Technology tends to penetrate every sphere of human life. We are used to gadgets and information technology on an everyday basis. Technological development is an integral part of our work and leisure time. Although some time ago we associated technology with entertainment, for example, video games, the Internet, PS and mobile games. Now, technology has appeared in the more serious areas of life.
We analyzed the latest tech trends in four common industries and identified those that we believe are the most popular in 2018.
Top 4 Tech Trends in Major Business Spheres
Nowadays agriculture faces many challenges. The population of the Earth is growing, soils are depleted, fresh water supplies are exhausted. Agriculture is an area that feels these global changes the most. Farmers also feel pressure, as in today’s conditions, they have to produce more but with better quality. Innovation and technologies provide solutions that allow producers to overcome those challenges while allowing them to save money and resources.
- Internet of things
The Internet of things has already penetrated our homes, industries, and businesses. No wonder that the technological development within the Internet of Things has even sown its seeds in the agricultural sector, leading to “Smart farming”. Smart farming is a collective term is about the adoption of digital technology in the farming process. Sensors, drones, farm software and outside sources provide information about farm conditions. Robots analyze categories like temperature, humidity, and light intensity. Therefore all decision making relies on the indicators derived from software.
Also, most processes on the farm are automotive. Machines and systems, for example, robots, smart irrigation systems, act in accordance with data coming in from the environment. Such improvements have a lot of benefits: in the short run, they can boost farmers’ profits, by cutting costs and increasing yields. Consumers in turn also win by getting a lower price for the products. In the long run, those change may
Such improvements have a lot of benefits: in the short run, they can boost farmers’ profits, by cutting costs and increasing yields. Consumers in turn also win by getting a lower price for the products. In the long run, those changes may solve the problem in future of feeding the world without creating irreparable damage to the Earth’s soils and oceans.
- Vertical farming
Vertical farming is the method of producing food vertically. Such design allows plants to grow vertically on the sides of a tall tower. Lights are also arranged vertically to give plants as much exposure to light as possible. A vertical farm can grow up to 350 times more products than conventional farming methods in the same amount of space. Vertical farms are built near to large cities in order to reduce delivery time of produced plants.
Farmers in such farms embrace an aeroponic farm system that uses 95% less water than conventional commercial field farms. The farms use no sunlight or soil. Instead, the plants are housed on shelves and sprout out of cloth made of recycled plastic. An aeroponic system mists the plants’ roots with water, nutrition, and oxygen. The closed system allows the farm yo use less water. By using an aeroponic and LED system plant growth can be monitored and changes tracked for further improvements.
Сertainly such methods give plenty of advantages, both for farmers and in general for the ecosystem. The main advantages are increasing crop yield without expanding the land area for crops; requiring much less water volume than traditional farming.
Healthcare industry is considered to be poor with technological innovations. Changes there are slow and painful. There are still a large number of hospitals all over the world that do not apply technologies either in administrative work or in treatment.
Yet not everything is bad news and technological progress has made its way into healthcare too. We want to highlight the main global trends that prevail in the healthcare industry this year:
Telehealth or telemedicine is not a new invention, but every year it becomes more popular and demanded more. For a large number of people, such an arrangement simplifies life and opens up opportunities for better health care. For those who never heard about telehealth, this is a tool that allows a patient to connect to physician securely through the internet. Any community may benefit from using telemedicine, especially people living in medically remote areas. It provides access to primary care, especially to doctors, who have been out of reach before. Telehealth is easy to adapt in order to fit almost all medical specialities.
Over time, telehealth not only enables consultation with doctors but also a comprehensive examination. Tools allow extermination of ears, skin, heart, lungs, and throat, temperature, blood pressure, sugar level etc. from home. After the examination doctor prescribes treatment through the app.
Advantages of such innovation are:
- more convenient patient care, patients don’t have to waste time and money in order to get to the doctor.
- cost savings, remote analysis, and monitoring services can significantly reduce healthcare service costs, saving money for patients, doctors and insurance companies.
- access to more doctors, patients in rural areas benefit from quicker and more convenient specialist access.
- Artificial Intelligence (AI)
AI in healthcare collects multiple technologies enabling machines to sense, comprehend, act and learn in order to perform administrative and clinical healthcare functions. Big players, like Google and IBM, contribute their share of integrating AI into the healthcare industry using specialized tools like Deepmind or Watson Health.
Here are some areas where AI is applied:
- Robot-assisted surgery
- Administrative Workflow Assistance
- Preliminary Diagnosis
- Virtual Nursing Assistants
Such an application of Artificial Intelligence not only saves millions of dollars but also help to reduce the influence of the human factor. It is believed that the development of IA will replace people in their working places. In reality, AI-powered tools can help healthcare workers and doctors improve precision and efficiency while lowering skill and energy requirements.
AI is extremely beneficial, not only for doctors and other hospital workers but also for patients, it allows:
- A personal examination to be conducted, AI observes the state of human health, detects and reports deviations and abnormal activity.
- Detection of patterns in health data, machine learning algorithms identify patterns across millions of data points and come up with a suggestion.
- Provision better care, AI finds patterns in the treatment process to guide doctors in caring for their patients more effectively.
- Cloud Services
Cloud computing enables the storage of all data and health records in one place, in the cloud. All this information is accessible from anywhere. It is easy for doctors to consult results with specialists and maintain better communication on patient recovery. The data is safely stored in the cloud and wot get lost in case of server breakdown. Also, such a storage method is financially beneficial. As hospitals pay only for cloud capacity and services they really use, saving on maintenance costs and energy.
Here are some advantages of implementing such technology in hospitals:
- Flexible Architecture
- Accelerate Business Operations
- Electronic Prescriptions Management
Insurance has never been a leader when it comes to innovation and technology. But finally, after long years of working with tons of papers, insurance has finally made its first step into the tech era. It still lags behind other industries, but there are some latest tech trends that we can observe now:
- Self-service dashboard
People have become used to the self-service model. This convenient adaptation is common for shops and restaurants. Today such innovation is also spreading into the insurance business. People tend to do everything quickly by using their phone, even solve serious issues, such as taking out mortgages and buying a car. Now they can do the same with insurance, starting with finding the right policy and claim-making all from one place. Insurance becomes more flexible and transparent:
- Insurance as a Service
A lot of insurance company offer something new known as Insurance as a Service (IaaS)—allowing people to insure expensive items like jewellery or equipment only when they are in use. This service is a great example of using technology exclusively for customer experience (CX): it allows people to keep their goods safe as needed, rather than forcing them into a long-term policy for items they rarely use.
- Cryptocurrency in Banking
Cryptocurrency is now at the peak of popularity. Everyone has probably heard about Bitcoin, Ether or Etherium. A cryptocurrency is a form of digital money used as a way to make and receive payments using a mechanism called cryptography. Digital currency is getting the attention of both investment firms and business. Banks are also in that cryptocurrency trend. Banks use Ripple as estimated infrastructure technology due to a better price and greater security.
- Biometric Features
Biometric features use physical attributes, like fingerprint, voice or facial recognition. Most common, current security methods don’t provide sufficient levels of security. It is getting easier to hack passwords from personal information, which people gladly share on social media platforms. Nowadays online banking tends to use biometric features as a security tool for logging as it provides stronger protection of clients’ personal financial data.
- Open banking APIs
Open banking aims to let third parties use the information stored at financial institutions. This means that banks can share their data through secure open APIs so individuals and businesses can more effectively manage their money. Open APIs also allow third-party developers to develop helpful services and tools for clients. APIs open a freeway for innovative and revolutionary solutions that would be difficult to offer without Open Banking.
To sum up, now all industries, from laggards to the more progressive, are experiencing a technological boom. For most investors, technology investments are one of the most appealing industries to focus on. Therefore, we hope that with additional funds those global tech trends will only evolve and increase.
Probably future trends will change, but hopefully, tech development will still work for the benefit of mankind. Seems like technology is the key to solving some global problems of the planet and humanity in the future.