The fact that technology has been evolving the world rapidly for the last ten years is no news. From growing social media platforms and new job profiles to tech in medicine and space, everything is backed and fronted by tech. With the current happenings, faster disruption can be expected. Let’s take a look at what all can tech enable for us in the next five years.
1.AI led manufacturing
Thanks to COVID-19, the growth in AI led operations will grow manifold. Most companies that are primarily into building products will soon focus on and make use of cloud-based technologies to transform and present product and process data from manufacturing lines. In the next five years, this abundant data and the algorithms analyzing and processing it will enable manufacturing lines to deliver better output and enhance product quality. This will lead to a reduction in waste by half. We can then enjoy products of a much higher quality, that are also produced much faster and are available at a lower monetary and environmental cost.
2. New Age Computing
The age of quantum computing will begin. Through simulation of complex chemical reactions, newer advancements in drug development can be expected. Quantum chemistry calculations will help in achieving materials of desired properties and design. Imagine having better catalysts for the automobile industry that can help in reduction of emissions. Quantum computers will be able to remove the ‘trial and error’ method that pharmaceutical companies apply right now, which is time consuming and costly. A shorter product development cycle and a heavy reduction in the costs for R&D can then be expected.
3. 5G for the global economy
What we notice now the most as we sit in our homes and work through video conferencing is that poor quality networks are a hindrance. As we know, 5G networks can easily resolve this issue. Moreover, 5G will also revolutionize telehealth, telesurgery and ER services. From smart factories to real-time monitoring, 5G private networks can make this possible.
Imagine having self-driving bots! 5G will not only help with speed but also cut mobility costs greatly.
4. Robots in retail
Robotics is not new and has already been a boon for many industriesHowever, there are so many sectors like grocery retail that haven’t been tapped yet. A new robotics application called ‘microfulfillment’ is going to change that. This uses robotics at a hyper local level which will bring about a massive change in this gigantic industry. Higher productivity will result in positive returns in the online grocery business. Microfulfillment centers are currently located and used in real estate at the store level. They are 5-10% more cost effective than a physical store. Imagine the possibilities! The next 5 years are going to only spell growth for retail if robotics is to be incorporated.
5.Virtual and Physical spaces
The importance of tech in communication has been so apparent in times of Covid-19. The lockdown forced us to get in touch with our colleagues, friends and family with the help of video conferencing because of which we were able to understand that virtual can very much be the new physical. The progress of communicating like this is only going to increase with AI technology. The very thin line between physical space and virtual space is now blurred and will remain so. From global events to world conferences, everything will have a digitized format to it. In such a scenario, data privacy will have to be given top priority. Data control and security will have to be worked on if this has to be made a norm and a reality in the next five years.
With so much advancement in tech in the near future, we can only hope for our lives to get simpler, better and more productive. How all of this will together impact our overall lifestyle is not clear. Everything has its pros and cons and we aren’t really thinking about the bad side yet. With all these, perks, should we?