Every year, the innovation unlocked through technology seems to be getting faster and faster, but 2020 has accelerated it like never before due to the Covid-19 pandemic.
Unlike the dot-com boom, Covid-19 has forced businesses to adjust not by choice, but by market demand. If youre a local restaurant and youre not on Postmates, GrubHub, or UberEats, you need to rethink now; as an option for some employees and offices).
And if youre an organization with thousands or even tens of thousands of employees, and youve been thinking about investing more in your own in-house technology, its likely that Covid-19 will make that decision quicker for you.
A major disruption—whether it’s a pandemic, an unstable economy, or the shift of a major industry—always presents an opportunity for technology to move society forward. For example, this year alone, video conferencing has gone from a joke in work communication to our everyday standard.
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Gaming
According to Deloitte’s 2020 Digital Media Trends survey, “During the crisis, one in three consumers subscribed to a video game service for the first time, used a cloud gaming service or watched an esports or virtual sporting event.” Additionally, Over the past few years, Deloitte has found that “a quarter of consumers rank playing video games as one of their three favorite recreational activities.” For millennial and Gen Z consumers, playing video games is their Three favorite activities.
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wearable technology
Wearables have been on the rise for the past five years or so.
But the whole story changed in March, when people suddenly couldnt go to the gym anymore. Companies like Peloton defined our new normal, and at-home exercise became synonymous with smart fitness devices, wearables, and remote competitions and leaderboards, everyone accessing from the living room.
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Blockchain technology and cryptocurrencies
Although the hype around blockchain technology and cryptocurrencies in 2017 has died down in the mainstream media, the past few years have produced incredible productivity changes for these industries.
For example, the U.S. Securities and Exchange Commission (SEC) commissioner recently issued a statement saying that innovation is welcome and that publicly traded stocks are likely to become tokens in the future. That itself was a leap forward 3 years ago, when blockchain startups on the left and right were hit with lawsuits, and traditional investors like Warren Buffet called Bitcoin an “illusion.”
Furthermore, in a 2019 survey by State Street Corporation, “94% of the 101 large asset managers and owners who responded said they were managing digital assets or planned to Increase digital assets every year.”
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artificial intelligence creativity
Over the past few years, discussions around the future of artificial intelligence have expanded beyond the realm of machines being able to process information and programs to include the possibility of creative output. In 2018, the first AI-generated painting was sold for $432,500.
Im particularly interested in this space because, as co-founder and CEO of AI photo editing software company Skylum, we strongly believe that artificial intelligence has the potential to unleash more of societys creativity, but not replace it in any way. As these tools become more sophisticated, the barrier to entry will decrease. More people will be able to unlock their ideas faster. What may be considered fundamentally different today may become the new norm, even tomorrow.
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digital health
The healthcare industry has a reputation for being a slow-moving industry, but it has moved so fast over the past year, fueled by Covid-19, that innovation here is no longer an option but a necessity .
A World Health Organization report explains what the next five years of digital health innovation will look like, and what the industry’s strategy for harnessing these new technologies should be: “The vision of the global strategy is to improve health for all by accelerating development and adoption Appropriate, affordable, scalable and sustainable digital health solutions.” This includes smart connected devices, advanced computing, big data analytics, artificial intelligence, machine learning and robotics.
If theres one thing the Covid-19 pandemic has reminded society as a whole, its our ability to adapt quickly, innovate and create based on reality. As technology continues to be integrated into every aspect of our daily lives, our new normal will continue to evolve faster and faster.
The author is the CEO of Skylum and a member of the Forbes Council, source: Five Technology Trends To Watch For In 2021
