Technology Trends that Have the Potential to Disrupt Business in the Next 5 Years

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When people think of the future, they think of technology maturing to help businesses in their day to day tasks. However, the reality is that certain technology trends have the potential to disrupt business. Let’s look deeper at some of these technological trends.

  1. Smart health tech – In 2018, Amazon, Berkshire Hathaway, and JPMorgan Chase revealed that they were collaborating on a joint venture to offer their employees as well as their families smart health tech. The exact words they used were “simplified, high-quality and transparent healthcare at a reasonable cost”. The news sent ripples throughout the healthcare industry as stock prices reflected the news by dropping. Tech Market research firm ABI forecasts that businesses will widely adopt remote patient monitoring with 44 million wearables being incorporated into corporate wellness programs by 2021.
  2. Chatbots –The digital transformation of customer service is moving forward blisteringly quick. Industry experts such as Gartner have predicted that the average person will soon be having more conversations with bots than with their spouse by 2020. In 2018 we saw chatbots becoming more sophisticated as well as enjoy reduced costs of routine customer care activities. This trend will continue in the following years.
  3. Extended Reality – The way that people live, and work, is continually changing due to virtual and augmented reality technologies. Extended reality technologies are breaking barriers between people, information and experiences. Location is not as important as it used to be a couple of years ago. Immersive experiences are letting businesses tap into expertise in thousands of different skills from all places around the world. Many companies are already putting these technologies to work. An example of a business using these technologies is BMW. BMW is letting people explore their car models through an AR-driven experience. This is letting people see the inside of a car so that they can experience what it’s like to drive a BMW. This is giving people an emotional connection to the brand that no other technology can currently replicate.

While there are many more technological trends that have the potential to disrupt business over the next five years, analysts are banking on these three the most. This is because they’ve recognised the potential that these technologies can possess. Keep your eyes on these technologies. They’re going to bring many changes in the industry.