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If you're interested in advances in engineering technology, you know that sometimes changes happen so fast it's hard to keep up.
But it's smart to stay on top of engineering trends because engineers are the people who are solving important problems. That's part of the reason the employment outlook for engineers is so favorable:
Engineers are driving the trend of emerging disruptive technology across various industries. They use disruptive and revolutionary technology to change the way we approach problems, create solutions and do business.
Read on to learn about the impact of emerging technologies and which of these growing fields deserves your attention.
Harvard professor Clayton M. Christensen popularized the theory of disruptive innovation which explains how an innovation transforms an existing market or sector by offering simplicity, convenience, accessibility, and affordability where complication and high cost are the norm.
In some cases, disruptive tech completely redefines the industry. As an example, look at how the iPhone release in 2007 transformed the smartphone market.
As companies look for ways to automate and make complex decisions quickly, they turn to the latest technologies. It seems as if every day there is a new technology or innovation changing how people work and live.
Tim Zanni, KPMG's Global and U.S. Technology Sector Leader and Chair of Global and U.S. Technology, Media & Telecommunications says we're living in one of the most disruptive periods of tech evolution since the development of the Internet.
Let's take a look at some of the most exciting emerging technologies.
Here are some engineering trends that will have a significant impact.
3D printing: 3D printing, also known as additive manufacturing, is the production of physical items layer by layer. Although experts predict mass adoption is still years away, the market for 3D printing products and services is expected to surpass 40 billion U.S. dollars by 2024. McKinsey Global Institute predicts 3D printing could have an economic impact of up to $550 billion a year by 2025.
Artificial Intelligence (AI): Artificial intelligence, also called machine intelligence, enables machines to use deep learning and natural language processing to learn from experience, adjust to new inputs, and perform tasks. Companies in every industry are using AI to process large amounts of data and recognize patterns in the data. Analysts say AI can increase labor productivity by up to 40%.
5G Networks: 5G is the 5th generation mobile network. Although 5G networks only began rolling out in 2018, 5G will impact every industry. A 5G Economy study found 5G will enable up to $13.2 trillion worth of goods and services by 2035. 5G offers the potential to enable even more connected devices. Dr. Ian Akyildiz, the Ken Byers Chair Professor in Telecommunications at the Georgia Institute of Technology said with 5G, “everything will be smart – smart traffic, smart cities, smart buildings, smart shopping centers."
Robotics: As companies look to automate their business processes in supply chain, logistics, or manufacturing robots will play an important role. The International Federation of Robotics (IFR) said there were 2.1 million stand-alone industrial robots in 2017. The robotics market is expected to grow by 175% over the next decade.
Internet of Things (IoT) : The Internet of Things is predicted to increase company revenues by as much as $344 billion and deliver cost savings of $177 billion in 2020 alone. A survey on IoT uptake from Microsoft found IoT adoption within business settings is expected to reach 94% by the year 2021. But companies are struggling to find skilled workers to help them with IoT Projects. In fact, 47% of organizations with active IoT initiatives claim there is a shortage of workers.
Autonomous Driving: Automakers worldwide are developing autonomous vehicles. Since 94% of serious crashes are because of human error, autonomous cars and trucks have the potential to save lives and reduce injuries. Self-driving cars will change the future of transportation.
Blockchain: Emerging decentralized technologies like blockchain are still in the early stages. Companies are investing heavily in blockchain technology. In fact, spending on blockchain solutions is predicted to grow from 1.5 billion in 2018 to an estimated 15.9 billion by 2023. A PwC survey found 84% of organizations have at least some involvement with blockchain technology.
Predictive Medicine: Predictive medicine is a relatively new subspecialty in healthcare concerned with predicting the probability of disease and implementing preventive measures. This field relies on the analysis of large quantities of data. A 2017 study by the Society of Actuaries found 93% of health organizations say predictive analytics is important to the future of their business. 89% of providers currently use predictive analytics or plan to do so in the next five years.
Extended Reality: Extended reality (XR) is a catch-all term describing immersive technologies like augmented reality (AR), virtual reality (VR), and mixed reality (MR). XR technologies extend reality by creating a fully immersive experience. The XR technology market is growing and projected to be valued at over 18 billion U.S. dollars by 2023. 60% of survey respondents believe XR will be mainstream in the next five years.
Things are changing and changing fast. After taking a glimpse at these trends in engineering hopefully you have a better understanding of what's out there.
Of course, companies need to build strong engineering teams to realize the full potential of disruptive tech. That's why Modis has Delivery Centers for our clients who need specialist services.
If you want to take full advantage of these exciting trends, you'll need skilled IT & Engineering candidates who can help you with your projects. And if you want to stay up to date on future trends in engineering, make sure to check out our resources.