With Christmas and New Year just around the corner as the decade draws to a close, we thought we’d share our top 20 Tech Predictions for the coming year and beyond with you.
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Over the past decade many trends have come, made an impact, and been replaced! According to Moore’s Law, the processing speed of computers doubles every 18 months. Hence, the technological advancements of the entire first century cannot be compared to the advancements of the past 10 years.
Over the next 5 years, the digitizing economy is set to radically speed up. The pace of digital-powered innovation and operation will speed up by 10-fold or greater! This increased scale and speed of innovation and operation will be powered by hyperconnected operating models, leading us into our first prediction…
1. Cloud get connected
The digital-first economy we live in means that digital services must be able to run anywhere and anytime. Gartner predicts that by 2020, 90% of businesses will have adopted a hybrid infrastructure and that by 2022, 70% will deploy unified hybrid/multicloud management technologies, tools and processes.
In the digital-first economy, the ability for enterprises to compete will depend on its digital reach and the key part will be all about integrating the management of cloud silos.
Businesses should prepare by prioritising Software as a Service (SaaS) based management and governance offerings, and reintegrate all IT around a digital-first infrastructure.
2. Businesses will accelerate their innovation
In 2018, 27% of Information and Communication Technology spending went towards digital transformation and innovation. This spending is expected to reach over 50% by 2023. Businesses should accelerate its innovation, enterprises that don’t reach digital supremacy will essentially fail!
It’s recommended that businesses constructs its own multiyear, multi-horizon integrated process for digital transformation planning and have understanding of the critical success elements for execution.
3. The annual cost of cyber damage is projected to hit nearly £4 trillion by 2020
Big businesses might be the ones bracing the most for cyber-attacks, but smaller businesses are at a greater risk! 61% of data breaches are targeted towards companies with 1000 employees or less.
Cybersecurity is that old news which unfortunately, will never go out of trend. New types of cyber threats are discovered every day, IT security software, antivirus and cybersecurity defenses are the only things standing between our data and malicious hackers.
So long as the internet is about, threats are looming and thus the cybersecurity industry will always continue to thrive. The most common cyber threat is phishing, therefore everyone who connects to a network is at risk!
4. Edge & Fog Computing will grow
Seen as an alternative to the Cloud, Edge Computing is the practice of bringing data and computation closer to the location where it’s needed. This assists saving data bandwidth, increases the response time and is most beneficial for IoT devices. Instead of sending data all the way to clouds or data centres, it is processed closer. This helps analyse data in almost real-time.
Fog Computing is designed to bypass the issue with cloud computing not able to process huge amount of data in time. With fog computing, every function – storage, analysis, processing – are moved to the edge of the network. This is great for managing data flood in a networked environment.
However, let’s not disregard the Cloud which has a multitude of benefits including reliability, enhanced disaster recovery, cost reduction, and collaboration to only name a few! Cloud adoption is a must for businesses.
5. Workplace collaboration will increase
In 2020, Workplace collaboration will reach new heights! Platforms such as MS Teams or Slack will be common place in most organisations as they look to improve engagement with the next generation of professionals and for alternatives to inefficient email practices.
Leading firms will work out how to incorporate its processes into these tools through bots, automation and conversational AI. Work from home becomes the default for most knowledge workers. High speed internet and workplace collaboration tools make working from home a better option for most workers.
6. 5G has arrived
5G networks are the next big thing in mobile internet connectivity. After a long wait (almost a decade!) of development, it has finally become a reality in some areas. Far surpassing its predecessor 4G, it offers an unprecedented transmission speed.
And since we’re talking gigabytes per second transfer rate, 5G is actually faster than virtually any home broadband available.
What’s more it’s not just the tremendous upgrade in speed that 5G brings. It will also make leaps and bounds to the technology of smart devices, as what were once only done through computers can now be done through smart devices as well! Furthermore, IoT gadgets will be able to interconnect more smoothly. Also, things that require complex operation are now achievable. This includes drones, autonomous cars, and smart cities.
7. CIOs will automate 10% of their IT tasks and look to upskill everyoneCIOs will automate 10% of their IT tasks and look to upskill everyone
Forrester has forecasted 2020 being the year of people management for CIOs. Their transformation agendas will not only feature cost cutting and efficiency angles. It’s a year for CIOs to step forward as business leaders, showcasing their tech-drive innovation, ecosystem-building skills and people management.
Nevertheless, slowing growth in 2020 will still put pressure on CIO’s to control costs and improve efficiency. Instead they will look to their own organisations for those efficiency gains, automating 10% of their IT tasks that are highly standardised and repetitive. But don’t expect redundancies, CIOs will train their teams for more complex tasks as part of agile DevOps teams.
8. Advanced firms will double their data strategy budget
While interest in big data has waned over the last couple years, enterprise data strategy continues to be a top initiative for executives.
It’s critical in unlocking firms digital transformation — and necessary to take advantage of AI and machine learning. 2020 will be a wake-up year for many firms, as the total cost of getting data wrong will become apparent.
Unsurprisingly, getting data right is a multifaceted exercise — from technology investments to talent recruitment and management, governance, and process re-engineering. Enterprises looking to push more into the cloud and exploit edge computing are also staring at a new reality where the transactional cost of data processing and movement will outstrip storage. Advanced firms will understand the benefits of getting all.
9. Costs associated with deepfake scams will exceed £200 million in 2020
In what was possibly the first of its kind, social engineers were able to defraud £188,000 from a German energy company using natural language generation technologies earlier this year. Now that a precedent exists showing economic gains from AI-backed deepfake technology, more is expected to follow in 2020!
In 2020, ransomware incidents will grow as attackers learn that holding data hostage is a quick path to monetisation. Increasingly savvy, these attackers will target consumer devices (and consumers) to the detriment of device manufacturers — demanding ransom from the manufacturer after notifying its affected customers that it’s up to the manufacturer to “fix this issue.” But that’s not all; attackers will use AI and machine learning to enhance existing attacks using the tremendous amounts of data now available to them. AI technologies like natural language generation and video AI will be used to generate fake audio and video designed to fool users, and, as a result, deepfakes alone will cost businesses over £200 million pounds!
10. 85% of our engagement with businesses will be done without interacting with another human
In the 2019 Gartner CIO Survey, CIOs identified chatbots as the main AI-based application used in its enterprises. By 2020, 80% of businesses are expected to have some sort of chatbot automation, which will save companies around £6.2 billion! It’s one of the most popular SMB technological trends of today.
Therefore, it is inevitable that the chatbot industry will become the driving force of business communications. Typically, chatbots are used in customer service and they are more AI-driven and are becoming human-like. With technological advancement, bots will become more intelligent to understand the conversations and the intent of the queries, meaning no more frustration when their answers get repetitive or limiting! Smart speakers, which deliver voice experience, are also becoming the norm.
According to IBM, 50% of big companies will be spending more on chatbots than mobile applications, and it’s projected that the overall global market value of chatbot will reach a whopping £1 billion by 2024!
11. Digital transformation initiatives will continue to flood the market
Digital transformation initiatives are flooding the market, and are predicted to continue to do so. By 2023, more than half of all worldwide GDP will be driven by products and services from digitally transformed industries, indicating that the global economy will reach digital supremacy within a couple of years!
Business leaders’ expectations for revenue growth are unlikely to be realised from digital optimisation strategies, due to the cost of technology modernisation and the unanticipated costs of simplifying operational interdependencies.
12. By 2020 there will be 1 billion Augmented reality users
Not to be confused with Virtual Reality, as they do have many similarities but at their core, are different. Augmented Reality (AR) uses digital images to enhance real life view. Usually AR is through an app that works with camera lenses. You may have seen or used some of the most popular AR software, Snapchat and the game Pokémon Go.
AR’s numerous real-world applications are warmly welcomed by consumers. For example, IKEA has an app to let you see how their furniture would look like in your room. This way, without having to actually buy and assemble the furniture, you’d see if it fits perfectly with the room. Another example is some neurosurgeons use Augmented Reality to project a 3D image of a brain to aid them in surgery.
13. Each person will own an average of four IoT devices
This number will rise to 15 in 2030! As of 2019, there are around 26 billion Internet of Things (IoT) devices installed around the world. This number will grow to 75.44 billion by 2025, a fivefold increase in ten years. The IoT, enabled by the already ubiquitous Internet technology, is the next major step in delivering the Internet’s promise of making the world a connected place. IoT growth continues as devices become cheaper and business cases become more apparent and easier to explain to non-technical audiences.
14. Global IP traffic will increase nearly threefold
In 2017, Cisco projected that Global IP traffic would increase threefold within 5 years, overall growing at a Compound Annual Growth Rate (CAGR) of 26 percent from 2017 to 2022. Meaning monthly IP traffic will reach 50 GB per capita by 2022, up from 16 GB per capita in 2017. The number of devices connected to IP networks will be more than three times the global population by 2022. There will be 3.6 networked devices per capita by 2022, up from 2.4 networked devices per capita in 2017.
15. The public sector and education will continue to be key targets of hackers and attackers
Organisations in both of these industries are operating under tight budgets, often with minimal security and IT staff and outdated technology, which leaves them vulnerable to a wide ranges of attacks, such as ransomware. The WannaCry Attack on the NHS last year caused more than 19,000 appointments to be cancelled, costing the NHS £20m between 12 May and 19 May and £72m in the subsequent clean up and upgrades to its IT systems.
16. SaaS vendors becoming platforms will increase
By 2023, the top 5 public cloud mega-platforms will consolidate at least 75% of IaaS and PaaS market share.
SaaS vendors becoming platforms will increase, and the top 10 pure-play SaaS vendors will generate an average of nearly 20% revenue from expanding their PaaS services.
Businesses should select SaaS providers that are successfully delivering platform services and apps, and place multicloud technologies high on their technical standards list.
17. IT in 2020 will be driven by the next level of sophistication of automation including artificial intelligence (AI) and machine learning (ML)
Autonomous things will continue to disrupt and create opportunities. Forrester predicts that 25% of the Fortune 500 will add AI building blocks (e.g. text analytics and machine learning) to its Robotic Process Automation (RPA) efforts to create hundreds of new intelligent process automation (IPA) use cases.
Building on the proven success of these IPA use cases, IDC predicts that by 2022, 75% of enterprises will embed intelligent automation into technology and process development, using AI-based software to discover operational and experiential insights to guide innovation.
18. More companies than ever will entrust its IT security to a managed services provider
IBM expect the IT managed services market to grow from £140 billion in 2018 to £220 billion by 2023. Companies are relying more on these services because of increasing dependence on IT assets to boost business productivity. With the growing acceptance of on-demand consumer services as the norm, businesses now want a similar service model for online storage, security and other IT functions.
IT managed services are also increasingly beneficial to organisations because it enhances strategic planning, provides expert advice, increases agility and allows companies to focus on core business goals.
19. More than half of all worldwide GDP will be driven by products and services from digitally transformed industries
IDC predict that by 2024, over 50% of all IT spending will go toward digital transformation and innovation, up from 31% in 2018 and growing at a compound annual rate of 17%. As spending on innovation continues to rise, enterprises will also look for greater efficiency in traditional ICT budgets by shifting to less labor- and capital-intensive operating models – most notably the cloud.
20. Increase in targeted Cyber Attacks
Research by SonicWall has indicated an escalation in the volume of cyber attacks, while also identifying new, targeted cyber-attacks and threat tactics used by cybercriminals. They identified 74,290 never-seen-before attacks this year. These variants were so new, unique and complex that they were without a signature at the time of discovery and included detection of multiple side-channel attacks. As cloud complexity surges, hackers are relying on more targeted attacks, scoping out weak points across a larger attack surface.
Statista Research Department, Internet of Things (IoT) connected devices installed base worldwide from 2015 to 2025 (in billions)
Cisco Visual Networking Index, Forecast and Trends, 2017–2022 White Paper
SonicWall, 2019 Cyber Threat Report
CIO from IDG, 8 CIOs reveal top line predictions for 2020
Gartner, 2019 Market Guide for Virtual Customer Assistants
IBM, IT managed Services