Whether it be fintech, e-commerce, automobile, healthcare or any other sector, latest innovations in the technology world have radically shifted the way how present software industry works.

Each of these latest tech trends has their own unique identity, complexity & business implications. If you are working in the IT world, you should be aware of these technology trends which are going to reshape the future software.

1. Artificial Intelligence

Artificial Intelligence (AI) is the ability of a machine to emulate intelligent human behavior by training a computer, a robot or a software to think intelligently; the same way an intelligent human would think.

From Apple’s SIRI, Amazon’s Alexa to self-driving cars, AI is advancing rapidly. Most of the sci-fi movies often depict Artificial Intelligence as robots which have human-like qualities. But AI can include anything from Google’s search algorithms to IBM’s Watson to self-governing weapons.

2. Machine Learning

Machine learning (ML), a subset of artificial intelligence (AI) is one of the latest buzzword floating around for quite some time. It’s the ordered way of finding patterns or similarities in data, usually for the purpose of making predictions.  

The most important requirement of using ML is having the data to train an ML model. 

A common implementation of ML is in online shopping. If you have ever shopped online, did you notice that during check-out it recommends a similar product to what you are looking for? Or shows “the person bought this product also bought this” combination? That’s nothing but machine learning.

3. Blockchain

Blockchain is another IT jargon which has got huge attention ever since Bitcoin became famous in the entire world. Bitcoin is based on the concept of Blockchain. In its simplest definition, Blockchain is a distributed database existing on multiple computers at the same time.

The entire data is saved in the form of blocks which are encrypted in a special way. Each of these blocks has a timestamp & are linked to the previous block, so as to form a chain. Whether it be risk reduction, cost or data security, Blockchain provides a plethora of advantages for the future software world.

4. Internet of things

Internet of things (IoT) and the machine-to-machine (M2M) technology is a revolution in the technology world which aims to connect any device with an on and off switch to the Internet. So whether it be TV, wearable devices, mobile phones, home alarms, door locks or any other smart device, the idea is to provide an ability to transfer data over a network without requiring human-to-human or human-to-computer interaction.

And how can this be of help? So consider that your alarm clock wakes up you at 5 a.m. and then automatically notifies your coffee maker to start brewing coffee for you. That’s what IoT can do. Or as soon as you reach home, your mobile phone automatically gets connected with your home’s Wi-Fi. IoT can help to automate a lot of mundane tasks.

5. Virtual Reality

Virtual reality (VR) is a 3D environment which computer generates to replicates the real world. VR makes possible to experience anything, anywhere, anytime. With VR, you can comfortably sit at your home & can take a tour of the universe in a spaceship, perform a medical operation or create a 3D art.

VR makes use of products such as gloves, head-mounted displays or sensors to simulate the real-time environment. Many businesses are adopting VR into practice as a sales conversion tool as it can tremendously change the way consumers shop & experience the businesses.

6. Augmented Reality

Augmented Reality (AR) is a kind of mixed reality that stands between real and virtual environment. Virtual Reality creates a totally artificial environment around a user, whereas Augmented Reality uses the existing environment to overlay new information to a user on the existing one.  

AR alters a person’s ongoing perception of a real-world environment. A very common example of AR is Pokemon Go game, which enjoyed great success because of its ability to let the user interact with Pokemons in the real world. Using phone’s gyroscope, Pokémon GO let users use their phone’s camera to overlay Pokémon onto a view of the real world.

7. Cloud Computing

Cloud computing uses software as well as hardware to deliver a service over a network (typically the Internet). In traditional computing, data is stored in PCs, whereas in cloud computing, the data is stored in the cloud. Which means, it is stored on many physical and/or virtual servers that are hosted by a third-party service provider

Most of us use cloud computing services somewhere or the other. For example, when we use Dropbox to store pictures or AWS EC2 for hosting applications or Outlook to send emails.