Technology is evolving at an exponential pace and undoubtedly a year from now the landscape will look different than it does today. Here are what tech insiders see coming around the bend.
1. There’s a high probability we’re headed for recession
“We’ve been putting the economy on performance-enhancing drugs in the form of cheap debt for the past decade. Now that party is coming to an end as the feds raise interest rates to fight inflation and we’re going to feel some painful withdrawal. As interest rates go up, regular families are going to spend more money serving their mortgage and line of credit and have less money to spend at local restaurants and shops. When a recession arrives, everyone is going to pull back on spending at the same time leaving small businesses in a lurch. That means small business owners need to get their finances in order. Now is the time to reduce expenses, not the time to expand.”
–Ian Crosby, cofounder and CEO of Bench Accounting, one of the top 30 fastest growing tech companies in North America which has raised over $53 million and employs over 300 people
2. Blockchain finds a killer (app), and the commercial rush begins
“Many companies are struggling to understand the return on an investment for blockchain development. In 2019, that will start to change when real-world use cases illuminate blockchain’s potential to disrupt industries. For example, blockchain could have spared a lot of sickness and pain from the recent E. coli outbreak in romaine lettuce. Not to mention the expense of the FDA’s broad recommendation to destroy all romaine lettuce on the market because the agency couldn’t identify the specific source and extent of the problem. Blockchain can efficiently track the journey of produce all along the supply chain, from farm to table, through the decentralized ledger technology. A public health crisis is averted. And the buzz about the events accelerates adoption of blockchain across a wide range of related companies and industries.”
–Chris Reichard, EVP of enterprise and blockchain solutions for ArcTouch, a San Francisco-based company that has designed and developed more than 500 custom mobile, blockchain and IoT products for over 200 clients, ranging from Fortune 500 companies to startups
3. 2019 will be the year that commercial drone integration really takes flight
“This year, we saw the industry take some big steps forward, thanks in large part to the launch of the Unmanned Aircraft Systems Integration Pilot Program (UAS IPP). Some of the country’s leading companies and government municipalities began testing new use cases for commercial drones, from food delivery to emergency response support. Next year, we’ll start to see the impact of that innovation across industries, along with regulatory improvements driven by the IPP to better and more quickly support the safe integration of drones. Coupled with increasing consumer support — 71% support drone use in their communities today and that number will only continue to rise — we’ll see particular growth in public safety, where drones are already helping to improve response times and reduce crime rates around the globe.”
–Chris Rittler, CEO of Cape, a cloud platform for drone telepresence and data management, partnered with the City of San Diego, as one of 10 participants in the Unmanned Aircraft Systems Integration Pilot Program
4. Brands that stand for nothing will be left behind
“Purpose and the potential for brands to enact positive change isn’t anything new, and we’ve seen corporate citizenship and traditional CSR efforts become part of many companies for decades. But now we’re seeing that consumers are demanding more. They will support with their wallets companies that are authentic and accountable, and punish those that aren’t. In 2019, we’ll see more brands recognize that, take steps to go beyond being a good corporate citizen and authentically link their brand identity tightly to purpose.”
–Lloyd Adams, managing director of the East region at SAP, a multinational software corporation serving over 413,000 customers in over 180 countries
5. Preparation for the exponential growth of data will become a key challenge and opportunity
“A recent report forecasts that the global datasphere will reach 175 zettabytes in size by 2025, with growth mainly driven by enterprise businesses increasingly storing their data in the public cloud. But this data in and of itself is worthless unless it is acted upon and processed. Technologies like AI, machine learning and advanced analytics all require heavy computing power and rely on ubiquitous, secure and fast access to data in order to be effective. In 2019, we can expect to see more businesses across all industries utilize these new tools to extract value or completely transform their business models. The first to win the data games will be the future winners.”
–Jeff Fochtman, VP of global marketing at Seagate, a provider of data storage solutions powering Fortune 500 companies for over 40 years
6. Innovators in healthcare, manufacturing and retail will demonstrate what 5G is capable of
“[Next year] will be a big year for 5G here in the U.S., and with it will be the start of a new era of wireless connectivity defined by blazing speed and minimal latency. [It] will put the power of fiber in your pocket, home, workplace and cities and create limitless possibilities for consumers and businesses. Over time it will help enable IOT, smart cities, connected devices, autonomous driving along with emerging use cases.”
–Tim Baxter, president and CEO of Samsung Electronics North America, a $30 billion-plus consumer and enterprise technology company
7. Relationship-building will out-power transactional focus
“In 2019, digital marketing will make a major shift from a transactional focus (doing business, getting things done) to an experiential focus (building a relationship). Consumers will reward enterprises that deliver a holistic, branded experience. Smart enterprises will be investing in developing this kind of complete experience instead of a siloed experience of a particular unit or transaction. Marketing that is driven by experience is an incredibly powerful way to build, maintain, and strengthen relationships.”
–Sunil Karkera, global head of TCS Interactive at Tata Consulting Services, an IT services, consulting and business solutions organization.
8. Businesses will get the bill for their IoT projects
“The concept of digital transformation has been sweeping industries for years, but 2019 is going to be the year that business leaders will get the bill for all the IoT and IIoT projects that they have been piloting. This will cause challenges for operational technology (OT) teams in particular, as they haven’t experienced the realization that IT has understood for years: the cloud’s benefits of speed and agility outweigh its price tag. To overcome this, IT and OT teams need to work together on the planning and execution of implementation, especially as emerging technology like AI, edge computing and new security models are coming into the forefront.”
–John Fryer, senior director of industry solutions at Stratus Technologies, a provider of continuous availability solutions for mission-critical applications servicing global Fortune 500 companies and small medium sized businesses for more than 35 years
9. Credit cards will offer more benefits
“Getting more from your credit card is a trend for 2019, from valuable perks and benefits to convenient new features. You can swipe, dip and now tap your card for convenient contactless payments. Consumers understand their credit cards are so much more than a piece of plastic, or metal, as is the case of the Chase Sapphire credit cards. Points serve as an extension of the credit cards you already carry in your pocket and can be redeemed for just about anything from flights and hotels, to gift cards and experiences or even cash back and products.”
–Farnoosh Torabi, chief financial education ambassador at Chase, the U.S. consumer and commercial banking business of JPMorgan Chase and Co. (NYSE: JPM) with assets of $2.6 trillion and operations worldwide, serving nearly half of America’s households with a broad range of financial services
10. Virtual assistants will…
