7 Developing Technologies Impacting The Consumer Markets

7 Developing Technologies Impacting The Consumer Markets

With a wide variety of technology brewing, it can be hard to sift through the buzz to find out what's worth paying attention to.

This is particularly important when it comes to the consumer markets. Organizations should watch for upcoming advancements in the technologies that may improve the customer experience, as well as provide more interactive touch-points by using their client base. The more those organizations can engage with their customers through technologies, the greater the chance to increase customer loyalty, as well as draw new clients.

A big part of engagement is processing data: Being able to understand who to reach, in addition to how best to share data in the most compact manner possible. Below, seven associates of Forbes Technology Council consider in on the communication and information advances they see coming within the next five years which will affect consumer markets that the most. Here is what they have their eyes on:

1. Blockchain

No current technology is creating just as much hype as blockchain. Looking beyond the hype, the technology has the capacity to interrupt our overall way of life, just enjoy the world wide web. The pervasiveness of this technology, expect built on transparency and simplification of this involvement model, will be instrumental in blockchain developing a beneficial effect on the consumer industry.

2. Artificial Intelligence

Artificial intelligence is that the definitive winner regarding technology advances in the next five decades. We already have quasi-autonomous driving and customized marketing efforts driven by AI, and it is just the starting line. The continuing advancement in system learning speed, coupled with decreasing prices for storage, could provide accessible AI to any company with an online connection.

3. Augmented Intelligence

Augmented Intelligence is going to have a profound effect on customer and business-to-business markets alike. Augmented intelligence (vs. artificial intelligence -- the"other" AI) enhances people's capacity to comprehend and make better decisions as opposed to making decisions for people: i.e., 100 percent machine-driven. Augmented intellect is being integrated into business processes to enhance the way we interact with the world around us.

4. Translators

The effect of AI is really on its way. The unified communications sector is surely heading towards the point at which an individual can speak or write English and the receiver will listen to or read the dialogue in Spanish or German! Many organizations are building products and solutions to use such advancements in Language AI, and also in 5 years, this will alter the way we communicate, influencing the basis of all human associations.

5. Concentrate On Personal Data

The focus on regulatory bodies on private data and that which marketers can do with it will greatly impact how digital marketers promote to consumers, and consumers interact with companies. In the decrease in value of data pools, directly to the increase in the value of hyperlocal marketing mediums, the focus on regulatory bodies on personal data privacy will possess wide-ranging consequences.

6. AI-Based Tech Customization

The burgeoning advancement of artificial intelligence from the tech world will continue to have a big effect on the way that we write code, build new technology and maybe even advance frontiers like blockchain in the next few decades. AI's capacity to personalize tech to human users is huge, and we've only seen the tip of this iceberg in terms of its capabilities up to now.

7. Credit Or Social Scoring Systems

While we deride China for creating a government-backed societal score system for its citizens, I believe non-governmental scoring systems (that are increasingly being used by vendors such as tech-enabled lenders to correlate things like the quickness of completion of online application forms to creditworthiness) will become a trending lever of societal shift.