As the economy opens up, and the world gets better prepared to battle Covid-19, 2022 promises to be the Year of Innovation. The pandemic has facilitated the rapid scale-up of a “creator” economy. Some major trends that are going to change the way we work and live, are hyper-connectivity, seamless networking, intensive manufacturing, R&D, sustainability, 8K visualization and incredible performances aimed at hyper-personalization. Some broad tech trends are:
Semiconductor demand set to zoom
The pandemic has provided a huge impetus to a rapid pace of digitization. Process automization and virtuality have become a reality. Computer chips now touch every part of our lives, from electronic vehicles to smart devices and retail shopping. Additionally, the reigning blockbuster technologies, 5G, AI, and the Internet of Things (IoT), have pushed the demand for semiconductors. World Semiconductor Trade Statistics (WSTS) has predicted that the global semiconductor market is projected to grow by 8.8% in 2022, to US$ 601 billion, driven by double-digit growth of the sensors and logic category.
Dazzling possibilities with 5G
Upgrading networks to the next era of connectivity is crucial now. From remote surgery to traffic surveillance and smart city management, 5G-use cases are generating huge excitement. 5G-enabled networks guarantee superfast speed, response time and reliability. While the earlier 3G and 4G technologies enabled us to browse the internet, 5G will enable services that rely on advanced technologies. Just about every telecom company in the world is now working towards creating 5G applications. 5G networks will cover 40% of the world by 2024, handling 25% of all mobile traffic data, making it a mega tech trend to watch out for.
As cloud computing gets more ubiquitously adopted, the trend to watch out for is edge computing. Edge computing is a way to bypass the latency caused by cloud computing and get data to a data center for processing. It exists “on the edge”, or closer to where computing needs to happen. Thus, edge computing effectively processes time-sensitive data. Edge computing will increase as the use of Internet of Things (IoT) devices increases. By 2022, the global edge computing market is expected to reach $6.72 billion.
Quantum computing deals with quantum phenomena. This amazing technology is involved in preventing the spread of the coronavirus and in developing potential vaccines. Quantum simulations could be able to replace laboratory experiments, reduce the cost of research and even minimize the need for human and animal testing. In banking and finance, quantum computing could be used for deeper analytics and fraud detection. The global quantum computing market is projected to surpass $2.5 billion by 2029.
Metaverse is the new buzzword that is replicating the physical in the digital. It’s a collection of shared online worlds in which physical, augmented, and virtual reality converge. You can socialize, visit places, work, buy goods and services, and attend events. While many virtual worlds exist online, users currently can’t move between them. Metaverse turns disparate online worlds into a single, seamless entity. In October 2021, early adopter Facebook renamed itself to Meta to reflect its new metaverse focus. Huge potential exists for its use in training, entertainment, education, and marketing.
Blockchain technology is emerging as one of the key innovations that will define the future of digital transactions. Blockchain is virtually impervious to malicious attacks. It’s being seen as an efficient, fraud-resistant and transparent way of delivering services in the social sector. Since the records are kept in blocks, hackers can’t alter them. In addition, blockchains are consensus-driven, so no one entity takes control of the data. The purpose of a blockchain is to facilitate trusted electronic transactions efficiently, and its use is set to grow.
Internet of Things
The Internet of Things (IoT) is the future, and we’re already using and benefitting from IoT. The way we lock our doors remotely, preheat our food while on our way home from work, and track our fitness on our devices, it’s all due to IoT. The IoT enables safety, efficiency, better decision-making, can speed up medical care, and improve customer service.
While so far brands may be using their commitment to sustainability to stand out, it will become central to the products, the bare minimum consumers will expect from a brand. Intelligent systems must embrace pervasive intelligence and power-saving features. To cap global warming at 1.5 degrees and to decarbonize the world, many organizations will likely have to embed new, energy-saving technologies in their operations. This technology trend creates huge opportunities for start-ups, and entrepreneurs.
Greater use of AI
The ability of artificial intelligence (AI) to accomplish tasks with precision, speed, accuracy and at a massive scale makes it an attractive tool. Experts around the world are talking about AI-led economies. AI’s raw material is data, which is being constantly collected by sensors and devices all around us—our phones, smart speakers, CCTV cameras, Aadhaar cards, what we search online, and so on. AI systems can be deployed to take over a variety of tasks, enable connectivity and enhance productivity.
-- Anku Jain, MD, MediaTek India.