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.
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    Source:: Business 2 Community

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