How Tech Trends Are Disrupting Incumbent Industries

  • Home
  • Insights
  • How Tech Trends Are Disrupting Incumbent Industries
Brief

How Tech Trends Are Disrupting Incumbent Industries

There are many tech trends today that we must take into account. However, some of the most common ones are Machine Learning and Artificial Intelligence.

March 08, 2021 10 min read
Have a Glance

Related Industries

How Tech Trends Are Disrupting Incumbent Industries

There is something that no industry can escape from: technological disruption. Technology evolves fast, and even if your company isn’t a tech business, it is threatened by tech disruption at some level. There are many tech trends today that we must take into account. However, some of the most common ones are machine learning and Artificial Intelligence. In this guide, we’ll show you how technology is disrupting leading industries. 

 

Virtual and Augmented Reality

Virtual reality and augmented reality are not only used in video games. Although this was their initial purpose, today we have a broader spectrum of uses for VR and AR. Healthcare, education, and the travel industries are now using these technologies to improve their systems. 

In the healthcare industry, it is crucial to practice surgical procedures with accuracy and effectiveness because they’re dealing with human lives. By using VR, doctors can practice these procedures in advance, so they avoid any type of mistakes during the actual surgery. 

In addition, companies like IKEA or Amazon Go are already using AR technology to improve customer service. IKEA uses AR to show customers how their furniture looks before buying it. This way, they have a preview of the style they’re looking for.

But it is not limited to businesses and healthcare. The travel industry is now using VR experience to show users a little preview of how their trips will be like. In addition, museums are also using AR to provide visitors with a whole different experience.  

 

Artificial Intelligence

Artificial Intelligence means that machines can imitate our actions. Although it may sound futuristic and new, it’s actually pretty old. John McCarthy made the first approach to Artificial Intelligence in 1956. From that date, experts have created several Artificial Intelligence approaches. Today, Artificial Intelligence is one of the most important factors of automation. 

According to Forbes Technology Council members, 13 industries are threatened by Artificial Intelligence. Some of those industries are cybersecurity, healthcare, and the retail sector. 

Artificial Intelligence also has the potential to disrupt the financial industry. Biometric security systems can avoid fraud and robbery. Imagine just opening your bank account with your eyes or fingertips. This also makes it so much easier to access your account. However, this is already something we have. Many companies such as PayPal and Payoneer now allow users to log in to their accounts by using their fingertips on their mobiles.  

 

Machine Learning 

Machine learning is a sub-discipline of Artificial Intelligence. What machine learning does is to help computers learn from experience. Have you ever wondered why your keyboard gets more accurate with time? This could be the best example of machine learning. Machine learning identifies patterns and errors through data, and it can automate almost any type of digital process. Machine learning is disrupting several industries. However, some of the most affected ones are translation and animation. 

In the animation industry, the role of animators is to design characters from scratch by using their creativity. What most people think is that machine learning-driven animation would limit designers’ creativity. However, it just saves them time so they can focus on more relevant tasks that require more innovation. 

The translation industry is also being affected by machine learning. Since machine learning algorithms have improved, the accuracy of automated translations is now higher. Therefore, there is no need to have human translators to do the whole task. According to Forbes, translators now do 30 percent of the translation work, and the rest is handled by automated translation software.

 

Cloud Computing

Cloud computing is now the safest and most efficient way to store information. Cloud services allow companies to save their dataset online in a cloud so all members can have access to the information no matter where they are. Cloud computing also makes it easier for them to share files, so they can work more efficiently. 

One of the main reasons companies choose a cloud service is because they can avoid any type of data leak. 

 

Conclusion 

Technology disruption is inevitable and it’s coming after every industry. However, the best way to overcome digital disruption is by embracing it. Companies need to implement new tech trends that improve their services and help them future-proof their business.

Technology

Ready to talk to an expert?
send us an email