These four technologies are projected to experience rapid growth in terms of revenue in the new decade:

These figures come from December 2019 projections consolidated by Statista from multiple sources. Let’s look at each technology one by one.

1. Artificial Intelligence (AI)

By 2023, the annual global AI revenue is projected at $98.4 B. While there are of course concerns about the emergence of AI, the impact of the technology in the way we live is undeniable.  It is changing governments, providing solutions to cybersecurity issues, altering the way we do our jobs, improving our daily lives, and so much more. The applications of the technology are practically endless.

While AI started as a rather minuscule sector, it is expected to continue growing over the decade as more companies and industries uncover the benefits of switching to technology.

2. Electric vehicles

10 million electric vehicle units are expected to be sold by the year 2025. By the year 2030, this will increase to 28 million units sold.

Currently, electric vehicles are deemed to be luxury purchases. However, as the technology for these vehicles continues to develop, the cost of purchasing one is expected to lower down enough for it to cater better to the global market.

Electric vehicles have the appeal of sustainability. These types of vehicles are especially needed now that we are having troubles in our climate. Electric vehicles which are at the same time self-driving might also be the solution that we need to finally put an end to the dreadful traffic situation in our cities.

3. 5G devices

Being a fairly new technology, the adoption of 5G  in smartphones is fairly small at 1.1% this year. However, by the year 2025 this figure will inflate to 30.1%.

Right now, the necessary infrastructures that will allow the seamless adoption of the technology are still being built. Once these are set up, 5G tech will bring numerous benefits including increased download speeds, better online streaming, and increased connectivity in cities.

4. Internet of Things (IoT)

The emergence of 5G will also drive the growth of another technology: Internet of Things (IoT). The development of this technology demands an extremely reliable internet connection. 5G is the perfect solution to this problem.

In 2018, the number of devices connected to the internet is estimated to be 22 billion. This large number will further increase to 38.6 billion by 2025. By 203o, this will inflate to a staggering 50 billion, completely outnumbering the human population.

The four tech booms of 2020 revolve around connectivity and improved human quality of life. This decade appears to be transforming into something that we have never imagined will be possible just a few decades back.

These tech booms are also a reminder for us to never cease innovation since we don’t know which one will be the next technology that will transform our lives.  It is also a reminder for us to continue seeking knowledge that will bring humanity to never before seen heights.