The rapid pace of technological advancements has transformed every facet of our lives and businesses in the last decade. Today’s tech-first world continually upgrades and revolutionises how we interact, transact, and work.
Here are some of the emerging technology trends in 2022 and their potential impact on business:
1. Augmented Reality and Ecommerce
Online shopping was a revolutionary concept just a decade ago. Getting everything from groceries to clothes at the doorstep with the click of a button was unheard of but is a reality today. But if there is one area where online shopping keeps failing is in managing customers’ expectations.
Photographs and 3D models of the product do not do much justice, and many times, customers are disappointed in receiving the goods they shop for online. 2021 saw a 78% rise in e-commerce companies adopting Augmented Reality (AR) to create realistic customer expectations, minimise returns, and boost sales.
With AR, sellers can now create realistic 3D models of products, allowing potential buyers to see the item as if they had it in their hands before purchasing them. This feature provides accurate samples of the product customers are looking to purchase and encourages them to buy the right products.
2022 will see increased adoption of AR with wider use cases across industries.
Modern gadgets are now an essential part of our lives, and there’s no going back. However, technology comes at a price to our planet and environment. 2022 will see more corporations shifting towards repairing, reusing, and recycling devices that have become obsolete rather than replacing and adding to the accumulating e-waste.
2022 will also see businesses committing to use environmentally friendly raw materials and robust manufacturing processes to increase the efficiency and longevity of products.
Emerging trends predict more products with low carbon and biodegradable items to be energy efficient and batteries with greater capacities. Solar power and LED light technology are but some examples of sustainable technology.
Sustainability will remain a strong trend in the coming years as customers become planet-conscious and companies adopt environmentally friendly technological innovation to minimise carbon footprint.
3. Artificial Intelligence and Decision Making
Artificial Intelligence (AI) is the collective term used for computer systems that can sense the environment, think, learn, and take action in response to set objectives. AI allows businesses in performing tasks better and faster. It enables automation and reduces intensive human labour in executing repetitive and mundane tasks. AI-driven business processes can help radicalise decision making and completely change the way businesses operate.
Business use cases of AI have been evolving over the last few years, and 2022 will see a more practical and broader approach. AI-powered apps and features will help connect with customers more effectively and allow organisations to personalise and time offerings by predicting customer requirements in advance.
4. 5G Technology
5G, the fifth-generation mobile network, comes with many expectations and the promise of higher connectivity across machines, objects and devices. With higher speed and superior reliability, 5G will expand the internet environment with new possibilities for businesses to have faster access to information and become more efficient.
While the full economic effect of 5G is likely to be realised globally in the upcoming years, it can make the vision for safer transportation, remote healthcare and digitised logistics a reality.
Cloud computing uses the internet to store and manage data on remote servers and then access them via the internet. Cloud computing does not have a physical infrastructure. Instead, they rent the usage from a third-party provider.
Cloud computing provides businesses with economies of scale, expertise and open-source software like the Linux operating system, a significant cloud computing enabler. The adoption of cloud computing can help companies reduce costs, increase storage, exercise flexibility, and improve scalability.
Widespread adoption and deeper penetration of cloud computing may vary for each company or industry, but there is one thing sure – there is no going back to the old ways of doing business.
With diverse business loans from Tata Capital, ranging from working capital loans to long-term project financing, open endless possibilities and futureproof your business in 2022. Reach out to your Tata Capital relationship managers to know more about our diverse suite of financial products customised to meet your specific business financing needs.
10 March 2022
4 mins read
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