The Greek philosopher, Heraclitus, believed that our world is controlled by the laws of change. He has been quoted as saying that “change is the only constant in life.” That phrase is never truer than in the world of business. Industry trends come and go constantly. Some stick around for only a short while, while others gain momentum and evolve with the times, becoming part of our natural way of life.
For future entrepreneurs, it helps to know what the future holds for them so they can pursue a successful path. Technology is sure to be a large presence over a broad range of industries. The first commercial-grade computer was invented in 1937, with the first transistor ten years later. The timeline has sped up exponentially since then, with personal computers and the internet arriving in the 1970s, and artificial intelligence beginning to take hold in 2017. And it shows no signs of slowing down any time soon. By the year 2020, the AI industry is expected to be worth over $70 billion. Global players in the field include Microsoft and Google.
One trend that is gaining momentum is drone technology. Originally only used in a military capacity, drones are now being incorporated into our daily lives as delivery vessels. People can have packages and groceries delivered by air directly to their doorstep, and some states have gotten FAA approval to let UPS fly urgent medical packages to select destinations within a specified radius.
Augmented and virtual reality have both really taken off in recent years as well. This technology is used in a variety of applications, both recreationally and for business purposes. As time goes on, the quality of the imagery is expected to have a higher resolution and be more authentic. The devices worn are also expected to become more comfortable and portable and the ability to control and navigate systems will become more fluid.
Another area that is going to continue to evolve is the concept of wearables. The idea of turning everything you eat and drink into measurable data is changing the way people are controlling their own healthcare needs. Now people can monitor their sleep patterns and the number of steps taken as well as their precise levels of energy output throughout the day. They can also measure heart rates and look for any signs of danger. In more than a handful of cases, a person’s activity tracker has been able to detect a heart issue that enabled its wearer to get to a hospital in time for the proper treatment.