Next-generation technologies are a set of advanced technologies that are expected to revolutionize various industries and bring significant benefits such as increased efficiency, better decision-making, and improved user experiences.
Let us quickly understand the industry view of all the technologies that constitute next-generation technologies. According to a report by Grand View Research (Artificial Intelligence Market and Segment Forecasts, 2023 - 2030), the global artificial intelligence market is expected to grow at a CAGR of 40.2% from 2021 to 2028, reaching a market size of $997.77 billion. Another report by MarketsandMarkets (IoT Market by component and global forecast) estimates that the global IoT market will grow at a CAGR of 25.0% from 2021 to 2026, reaching a market size of $561.0 billion. In a report titled "Blockchain-as-a-Service Market Research," Allied Market Research estimates that the worldwide blockchain-as-a-service market size was $829 million in 2021 and is expected to reach $84.6 billion by 2031, rising at a CAGR of 59.3% from 2022 to 2031. The VR and AR market is also expected to multiply, with a report by Statista (AR & VR – Worldwide outlook) expected to show an annual growth rate (CAGR 2023-2027) of 13.72%, resulting in a projected market volume of $52.05 billion by 2027.
As per JPMorgan's analysis titled "The Future of 5G Adoption," 5G will certainly present significant business prospects that corporations are only now starting to grasp. By 2030, North America's 5G market is projected to reach more than $180 billion. Finally, a McKinsey & Company research titled "How quantum computing might revolutionize the world" The market for quantum computing is expected to reach over $90 billion annually by 2040, with a potential value of approximately $700 billion as early as 2035. These industry reports highlighting the immense potential of next-gen technologies and the significant impact they are expected to have on various industries in the coming years.
Companies are advised to adopt next-gen technologies to stay competitive, increase efficiency, and provide better products and services to their customers. According to a survey by Gartner, 69% of organizations have increased their use of AI and machine learning technologies over the past year. Companies that adopt AI can benefit from increased productivity and cost savings. For example, a study by McKinsey & Company found that implementing AI in supply chain management can result in a 10-20% reduction in supply chain costs. Additionally, companies that adopt IoT technologies can benefit from increased operational efficiency and reduced downtime. A report by Vodafone found that companies using IoT technologies can save an average of 19% in costs. Blockchain technology can increase transparency and reduce fraud, resulting in increased trust and improved customer experiences. Finally, adopting AR and VR technologies can improve employee training and provide better customer experiences. A study by PwC found that companies using AR/VR technologies have reported improved customer satisfaction, increased brand loyalty, and increased sales. To maintain their competitiveness, boost productivity, and improve client experiences, businesses need to use next-generation technology, as shown by the statistics and advantages listed above.