The personal computer and the internet are some of the major technologies that have changed the way we do business in the last 3 decades. The way people used to interact and make transactions before the personal computer and internet era was mainly through physical contact or sending written messages through post offices. But with the PC and the internet, it is now possible to communicate with someone who’s thousands of miles away in Realtime. This has led to the birth of new businesses and the growth of the old ones.
However, some of the businesses that used to benefit from the traditional communications methods that were used before the PC and the internet went out of business. This is because they did not anticipate that these new technologies would disrupt their businesses. So, as a small business owner, it is always important to know the technologies that are likely to shape the future so that you take advantage of them and make sure they work in your favor. In this post, I am going to take you through the top 5 technologies that are likely to shape business in the next 10 years
#1: 5G network
In the last decade, one of the biggest advancements in technology was 4G LTE internet. 4G allowed us to seamlessly stream YouTube videos and to make clear video calls that were a bit of a challenge with 3G and 2G. In this coming decade, 5G is going to advance our communication potential even further. Most of the technologies that are likely to breakthrough in this decade, will have some dependency on the 5G networks. Things like autonomous cars, the Internet of Things, AI, etc. will all have to depend on 5G to work effectively. 5G is already in use but just within a few countries and cities. We expect 5G to be present in all countries at least by 2025.
So far, 5G is expanding slowly. Its expansion could be an opportunity for homeowners because a cell tower is necessary for a 5G network to cover a specific area. When a wireless carrier approaches a property owner, they can get compensation for a lease if the tower is placed on their property. Many homeowners explored this opportunity and got themselves a one-time payment known as a cell tower lease buyout.
#2: The Internet of things (IoT)
The internet of things is basically having every appliance and gadget in your home and workplace connected to the internet. IoT advancements are already in place and with 5G getting more spread around the world, connecting our appliances and gadgets to the internet will even be much easier and cheaper. Most of the IoT applications are already in place but only owned by a few people due to the high maintenance costs of IoT systems. But in the next five years, as the technology gets cheaper, IoT is likely to be the next big thing in business. Companies like Amazon, Apple and Google are among the leaders in IoT technology innovations
#3: Self driving cars
10 years ago, self-driving cars were not even a topic of discussion because people thought such a thing may never exist. But thanks to companies like Tesla and Alphabet (Google), we are now sure that at least in the next 3 or 5 years, we shall have self-driving cars on the streets. Tesla already has the Autopilot feature in some of their latest cars. Self-driving cars are going to solve issues of parking space since cars will spend most of the time on the road than being parked in the parking lot. However, regulations by the different governments may delay most of the self-driving car projects for safety reasons. But certainly, at some point when these companies prove beyond doubt that these cars are fully safe, we should see them hit the road.
#4: AI and machine learning
Technologies like Siri and Google assistant are always getting better at learning your smartphone using habits. It is now possible to use your phone to do most of the things with just voice commands. Every other day that passes, people are finding more reason to use these machine learning technologies to simplify their everyday life. In the coming years, we expect to have these technologies with even more practical applications than they have today.
#5: Battery technology
With electric cars becoming more popular than ever, smartphones and personal computers becoming more power hungrier, we shall certainly need more technological advancement in energy storage to power up these devices. We already have so many sources of electrical energy that is; hydro, wind, solar, etc. But the challenge is most of the energy generated from these sources works well when used directly. Storing energy in big quantities is still a challenge. But with the ongoing research of getting better materials for batteries, we are likely going to see big breakthroughs in battery technology in this decade.
There are so many other technologies that are likely to change the way we live and do business. However, the above 5 technologies are the ones that will likely have a lot of impact on how we currently communicate and do business. The question you need to ask yourself as a business owner is if you are ready to take advantage of these technologies. Some of them may not directly have an impact on every business but somehow there might be a way they will indirectly affect the behaviors of customers. So get ready to embrace and take advantage of these technologies.