The tech industry is one of the most rapidly and constantly evolving industries in the world and there are new and exciting innovations popping up all the time that could revolutionize life as we know it.
While some tech innovations never seem to get off the ground, here are three tech industries that could offer enormous growth potential in the coming years that are well worth keeping an eye on.
Automated natural language processing
With the growth of data and machine learning, natural language processing which uses statistical models for translating the text into a form that it can understand has become an integral part of automated customer service. From voice assistants to machine translation and chatbots, the potential applications are seemingly endless.
The once clunky technology is developing at a rapid pace, with many systems now able to detect sentiment as well as emotion, enabling them to provide an experience that is true-to-life, allowing them to interact seamlessly and efficiently with customers, other automated systems, and even social media platforms.
Currently worth an estimated USD 11.6 billion dollars, the natural language processing industry is tipped to exceed more than USD 35 billion by 2026 as more companies realize the benefits and make the transition from human-based to machine-based service models.
The autonomous (or driverless) car industry is set to explode in the not-to-distant future. With companies like Tesla, Waymo, Pony.ai, Volvo, and Voyage all in the process of trialing or refining their driverless technology, what was once a pipedream is fast becoming reality.
As with all new technology, achieving a commercially viable mass-market product will take time, but many consider it a certainty that it’s only a matter of time before the industry hits mainstream consumer markets.
While market growth took a significant hit in 2020 as a result of COVID-19 lockdowns and the associated economic impact, the market is expected to recover quickly with estimated annual growth upwards of 12% with the total market value anticipated to exceed USD $1,600 billion by 2025.
AI-driven business services
Efficiency is everything in business and any opportunity to automate functions and processes are being welcomed with open arms by businesses globally—and artificial intelligence (AI) systems are taking it to the next level.
With applications for everything from security to service, sales, and marketing, AI-based systems and services are revolutionizing the way many businesses operate.
Businesses like this digital marketing agency Melbourne already utilize AI machine learning and artificial intelligence systems to develop online marketing strategies and plenty of other business support services providers are looking for new ways to drive growth and ROI for their clients with innovative AI service offerings.
With most tech giants investing heavily in AI innovations and the total AI market tipped to reach more than USD 260 billion by 2027, more and more businesses are cottoning on to the idea that AI is here to stay and preparing themselves to welcome the new technology.
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