Article | December 20, 2020
COVID-19 has impacted every aspect of our lives including the way we do business. In fact, according to a recent survey by McKinsey, COVID has accelerated companies’ digital transformation journeys.
In a post-COVID world, there will be an even-greater acceleration of AI adoption by enterprises. AI business applications will be centered around automating tasks, forecasting supply disruptions, and enhancing customer behavioral analytics. There will be a rise in industry and sector specific AI applications where business domain knowledge and business content data are the main differentiators. However, increases in AI adoption rates do not necessarily translate into higher success rates. To avoid failure, business executives need to develop robust AI strategies and metrics, enhance data quality, and focus on AI integration and governance.
Key trends and applications for 2021 and beyond are as follows:
AI and Healthcare
Artificial intelligence played a crucial role in the detection of COVID-19. Indeed, we have seen the emergence of the use of AI at hospitals to evaluate chest CT scans. With the use of deep learning and image recognition, COVID patients could be diagnosed thus enabling the medical team to follow the necessary protocols. Another important application was the triage of COVID-19. Once a patient has been diagnosed with COVID, AI has been used to predict the likely severity of the illness so the medical staff can prioritize resources and treatments.
In a post-COVID world, we will see increased use of AI in detection of illnesses, triage of patients, and drug discovery. According to a recent market research reported by PRnewswire, the market size for global healthcare IT is expected to reach $270 billion by 2020. The increase will be driven by COVID-19, government policies, and the use of technologies such as artificial intelligence and big data.
AI and Supply Chains
Coronavirus has highlighted the need to re-think traditional supply chain models. There will be an increase in the use of technology such as artificial intelligence, Internet of Things, and 5G to make supply chains more efficient.
Artificial intelligence applications will focus on improving end to end visibility, analyzing data to detect anomalies, and forecasting supply and demand outlooks thus making supply chains more resilient.
AI and Retail
The pandemic has changed what and how consumers buy, with retailers forced to grow their online presence. E-commerce has been put at the forefront: in the first six months of 2020 consumer spending with US retailers increased by about a third compared for the same period in 2019 according to Digitalcommerce360.
According to new market research reported by PRnewswire, AI in retail will be worth about $20 billion by 2027. When it comes to retail and ecommerce, we can find AI applications in several areas including customers analytics for product recommendations, targeted marketing, and price optimizations.
For the latter, AI is applied to analyze patterns and data on customer profiles, their purchase power, product specification, timing of purchase, and what the competition is offering. The outcome of the analysis will set the pricing strategy. Several companies use AI to set their pricing strategy on a frequent basis, for example Amazon’s average product’s cost changes about every 10 minutes according to Business Insider source.
AI and Intelligent autonomous agents
COVID has highlighted the need to deploy intelligent autonomous agents that cannot catch diseases to fight against the pandemic. We have seen both robots used at hospitals to diagnose COVID-19 patients and drones deployed to monitor if the public is adhering to social distancing rules.
An ABI research showed that mobile robotics applications market size will increase to $23 billion by 2021. This increase is mainly due to applications that disinfect, monitor, and deliver materials.
The integration of AI with drone technology and robotics will create new application opportunities and will make them mainstreamed across several sectors.
AI and Education
Education is another sector that was badly hit by COVID. According to Unicef more than 1 billion children are at risk of falling behind due to school closures. The pandemic has highlighted the need for educators to adopt digital solutions to minimize learning vulnerabilities across the globe.
AI application in education will mainly focus on personalized learning where the technology is used to design and tailor training materials that matches the student’s ability and learning preferences. Other applications include the deployment of voice assistants to interact with educational material and the use of AI to support teachers in administrative tasks.
AI and Digital Twins
The pandemic has accelerated the adoption of digital twin technology. Digital twins are replicas of physical assets such as cities, offices, and factories. This technology became crucial in testing pandemic scenarios and emergency plans.
Digital twins technology is expected to reach a global spend level of about $13 billion by 2023 fueled by AI and machine learning according to Juniper Research.
When integrated with artificial intelligence and IoT, digital twin technology becomes very powerful when trying to test scenarios and predict bottlenecks, breakdowns, and productivity.
AI and Ethics
Over the last year, we had several prominent examples of AI ethics issues. The first example relates to facial recognition: after several calls against mass surveillance, racial profiling and bias, and in light of Black Lives Matter movement starting in the United States, several tech companies such as Microsoft banned the police from using its facial recognition technology. The second example relates to the use of an algorithm to predict exam results during COVID-19 period: after accusations and protests that the controversial algorithm was biased against students from poorer backgrounds, the United Kingdom government was forced to ditch the algorithm.
In the absence of regulations and tightened frameworks, ethics will continue to be the main concerns surrounding the use of artificial intelligence.
Article | December 20, 2020
Are artificial intelligence (AI) and superintelligent machines the best or worst thing that could ever happen to humankind? This has been a question in existence since the 1940s when computer scientist Alan Turing wondered and began to believe that there would be a time when machines could have an unlimited impact on humanity through a process that mimicked evolution. When Oxford University Professor Nick Bostrom’s New York Times best-seller, Superintelligence: Paths, Dangers, Strategies was first published in 2014, it struck a nerve at the heart of this debate with its focus on all the things that could go wrong.
Article | December 20, 2020
Are self-driving cars safe? As the automotive industry moves towards higher levels of automation, it’s important for the answer to this question to always be yes. At TomTom, it’s our vision to create a safe, connected and autonomous world – and a big role in making autonomous driving safer is played by ADAS and HD maps. Maps – ADAS and HD – are one of the four pillars of autonomous driving. Together with onboard sensors, driving policy and actuators, they form the technology that enables automated and autonomous driving. HD maps specifically improve localization to centimeter-level accuracy and sensor perception, which leads to safer path planning by automated driving systems.
Article | December 20, 2020
When things seem to be falling apart, something needs to hold them together. So in the Covid 19 pandemic, humanity faces its biggest challenges, and technology has come to its rescue. In every other way, technology has kept the world from falling apart.
In April 2020, 119 countries announced total lockdown bringing everything to a standstill. Around 1.57 billion students were impacted. They had to adapt themselves to remote learning. The brighter side to this was that the learning process did not stop. Thanks to the evolving technology, students learned remotely through digital classrooms.
This is the perfect example to portray that these tech trends in Covid are the hope in these challenging times.
Technology needs to be adapted to overcome the hurdles that businesses, learning institutions, remote working, logistics, and everyone faces.
There have been emerging tech trends in Covid 19 that have supported and accelerated businesses in all departments. The correct implementation of these tech trends in Covid 19 has granted companies the required boost.
Let us look at some of the tech trends in Covid-19 that have assured that the supply and demand management remains consistent and are here to stay for a long time.
Tech Trends in Covid 19 World
Artificial Intelligence was slowly making its way into the world, but the pandemic became its catalyst. As a result, a boost was predicted for the AI industry from 2020 to 2030. But due to the emerging demands, the growth shifted from a decade to a few months.
All the sectors implemented AI technologies in their industries. This may support remote working, keep the supply and demand chain seamless, or cater to patients in the hospitals. AI platforms include machine learning, chatbots, deep learning, behaviors technologies, and analytics. The cross combination of these transformative technologies can be implemented to provide solutions to the business.
77% of consumers use AI services directly or indirectly. Moreover, AI is the best tech trend in Covid 19 as it is available 24x7 and operates error-free.
Due to its efficiency, speed, and accuracy, AI is the future of all industries. The areas of retail, healthcare, telecommunication, banking, finance, insurance, government, and IT have seen comprehensive growth by implementing AI.
With the emergence of IoT, it is possible to think of an utterly digitized future. The Internet of Things has peaked wherein connection between devices is not limited to smartphones and computers.
By implementing IoT devices like lights, curtains, ACs, microwaves, etc, can be operated. A smart home is not a dream but a reality. A smart home is also affordable, thanks to the seamless connections of one device connected to all the smart appliances. IoT is playing a considerable role in the emergence of smart cities.
IoT is one of the tech trends in Covid 19, which has made the stay at home an easy task. From inbuilt technologies, functional software, voice tech growth to wearable technologies and safety monitoring, IoT ensures that remote working and remote staying are productive, entertaining, and secure.
It is estimated that there are 30.73 billion IoT devices in 2020, and their number is increasing tremendously to reach 70.45 billion in 2025.
Extended Reality (XR)
VR, AR, MR, and XR were the technologies that were highly anticipated to gain momentum in the coming years. But the increase of e-commerce in the pandemic fueled technological innovations.
E-commerce websites saw a boost in sales as more and more people started relying on online shopping for their daily needs. This led to the digitization of businesses. As a result, every business company wanted to sell its services uniquely and personalized.
This is where AR (Augmented Reality), VR (Virtual Reality), MR (Mixed Reality), and XR (Extended Reality) played their roles. These immersive digital technologies played a vital role in providing the customer’s new ways of shopping and interaction.
Customers can virtually sit in a car or visit a real estate property that they wish to buy. And for this, there is no necessity for stepping out of the house. Wearable technologies place you in a virtual world and access everything. For example, they put you on the field to play cricket and give you the natural feeling of playing on the ground while sitting on your sofa.
At workplaces, these tech trends in Covid 19 enable employees to hold a meeting together in a conference room even when they are in different parts of the world.
With so much happening online, security systems for transactions and financial data need ‘extra trust and care.’ Blockchain technology is a type of DLT (Distributed Ledger Technology) wherein transactions are duplicated and distributed across all the networks on the blockchain.
Blockchain technology makes it impossible to breach, change or cheat the data on the system. These data-driven technologies have made sectors like finance, healthcare, and online payments secure.
Bitcoin uses blockchain technology. Thus, this technology has given rise to digital currencies with limitations of the currency to be used, transferred, and stored.
This decentralized system revolutionizes the financial and healthcare market by providing the much-needed security for databases and transactions. In addition, these tech trends in Covid provide enhanced security, which is the need of the hour!
This tech trend is here to provide cutting-edge technology. For example, 5G connectivity is claimed to be five times faster than 4G. This technology brings forth an unimaginable experience for cloud services, IoT, mobile devices, and anything that requires the internet.
In 2019, 5G prices were high and in the pipeline for general usage. But due to the rise in remote working and collaborative technologies for efficient working, 5G is coming up with affordable plans.
5G has made it possible to convert the dream of smart cities to reality. The increased bandwidth will boost informational technologies, AI, IoT, etc., and confirm that they work efficiently in different geographical terrains.
Evolution Due to Technology Trends in Covid-19
These emerging technologies in Covid have brought complete changes in various sectors. Here are a few examples.
● The US and China are utilizing robots and drones for contactless deliveries. Soon this type of service will be prevalent globally.
● Technologies are constantly emerging to support remote work and hybrid work systems.
● VR, AR, MR are utilized to enhance online and distance learning.
● The healthcare sector is assisted by blockchain technology and chatbots for security and easy access.
● Despite theatres and stages being shut, there is no stop to entertainment. Online entertainment experiences are more enhancing.
● IoT, Big data, Blockchain, and other collaborative technologies build a flexible and reliable supply chain management system.
And so We Conclude
The pandemic is disastrous, but it bought forth the loopholes in the system. It has changed the thinking from “what if?” to “what now?”. It has made adapting to change a lot more easy and flexible. The companies that were adamant about changing and had the age-old processes had to update to tech trends in Covid for seamless functioning.
The pandemic should never have occurred, but now that it did, the human race knows that being updated is the necessity of the hour. Furthermore, it has taught us that change is the only permanent thing, and you need to be future-ready by accepting the change.
Frequently Asked Questions
How is technology changing the world during Covid-19?
Technology is evolving rapidly in the Covid-19 phase. This evolution has caused the world to change with it. Robots are delivering goods, and remote working is successful among employees and employers. Technology has changed the world to look beyond the traditional ways and adapt to the new ones, which involve adapting to agility and precision.
How the use of technology is creating business value?
The use of technology guarantees convenience, speed, and personalization. The businesses that adapted digitalization sustained the Covid period better than others. Technology is helping create business values through increased sales, improved customer efficiency, streamlined processes, meeting changing expectations and demands, and gaining profits.
"name": "How is technology changing the world during Covid-19?",
"text": "Technology is evolving rapidly in the Covid-19 phase. This evolution has caused the world to change with it. Robots are delivering goods, and remote working is successful among employees and employers. Technology has changed the world to look beyond the traditional ways and adapt to the new ones, which involve adapting to agility and precision."
"name": "How the use of technology is creating business value?",
"text": "The use of technology guarantees convenience, speed, and personalization. The businesses that adapted digitalization sustained the Covid period better than others. Technology is helping create business values through increased sales, improved customer efficiency, streamlined processes, meeting changing expectations and demands, and gaining profits."