These ten technology trends 2021 will change our future, according to Bain & Company
Author: House of Eden
According to the Bain and Company There are ten top technology trends for 2021 to keep an eye on. All of them are related to a rapidly advancing digital evolution, and many of them are part of it green technologies. These include megatrends such as Circular Economy and zero waste Tech.
In addition, improved and individual customer service is the focus of new technology trends. This is of utmost importance for those who are affected by the Corona crisis, especially in the Retail sector. Megatrends like Edge AI in combination with advanced Workforce technologies enable companies to reach a new level in terms of customer satisfaction.
Factories will experience am efficiency boost with 5G network, becoming more and more accessible as well as simplified applications of AI, enabling wider staff groups to run algorithm and understand outputs. simplified AI applications All of this will not work without waterproof Cyber Security and data security systems.
Source Freepik, Copyright by Stories
At the same time millennials are starting to shape modernisation in different industries, starting with Next gen HR, which targets to recruit potential employees with more innovative HR systems. Last but least, the Digitization of the health sector is moving forward by collecting more big data, enabling companies to offer tailored health solutions as well as insurance.
Top 10 technology trends 2021
- Edge AI
- Workforce technology
- Circular Economy
- Zero waste tech
- Factories with 5G
- AI for all
- Cyber Security
- Next gen HR
- Health data
- Tailored Insurance
According to Bain & Company Edge AI is the next wave of artificial intelligence. detaching the requirement of cloud systems. Edge AI is processing information closer to the users and devices that require it, rather than sending that data for processing in central locations in the cloud.
Benefits: Preserving bandwidth, increasing efficiency and speed, data security
Source Freepik, Copyright by Vectorjuice
2. Workforce Technologies
As retail companies often find themselves struggling with temporary in-store staffing shortages, resulting in a drop of customer service performance and over-scheduling labour, managers in future will use staffing optimisation platforms and systems enabling them to quickly respond to activity peaks and employee absenteeism.
Benefits: Cost saving through optimised staffing, improved customer service, workforce agility
3. Circular economy
According to Gartner shall circular economies are expected to replace linear economies in the next 10 years. The move from transactional relationships based on selling products to a model of production and consumption that involves sharing, leasing, reusing and recycling existing materials and products is gaining momentum as consumer and shareholder preferences shift toward sustainability.
Benefits: Decrease climate change, less naturell resources consumption, resilient business models
4. Zero Waste Tech
Zero Food Waste Tech in particular are among the technology trends for 2021. The focus here is on the waste caused by the food industry. According to the UN's Food and Agriculture Organization more than 30% of the world's food is lost or wasted every year. According to Bain & Company, using technology to reduce waste could put a significant dent in the food discarded by retailers and businesses.
Benefits: Reduce food waste increase food security, alleviate poverty
5. Factories with 5G
The switch from 4G to 5G networks should not be missed for the technology trends in 2021. According to IHS market research, 5G technology is expected to reach a global economic output of $ 13 trillion and generate around 2035 million jobs by 22. 100 times faster than 4G, the new global wireless technology is expected to significantly accelerate the shift toward Industry 4.0 and the industrial Internet of Things.
Benefits: Extreme fast data sharing, real-time reaction, reliable connectivity
Source Freepik, Copyright by Katemangostar
6. AI for all
Bank and insurance companies expect an 2025% increase in AI investments by 86. ccording to Bain user-friendly AI platforms that allow business employees to quickly build models, easily understand and trust their output, and confidently make decisions will be critical in the deployment of AI at a larger scale.
Benefits: Intelligent data analysis, automation, reduction of human error, faster decision taking
7. Cyber security
According to Interpol, the coronavirus crisis has as created an unprecedented opportunity for cybercriminals to increase their attacks. Yet most companies overestimate their cybersecurity performance, with only 24% actually meeting the bar, according to a XNUMX Bain study. Identifying common IT security weaknesses and developing cybersecurity maturity is central to building truly resilient digital organizations.
Benefits: Data security, protection against cyber attacks and thus a resilient digital organization
8. Next-gen HR
By 2025, millennials will account for three-quarters of the global workforce. As organizations increasingly work with a digital-native pool of candidates, they must modernize recruitment and apply innovative recruitments processes. Away from the traditional CV, towards smart and inclusive approaches - such as gamification or cognitive intelligence.
Benefits: HR teams’ performance, faster identification of talents, meeting the expectations of a new generation
9. Big data in the health sector
Healthcare’s big data market is expected to reach nearly $ 2025 billion by 70, almost six times its value in 2016. The rapid acceleration of health data collection gives the industry an unprecedented opportunity to leverage and deploy groundbreaking digital capabilities, such as AI.
Benefits: Improve treatments and patient care
10. Tailored Insurance
The market for usage-based insurance (UBI) is projected to reach $ 2027 billion by 126. With 3,8 billion expected smartphone users in 2021, mobile telematics takes UBI a step further, allowing insurers to use sensors and tracking technologies embedded in smartphones to collect real-time data and better understand their customers’ driving habits.
Benefits: More competitive insurance offers, innovative behavior-based insurance programs, increase driver safety