5 Technology Trends Entrepreneurs Should Follow| By |Murray Newlands

Technology now dominates numerous industries across the world. From computing, to design, artificial intelligence (AI), and even virtual reality, the opportunities for investment are now endless. However, as a result of the mound of innovation in existence, it can be hard for entrepreneurs to chose a tech niche that suits their skill set.

To help you, I’ve put together a list of five technological trends with which you should consider getting involved to help you in your quest to becoming a successful entrepreneur.

Artificial Intelligence

Artificial intelligence, also known as AI, is already a lucrative industry that serves a variety of areas. Companies that operate in fields like big data, robotics, aerospace, manufacturing, healthcare, transportation, marketing, and customer service are now turning to AI for an array of functions. Some of these include:

  • Acting as a personal assistant to help make calls, conduct searches online, book appointments, and other common tasks
  • Auto-piloting and other navigation capabilities
  • Analyzing, sorting, and organizing vast amounts of data
  • Calculating data using predictive algorithms
  • Using machine learning to enhance user experience and boost sales

This fast-growing industry provides a stellar opportunity for entrepreneurs because the technology is still in its infancy. Artificial intelligence is far from perfect, and since there are already numerous industries depending on it, future improvements will only make it more useful and effective.

Virtual Reality

Virtual reality (VR) is another movie-worthy piece of technology that is now being used in a variety of industries. Besides being incredibly useful, VR is also one of the few innovative inventions that transcends age and still leaves most people in awe of it.

VR already serves numerous purposes in several different fields and does not require a huge capital investment to get started. The most common uses for VR include:

  • Theoretical and Practical Training: VR allows employers to provide safe and effective training experiences for their employees while cutting training costs. For instance, pilots can use advanced simulation units to train for real-life experiences. In the event they make a mistake, they will be able to learn from it without putting their life at risk.
  • As a Teaching Tool for Educational Institutions: One of the biggest challenges teachers of all levels face is engaging their students; virtual reality allows them to capture their student’s attention without leaving the classroom. More importantly, VR can be programmed to create effective digital learning environments for students of all ages and capacities.
  • Conferencing and Group Meetings: Although video conferencing is currently the norm, VR is positioned to take control of the digital conferencing industry. Instead of simply looking at a video on your screen, virtual reality allows you to mimic a real “digital meeting” where participants will be able to sit next to each other and interact as they would in person, even if they are thousands of miles away.
  • Films and Entertainment Industries: Many major players in the film and entertainment industry are already experimenting with virtual reality by designing movies specifically for virtual reality viewings, and then featuring them in notorious events, such as the Cannes Film Festival.
  • Video Games: Video games and virtual reality are a match made in heaven, with major gaming franchises already capitalizing on new VR sets by creating experiences tailored for these innovative gaming devices.

Chatbots

Chatbots are the new talk of the town, and thanks to bot-creating platforms, getting involved is easier than ever before. The best part about chatbots and the reason why they have become a must-have tool for all companies is their ability to engage with consumers in a completely personalized way.

It’s worth noting that the most dynamic chatbots are powered by AI, and as previously mentioned, artificial intelligence is still in its early stages. That being said, AI-powered chatbots have already changed the way brands communicate with their audiences and can be used as a growth-hacking tool for companies of all sizes.

Businesses can now build functional chatbots with tools without coding that will then be able to help their customers around the clock. These bots can be used for different purposes that range from completing simple tasks and answering basic questions to updating profile information and editing billing preferences.

Automated Cars

After years of testing, driverless vehicles are set to hit the road before 2020, making automated cars one of the hottest industries to get involved with right now. Although not everyone is thinking about owning an automated car in the next few years, experts and entrepreneurs predict they will take over from traditional vehicles shortly after they hit the roads.

The hype surrounding automated cars can be credited to one thing: they will change the world as we know it. Self-driving vehicles offer a set of awesome advantages that in essence can transport the same number of people inside of a city at a fraction of the cost. Individual cars are set to become a thing of the past, with some claiming that automated vehicles will take over as much as 90% of the automotive industry, including public transportation.

Some cities are even including automated vehicles into their long-term public transportation plans, and with driverless car lobbyists strongly pushing their agendas, don’t be surprised to see autonomous cars going through a golden age very soon.

Software as a Service

Software as a Service, commonly referred to as SaaS, is one of the three major components of cloud computing and is proving to be one of the most effective distribution models available today. In a nutshell, SaaS companies provide software solutions to companies, which are accessible via the internet. This eliminates the need for hardware download and installation while still maintaining superior functionality and capacity. SaaS companies traditionally serve high-tech industries; however, with the digitalization of the workplace, new opportunities are popping up in various trades, and you can capitalize on these by becoming the bridge that links the two together.

Finally…

Finding the right niche as an entrepreneur can be very challenging, but with the technological advancements the world is facing today, venturing into one of the trends outlined above will surely enable you to take advantage of their promising future while paving your path to success.

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