Top 8 Tech trends for the next decade

The past decade has seen technology, from smartphones to cloud apps, transform our lives. The next decade promises even more. We’re entering an era where AI will make devices intuitive, quantum computing will tackle complex problems, and IoT will connect all devices. This post will explore these trends, their evolution, and the challenges they face. Let’s journey into the future of technology together.

1. Artificial Intelligence (AI) and Machine Learning (ML)

Artificial Intelligence and Machine Learning are two of the most transformative technologies of our time, and they are set to change the way we live, work, and play. AI refers to the ability of a computer or machine to mimic the competencies of the human mind, which often learns from previous experiences to understand and respond to language, decisions, and problems. Machine Learning, a subset of AI, uses algorithms trained on data to produce models that can perform such complex tasks.

The market for AI technologies is vast, amounting to around 200 billion U.S. dollars in 2023 and is expected to grow well beyond that to over 1.8 trillion U.S. dollars by 2030. Similarly, the machine learning market is also the largest segment of the AI market. This market is expected to grow from around 140 billion U.S. dollars to nearly two trillion U.S. dollars by 2030.

A 2020 Deloitte survey found that 67% of companies are using machine learning, and 97% are using or planning to use it in the next year. From manufacturing to retail and banking to bakeries, even legacy companies are using machine learning to unlock new value or boost efficiency.

As these technologies become more advanced, we can expect to see them used in more diverse fields, from healthcare to finance to entertainment. With its specialist knowledge of data evaluation, starting with the precise formulation of the research question and passing through a study design stage on to analysis and interpretation of the results, statistics is a natural partner for other disciplines in teaching, research, and practice.

In the next decade, we will likely see AI and ML becoming even more sophisticated, with advancements in natural language processing, predictive analytics, and automation. These advancements will continue to drive innovation, disrupt industries, and create new opportunities.

2. Quantum computing

Quantum computing, still in its infancy, holds the promise of solving complex problems that are currently beyond the reach of classical computers. As research progresses, we can expect to see more practical applications of quantum computing in areas like cryptography, optimization, and drug discovery.

Quantum computers use the principles of quantum mechanics to process information. They can handle massive amounts of data and solve complex problems much faster than traditional computers. While there are still many technical challenges to overcome, the potential of quantum computing is enormous.

The Global Quantum Computing Market was valued at USD 89 million in 2016 and is projected to reach USD 949 million by 2025, growing at a CAGR of 30% from 2017 to 2025. McKinsey estimates that the automotive industry will be one of the primary value pools for quantum computing with a high impact noticeable by about 2025. They also estimate $2 billion to $3 billion economic impacts of related technologies for the automotive industry by 2030.

There could be between 2,000 and 5,000 quantum computers worldwide by 2030. Out of the players working on and innovating in quantum computing, the majority are startups (40%) and universities (33%). The number of qubits in quantum computers has been increasing dramatically from 2 qubits in 1998 to 128 qubits in 2019.

Quantum computing as an alternative to classical computing was thought up by physicist Richard Feynman in 1982. Quantum computing requires a cold operating environment since particles must be in a stationary phase to be measured. The highest temperature that quantum computer chips have been operated is -272°C.

In 2011, the world’s first commercial quantum annealing machine, operating on a 128-qubit, was developed by D-Wave and its price was about US$10,000,0002. As of 2018, China leads in publications on quantum computing with ~3000 scientific publications. The United States follows China with ~2500 publications.

It takes 10 years for Boolean logic computers to complete a task the latest Google quantum computers do in 3 seconds2. Total fundings of startups D-Wave is the most funded private quantum computing company with $216M in 19 rounds.

As the theory of quantum physics is fundamentally stochastic, randomness and uncertainty are deeply rooted in quantum computation, quantum information, and quantum simulation. Thus statistics can play an important role in quantum computation and quantum simulation, which in turn offer great potential to revolutionize computational statistics.

There are some online resources, such as IBM’s Qiskit textbook and the IEEE Quantum Initiative, which can make learning about quantum computing easier. To learn more about the current state of quantum computing, download the full paper, “Quantum Computing: Progress and Innovation”.

3. 5G and beyond

The rollout of 5G networks is already underway, promising faster data speeds and lower latency. But the telecom industry won’t stop there. Research into 6G and beyond is already happening, with a focus on integrating the network with AI and ML to create smarter, more efficient communication systems.

5G refers to the most recent wireless communications systems, which are faster and carry more data than 4G or LTE systems, enabling more connections for devices like cellphones and a wider range of wireless technology applications. As these systems and technologies rapidly advance, scientists and engineers often refer to future high-speed wireless communications as simply “next-generation” or “NextG”.

As of Q3 2023, the world added 537 million 5G connections, bringing global totals to 1.6 billion, which represents an increase of 71 percent over the past year. This growth trajectory suggests an optimistic outlook for the future of 5G adoption.

Most recent data from Omdia suggests 430 million global 5G connections were added from Q2 2021 to Q2 2022, representing a 1121.1 percent increase from 383 million to 813 million. Those figures represent 16 percent sequential quarterly growth from 703 million in Q1 2022 to 813 million in Q2 2022.

The first 5G standards were ratified in late 2017 and define 5G technologies as using frequency bands up to 52.6 GHz. The spectrum of these radio frequencies is shared by all communications devices, from broadcast television and radio to navigation and cellphones.

Wireless communications systems send data and information through invisible radio waves. The spectrum of these radio frequencies is shared by all communications devices, from broadcast television and radio to navigation and cellphones. A frequency is measured by how close the peaks of the radio waves are to each other.

While 5G technologies will also use lower frequencies, accessing these higher frequency ranges means 5G can offer higher speeds and data-carrying capacity than the previous generation of devices. The development of these technologies will support not only future smartphones and public safety radios but also wearable devices, the Internet of Things, the smart grid, smart homes, next-generation automotive technologies, and smart manufacturing.

But the telecom industry won’t stop there. Research into 6G and beyond is already happening, with a focus on integrating the network with AI and ML to create smarter, more efficient communication systems. The vision for these next-generation systems is to enable groundbreaking mobile applications requiring high-quality low-latency visual, tactile, and audio telepresence, in addition to massive capacity (upwards of 1,000 times) and connectivity (billions of users and machines).

4. Internet of Things (IoT)

The IoT continues to expand, with more and more devices becoming connected every day. This trend is expected to continue into the next decade, with advancements in edge computing and 5G enabling more efficient data processing and real-time analytics.

From smart homes to smart cities, the IoT is transforming the way we live and work. As more devices become connected, we’ll be able to gather and analyze data on a scale never before possible. This will enable us to make more informed decisions, improve efficiency, and create more sustainable solutions.

5. Blockchain and cryptocurrencies

With the rise of NFTs, Bitcoin, Ethereum, and other cryptocurrencies, blockchain technology is a hot topic. Over the next decade, we can expect to see blockchain becoming more mainstream as businesses find new ways to utilize this secure, decentralized technology.

Blockchain has the potential to revolutionize many industries, from finance to supply chain management to healthcare. By providing a secure, transparent way to record transactions, blockchain can reduce fraud, increase efficiency, and create new business models.

6. Cybersecurity

As our lives become increasingly digital, cybersecurity will continue to be a major concern. The next decade will likely see a focus on developing more advanced security protocols to protect against the ever-evolving threat landscape.

Cybersecurity threats are acts performed by individuals with harmful intent, whose goal is to steal data, cause damage to or disrupt computing systems. Common categories of cyber threats include malware, social engineering, man in the middle (MitM) attacks, denial of service (DoS), and injection attacks.

The Global Cybersecurity Market was valued at USD 140 billion in 2017 and is projected to reach USD 300 billion by 2024, growing at a CAGR of 15% from 2018 to 2024. Cybersecurity Ventures estimates that an increase in cybercrime and the need for digitized businesses and consumers to guard against such crimes will drive up expenditure on cybersecurity products and services to $1.75 trillion between 2021 and 2025. In 2020, the FBI received 15,421 internet crime complaints related to tech support fraud and from victims in 60 countries. Global cybercrime costs are expected to grow by 15% per year over the next five years, reaching $10.5 trillion annually by 2025. A 2021 LinkedIn data breach exposed the personal information of 700 million users or about 93 percent of all LinkedIn members. An attack on Microsoft in March 2021 affected more than 30,000 organizations in the U.S., including businesses and government agencies. The average cost of a data breach was $4.45 million in 2023, the highest average on record. 74 percent of cybersecurity breaches are caused by human error. The average time to identify a breach is 207 days. The average lifecycle of a breach is 277 days from identification to containment. The likelihood that a cybercrime entity is detected and prosecuted in the U.S is estimated at around 0.05 percent. 74% of breaches involved a human element in 2023. In 2022, the Federal Trade Commission received more than 1.1 million reports of identity theft. Security breaches increased in 2021 by 68 percent. Cyber fatigue, or apathy to proactively defending against cyberattacks, affects as much as 42 percent of companies. 64 percent of Americans have never checked to see if they were affected by a data breach. The U.S was the target of 46 percent of cyberattacks in 2020, more than double any other country. 56 percent of Americans don’t know what steps to take in the event of a data breach. 97 percent of organizations have seen an increase in cyber threats since the start of the Russia-Ukraine war in 2022.

As more of our personal and professional lives move online, the importance of cybersecurity will only increase. It’s not just about protecting against hackers and cybercriminals. It’s also about ensuring the privacy and integrity of our data.

7. Virtual Reality (VR) and Augmented Reality (AR)

VR and AR technologies are set to become more prevalent in the next decade. From gaming to remote work, these technologies offer immersive experiences that could revolutionize the way we interact with digital content.

Imagine being able to explore a virtual world or overlay digital information onto the physical world. These technologies could transform everything from education to healthcare to entertainment.

8. Biotechnology

Advancements in biotechnology could transform healthcare, agriculture, and environmental conservation. From gene editing to personalized medicine, the possibilities are vast and exciting.

Biotechnology is all about using the tools of biology to solve problems and make useful products. The next decade could see major breakthroughs in areas like genetic engineering, synthetic biology, and regenerative medicine.

Conclusion

As we look forward to the next decade, it’s clear that technology will continue to be a driving force in our lives. From AI and ML to quantum computing, from 5G and beyond to IoT, from blockchain and cryptocurrencies to cybersecurity, and from VR and AR to biotechnology, the future is brimming with possibilities.

In this rapidly evolving landscape, tech companies like Sphinx are playing a pivotal role. Sphinx, with its innovative solutions and forward-thinking approach, is not just keeping pace with these trends but is actively shaping the future of technology.

Staying informed and adaptable is key as we navigate the next decade. Let’s embrace these tech trends with an open mind and a sense of curiosity. The future is here, and it’s exciting. Stay tuned for an exhilarating decade ahead!