Indeed, Technology is growing rapidly day-by-day and is changing all the aspects of online business. Whether it be the advent of Cryptocurrency, Chatbots, Big Data, or any other tech trend, they are transforming the way these online businesses used to work. Meanwhile, these trending technologies are providing numerous advantages to the online business such as automation of the tasks, better efficiency, high storage capacity, enhanced security measures, and many more. Though, what online businesses are required is to stay updated and keep up with these trending technologies to get worthwhile results and success!!
Undoubtedly, every online business (whether it be any leading MNC or any startup venture) is required to adopt these technological advancements for being a leading player in the particular industry domain and to get an edge over their competitors. However, as numerous technologies are coming up regularly, it becomes quite difficult for individuals to know about all these tech trends. No worries, here in this article, we’ll let you know about several most-prominent tech trends that are truly worthwhile for Online Businesses.
Needless to say, ‘Artificial Intelligence’ can be considered as the new normal in the Online Business sector. As per the reports, the Artificial Intelligence market is all set to grow by $180 – $190 billion industry by the year 2025. Probably, it would be enough to analyze the demand & growth rate of the AI domain. In general, Artificial Intelligence is concerned with developing the systems or machines that are capable to perform tasks such as pattern recognition, decision-making, etc. which usually require human intelligence.
Artificial Intelligence can be put to use in online businesses by developing several AI-powered tools that can help to automate the daily tasks, provide worthwhile intelligent support, and many more. There are various applications of AI in online businesses such as Chatbots, Natural Language Processing, etc. Indeed, Artificial Intelligence has much potential to benefit online businesses in terms of better efficiency, cost reduction, better user experience, etc.
Blockchain is one of the top emerging technologies and is transforming the functioning of online businesses more efficiently and securely. In general, Blockchain is a distributed database that maintains the records of each & every transaction that have been executed across the network of thousands of computers around the world. Moreover, every transaction is verified by the majority of participants of the system. There are various renowned advantages of Blockchain technology such as better efficiency, reduced costs, enhanced security, and many more that help to build worthwhile processes & models for online businesses.
However, Blockchain technology is not only about Cryptocurrency such as Bitcoin, etc. but it is something more vast than that like it helps to enable distributed marketplaces, manage decentralized records with encryption, and various others. Furthermore, Blockchain builds trust & credibility across the network and is based on several prominent attributes such as Consensus, Immutability, Security, etc.
Here comes another most-popular and demanding tech trend – the Internet of Things (IoT). The Internet of Things (IoT) is concerned with the network of physical devices that are embedded with several technologies to connect and share the data with other devices or systems over the web. As per the reports, there will be around 25 billion IoT devices by the year 2021 (huge!!). Some of the major components of the Internet of Things (IoT) are connectivity, integration, cloud computing, sensing, etc.
Meanwhile, IoT is the most-recommended technology for the online business due to numerous worthwhile advantages such as it helps to empower smart device applications, better user experience, better efficiency, personalization, better security measures, and various others. Furthermore, it also helps to increase productivity and helps to develop new business models to increase revenue.
Edge Computing has seen tremendous growth and demand in the online business sector for the last few years. Statistically, the edge computing market is all set to grow around USD 15 billion by the year 2025. In general, Edge Computing is the mechanism of allowing the data to be analyzed and processed at the edge of the network rather than directly transmitting it to a data center or cloud for the same reason. One of the key advantages of edge computing is that it reduces the latency and allows the devices to respond to data pretty well immediately as it is developed eradicating the lag time.
There are several other prominent benefits of Edge Computing such as reduced bandwidth cost, minimum network traffic, and many more. Meanwhile, edge computing has its applications in various industries such as transportation, healthcare, gaming, etc.
5. Cyber Security
Indeed, Cyber Security is not something new in the online business sector and the domain is emerging rapidly & coming up with various latest technologies to deal with the increasing number of cyber-attacks. As per the reports, around $6 trillion is forecasted to be spent across the world on cybersecurity by the year 2021. Cybersecurity can be termed as the process of protecting the data, networks, systems, etc. of an organization from any kind of cyber-attack such as ransomware, data breaching, and various others.
Meanwhile, Cybersecurity not only helps to protect the data or information of the organization but also boosts the functioning of online businesses through various aspects such as by increasing efficiency & productivity, reducing the network failure chances, and many more. Furthermore, due to several major cyber-attacks of recent times such as Adobe Cyber Attack, Target Stores Data Breach, etc., Cyber Security is the most-recommended technology for online businesses.
6. Big Data
Indeed, in today’s time, Data is the most valuable asset for any online business. And, Big Data is one of the most recommended technologies that is concerned with a collection of huge data sets and various methodologies for analyzing this data to gain some useful insights that eventually helps you to make better data-driven decisions and business models. Needless to say, Big Data technology is transforming the functioning of online businesses to a greater extent. Meanwhile, various types of Big Data can be used for online business such as Structured, Unstructured, and Semi-structured.
Furthermore, one of the key advantages of Big Data is that it makes the process of evaluation of customer feedback more convenient and easier. Moreover, Big Data has several other crucial benefits also such as it reduces the overall costs, gives you a competitive advantage, enhances efficiency and productivity, and many more.
Last but not least – Virtual Reality & Augmented Reality!! When it comes to Virtual Reality, it is concerned with the technology that is used to create a virtual or simulated environment. There are various leading players available in the Virtual Reality domain such as Oculus, Samsung, and many more. Meanwhile, Virtual Reality is recommendable for online businesses as it not only helps to improve the customer experiences but also helps for some advanced business analytics that further helps to come up with worthwhile marketing strategies.
Moreover, when we talk about Augmented Reality, it is something different from Virtual Reality as AR is concerned with the enhancement of the real world using the relevant input and technologies. Augmented Reality also offers a better user experience, provides much interaction and engagement, and is considered as one of the leading technology of the future.
So these are several most-recommended tech trends worthwhile for Online Businesses and can be taken into consideration. However, to adapt and integrate these technologies in any online business is not an easy task but once they’ll get integrated, it will reward you with some ravishing outcomes. Now, what are you waiting for? Learn about these trending technologies to be a leading player in your domain!!
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