Top Trends That Will Change the IT Industry in Coming Years
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“The number one benefit of information technology is that it empowers people to do what they want to do. It lets people be creative. It lets people be productive. It lets people learn things they didn't think they could learn before, and so in a sense, it is all about potential.” – So goes a quote by renowned American Chief executive & former Microsoft CEO – Steve Ballmer.
As the above-mentioned quote suggests, Information Technology (IT) is a market full of opportunities ready to be utilized by growth-oriented players. It is one of the fastest growing technology markets in the world and is set to significantly transform the way we perceive different aspects of life.
In India, information technology is one of the biggest sectors in the country and is among the key technologies responsible for spearheading several innovative projects across the country. According to a report published by Indian Brand Equity Foundation (IBEF), India is the largest sourcing destination in the world for the information technology industry, and accounts for almost 67 per cent of the market, which is worth USD 124-130 billion. It is comprised of 4 major segments, which are: IT services, Business Process Management (BPM), software products & engineering services, and hardware.
The report further states that the Indian IT industry has played a vital role in leading the country’s economic progress, apart from transforming the way India is perceived in the global platform. The sector also happens to be one of the biggest employers in the country, with more than 10 million individuals employed so far. In terms of market size & growth, the sector is projected to grow at a rate of 12-14 per cent in constant currency, and is estimated to be worth USD 350 million by FY 2025.
To determine how successful IT industry can become in years to come, let us explore top trends that are paving the way forward for the same:
These days, some players have begun to offer Internet of Things (IoT) based smart vehicular telematics systems, which offer a wide range of safety solutions. Such devices are usually comprised of a piece of hardware that fits inside vehicles, along with a companion mobile app for the customer’s phone, which can be synced via cloud intelligence infrastructure. The biggest advantage of telematics systems include: navigation, wireless network connectivity, diagnostics/remote data management, and safety & security against theft.
Artificial Intelligence (AI)
Over the past couple of years, Artificial Intelligence or AI has become a much talked about topic among industry giants as well as the masses. As the name suggests, AI refers to the level of intelligence demonstrated by computer machines, i.e. any device that can recognize its immediate surroundings and take actions based on its perception of the same. In simpler terms, the term is mostly used to define the moment when a machine is able to mimic cognitive functioning like problem solving & reasoning, which is mostly associated with a human mind. While its implications are still being debated upon by most industry experts, it can be said that Artificial intelligence can certainly transform the IT sector in years to come.
Virtual Reality (VR)
Although Virtual Reality (VR) has been around the block for some time now, the technology is far from becoming a done deal, and its application is proving to be a massive success across multifarious industries. The VR technology combines physical spaces with simulated environments, allowing users to experience and move around in a virtual world via VR headsets, and can transport their presence into an imaginary, yet hyper-realistic world. VR is already being utilized across different segments like gaming, healthcare, education, and arts & entertainment, and is being developed for use across more fields in future.
Intelligent things is one of the newest technological hybrid on the block, and promises to disrupt the field of IT for the better. By combining aspects of artificial intelligence and Internet of Things (IoT), intelligent things refer to any object that can predict actions based on its use by humans. Such smart devices are increasingly becoming popular across the world, and are becoming increasingly common. Some of its prime examples include: home appliances, medical instruments, and automobiles.
Intelligent apps are now becoming the norm as they are making it extremely easier for people to manage their day to day activities without any hassle. These smart apps are capable of responding to voice commands, and enable efficiency.
Judging by such positive facts, it is becoming increasingly evident that advancement in the field of information technology will be a major factor in promoting the overall growth of a nation, as well as give rise to groundbreaking products & services in future.