|Wednesday 19th July 2023|
How Modern Technology Is Advancing Main Industry Sectors
Technology and innovation continue to dictate how we live, communicate, do business, travel, and entertain ourselves. Over the last few decades, innovations like AI, Big Data, drone technology, and facial recognition have revolutionized everything from banking, finance, medicine, and education to fashion and entertainment. These changes are different for every industry but the overall effect is that things are faster, more secure, more immersive, and more efficient with technology than without. Below, we take a look at the impact different tech innovations have had on different industry sectors.
The manufacturing industry has benefited greatly from automation processes, blockchain technology, and robotics. Large warehouses like Amazon are using AI-powered robot arms to move things around, significantly cutting delivery times. Where multiple suppliers are involved, blockchain-powered smart contracts enable a more reliable and transparent supply chain so that items are delivered faster and on time to the intended locations. Agricultural plants are even using drones and AI systems to apply pesticides, automate irrigation, optimize greenhouse conditions, and more.
Online Gaming and Betting
Technologies like 5G internet, blockchain, AI, VR, and streaming have turned the online gaming and iGaming industries into a multi-billion market. Stronger internet connections and the widespread proliferation of mobile phones birthed mobile gaming – a sector that now brings in the majority of the industry’s revenue. Through mobile phones, games have become more accessible, convenient, and cheaper. And the establishment of pay-by-phone-bill casinos and pay-by-phone casino options has made it easier for people to play their favorite games from anywhere in the world. Meanwhile, AI has allowed for safer connections, personalized services, and efficient customer care.
AR and VR are the technologies with the most impact on the entertainment industry. VR, for instance, has established a new way of enjoying music – through the Metaverse. Beginning in 2020, multiple artists have held music concerts within the virtual worlds of popular games like Fortnite. Fortnite has even streamed three movies, establishing a new channel for advertising. There are still some ways off before we can fully interact with films and maybe even insert avatars into our favorite movie scenes, but experts agree that we will get closer to this reality within the next decade.
Marketing and Ecommerce
Big Data has been influential to the marketing and ecommerce sectors. Through all the data collected and analyzed from users, marketing experts and online stores are better able to target their ads. They can customize their offerings to meet specific consumer profiles, which translates to more sales and lead retention. Online stores are also embracing gamification to make the online shopping experience more immersive and VR technology to allow online shoppers to better sample their products.
Finance and Banking
The convenience offered by mobile and online banking is so relevant today that the FinTech industry is expected to be worth $8 billion very soon. But beyond automation, the finance and banking sectors have experienced some growth and even threat from blockchain technology and cryptocurrency. The creation of digital currency that is unregulated, more secure, and easier to transfer has shaken the position of traditional banking within the economy. Some institutions are responding by joining the crypto-move and some central banks are even planning to create their own digital currencies.
EdTech, or education technology, is making education more accessible and immersive. Innovations like AR and VR are helping students experience learning environments they typically wouldn’t without ever leaving the classroom. A good example of this is Google Arts and Culture, a program that offers virtual tours and field trips to over 2000 of the world’s best museums and heritage sites. Colleges and Universities are also reaching wider audiences by onboarding their courses online. Who knew 20 years ago that you could enroll and participate in a course online, graduate, and earn a diploma from a whole different country as your school?
Transport and Automotive Industry
The technological advancements of the last few years have brought us closer than ever to autonomous vehicles. AI systems that study and adapt to road conditions have allowed cars to achieve some level of autonomy, although we are still far from the reality of self-driving cars. Elsewhere, some automakers have entered the blockchain market. A recent IOTA project, the Tangle, allows cars to trade resources and services with machines. Tangle is powered by the Internet of Things and provides a smart wallet through which cars can earn NFTs and use them to pay for connected car services.
Technology has taken major leaps within the last few decades, making as many strides as science did during the Einstein era. Every time a new innovation rocks the market, experts are quick to dub it the most revolutionary event of the decade. We did it with drone technology, AI, AR, and VR. But if the tech industry has proven something, there is always something to look forward to. At the moment, all eyes are on the Metaverse and the effect it will have on how we do business, consume media content, and engage with each other. Each of these sectors will adapt differently to the Metaverse and, in the next decade or so, the entire industrial landscape will transform again. It is exciting.