The world is changing faster than ever, and the coronavirus pandemic has accelerated innovation and transformation. In this article, we look at the biggest trends for 2021.
1. Edge AI
Worldwide Covid-19 lockdown accelerated the next wave of artificial intelligence, also known as “Edge AI”. Combining AI and edge computing, “Edge AI” enables increased connectivity and efficiency while decreasing costs, allowing critical and time-sensitive decisions to be made more accurately and quickly. Particularly in the manufacturing industry, imbuing edge AI on industrial motors and pumps can improve monitoring and develop predictive maintenance capabilities.
2. 5G Revolution
A HIS Markit 2020 5G Economic Study expects the 5G value chain to drive an economic output of $3.8 trillion and generate 22.3 million 5G-related jobs by 2035. Opening a new realm of technological possibilities and driving the acceleration of the Industrial Internet of Things, 5G brings about new and more powerful digital capabilities notably in the manufacturing industry with quick data sharing by reducing latency, erase processing delays and ensuring real-time reactions.
3. Tailored Car Insurance
The forecast of 3.8 billion smartphone users by 2021 advances the market for usage-based insurance to allow insurers to leverage embedded sensors and tracking technologies in smartphones to collect real-time data and understand customers’ driving habits. This opens opportunities for insurers to offer more competitive and innovative behaviour-based insurance programs while encouraging safe driving.
4. AI for All
According to The Economist Intelligence Unit, an 86% increase in AI investments in the financial sector is expected by 2025. To reap the full potential of AI and make financial organizations smarter, user-friendly AI platforms are critical.
Following the Covid-19 crisis, Interpol has reported that an unprecedented opportunity is created for cybercriminals to increase their attacks. Despite the findings, a 2020 Bain study found only 24% of companies are prepared. Insufficiently protected companies open doors to hackers, enabling them to control user authentication rights and access confidential internal information.
Built on light-weight, flexible and open architecture, our integrated identity and governance products such as the Audit and Compliance Manager, and Priveldge Identity Manager can protect your organisation against unauthorised accesses and company applications, systems or networks. Safeguard your organisation and talk to us today.
6. Workforce technologies
According to a Kronos survey, 88% of global retailers rather overschedule or add additional labour than risk being understaffed due to the high importance placed on face-to-face interactions, leading to high labour costs and lower profits. However, with workforce management technologies in place, retailers can enhance workforce agility through quick response to activity peaks and employee absenteeism, hence improving operational performance and profitability.
7. Health Data
Expected to reach almost $70 billion in 2025, healthcare’s big data market opens an unprecedented opportunity to leverage and deploy groundbreaking digital capabilities like AI to improve treatment and patient care.
8. Next-gen HR
By 2025, millennials will account for 75% of the global workforce. Working with a digital-native pool of talents also means organisations need to modernize recruitment to enable quick identification of suitable promising candidates.
9. Fostering a Circular economy
A Gartner study expects circular economies to replace linear economies by 2029, moving away from selling products to sharing and leasing products as consumer and shareholder preferences shift towards sustainability.
10. Zero Waste
With more than 30% of the world’s food lost or wasted every year, one of the critical digital trends is to utilize technology to reduce food waste, increase food security and alleviate starvation.
Wondering if your organisation is adequately protected? Our solutions such as Board Services and Identity Governance can help safeguard your organisation against rising cyber threats. Talk to us to find out more.