The evolving landscape of commerce and trading is being revolutionized by automation, artificial intelligence, data science, customer satisfaction and business intelligence which all rely on the power of information technology.
The International Data Corporation (IDC) reported that the worldwide global information technology industry earned $4.5 trillion in 2017. It is expected to surpass $4.8 trillion by 2018 based on industry trends and forecasts. For a Virginia IT consultant, this is good news and would serve to inspire the information technology environment.
The United States is the largest technology market representing 31% of global revenues worth approximately $1.5 trillion, making it one of the biggest contributors to the country’s gross domestic product (GDP).
These technologies are rapidly gaining a strong momentum globally and helping shape the world of commerce and finance, all in the good hands of capable advanced IT experts and IT support specialist groups.
Modern technology plays a major role in all these from finance to healthcare the evolution of technology is fast changing the global landscape. Here’s how it has changed the norms and provides the outlook for the future of businesses.
Artificial intelligence is taking over
AI has gone leans and bounds in optimizing and enhancing services, manufacturing and even healthcare. Just recently, Amazon, JP Morgan, and Berkshire Hathaway have partnered to revolutionize healthcare and adapt AI into the healthcare management system.
Studies have shown AI to be effective in diagnosing disease faster and more accurate than doctors. It won’t be long before we see AI integrated into IT systems and support structures. In fact, there have been numerous studies indicating that AI has proven to be more accurate in diagnosing diseases and speeding up the process to enable quick intervention and proper treatment recommendations.
Financial technology has also taken a new meaning to managing and dispensing finances on a personal and business level.
When everything gets automated and runs on AI systems, emerging technologies are getting closer to groundbreaking innovations in the Internet of Things (IoT) and merged with blockchain systems to form BIoT.
The blockchain is becoming one of the most prolific financial technology that is starting to be adopted by financial institutions around the world.
Why carry cash when you can make payments using your smartphones. In China, it has started to revolutionize the payment ecosystem which has been estimated to have processed $ 3 trillion last year. The technology involves AI-driven payment processes which prevent errors and streamlines identification methods to ensure secure transactions.