2019 was definitely an interesting year!
As Abraham Lincoln once said: “The best way to predict your future is to create it.”
It’s hard to imagine that we’re living in the year 2020. Though we’ve seen plenty of impressive technological advances, like artificial intelligence and phones that unlock by scanning our faces, it’s not quite the world of flying cars and robot butlers people once imagined we’d have by now.
As crazy as these all seem, the world is on track for some spectacular innovations in 2020. Privately operated space flights, self-driving taxis and increases in cyberwarfare would have all seemed like science fiction a few decades ago, but now they’re very real possibilities.
So, let’s have a look at some of the expectations for 2020:
Humans living on other planets is a staple in sci-fi, but it’s growing closer to reality thanks to private space travel initiatives.
As greater advances in space travel are made, the media’s interest will be revitalised. Those private companies will likely capitalise on that attention, which could lead to opportunities to bid on government contracts. Jobs will be created. Auxiliary innovations will be developed. And our chance to become a multiplanet species will (infinitesimally) increase.
Ride-hailing services are already part of everyday life, but self-driving cars are set to cause seismic changes to the industry. Once safety concerns are addressed, many passengers might find that they prefer being driven by a computer rather than a nosy human. And implementing a network of self-driving cars will be crucial in order for these platforms to finally make a profit.
Companies may adapt to self-driving cars as well. Autonomous transport obviates the need for large fleets of corporate cars. Transportation costs for employees could be drastically reduced. The company could get depreciating assets off the books. And energy efficiency would increase. It’s a win-win-win.
Cybersecurity continues to grow in importance as more of our information moves online. Unfortunately, we’ve seen how woefully unprepared even trusted sectors like finance and government can be when it comes to keeping data safe.
No one wants their credit card information appearing on a hacker’s forum, so cybersecurity is crucial for any company doing business online. Cyberattacks are becoming more sophisticated, but fortunately, innovation in countermeasures has surged forward as well. Going into the next year, the cybersecurity industry will likely grow, assisted by cutting-edge technology like artificial intelligence (AI) and machine learning.
We are amidst the 4th Industrial Revolution, and technology is evolving faster than ever. Companies and individuals that don’t keep up with some of the major tech trends run the risk of being left behind. Understanding the key trends will allow people and businesses to prepare and grasp opportunities.
Artificial Intelligence (AI) is one of the most transformative tech evolutions of our times. Most companies have started to explore how they can use AI to improve the customer experience and to streamline their business operations. This will continue in 2020, and while people will increasingly become used to working alongside AIs, designing and deploying our own AI-based systems will remain an expensive proposition for most businesses.
For this reason, much of the AI applications will continue to be done through providers of as-a-service platforms, which allow us to simply feed in our own data and pay for the algorithms or compute resources as we use them.
Currently, these platforms, provided by the likes of Amazon, Google, and Microsoft, tend to be somewhat broad in scope, with (often expensive) custom-engineering required to apply them to the specific tasks an organization may require. During 2020, we will see wider adoption and a growing pool of providers that are likely to start offering more tailored applications and services for specific or specialized tasks. This will mean no company will have any excuses left not to use AI.
The 5th generation of mobile internet connectivity is going to give us super-fast download and upload speeds as well as more stable connections. While 5G mobile data networks became available for the first time in 2019, they were mostly still expensive and limited to functioning in confined areas or major cities. 2020 is likely to be the year when 5G really starts to fly, with more affordable data plans as well as greatly improved coverage, meaning that everyone can join in the fun.
Super-fast data networks will not only give us the ability to stream movies and music at higher quality when we’re on the move. The greatly increased speeds mean that mobile networks will become more usable even than the wired networks running into our homes and businesses.
Companies must consider the business implications of having super-fast and stable internet access anywhere. The increased bandwidth will enable machines, robots, and autonomous vehicles to collect and transfer more data than ever, leading to advances in the area of the Internet of Things (IoT) and smart machinery.
Extended Reality (XR) is a catch-all term that covers several new and emerging technologies being used to create more immersive digital experiences. More specifically, it refers to virtual, augmented, and mixed reality. Virtual reality (VR) provides a fully digitally immersive experience where you enter a computer-generated world using headsets that blend out the real world.
Augmented reality (AR) overlays digital objects onto the real world via smartphone screens or displays (think Snapchat filters). Mixed reality (MR) is an extension of AR, that means users can interact with digital objects placed in the real world (think playing a holographic piano that you have placed into your room via an AR headset).
These technologies have been around for a few years now but have largely been confined to the world of entertainment – with Oculus Rift and Vive headsets providing the current state-of-the-art in videogames, and smartphone features such as camera filters and Pokemon Go-style games providing the most visible examples of AR.
With so many changes to our technology coming so fast, it can be hard to grasp the sheer scale of innovation underway. The list above highlights some of the more interesting developments, but is far from exhaustive. Whatever happens, 2020 will be an interesting year for major tech companies and budding entrepreneurs alike.
2020 will be a year of reckoning for those that have held on too long or tried to bootstrap their way through transforming their business.
Simply put, the distance between customer expectations and the reality on the ground is becoming so great that a slow and gradual transition is no longer possible. Incrementalism may feel good, but it masks the quiet deterioration of the business.
Whether CEOs in these companies start to use their balance sheet wisely, find new leaders, develop aggressive turnaround plans, or do all of the above, they and their leadership teams must aggressively get on track to preserve market share and market standing.
Finally, 2020 brings ‘Purposeful Discussions’ which is now my fifth book in a series of books that provide purpose driven outcomes in support of some of the most talked-about subjects in life today. This book demonstrates the relationship between communications (human 2 human), strategy and business development and life growth. It is important to understand that a number of the ideas, developments and techniques employed at the beginning as well as the top of business can be successfully made flexible to apply.
As Swami Vivekananda once said:
“Take up one idea. Make that one idea your life – think of it, dream of it, live on that idea. Let the brain, muscles, nerves, every part of your body, be full of that idea, and just leave every other idea alone. This is the way to success.”