New emerging markets are the product not only of engineering and technological innovations, but also the sign of a changing society and world at large. In Part 1 of our emerging markets blog series, we talked about markets such as electronic payments, renewable energy, and semiconductors. Below, we discuss more emerging tech markets and the changes and trends that we will see come about in the future.

Internet of Things

Internet of Things (IoT) can store and process data in a disseminated manner, allowing for enhanced productivity. It is made up of a network of devices that communicate. The devices can jointly collect, save, and evaluate information, and the IoT can perform actions based on that data.

IoT devices are expected to increase at least 2-fold in the next several years. Such technologies as blockchain, AI, and other emerging computer-based technologies propel the IoT industry. IoT is expected to increase productivity and allow smart buildings, cities, wireless sensors, and even location trackers.

It is also predicted that IoT will revolutionise other technologies. Some of these include automation, analytics, security, processors, operating systems, and platforms that bundle gadgets to improve efficiencies and productivity.

Smart Cities

Smart cities will be cities where the buildings are linked using IoT to automate, gather data, and operate street lights and other infrastructure. Smart cities are expected to be highly energy-efficient, with smart grids to collect unused power and distribute t where it is needed preventing waste. Improved grid management in the future is expected to increase the potential for efficiency in these cities.

Smart cities also utilise transportation methods that promote conservation, help prevent traffic jams, and even reduce or eliminate parking problems using technology. These cities are even beginning to utilise buses which are connected. This connectivity allows for confirmation of the on-time or late arrival of the desired bus. Australia is experimenting with technology to prioritise traffic light changes, with a preference for buses.

Technology is being used in many cities worldwide, especially smart cities or potential smart cities, to collect information from infrastructure. Data collected from infrastructure can be used to plan for growing demand, proactive maintenance, and potentially preventable public health issues like water contamination.

Audio

Audio technological advancements allow for improved communications and audio playback, often using digital formats. New platforms and other tech are increasing sound quality and connectivity. Digital special effects are available from today’s audio devices, and media are expected to continue to raise the bar in audio.

Hi-definition streaming is another recent audio technology which is expected to expand rapidly. Many AI device manufacturers are interested in technologies of this type, as high-quality on-demand audio makes it more desirable. Many of these emerging audio technologies will allow for continued advancement in how we record music and the quality of the recording—new and updated equipment utilising today’s everchanging audio equipment market and the way audio is transmitted.

Virtual Reality

Virtual reality (VR) uses a stereoscopic headset to generate alternate realities in the virtual. The VR environment is software-generated, sometimes incorporating real props or the physical environment to simulate another, and the user sees things in three dimensions. In recent years, VR games and movies have become increasingly popular. In the future, we could expect to see VR used to create classroom environments, conferences, training, parties, meetings, and other uses. Even therapeutic benefits, such as psychotherapy and detrating from pain during office procedures, are being considered.

Virtual reality, as a name, was popularised to describe the experience in 1987 when the headsets were new and expensive. Since then, considerable advancements have been made courtesy mainly of new and advancing smartphone technologies and advancements in computers, chips, and other components. The gaming and movie industries have largely fostered the growth and improvement of VR; these are its two main uses to date.

Present-day advancements in graphics, displays and processors are just a few of the technologies that have fostered VR development. These advances have also made it possible to make VR headsets more practical, lighter and easier to use. Many of these same improvements have also considerably reduced the cost of VR. Today’s headsets can be purchased for 5 to 10% or less of the price of those initially introduced to the market. Some companies, such as Google, even have a disposable headset used in conjunction with your smartphone allowing users to sample the world of VR.

VR has come a long way and has a bright future, but several challenges must be addressed for the technology to become widely used. VR has certain safety considerations, as well as privacy and technical issues. Additionally, with the continued and expanding use of VR, other problems may need to be addressed. We do not have enough data from VR users, for example, to know the potential long-term health or even neurological side-effects that may result. As problems like these and others come to light, they will need to be remedied or improved using modern technology to realise all VRs anticipated uses.

Automation

Automation has also become increasingly popular recently, and the pandemic has bolstered its growth and popularity. Automation uses computers, software, AI and other advancements to minimise human input in manufacturing and other fields. The practice aims to provide increased efficiency, productivity, reliability, and even quality and consistency of the final product.

We use automation in many aspects of our daily lives, some we may not even consider. Think about an office. Even 40 to 50 years ago you probably would have seen a bulky typewriter, mammoth filing cabinets, and other items necessary to complete daily business tasks. Today’s offices can essentially pop up anywhere with the advent of technologies that allow small, portable, sometimes nearly handheld computers and other internet-connected devices, including smartphones. These devices provide a means of documentation, storage and more in a conveniently portable package. Internet connectivity allows us to access information virtually anywhere in the world in seconds.

Manufacturers, and other industries, are increasingly using automation to perform complex or repetitive tasks. It has also allowed production to continue in an industry where workers’ interest has declined in favour of less manual and often higher-paying jobs. Furthermore, during the pandemic, an automation boom of sorts has taken place. Restrictions on the number of workers allowed in facilities and their proximity to one another have forced many manufacturers, offices, and other industries to utilise automation to meet the restrictions and for the health and safety of employees.

It is expected that continued growth in automation expertise and the feedback from existing automated facilities will foster growth well into the future. Automation is expected to become more sophisticated and better at executing intended functions or tasks. Automation is also likely to become more and more affordable as more businesses implement partial or complete automation.

Automation’s biggest pitfall and obstacle are that it replaces actual employees in manufacturing, education, and other industries. However, many of the people concerned that automation may take over the employment market are excited about automation in consumer goods like self-driving cars. Trains, planes and buses are future targets for this type of automation. One can only imagine the possibilities in a global society where travel and communication are not necessarily optional.

Technology continues to grow and change how we live and work, and it is mainly responsible for the ever-increasing global society in which we live. Other factors in information technology development may affect growth and corporate competition, including customer care, engineering and cloud computing skills, sales and marketing content, data and AI, green jobs, business, and specialised project managers. We do not know what exactly lies ahead in the post-pandemic environment. Aligning IT operations and business strategies will help companies prepare for what is to come.

How does a company maintain relevance and a competitive edge with all these concerns? Outsourcing remote staff from TechTeamz can be an excellent resource for finding employees with experience in your market. The engineers at TechTeamz are leading the way in the emerging markets now and in the future.