The digital business services market has undergone vast growth compared to the traditional, core IT services. Innovations in hardware and software development, the growing role of data analysis, and heightened concerns regarding security, healthcare, sustainability, privacy, and connectivity have propelled the rise of numerous tech trends.
According to Statista, global IT services spending in 2021 was 1158bn USD, with only a year later, worldwide IT spending reached 4.4tr USD.
The limitations in transport and production arising from the pandemic restrictions response pushed companies to become more agile in their integration of emerging digital technologies. In fact, organizations provided substantial investments in digital tech solutions for remote workforce support.
Namely, Statista’s data suggest companies focused on acquiring cloud tools and technologies, digital collaboration software, productivity management tools, and remote monitoring solutions to maximize remote work efficiency. As businesses continue to embrace digital services, such as cloud integration, Agile, DevOps, and product-centric development practices, in the post-pandemic era, technology and service providers will have to align with the market-changing trends to stay relevant for their clients.
In this article, we’ll outline the top five technology trends top IT services companies need to have under their belt to meet partner demand.
#1 Artificial Intelligence & Machine Learning
Artificial Intelligence and Machine Learning are probably the most evolving technologies with widespread use across healthcare, security, education, and logistics.
Machine learning technology is the key component of search engine algorithms, such as Google’s. These algorithms rank websites based on keywords and offer search suggestions to predict users’ queries.
AI is used across automation in manufacturing, the development of self-driving cars, and smart online assistants like Siri or Google. Artificial Intelligence processes large amounts of data to improve and evolve decision-making capabilities.
#2 Collaborative Technologies
Earlier in the article, we mentioned digital collaboration and project management tools as organizations’ top investments during the Covid-19 outbreak. The data is unsurprising, as the companies that transitioned to remote utilized collaborative technologies to recreate office environments.
Meeting the new and unexpected demands that businesses needed of these collaborative tools meant companies that designed and developed these collaborative tools had to go back to the drawing board. Thus, in the past few years, collaborative tools saw a rise in the integration of state-of-the-art technologies, such as third-party apps, messaging, voice calling, and video conferencing tools.
Yet, as the hybrid working model continues to prevail, IT companies are adopting another form of collaborative tool – the virtual desktop infrastructure (VDI). VDIs boast simpler IT management, more control, greater flexibility, and better cost-efficiency.
Collaborative technologies have gained momentum among businesses seeking outsourced/managed IT services. These tools enhance remote working efficiency through document synchronization and real-time employee communication.
#3 5G Technology
Statista’s data forecasts the number of 5G subscriptions by 2025 at a staggering 3 billion.
With 100 times the speed of the current 4G broadband tech, 5G will facilitate the Internet of Things (IoT), ensuring internet-powered smart devices work seamlessly without a considerable drop in speed, latency, and reliability.
Businesses working with 5G can offer their clients efficient and stable correspondence, deployment, troubleshooting, and management efficiencies.
But the 5G expectations surpass the business landscape. Namely, 5G’s high-speed promises much faster uploads, downloads, data transfers, and streams.
#4 Blockchain Technology
In 2021, global spending on blockchain solutions surpassed 6.5 billion USD.
Although it was off to a rocky start after some years of uncertainty, blockchain is now experiencing a growing popularity and prevalence as a viable solution to many technological challenges.
Blockchain uses decentralized data, is resistant to modification, and is secure for transactions, which is why the tech’s largest use case is handling cross-border payments. The technology boasts various vital elements, including cryptocurrencies, digital payment technologies, encryption technology, and non-fungible tokens.
Moreover, blockchain is applicable for storing medical data, protecting copyrights, tracking digital transactions, NFT trading, and much more.
Blockchain technology owes its growing use and popularity to its traceability, improved transparency, better speed, and reduced costs.
#5 Metaverse
Recent Zuckerberg’s unveil of the concept of the Metaverse put a spotlight on the next step in the evolution of social connectivity. In the simplest words, Metaverse is a shared online space where the line between the material and digital is blurred. It intertwines physical, augmented, and virtual reality, enabling humans to interact with each other as avatars.
Despite the fact that Metaverse is still not a tangible solution, JP Morgan and Goldman Sachs predicted its worth could hit anywhere between 1 and 12 trillion USD in near future. The Metaverse technology is set to infiltrate across industries and sectors, with Disney planning to create interactive attractions in its theme parks, and Zara launching its first Metacollection.
The three-dimensional space for socializing, work, shopping, collaboration, and entertainment doesn’t exist on its own – instead, it depends on cutting-edge technologies to power it.
Thus, the rise of Metaverse will skyrocket the investments of related technologies, such as virtual reality (VR) and augmented reality (AR). Besides, blockchain, cryptocurrency, Artificial Intelligence, 3D reconstruction, and the Internet of Things (IoT) are vital to Metaverse development. For example, VR headsets allow users to explore the Metaverse and immerse themselves in digital worlds.
Overall, the concept of Metaverse promises not only immersive interactions but also the erasure of economic, social, and geographic barriers.
To Sum Up
From addressing global matters, such as healthcare quality and access to treatment, online security, environment protection, and achieving sustainability, to supporting business goals of seamless remote cooperation and work-life balance, mastering these five tech trends will position you as an IT leader in business transformation.
Although the technology trends we have listed are incessantly expanding and becoming more complex, their benefit is in that they can be combined in various ways to create innovative and disruptive technological solutions.
Thus, your IT company can leverage even only one of these trends in a multitude of aspects, assisting client businesses and the global population alike.