5 Innovative Tech Tools Emerging in 2020

New technologies become mainstream at faster rates each year and these tech tools emerging in 2020 will be no exception. AI-as-a-Service and Edge Computing are just a few examples of new tools that provide companies with innovative ways of completing tasks.

Technology is developing at such a rapid pace that it can be hard for businesses to keep up with which of the latest tools are best to invest in. This article points out some of the new technologies 2020 will bring.

The selected technologies can aid companies in preparing and seizing new opportunities within their industry. Or provide an update on where current technology is headed. Either way, the technologies on this list are going to have a big year in 2020.

AI-as-a-Service

Currently, artificial intelligence (AI) is used to manage customer experiences and coordinate administrative business operations. For instance, customer service centers use AI-powered chatbots, while some organizations use it to schedule meetings or events with team members.

Many companies do not have an existing structure in place to develop their own AI tools, hence the need for larger organizations offering AI capabilities through “as-a-service” platforms (e.g., software-as-a-service, infrastructure-as-a-service, etc.). The custom engineering of AI-as-a-service is expensive and requires a large team. However, since there are numerous niches within an industry, there might not always be a solution that meets each specific customer’s demands.

In 2020, there will be more customization of AI-as-a-service offerings as well as an increase in companies offering this software. This tailoring of AI to individual companies’ needs will leave no one with an excuse for excluding AI from daily practices. In fact, one study found that 63% of businesses say they will consider AI in the near future due to pressures related to reducing costs.

5G Data Networks

In 2019, 5G became available, but due to high costs and limits on usable areas, it remained inaccessible to many individuals. However, this year, companies are offering economical data plans and improved coverage areas for this network, which will lead to increased use of 5G.

The increased bandwidth of 5G will provide businesses with super fast and stable internet access anywhere. This change will enable individuals, machines, robots and other internet-connected devices to collect and transfer more data than ever. Businesses will have to consider the impacts of having this increase in data availability, and consistent Internet access.

Blockchain Technology

Blockchain has also been around for a while but has remained exclusive to certain industries. Blockchain is a digital recorder that tracks transactions and records them in a secure, encrypted space. Since larger companies like FedEx and Walmart began adapting the technology over the last year and recorded successful results, other businesses are jumping on the bandwagon.

Facebook will be launching Libra, it’s own blockchain-based cryptocurrency in 2020. The social media site wants to allow users to send and exchange money without an added fee. Libra will be different from current cryptocurrency because it’s entirely digital. There won’t be a form of coin or dollar in this setup. The success or failure of this type of blockchain will likely be an indicator of where the technology is headed.

Edge Computing

As more data becomes available, moving that data across the network at a rapid pace will be necessary. Enter—edge computing, which transmits only vital information over a network.

Edge computing allows important, real-time data to move more efficiently from the collection point to individuals who need it. Since the growth of devices connected to the Internet of Things (IoT), companies have become inundated with data. However, edge computing acts as a middleman to analyze information before it is sent to a data center or cloud.

The leading benefit of edge computing is its ability to provide more efficient real-time data storage. Paired with the right cloud tool, like an ERP cloud, edge computing can assist companies with pulling accurate reports at a faster rate. With the increased availability of 5G, edge computing is likely going to experience a boom in 2020, according to Forrester. The growth in edge computing will aid organizations in data management.

Computer Vision

With developments over the last decade, computers now have systems in place that are able to identify people, places, objects, and items from visual images collected by a camera or sensor. A daily example of this technology is Apple’s FaceID, which allows people to unlock their devices with a facial scan.

During 2020, computer vision will be added to tools and technology for a variety of uses. Production lines will use it to identify defective products or machine breakdowns. Security cameras will recognize and alert people to issues or peoples within their view.

However, it will also be a part of the larger conversation about use cases. Privacy rights and state control are two of the largest concerns regarding this technology. Companies will have to tread carefully with adapting computer vision into their practices.

New technology continues to emerge at faster rates each year, and 2020 looks to be no different. With updates to current tools and the expanding capabilities of new technologies, this year will open up advanced methods of executing daily practices within companies. Armed with these technologies, organizations will have numerous innovative ways of completing tasks.

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