Tech defining the New Normal
Crises have historically forced humans to break with the past and imagine their world anew. This crisis is no different, it has ushered in a ‘new normal’ and forced us to redefine how we interact with our environment. As a result of the pandemic, there have been leaps and bounds in innovation. Many trends already underway in the global economy have been accelerated by the impact of the pandemic.
Organizations across the globe are accelerating their digital transformation in a bid to reset and survive. Trends expected to define this new normal include: acceleration in the pervasiveness of artificial intelligence (AI) and the Internet of Things (IoT), increases in the pace of adoption of remote healthcare solutions, and acceleration in fintech among others. The common denominator in all of this is the centrality of the role of technology.
The Centrality of AI and Internet Of Things (IoT)
The global IT industry has shifted into high gear to accommodate the sudden demand for remote working and collaboration solutions as the majority of businesses have gone digital-only.
AI and IoT are central enablers of the digital transformation in several industries. They have enabled businesses to become more flexible, innovative, and more adaptive than ever.
By 2030 AI will contribute more than $15.7 trillion to the global economy, more than the current output of China and India combined.
IoT is also predicted to see a boom post-pandemic. In 2019 there were about 26 billion IoT devices, that number saw a hike to 30.73 billion in 2020 and is further projected to hit 75.44 billion in 2025. Experts also estimate that global spending on IoT devices will reach $1.1 trillion by 2023.
In all of this, IoT is expected to play a pivotal role – helping to automate processes and make more information readily available to enterprises. As IoT becomes increasingly intertwined with AI, and more deeply embedded in organisational structures and transformation programmes, devices will become increasingly ‘smart’ and capable of driving greater intelligence.
The Acceleration in Remote Healthcare Solutions
The outbreak of COVID-19 propelled the growth of the telehealth market. Telehealth has been recognized as an effective tool in the fight against the coronavirus pandemic, to prevent the spread of the virus due to traveling to clinics and hospitals.
This concept isn’t new, but the COVID-19 pandemic has really put the technology front and center, with clinics and hospitals closing for certain services after many governments issued stay-at-home orders to help mitigate the spread of the virus. Even when doctors’ offices were open, some patients avoided in-person appointments due to COVID-19 fears.
The global telehealth market, which stood at $83.08 billion in 2020 is expected to exponentially boom to reach $218.5 billion in 2025 at a CAGR of 28.34%. Besides giving telehealth a boost, the pandemic has also fostered the rise of innovative medical services, everything from getting prescriptions by mail to drive-through virus testing and pharmacy-based vaccinations.
The Surge in Demand for Digital and Contactless Payments
The Global Digital Payment Market size, once valued at USD 15.1 billion in 2019 is expected to reach $175.8 billion by 2026, rising at a market growth of 20% CAGR. Today, e-wallets have gained high popularity for peer-to-peer (P2P) transfer, customer-to-business payments, and paying bills for essential goods and services due to the imposed lockdown & fear of exchanging cash.
The operations of many sectors like manufacturing, hospitality, healthcare, logistics, retail, and transportation have substantially been impacted by the outbreak of COVID-19. As a result of this pandemic, the usage & adoption of contactless payment methods has been increased.
COVID-19 has also transformed online shopping from a nice-to-have to a must-have around the world. Social distancing facilitated the surge in e-commerce, increasing demand for digital payment methods over traditional cash and card payments.
The unprecedented hike in the demand for contactless payment has also led to outstanding performance for major companies offering cashless methods, such as Apple, Square, and PayPal. Dan Schulman, the CEO of PayPal, sees it as a sign that digital payments are shifting from “being a nice-to-have capability to a must-have essential service.”
The Dark Side
Although technology has been a silver lining during this pandemic, the negative cybersecurity impacts are immense. Given the amount of data generated by IoT devices, data privacy and security emerged as major concerns with regard to IoT adoption. While the world is focused on the health and economic threats posed by COVID-19, cyber criminals around the world undoubtedly are capitalizing on this crisis.
Once devices are connected to the Internet, they become vulnerable to possible security breaches in the form of hacking, phishing, etc. Frequent data leaks from social media raise earnest concerns about information security standards in today’s world. With cyber attackers increasingly seeking to exploit vulnerabilities in an organisation’s security infrastructure that the shift to remote working has exposed, it is time for cybersecurity leaders to revisit their security measures and focus on deploying new processes and technologies to fortify their digital architecture forthwith.
Staying Future-proof
The pandemic has accelerated the dominance of technology in our lives and made us more digital creatures, with all the advantages and drawbacks therein.
Early adopters of cloud, IoT, and automation were the firms that fared best in 2020. We have all watched closely and can see video conferencing software such as Zoom, Teams, and Slack playing a crucial role in connecting employees to their jobs and connecting families and friends. I expect the benefits of digital transformation to grow.
Now is the time for global solidarity and support, especially with the most vulnerable in our societies, particularly in the emerging and developing world. Only together can we overcome the intertwined health and social and economic impacts of a post-pandemic world.
With vaccines now being rolled out, It is time to rethink the future of our environment with ambition and urgency. Only then can we protect the health, livelihoods, and security of all.
SOCIAL MEDIA
