In our previous series of posts, we talked about the engineering skills that will be highly in-demand now and in the future (Read Part 1 and Part 2). Engineering innovations and advancements inevitably bring about new emerging markets. In fact, at the rate that technology changes, there are new markets and sectors popping up every year.

While some of these emerging tech markets already exist, they are predicted to grow and increase the demand for engineers with specialised expertise, contributing to engineering shortage for years to come. The best way to avoid a drain on your team and risk to your projects or company is to proactively build your highly-skilled engineering team now, with the skills to conquer and adapt to the market changes and challenges of the future.

So what are the markets that will be hot in the coming years? Discover the top emerging tech markets for this year and beyond:

Medical Devices

Medical devices are a global market expected to grow at approximately 12% annually through at least 2025. Medical devices currently in use include stents, artificial valves, implantable devices, wireless monitoring, scopes and wearable devices. New technology and innovation foster emerging medical devices and advancement in existing ones. Medical device advancements include:

• bioresorbable implants
• coated implants
• coated balloons
• transcatheter heart valves (TAVR, TMVR)
• electrophysiology
• subcutaneously implanted defibulators
• implanted heart monitoring devices
• wireless monitoring
• wearable devices
• needle-free drug delivery
• capsule endoscopes, point of care testing
• companion diagnostics

These devices are primarily improved from the devices that have been used for the last 30-plus years by new technologies. Technology has allowed wireless communication, smaller chips and components, and other advancements. Many of these advanced devices can improve the quality of life for those with disabilities or severe health problems.

Electronic payments

Nations around the globe are looking for new and safer ways to pay that do not include cash. People in most areas of the world have also come to expect prompt, reliable same-day or overnight delivery, and these payment methods help facilitate this. In addition, other technologies such as AI assistants and smartphones are often used for shopping, which demands safe, easy-to-use payments.

New AI algorithms and access to years of data have made it possible for AI to determine trends and patterns that can be used to reinforce payment security. AI is also used to detect cash crimes, such as fraud and money laundering. Real-time payments continue to grow with the aid of data-driven technologies and the demand for immediate satisfaction and convenience. AI is being implemented to speed up these and other contactless payments.

Many consumers use their smartphones to pay for goods and services and manage their money. Mobile wallets that depend on near field communication to digitally transfer payment information are convenient and relatively safe. Using biometrics to consent to payments is becoming increasingly popular as well. We have all used fingerprint or facial recognition technologies on our smartphones, but also in use and being explored are iris identification and voice authentication.

Cryptocurrencies are another popular, if not controversial, form of electronic payment. It is computer-generated money, typically represented by a token or virtual coin. Cryptocurrencies are driven by blockchain technology, but because it is still so new and faces inconsistent acceptance and implementation. These factors surrounding cryptocurrency and its use make it hard for accurate predictions to be formed, but its substantive growth in recent years cannot be ignored.

Semiconductors

Semiconductors are often associated with many everyday electronic devices, computers, tablets and smartphones, to name a few, and they also bolster many new and emerging technologies. IoT and AI, for instance, rely heavily on the semiconductor industry. Semiconductors are crucial to the advancement of most existing and emerging technologies. Currently, the US leads the market in semiconductors fostered by the interests in AI, the availability of knowledgeable and experienced engineers, and the availability of raw materials. Many other countries are investing in semiconductor technologies and education to get a piece of the rapidly expanding market and foster growth.

Semiconductors will play an ever-increasing role in providing AI, IoT, and automation technologies. They are expected to be a hot commodity in transportation, agriculture, defence, healthcare, and even law enforcement. Used for everything for sorting through data, public tips and information, advanced or accelerated treatments, revolutionising driving and more, the semiconductor industry shows no signs of slowing any time soon.

Renewable Energy

Renewable energy is predicted to be the fastest-growing energy source in the next 25 to 30 years. One factor is lower costs associated with the generation of wind and solar power. Improvements in other technologies also contribute. These include smart meters that allow energy overproduced by homes or businesses to be returned to the grid. Everyone wins, clean power that might otherwise go to waste is available for use, and the producer gets credit for the power fed to the grid.

Batteries are frequently used to store and transport energy and make it available in places without power. Aided by other technological advances, batteries have gotten more compact and have higher capacities. Projections indicate that high-capacity batteries are expected to increase substantially before the mid-21^st century. It is expected this will increase the use and practicality of clean energy.

Battery production and the expansion of their use could be limited by the limited availability of lithium and cobalt, metals commonly used in batteries. Scientists are exploring various ways of potentially recycling these metals, allowing them to be reused and potentially allowing battery growth to continue. Safer batteries use less toxic or non-toxic substances. Other pipeline improvements include improving electrolyte fluid for balancing electrons and exploring solid electrolytic materials. All liquid batteries without the traditional solid-core are also being explored. These technologies are also expected to boost the renewable energy market.

Other battery alternatives being explored include using concentrated solar power to heat salt to molten. The melted salt is then used to propel a generator. It is a similar principle used in traditional coal-fired and steam generation electric plants, but cleaner and the salt can be melted many times. Scientists are also experimenting with heating sand with concentrated solar and using it similarly. Sand can be heated to a higher temperature than sala and is expected to have greater efficiency due to the higher potential temperature.

The fact remains that the world’s already considerable energy needs are only expected to increase in the future. Another avenue being explored to satisfy this need include hydrogen and ammonia. These renewable energy sources can store surplus power, more energy per pound than batteries, in fact. These fuels could be used to power equipment, for shipping, and even for space travel. Hydrogen can be formed by splitting water molecules, typically using electricity. The key is to optimise the process to make it efficient and affordable.

Automotive Technologies

Automotive technologies are constantly being tested and improved upon, especially in today’s world, where consumers want the best of everything. The improvements in battery technologies are anticipated to revolutionise the auto industry by largely freeing automobiles from their reliance on fossil fuels. In conjunction with the auto industry, scientists are also considering using body panels or other components for the battery to store energy. Some auto manufacturers are even exploring solar technologies that allow battery charging from the sunlight, typically when parked.

Tire manufacturers are also seeking new, more affordable, environmentally friendly compounds to make tires from. Consumers today want longevity and high efficiency with a low price tag. Another idea in limited use and being explored for improvement is self-healing or puncture-free tires. Materials inside these tires are designed to rush towards the leak and seal it by reacting both chemically and physically.

Other advances include navigation systems that can help reduce traffic jams by directing vehicles away from congested areas—leveraging blockchain technology to make cars more connected and self-sufficient. Blockchain is already being used to collect driving data, reduce insurance rates for good driving, maintenance alerts and automation, new and improved vehicle protection, and transparency in manufacturing and regulatory conformance.

Automotive manufacturers increasingly rely on AI and frequently include devices in today’s vehicles that help keep the vehicle in its lane and sense other cars or obstructions. Some automakers use AI to collect and report vehicle data customise maintenance recommendations, and provide other yet-to-be-revealed advancements. Vehicles today contain chips and other computerised elements that allow drivers to make hands-free calls, check appointments, stream music, and make digital payments. Improved vehicle sound systems are another trend, often including haptic screens or other displays, accepting voice commands, and other assistive technologies.

Many other technologies, not yet thoroughly tested and proven, are also under exploration by manufacturers. These include advances in human-machine interface technology, such as gesture recognition, to help prevent distractions. The use of small vehicles that go short distances is also increasing in popularity in some parts of the world. These smaller cars can help ease congestion, lower fuel costs and help resolve parking issues.

With the ever-changing tech landscape, it can be difficult for any company to stay on top of trends, and even harder to attract engineering talent with experience in emerging markets. Luckily, at TechTeamz, we have access to a wide pool of engineers both locally in Europe and globally working remotely. If you’re looking to build an engineering team with specialised skills or knowledge of certain markets, don’t hesitate to reach out to us to find, hire, and manage your engineering team today.

To read Part 2 of this emerging markets blog series, click here.