-premises infrastructure management. Cloud and cloud-ready solutions help these online establishments deal with volume fluctuations. Players can now enjoy a better experience without visiting land-based establishments. Whether you want to play at your favorite casino in Vegas, Macau or Monaco, cloud technology makes this possible.
4. Artificial intelligence (AI)
Artificial intelligence is one of the most notable among innovative technologies impacting business today. Businesses can now handle problems that seem too daunting to handle. AI and machine learning have revolutionized marketing across industries.
It is now easier to implement targeted marketing through deep consumer insight. Personalized marketing helps businesses achieve their objectives and deliver a better customer experience.
5. 5G Cellular Technology
The fifth-generation cellular technology has stirred excitement in the world of technology for the last few years. With rollout finally happening in some parts of the world, it is finally time for businesses to harness the power of super-fast internet speeds.
Businesses across multiple industries can now leverage reliable internet speeds to provide better services for their customers. 5G technology will also improve automation, VR technology and boost the application of video. Developers have started creating new hardware and software to prepare for this new technology.
6. Facial Recognition
Facial recognition technology is already in the retail industries, security, hospitality, and other industries. Major IT companies from Samsung, Apple to Huawei have launched hardware leveraging facial recognition.
With Google and other search engines demanding the best user experience from websites, chatbots have come as a godsend. Consumers don’t have to call your business to place orders or lodge a complaint. With machine learning, there’s a lot of information available to make chatbots more efficient. They can perform a raft of tasks that improve user experience and save costs of operation.
Tapping into these technologies puts your business at an advantage in an increasingly competitive business environment. It is the only way to stay competitive in today’s cut-throat business environment.