An industrial revolution (it is official to call it Industry 4.0) is on our way. This time it will be technology that will drive this revolution. AI and IOT will be central to almost every application. This revolution will completely transform the way economy is generated. Most of the contemporary technologies will be replaced by the technologies that were envisioned a decade ago and have matured to the level that they can be adopted by this year of 2018.
The six trends in technology that have entered into the innovative products after a volume of skepticism in 2015 – 2017, and providing a strong competitive advantage to those who are using it, are introduced and summarized. The use of these technologies today will have a huge impact by 2020-2021.
1. Digital twins:
According to a report by Gartner, 50% of large companies will use digital twins by 2021 and this will lead to acquiring 10% more efficiency in their operations. It’s not that it. There is huge IOT, and AI driven process modeling application in making a digital twin. It Will let us store our physical assets in a digital world. The real objects will have a ‘data-alternative’. The physical asset is represented by the huge amount of data it generates. With this, the real physical asset and the digitally stored asset, they both supplement each other.
2. Edge computing:
Will free the congestion in data networks. This is one of the top priorities for the digital transformations in 2018. More awesome things are getting connected every hour, crowding up the place where data lives and moves, and the data they generate are causing congestion in their connectivity graph. Edge computing uses IOT to connects the physical world with the cloud. The data is processed close to the component instead of travelling all the way up to the cloud. The components can include DSL boxes, Wifi routers, base stations, field devices etc.
3. Immersive experience:
Takes AR and VR to a matured evolution where the experience is extended to immersion. Creating experiences where the audience is truly immersed is now focus of the music, education, gaming, restaurants, events, aerospace, education, risk control and fitness industries in 2018. Immersive experience changes the way we interact with everything by converting the AR / VR space into a 3D space. Gartner predicts that by 2019, 20% of big corporates will adopt immersive experience for their customers and also to improve business efficiency inside teams. By 2020, the quality devices, tools and, systems will be very easily available, making space for massive penetration of immersive experience.
4. Blockchain IOT(BioT):
Will provide a secure mesh network and make provisions for the threat-free creation of reliably interconnected IoT networks. The Blockchain is a security method that lets the distribution of data on the internet but does not allow a copy of the same. In fact, the distribution of blockchain is a type of internet that cannot be corrupted. The agriculture and manufacturing industries, which have remote centers have already started using blockchain to secure their IoT infrastructure. Blockchain in IoT eliminates the need of a central server.
According to IDC, by 2019, 20% of all IoT networks will have a deployment for the blockchain. The convergence of blockchain and IoT have created markets for using blockchain outside cryptocurrencies. This convergence is the solution to IoT challenges. Platforms to build blockchain IOT applications are IBM Watson IoT, Flowchain and, NetObjex.
5. Prescriptive analytics:
Comes as a final stage in understanding a business. In past, predictive analytics was used by many organizations to improve their processes and customer experiences. Organizations are spending on creating prescriptive analytics teams in 2018. Most handy application in which prescriptive analytics is used is deciding to price. Some of the platforms for prescriptive analytics are IBM Prescriptive analytics, NGData, LIONoso. However, independent AI teams are also working to create algorithms for a better prescriptive analytics.
6. FinTech:
Will become biometric. By 2016 – 2017, the mobile transactions grew rapidly. The payments were open to the blockchain. This year, the fintech industries are looking to make shopping biometric-enabled. The facial recognition, voice ID and fingerprints will eliminate the need to swipe cards and will make payments quick. In retinal payment, the payment can be made by scanning retina in a phone. After retinal payment, the payment can be done by cryptocurrency that makes transaction settled in no time.
All of these trends for this year within Industry 4.0 open for large potentials when deployed perfectly. However, there are possible problems like government regulations, distribution of internet and customer’s habits. The solution to these problems will be open for innovation.