From AI to cyber security, several new-age technologies will be at their prime in the next decade.
As we enter 2020, we can expect an array of new and upcoming technologies to expand their market and grow further in the next decade. New-age technologies like big data, cloud computing, and AI, among others, will challenge innovators to reconsider the way they create and protect business value going forward.
The worldwide cloud computing market size was at US$ 36.7 million in 2018 and is anticipated to reach US$ 285.3 million by the end of 2025, growing at a CAGR of 29.2%, as per the report from QY Research. AWS, Salesforce, Microsoft Azure, among others are some of the most significant players in this industry.
The global IoT market was valued at US$190 billion in 2018. It is projected to hit US$1111.3 billion by 2026 at a CAGR of 24.7%. Oracle, Cisco, Microsoft, among others are some of the top players in the IoT market.
As per a report from Tractica, the global AI software market is expected to experience massive growth with revenues increasing from around US$9.5 billion in 2018 to an expected US$118.6 billion by 2025. McKinsey reveals that AI’s impact on the global economy will generate US$13 trillion in economic activity by 2030. It also expects that AI will add about 1.2$ of additional GDP growth per year through to 2030.
Big Data Analytics
The global big data analytics market will reach US$ 275 billion by the end of 2023 growing at a CAGR of 12% between 2017-2023. The top players in the global analytics market are IBM, Microsoft, Oracle, SAP, SAS Institute Inc.
As per Gartner, the global market for RPA services is estimated to hit $7.84 billion in 2020, making it the fastest-growing segment of the worldwide enterprise software market.
The global cyber security market is expected to reach US$ 345.42 billion by 2026 growing at a CAGR of 12.3% from 2018 to 2026. The cyber security industry will grow owing to an increase in malware and phishing threats, and growth in the adoption of IoT and BYOD trend among organizations.
The worldwide AR and VR is expected to reach US$571.42 billion by 2025 growing at CAGR of 63.3 percent from 2018 to 2025.