Catching up with tech trends this 2022

Firms need to embrace and catch up with technological changes. Distinct trends might have different impacts on people and organizations. Because most trends are tightly intertwined, different combinations of technologies are essential to compete at various stages of the business growth cycle. Here are a few trends in the top four business sectors:

Finance:

In the past few years, technology has had a greater development in the field of Finance. According to a report, the sector was valued at $127.66 billion in 2018 and is expected to reach $309.98 billion by 2022. The use of Cognitive technology and AI in recognizing, analyzing, and preventing/ managing risks and managing data better is a recent trend in the Finance industry. Blockchain technology is also very prominent in ensuring security. Other technology trends that are observed in the Finance industry are Data Analytics, Automation, and Cloud Computing, that is worth looking into.

Manufacturing:

The use of Automation and AI in the Manufacturing industry has been observed for a few years, but it has increased several folds as a result of the Pandemic. 3D  Printing and Virtual reality are also existing technology trends used by the manufacturing industry that are still widely used. However, the manufacturing industry has faced many problems due to the Pandemic but is now adopting these new techniques and manufacturing software that can help it sustain and grow.

Education:

The importance of technology has grown several folds since the Pandemic. Without the use of technology, learning would not be ensured to its best. Solutions like virtual classrooms have enabled online learning along with additional time that can be spared for family and chores, thereby providing a means to balance time. Distance learning has become the biggest trend in the educational industry. Although technology is being used considerably more in recent times, adopting better technology to provide better education should be a goal for the future.

Healthcare:

In recent years, the healthcare industry has had many technological developments, and ‘Telehealth’ is a noteworthy mention. Telehealth is predicted to grow from $79.79 billion in 2020 to $396.76 billion in 2027, according to forecasts. The number is much more significant due to COVID. With the help of Telehealth, patients can consult their doctors virtually. Wearables and smart devices can also help to keep the patient’s health in check, which in turn helps them to keep track of their status and developments which may require immediate attention.

Tech trends are likely to keep updating as a result of unforeseen instances such as the pandemic or major market risks. CTOs and leaders of similar positions need to consider factors beyond just circumstances that lead to trend generation in both the short and long-term plans for the company.