Developing technologies bring incredible changes in our lives, which was never seen before in history. Empowerment of low cost computing system to access large number of data, even now machines are doing more desirable job than humans in different regions.
- Technology is going ahead from central server farms into devices so that it can become part of our daily lives. These devices will probably make their own way in our world via ‘smart contracts’ and without important human interference.
While there is notable ground to cover, India is ready to take advantage of this storm of opportunity. As these technologies coming out of the research labs towards real-world implementation, India extend an opportunity to implement at a scale that is possibly matched only by China, according to an exclusive EY-Mint Emerging Technologies Report that was released during the Mint Digital Innovation Summit on 15 March in Bengaluru.
As India goes digital, data sets about various facets of Indian consumers and businesses are becoming available to stimulus enhanced performance. Our system of start-ups willing to plummet headlong into the competition to apply these technologies and data sets to resolve inimitable Indian problems including agriculture, urban transport, energy management, financial inclusion, small format retail to name only a few.
Last, but not the least, the government is taking various steps to stimulation the adoption of emerging technologies.
However, there are a lot of things to be done. To be a competitor with the US and China, India will need to invest suggestively more to create a encouraging environment to adoptive revolution and attract aptitude, as this report specifies. The dialogue is not only about existence, but the readiness to competition and prosper to stay ahead of the bow. The question is: Are we prepared?
KEY EMERGING TECHNOLOGIES: AI
It is catalysing renovation in every trade— helping companies transmute the customer involvement, promotion digital products and services, and improve supply chains. We see noteworthy venture from big tech firms absorbed on horizontal AI platforms and start-ups engrossed on niche domain solutions. A serious restriction is the obtainability of huge sets of good quality data that can be used to learn AI algorithms. While ‘point AI solutions’ are booming, we see a clear movement towards enterprises implementing a ‘general AI’ approach that amalgamates their hard work across their business roles. As China and the US fight for AI reign, India has the probability to become an AI powerhouse given the huge talent base and entree to clients enthusiastic to try new AI empowered harvests and facilities.
INTERNET OF THINGS (IOT)
ARTIFICIAL INTELLIGENCE Next generation of software solutions will have Human-like capabilities such as understanding natural language, speech, vision and making inferences from knowledge will extend software beyond the app. Artificial Intelligence will define the next generation of software solutions. It can be used to build smart apps that help organizations be more efficient and enrich people’s lives. AI is fostering tech innovations across every industry sector like finance Backoffice operations, supply chain management, accounting and customer service in repetitive tasks such as data entry and purchase order issuing among others.. The success of future professionals in technology, business, and research careers depends heavily on mastering AI and emerging technologies of tomorrow.
Artificial Intelligence will Create 58 Million New Jobs By 2022, Says Report. Machines and algorithms in the workplace are expected to create 133 million new roles, but cause 75 million jobs to be displaced by 2022 according to a new report from the World Economic Forum (WEF) called “The Future of Jobs 2018.”
As billions of devices, services and systems get associated, we see clients benefiting from upgraded lifestyle use cases and corporations flattering more competent as they minimalize functioning costs and increase asset exploitation. A key enabler will be the initiation of 5G technology that will advance the performance and security of IoT platforms.
3D printing has been used in manufacturing, medical, industry and sociocultural sectors which open the door for 3D printing to become successful commercial technology It has the probable to shrink and interrupt existing supply chains and logistics. However, costly equipment, deficiency of talent and absenteeism of standards and intellectual property (IP) safeguards are some aspects that are controlling organisations to go full regulate with this technology. As and when the volumes grow, implementation in emerging markets will increase suggestively over the next 3-5 years.
ROBOTIC PROCESS AUTOMATION (RPA)
Quick developments in AI and machine learning, reinforced by improved computing power, have boosted the sophistication of robots, which continue to substitute laid off and dangerous work activities once completed by humans. We see industrial robots playing a crucial role in the growth of Industry 4.0 and countries with diminishing or ageing population, such as Korea, Singapore, Japan, Sweden, and Germany will be the leaders in industrial robots’ adoption. Industrial robot sales in India also has speeded and is predictable to continue its impetus, driven by use cases across logistics, agriculture and manufacturing.
Blockchain is noticing important to be worthy of attention across a range of industries. We realize effective use cases where the trust example needs to be dispersed (via the abolition of a central counter party), large ecosystems need to be combined and mechanization is dangerous. Governments across the world are leading the way and in some cases are instructing the practice of this technology as they build following generation citizen services and substructure stages. However, on-boarding all companies in an ecosystem is not relaxed and several critical technical issues including scalability will need to be addressed for this technology to accomplish conventional implementation.
VR (immersive computer-generated world) and AR (overlaying virtual environment onto the real world) have been advertised as technologies that will renovate how we relate with the world, but their implementation across enterprises has been underwhelming. In the coming years, we assume the acceptance of AR-VR in enterprises to grow speedily, exclusively across use cases related to advertising, retail, healthcare and education and training. The AR-VR market in India is still in its early stages but is projected to raise due to encouraging motivation from the government, industry bodies and investors.
Source: Mint Newspaper