Technology Trends 2016 by Industry: What to Expect?
New Year is often associated with a new start and if we talk about technology aspect then we should double all the thoughts and expectations. TEAM International has already discoursed of general IT industry predictions for 2016, but we decided to expand the horizons and make a research of other industries. 2016 is likely to serve as a basis for more high-end future, where existing trends will turn into mainstream and have influence over investors in 2016. Based upon the last 2015 year, among the main tech tendencies of 2016 are: self-driving cars, virtual reality (VR), smart homes, wearables, modern transport (f.ex. hoverboard), 3D Printing and so on.
Software and Information Technology in general are the key foundations in this digital age and they overlap with almost every aspect of our lives. Moreover, IT affects the top industries worldwide and TEAM International offers to go deeper into the hottest industrial sectors and have a closer look.
· Telecommunications Industry:
Advanced tech trends of these days are just spinning up and they will definitely extend telecoms limits and move this sector ahead. Mobile broadband, Cloud computing, Big Data management, OTT (Over-The-Top) services, M2M (Machine-to-Machine) are already a part of the present foundation, but we shouldn’t forget about wearable technologies and 5G infrastructure.
- In fact, 5G technology is under development and there are no public standards yet, except network visions that have been recorded back in 2014: super-fast mobile network, super-efficient mobile network and converged fiber-wireless network. Presentation of 5G standards is expected to take place in the beginning of 2020s and commercial version with full deployment is not anticipated until around the end of that decade.
- Machine-to-Machine (M2M) technology together with Internet of Things (IoT) served as activators for digital development in 2015 and 2016 tendencies look even more promising. These days over a quarter of companies around the world are applying M2M technologies to mainly automate and manage business processes internally, but in 2016 more and more companies will evolve these strategies to introduce innovations, initiate new customer experience and boost revenue. M2M solutions will also act as an integral component of business everyday support infrastructure; moreover, they are often connected with big data analytics and cloud platforms to create all-in-one M2M solution.
- 2015 and previous years showed much outlook for Internet of Things, but little delivery on actual basis. Top ICT (information and communications technology) providers globally see IoT as one of the key areas for strong future growth, due to constantly increasing offerings in fields like smart houses, connected cars and gaming/augmented reality devices. In 2015 the market observed a significant growth in the amount of connected devices and such popularity forces IoT vendors to enhance security features and ensure that consumers’ personal information won’t get stolen in 2016. With the development of smart home technology and increasing number of smart devices there appears a need to customize all the data and to have an ability to prioritize, organize and monitor it in a convenient way. In general, 2016 is expected to be a year of advanced innovative software solutions, as IoT companies are likely to enhance their hardware platforms and extend functionality with looking-forward integrations and upgrades.
- Cloud computing is expected to become one of the mainstreams in 2016 and nowadays it is one of the fastest developing aspects of IT field. 2015 demonstrated what the cloud environment is, with its flexibility, scalability and lower capital expenses. Cloud computing solutions already have been implemented by government, larger enterprises, and consumers; in 2016 the role of cloud computing will only become more solid. Among the top trends are: hybrid cloud, cloud container technologies and cloud computing as an integrated part of business infrastructure.
- In 2015 wearable technology can be reasonably called “the breakthrough of the year”, with the launch of Apple Watch in April. In 2016 this sector is expected to dent the market. According to eMarketer research, in 2015 wearable devices (including fitness trackers & smartwatches) were used by 39.5 million of adults (18+) all over the United States, which shows an increase of 57.7%, comparing to 2014. However, eMarketer predicts that the rise of popularity will continue in 2016 and by 2018 wearable tech will be used by 81.7 million of consumers. Apart from that, fitness bands and other health apps are entering their, so called, golden age and they will probably become the mainstream this year. Such gadgets can already help individuals to set goals, track and share success with others; trainers to manage progress of their teams/clients; doctors to document their patients’ state of health; etc. In 2016 there are high hopes for the second- and third-generation of smartwatch operating systems and devices as a whole, in particular: enhanced batteries, screens, chipsets, necessary apps to improve their independence and so on. One more area that is expected to make a great breakout this year is Virtual Reality, together with Oculus Rift, Google Cardboard, PlayStation VR headset, 360-degrees video, while augmented reality systems will continue to keep their solid market positions.
· Banking & Financial Technology Industry:
2015 showed financial technology development and vigorous changes in the ways how we interact with finance, how we save, spend, invest money and in general what role they play in our everyday lives. Technology innovations have great impact on all the industries and finance sector is not an exception.
- In 2016 mobile financial industry will lead the market and even go viral. Mobile payment methods and mobile banking will become more common and according to eMarketer mobile payments will triple in 2016. Or, rather, mobile payments have been used by 23.2 million people in the United States and this number is expected to grow by 37.5 million in 2016. On the top of that, payment options are expected to develop and become more diversified, for instance extensive use of cloud-based automation payment platforms, leveraging Bitcoins, etc.
- In 2016 “Finance as a Service” can enhance its reporting methods and engage realtime updates of high level data, improve analytics and visualization tools to upgrade predictive capabilities, streamline decision-making and in general enable document levels study at drilldown view.
- Big Data is expected to consolidate its positions in 2016 and market requirements for Big Data technologies and data services providers are close to breakout, because banking and financial institutions will implement data solutions for internal operations’ management and customer experiences’ activities. Moreover, data will be used to meet compliance and regulatory requirements, get precise business analytics and make more informed decisions for clients and themselves. In addition to that, according to Ernst & Young “Global Forensic Data Analytics Survey 2014”, 72% of surveyed executives believe that big data technologies can play a key role in fraud detection and prevention, though only 2% are actually applying them.
- The need for cybersecurity is linearly proportional to technology innovation increase and 2015 proved that. Hacking attacks and data leaks have boosted the importance of sophisticated security programs and with the growing number of connected devices and mobile payment systems threats are growing as well. In 2016 financial and banking institutions will be forced to dedicate more resources to improve security awareness and immunity of the cybersecurity model, for instance through adoption of top-notch methods, enhancement of surveillance apparatus and improvement of partnership with other ecosystem members.
· Healthcare Industry:
Healthcare is one of the largest and complex sectors and it continues to evolve. Current technology advancements and innovations are expected to ensure high-quality care, while these lead to compliance requirements regarding data privacy and security, interoperability among systems and providers, capability to synchronize data, etc. Technology investments and raising needs will lead the industry forward.
- Wearables, connected devices and apps hold their market positions, providing patients with insights into their state of health, and in 2016 they will drive consumers to dedicate more attention to managing health grounds. According to Frost & Sullivan recent survey, these days around 24% of consumers use mobile applications to track wellness and health, 16% give preference to wearable sensors and 29% depend on personal electronic health records. On the top of that, 47% of respondents will consider the usage of wearable technologies in the nearest future. The new generation of wearables is expected to have more advanced sensing, analytical and capture features.
- Cloud technology can ensure better data privacy and security, while providing better accessibility to patients’ information worldwide, preventing errors from incomplete charts and allowing charts’ update through Electronic Health Records (EHR). According to HIMSS Analytics’ recent research, 83% of healthcare institutions are already using cloud technologies and 66% of surveyed IT executives are running SaaS-bases apps.
- Together with other technology innovations 3D Printing will also occupy its niche in IT healthcare, as nowadays it allows to produce hearing aids, dental implants or even customized artificial limbs. Moreover, 3D technology can also help with complex surgery visualization and practice, diminishing operating time and reducing chances for mistakes.
- Healthcare industry already experiences consolidation and globalization, and in 2016 this will lead to complex system integration, problems with data sharing and privacy restrictions. According to 2015 report of The Office of the National Coordinator for Health Information Technology (ONC) at Department of Health and Human Services, 63% of hospitals and 69% of health systems see interoperability as one of the top challenges for this year and for the nearest future. Health information technologies, with EHR in particular, still can’t share information seamlessly.
Future is always uncertain and especially if we talk about such an innovative sector, as information technology. The only thing we can say for sure is that 2016 will bring even more exciting and top-notch applications and technologies that will change people’s thinking, once again. We have already reached the point where smart devices, big data, cloud computing and other innovations are transforming businesses worldwide and beyond IT sector as well. These days such advancements open a vast number of opportunities and a wide platform for significant investments.
