Global spending on digital transformation technologies and services such as artificial intelligence and machine learning is forecast to grow an annual 10.4 per cent to $1.3 trillion this year, according to International Data Corporation.
Though the wave of investment being ploughed into technology is slower than the 17.9 per cent annual growth last year, it remains one of the few bright spots in a year marked by significant disruptions impacting businesses worldwide.
The Covid-19 pandemic has wiped off almost $500 billion of global digital transformation investment between 2020-2023 from IDC’s forecast prior to the outbreak, according to Eileen Smith, programme vice president at the market intelligence firm.
“Despite losses, pockets of growth opportunities exist across most industries when diving deep into specific use cases that solve specific business problems,” she said.
Here are the 10 top technology trends of the year ahead:
Supercomputers inch towards becoming a reality
US technology companies such as Microsoft, IBM and Google are competing to be the first to commercialise supercomputer technology.
Far more superior than general-purpose computers, supercomputers are typically used to address the most demanding problems in the world. They include helping develop medicine, fighting a coronavirus, oil and gas exploration, simulating nuclear weapon explosions, weather forecasting and climate research.
In May, Microsoft announced building one of the top five publicly disclosed supercomputers. In March, IBM partnered with the White House to offer supercomputing power and help researchers working to fight the spread of the coronavirus pandemic.
Quantum computers to solve complex problems
Although the possibility of a quantum computer was proposed as far back as 1982, it was only in 2012 that the first venture was undertaken to explore commercial uses.
Capable of performing complex calculations in less than fractions of a second, quantum computing could be one of the biggest science revolutions yet.
“As companies and institutions begin to experiment with quantum for the first time … and as that expertise starts to move beyond the academic world … we will see business plans and the early seeds of products and services that centre around a quantum future,” Werner Vogels, vice president and chief technology officer of Amazon, said.
Google is developing a quantum computer model that will be 100 million times faster than any conventional computer in its labs.
e-gaming
Consumer appetite for gaming rose rapidly in 2020 with the creation of new platforms such as Apple's Arcade and Google's Stadia. Movement restrictions due to the Covid-19 pandemic also propelled users’ interest, industry experts said.
Global gaming revenue is expected to reach $174.9bn by the end of this year, up 19.6 per cent than the last year, according to a Newzoo survey.
This is $15.6bn higher than the previous forecast that the Amsterdam-based market research company made during the early months of the Covid-19 pandemic in May. It is expected to reach $217.9bn in the next three years.
Hyperautomation
Hyperautomation is a process in which businesses automate as many tasks as possible using tools like AI, machine learning and robotics.
Businesses are adopting automated practices to support the greater scale required for digitally driven enterprises.
By 2022, nearly 45 per cent of repetitive work tasks will be automated and augmented by using digital co-workers, powered by AI and robotics, according to IDC. Almost three-quarters of the top technology organisations will adopt automated practices to transform their IT workforce by 2023.
Biometric payments
Technologies such as biometric identification are evolving as the next modes of payment and Amazon made that a reality in September, when it introduced a payment-enabling palm scanner.
The product links the characteristics of a person's palm to their Amazon account and is being tested at two of the company's stores in Seattle.
About 90 per cent of smartphones will have some form of dedicated biometric hardware in the next four years, enabling payment by phone, facial recognition or a thumbprint scan, according to Juniper.
Smart Dubai has said it will start using facial biometrics to authenticate transactions in 2021.
Green hydrogen
Green hydrogen, which uses renewable energy to produce hydrogen from water, is gaining traction around the globe as climate change and clean forms of energy take centre stage. It’s being increasingly favoured by countries that aim to reduce emissions and the dominance of fossil fuels from future energy mixes.
Green hydrogen could lower costs by 40 per cent in the short term and 80 per cent long term, according to the International Renewable Energy Agency.
Several energy firms are factoring in the development of a hydrogen ecosystem as part of their long-term growth plans.
Abu Dhabi National Oil Company plans to establish a "hydrogen ecosystem" as it looks to meet growing global demand for the lighter and cleaner gas that is emerging as an alternative to fossil fuels.
Saudi Arabia, the world's largest oil exporter, is also putting together a strategy to develop hydrogen production capabilities.
Sixth-generation technology
The introduction of 5G telecoms networks may still only be partly under way, but companies such as South Korea's Samsung have already drawn up a plan with the use cases and possible timeframe for 6G.
The world's biggest smartphone and memory chip manufacturer expects the International Telecommunication Union to define a 6G vision next year, and forecasts the completion of standards and early commercialisation by 2028, with widespread introduction by 2030.
The exponential growth in the number of connected devices will require 6G to support about 10 million devices per square kilometre, almost 10 times larger than the connection density of 5G.
Mobile cryptocurrency
With more marketplaces supporting cryptocurrency payments, some consumers may consider taking up cryptocurrency accounts accessible by mobile. By 2025, 50 per cent of people with a smartphone but without a bank account will use a mobile-accessible cryptocurrency account, according to Gartner.
The Internet of Behaviour
The Internet of Behaviour captures the “digital dust” of customers’ lives from a variety of sources. That information can be used by businesses to influence people’s behaviour, according to Gartner.
The data can come from a range of sources, and the technology that puts all the data together and draws insight is growing increasingly sophisticated.
Digital health
Technology is improving the ability of healthcare providers to effectively respond to the coronavirus pandemic – allowing for faster diagnoses and speedy dissemination of trusted information as well as detecting fraudulent insurance claims and accurately evaluating patient data in real time.
Digital health is the combination of latest technologies with healthcare to improve the efficiency of healthcare delivery and make medicines more accurate and customised.
This market is expected to increase nearly six times in size by 2026 to about $639bn, at an annual growth rate of 28.5 per cent from 2020 to 2026, according to Statista.
How Tesla’s price correction has hit fund managers
Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.
It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.
The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.
Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.
Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.
He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.
AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”
A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.
Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.
Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.
Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.
By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.
Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.
In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”
Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.
She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.
Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.
More on Quran memorisation:
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
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UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
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Profile of Tarabut Gateway
Founder: Abdulla Almoayed
Based: UAE
Founded: 2017
Number of employees: 35
Sector: FinTech
Raised: $13 million
Backers: Berlin-based venture capital company Target Global, Kingsway, CE Ventures, Entrée Capital, Zamil Investment Group, Global Ventures, Almoayed Technologies and Mad’a Investment.
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
Scorecard
Scotland 220
K Coetzer 95, J Siddique 3-49, R Mustafa 3-35
UAE 224-3 in 43,5 overs
C Suri 67, B Hameed 63 not out
Common OCD symptoms and how they manifest
Checking: the obsession or thoughts focus on some harm coming from things not being as they should, which usually centre around the theme of safety. For example, the obsession is “the building will burn down”, therefore the compulsion is checking that the oven is switched off.
Contamination: the obsession is focused on the presence of germs, dirt or harmful bacteria and how this will impact the person and/or their loved ones. For example, the obsession is “the floor is dirty; me and my family will get sick and die”, the compulsion is repetitive cleaning.
Orderliness: the obsession is a fear of sitting with uncomfortable feelings, or to prevent harm coming to oneself or others. Objectively there appears to be no logical link between the obsession and compulsion. For example,” I won’t feel right if the jars aren’t lined up” or “harm will come to my family if I don’t line up all the jars”, so the compulsion is therefore lining up the jars.
Intrusive thoughts: the intrusive thought is usually highly distressing and repetitive. Common examples may include thoughts of perpetrating violence towards others, harming others, or questions over one’s character or deeds, usually in conflict with the person’s true values. An example would be: “I think I might hurt my family”, which in turn leads to the compulsion of avoiding social gatherings.
Hoarding: the intrusive thought is the overvaluing of objects or possessions, while the compulsion is stashing or hoarding these items and refusing to let them go. For example, “this newspaper may come in useful one day”, therefore, the compulsion is hoarding newspapers instead of discarding them the next day.
Source: Dr Robert Chandler, clinical psychologist at Lighthouse Arabia
UAE currency: the story behind the money in your pockets
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
The story in numbers
18
This is how many recognised sects Lebanon is home to, along with about four million citizens
450,000
More than this many Palestinian refugees are registered with UNRWA in Lebanon, with about 45 per cent of them living in the country’s 12 refugee camps
1.5 million
There are just under 1 million Syrian refugees registered with the UN, although the government puts the figure upwards of 1.5m
73
The percentage of stateless people in Lebanon, who are not of Palestinian origin, born to a Lebanese mother, according to a 2012-2013 study by human rights organisation Frontiers Ruwad Association
18,000
The number of marriages recorded between Lebanese women and foreigners between the years 1995 and 2008, according to a 2009 study backed by the UN Development Programme
77,400
The number of people believed to be affected by the current nationality law, according to the 2009 UN study
4,926
This is how many Lebanese-Palestinian households there were in Lebanon in 2016, according to a census by the Lebanese-Palestinian dialogue committee
Honeymoonish
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What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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