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20 Best Innovations in Last Five Years [2024 Updated]

Last Updated : 30 Jan, 2024
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The Pandemic has created a lot of changes in the world, especially in the past 5 years. There have been path-breaking innovations that have been a major help to all human kinds, making vast adversities. Humans are naturally curious, intelligent, and creative. These traits have always led us to such breakthroughs that are both scientific and technological.

20 Best Innovations in Last Five Years [2024 Updated]

These innovations are born out of human needs and lead to an easier living for the same. They are game changers in the fields of digitalization, health care, sustainability, and lots more. Various associations have come up that are solely devoted to modifications and enhancements in these innovations. In this article, you will get the information regarding 20 best innovations in the last 5 years.

Major Areas of Innovation in the last 5 years

As discussed, the last 5 years have seen both highs and lows. From facing one of the most outrageous pandemics of all time to these path-breaking innovations, humans have come a long way. These innovations aim at increasing efficiency and form a great base for further developments as well.

1. Air Taxis

Air taxis are small commercial aircraft that are used for small-distance travelling on demand. It is operated by an operator that is responsible for the passengers, properties and mail. They bridge the gap between commercial aeroplanes and costly private jets.

Founder: Captain Varun Suhag is the founder of Air Taxi, providing one of a kind services to people.

Revenue: The global air taxis market size is valued at USD 2.94 Billion in 2022.

Launched year: The first Air Taxi of India was inaugurated in 2021. It is expected to start in full force by the year 2026.

Growth rate: It is expected to grow at a rate of 28.9% in the next 10 years till 2032.

Total users: At present, there are 40 Air developers that SMG follows and is working on increasing the presence of air taxis.

2. Tiny Car

These cars have a difference of about 100 to 109 cubic feet of both passenger space and cargo volume combined. Their lengths are about 161 to 187 inches long. It is a motor vehicle on wheels that takes up extremely little space.

Founder: Manubhai Shah of India and Isetta in Italy

Revenue: It has An expected market volume that will touch approximately US $131300 M in 2028.

Launched year: Different companies have come up with( their specific models in different years.

Growth rate: Its growth rate Is projected to grow by 1.26% in the upcoming 5 years.

Total users: The sales of these cars have fallen to 1.15 million units.

3. Portable Purifier

These purifiers are extremely easy to use. They are compact and come in various forms. They are great replacements to the bulky purifiers.

Founder: They are a result of continuous modifications of the purifier invented by Lewis Haslett.

Revenue: In 2021, the market for portable purifiers will be marked at USD 13.02 billion in 2021.

Launched year: They are the results of continuous modifications and have come to proper use in the late 2000s.

Growth rate: The growth rate is promised as 7.3 % during the forecast period.

Total users: About 37 per cent of the total users of purifiers are shifting gradually to portable options.

4. Methane Detecting AI

These tools have been developed that automatically detect methane plumes that are present on the earth from orbit. This is done using machine learning and libraries of hyperspectral data.

Founder: Manjunath gave rise to this ideation in the National Academy of Inventors.

Revenue: This technology adds up to the market of artificial intelligence which is valued at USD 150.2 Billion presently.

Launched year: This idea was formulated in 2021.

Growth rate: The growth rate of the market is at 36.8 % presently.

Total users: This set-up is new and many industries across the world are adapting to it slowly.

5. AR VR

AR stands for Augmented reality and uses a real-world setting in its visuals. Whereas VR stands for virtual reality and uses a completely fictional setting. These were found earlier but have advanced in recent times.

Founder: Ivan Sutherland

Revenue: Its revenue is at 31758.4 million USD at present times.

Launched year: It has had great advancements in 2019 but was initiated in 1968.

Growth rate: The growth rate will be a total of 38.12% in the next 5 years.

Total users: The total amount of users will be at 3,674 M by 2028.

6. Trialjectory

This is an associate company that helps in the treatment of cancer through AI. This happens through the matching of information by trials.

Founder: Tzvia Bader

Revenue: It has had a whopping increase of 800% over a year in revenue.

Launched year: It was launched in 2020.

Growth rate: It raised about $20 million in the first set of series.

Total users: It has treated over 10,000 patients successfully in one year.

7. Quantum Computing

It is a multidisciplinary field that includes both computer science and ideations of physics. This helps in easier and better problem-solving.

Founder: David Deutsch

Revenue: It has collected a total of 866 Million in 2023.

Launched year: It was first invented in 1998 but in recent years has had great additions.

Growth rate: It is expected to grow at a steady rate of 38.3% in the next 5 years.

Total users: By 2030 the total users are aimed to be at 10 million.

8. Water Activated Disposable Battery

It is a type of disposable battery that does not contain an electrolyte or produce any voltage until it is dipped in water. It is easy to use and cost-effective.

Founder: Susumu Suzuki

Revenue: The revenue of the battery market is at $111.86 billion in the year 2021.

Launched year: It was integrated in 2019.

Growth rate: the growth rate here is 16.68% till 2030.

Total users: The battery industry has a total of 4 million users with increasing facilities of water-activated ones.

9. Metaverse

This is where humans can interact as avatars in a three-dimensional space similar to the real world.

Founder: Neal Stephenson

Revenue: The global markets are currently valued at approximately $83.9 billion in 2023.

Launched year: With recent noticeable features, it was invented in 1992 and developed in 2019

Growth rate: The growth rate of this market is about 48% at present.

Total users: Over 400 million users across the world use Metaverse.

10. Advanced Robotics

This forms a combination of sophisticated programming and hardware. This makes use of smart sensor technology for interactions.

Founder: Andreas Valentini

Revenue: It has collected about 43.8 billion US dollars from the market.

Launched year: It gained a high level of momentum in 2020.

Growth rate: Its annual growth rate is around 10 per cent for the next 5 years.

Total users: Around 150,000 people are connected to the robotics sector in today’s world.

11. Zero Trust Technology

It is a framework that requires all users who access the organisation to be authenticated and authorised.

Founder: Google

Revenue: This has a revenue turnover of USD 25.4 Billion in 2021

Launched year: It was first brought shout in 2000 by Google

Growth rate: It is seen to increase at a rate of 15%

Total users: About 61% of companies use zero trust technologies in their database.

12. Datafication

This process transforms a business into data factors that can be assessed, monitored and tracked.

Founder: Kenneth Cooker

Revenue: It has a revenue of USD 883 Bn that will shoot us till 2032

Launched year: It was introduced in 2013 but integrated widely in 2021-2022

Growth rate: It leads us to a steady growth of 12.3%

Total users: It is spread in about 40 countries and has more than 33 million subscribers

13. Genomics

This is the study of a person’s hereditary characteristics with the help of artificial intelligence. This is an extremely easy procedure and efficient in finding various mappings.

Founder: Robert Ragot

Revenue: It has a total value of USD 83.1 Billion which will increase by 2028.

Launched year: It was launched in 2000 and now is effectively in use.

Growth rate: The growth rate will approximately increase by 19.4% till 2032.

Total users: This does not have direct users but has helped various patients with their chronic treatments.

14. Teladoc Health

This is an organisation that forms an online virtual consultation healthcare centre. It has conducted over 50 million virtual visits.

Founder: Jason Gorevic

Revenue: 240 crore USD is the revenue collected in the present year’s.

Launched year: It is a continuous development that left its base in 2009 and modified in 2019.

Growth rate: Its growth rate is approximately 20.87%

Total users: This organisation has helped more than 90 million members in the betterment of their health conditions.

15. 100% SAF powered flights

This discovery is truly pathbreaking as using SAF reduces emissions by 70% when compared to the original carbon-based fuels that are used.

Founder: Various airlines together founded this and collectively researched upon the same.

Revenue: Their revenue will be a total of 20.79 billion by 2030.

Launched year: 2023

Growth rate: It has a cumulative growth rate of about 42.39%

Total users: Many companies like Avvada Group, and American Airlines are consistent users of SAF-driven aeroplanes.

Best 5 Tech Innovations in the Last 5 Years

16. Worldwide Satellite Internet

This has a total of three orbits like a geostationary orbit, low earth orbit or medium earth orbit. They have gateways that relay internet data to and from satellites.

Founder: Hughes Aircraft for NASA

Revenue: Its current revenue is at USD 19.38 Billion till 2030.

Launched year: Satellites are an old concept whereas working through it to produce the internet is a relatively new concept.

Growth rate: The growth rate is 23% in total.

Total users: The total number of users of satellite internet is about 43 million approximately.

17. Edge Computing

This is a new form of paradigm that forms a network of devices around the users. This is based on data proximity.

Founder: Brian Noble

Revenue: It has a current market of 274 billion USD by 2025.

Launched year: As discussed, this was brought about in 1997 but researched in 2021 in depth.

Growth rate: The total growth rate here is approximately about 15.6%.

Total users: There are about 15 billion edge devices currently employed in this field.

18. Blockchain Technology

It is an advanced mechanism that allows the transparent flow of information within a business framework to easily.

Founder: Satoshi Nakamoto

Revenue: The current revenue is at USD 5.58 Billion.

Launched year: It was brought about in 2008 but developed exponentially in 2022.

Growth rate: The growth rate is about 82.8 percent which is extremely high.

Total users: Over 300 million people use blockchain technology.

19. 6G Networks

It is an addition to the 5G network as it can use higher frequencies and provide better speed.

Founder: Many telecommunication companies have come together to form the 6G network.

Revenue: It is at an amount of USD 5.5 billion.

Launched year: It was invented in the late 2020s across the world.

Growth rate: In the next 5 years, the rate is expected to grow at 34.2%.

Total users: This technology is new and not many have access to it. Japan, China and huawei form the biggest market.

20. Generative AI

This type of AI can produce various types of content that include texts, images and data. It is dependent on novelist problem-solving.

Founder: Joseph Weizenbaum

Revenue: It is at a present revenue amount of US$ 66.62bn in 2024.

Launched year: It was created in the 1960s but then wasn’t researched. In recent years, probably in 2021, it came in play for the world.

Growth rate: A growth rate of 20.80% is expected by 2030.

Total users: out of 10 people in the world use generative AI in today’s times.

Wrapping Up

By understanding these innovative ideas that have been put across, one can easily know about the current needs of the world. The innovations here are encircled around the present requirements and form the basis of future developments as well.

Keeping in mind these footsteps, one can always dwell more on such ideas. These not only improve the existing ones but also give a proper understanding of the basics. One should never shy away from trying out various options as experimentation is the first step towards it.

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FAQs on 20 Best Innovations in Last 5 Years

Q1: What does innovation mean?

Innovation points to the introduction of something new which adds or creates value around something that exists already.

Q2: Give an example of tech-driven innovations.

One of the most important innovations of recent years in Generative AI that is taking up a lot of people in its influence.

Q3: What leads to innovations by humans?

Innovations are the end products of the needs, requirements, and curiosity of human mankind.

Q4: Has the healthcare sector benefited from the presence of AI?

Yes, the healthcare sector has come up with ideations like genomics and Teladoc which improve the treatment of chronic illnesses.

Q5: How does innovation affect our lives?

Innovation opens up new scope in our lives making it efficient and easier to work with. They improve standards of living and understanding of basic needs.

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