Which Tech Trends Are Shaping the Economy in 2020?
Monday, October 5, 2020 16:54
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Which Tech Trends Are Shaping the Economy in 2020?
Technology plays a huge role in all our lives these days. Wherever you live and whatever you do for a living, you will doubtless use some form of tech multiple times per day, whether its email or video conferencing at work while staying in touch with people on your smartphone. Of course, things like mobile devices and social media are now well-established developments in technology. It is therefore worth looking at newer trends in tech that are shaping the economy right now in 2020.
Online Gambling
One tech trend that has continued to grow this year and will certainly shape the economy going forward is online gambling. As the name suggests, this sector is heavily tech-based and relies on digital technology and platforms to operate. It is already a multibillion-dollar industry and is projected to generate over $100 billion in revenue by 2025. This is naturally hugely positive for the whole economy due to the taxes raised from online gambling sites and the employment it creates.
Online gambling can be broadly split into two sub-sectors. The first is online casino play where people can enjoy classic casino games or slots on the internet. With a huge range of games, appealing promotions and total convenience, this tech-backed way of playing casino games has grown even more popular in 2020, according to CasinoTopsOnline. Just make sure to find the top online casinos sites to play before logging on.
The other major online gambling niche in 2020 is sports betting, which sees people place bets via internet-based sportsbooks. While the COVID-19 pandemic has negatively impacted many sectors in 2020, online gambling is actually one that has fared well in this climate, and it should continue to be popular as people carry on playing online casino games or making online sports bets post-lockdown.
Augmented Reality
When it comes to tech trends in 2020 that affect the whole economy, augmented reality (AR) is a big player. This is similar to VR but instead overlays digital images over the real world, rather than placing you in a totally made-up environment. Many believe that the current trend of integrating AR into the retail experience will continue into the future. In e-commerce, for example, AR can help you try on clothes virtually or see what a certain paint color might look on your walls before you make your purchase.
As online shopping continues to grow in popularity, AR allows consumers to feel more confident in spending money on things they may not be able to see in person. As well as simply making more money for businesses and stimulating the global economy, AR in 2020 helps give customers a greater user experience and level of satisfaction.
5G Rollout
Another major tech trend shaping the economy in 2020 is 5G. This next-generation mobile network has already been rolled out in many locations around the globe. But how is this tech trend currently defining the economy? In simple terms, there are a number of benefits that 5G brings to business. It allows workers and businesses to work faster, more effectively and more efficiently on the move. This can be seen in the recent shift towards remote working and virtual meetings as a result of COVID-19. None of these changes can happen without the right digital networks in place – 5G has and will continue to make remote work even easier as 2020 continues on.
Internet of Things
While this economy-shaping tech trend might not be new, the Internet of Things (IoT) is still highly relevant in 2020 and beyond. It is almost THE most important trend in tech for future economic prosperity and business efficiency. Modern business is all about integration, speed and smart ways of working, which is why IoT tech has continued to grow as a trend. Linking IoT-enabled devices together online has so many benefits for organizations in sectors as diverse as healthcare, education and manufacturing.
IoT tech not only allows human workers to focus on less mundane, higher-level tasks to help businesses grow but it also allows companies to reduce costs and avoid laying people off. All this is a great tonic for the economy, especially after a tough 2020 to date. Of course, IoT tech is not just popular with businesses but is also prevalent in our personal lives, and consumer spending on IoT-enabled tech is another great trend in economic terms.
Tech Continues to Be Vital in 2020… and Beyond
The above technology-based trends look likely to carry on shaping our economy as 2020 draws to a close. With all that has happened in the year so far, it seems that technology will play an even greater role in helping economies remain buoyant and assist us all in working and shopping safely. Where tech will head in 2021 is up for debate, but it will be an interesting journey.
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