Five technologies for the next decade

Posted on Friday, January 10, 2020 by Nicole Fracasso

The last decade introduced the world to new technologies such as artificial intelligence and blockchain. In a recent article from CPA Trendlines, Rick Richardson, CPA, CITP, CGMA outlines the five top technologies impacting the next decade and beyond.

First on the list is artificial intelligence (AI), applications that allow machines to work like humans. According to Richardson, AI is currently impacting numerous industries all around the world consisting of banking, retail, health care, agriculture, manufacturing and defense. In fact, 80% of technologies are expected to implement AI technology by 2021, says Richardson.

Richardson says that AI is used in spheres such as “knowledge reasoning, machine learning, robotics, natural language processing and planning.”

Next, Richardson discusses the technology known as blockchain, “a cohesive use of technology that enables countries to attain better economic growth with streamlined day-to-day systems.” According to Richardson, blockchain is used in spheres such as encrypted messaging, decentralized internet, cloud storage, networking sites, stock exchange and real estate.

Third, Richardson discusses the concepts of augmented reality (AR) and virtual reality (VR). These technologies are most commonly used in design and modeling, business logistics, field service, entertainment properties, retail and medical training. Due to an increase in consumer desires and business demands, AR and VR have significantly grown over the last few years, says Richardson.

“Almost every major sector, including health care, retail, pharma, gaming, entertainment, automobiles, and construction, is utilizing the technology to interrelate between the actual world and 3D virtual objects in real-time,” writes Richardson.

Fourth on the list is what’s known as big data, a technology companies use to “identify and calculate consumption models or enhance operational effectiveness.” This technology also helps businesses remain competitive and improves customer relationships by helping to boost marketing strategies, says Richardson. In addition, big data can help fight cyberthreats.

Big data is most commonly used in location tracking, precision medicine, fraud detection, advertising as well as entertainment and media.

Lastly, Richardson discusses what’s called internet of things (IoT). This is when devices distribute data from the cloud, which helps companies gain more precise insights, says Richardson. It is most commonly used in connected devices such as smart phones, smart homes, wearables and smart cities.

“According to media reports, by 2025, the total installed base of IoT-connected devices is expected to be around 75.44 billion globally,” writes Richardson.

Overall, technology is continuing to impact our lives both professionally and personally. As these technologies grow, it’s important to understand how they might affect you. For more on what Richardson has to say, check out the full article here.

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