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2020 was one of the most trying years for startups. While on the one hand, several startups failed to continue operations at the back of their unpreparedness for the unprecedented time, a few rose to greater success with the help of their technology grasp and proactive business model.
Amidst the grim year, if there was one silver lining in the business world, it was an openness to adopt digital transformation. Through technology adoption and digitalization, businesses – both SMEs and Enterprises – were able not just to stay afloat but also scale.
Knowing which technology trends can augment business growth as we enter the year can be a good place for startups to start the year. This article will look into the various tech trends a mobile app startup can use at the creation and scale stages.
Top Technology Trends for Startups
Below are the top technology trends for small businesses and startups:
1. 5G will be on a rise
5G is the upgraded version of the 4G mobile network. With the capabilities to handle intelligent power consumption, low latency, and high device density, 5G will open several avenues for the startup ecosystem. In addition to improving the digitalization efforts of a range of different sectors, the technology will also play a crucial role in growing the adoption of smart cities, AR/VR, and IoT.
2. Next-gen cloud computing
Today, whether we realize it or not, cloud computing is an important part of our lives. Almost every data we create or interact with gets saved on the cloud. As an extended version of cloud computing, 2021 will see the advent of serverless computing.
According to the new model, the cloud computing model will be offered on an as-use basis. This promises a profitable time for startups as they won’t have to pay according to the number of servers or bandwidth but based on the usage.
3. Low code development
Low code development has been in the news for some time now. The ease of software development that the technology offers through simple drag-and-drop working instead of codes and programming languages makes it easy for every nontech company to enter the software space.
Brands like Zapier and Bubble are low-code development platforms that make it easier for businesses to build digital products with little to zero technical understanding.
4. Machine Learning and AI
AI and Machine Learning have already established themselves as a technology that every business, across size and sector, needs to make sense of their business data and take proactive measures to meet the changing customers’ needs.
One way the technology is witnessing an entry into startups is through natural language processing. NLP enables computers to understand and analyze human language. Although the adoption of NLP has remained relatively on the consumer side of the business, like in the case of home devices, we will probably witness NLP entering the industrial IoT space.
An example of this can be seen in the works of Onvego. The brand enables IoT devices to get activated through voice commands, even offline.
5. Digital currencies for cross-border payments
If there is one thing that the pandemic has taught us: the remote work model and globalization are the future of business operations. What comes linked with both – the remote work model and globalization – is that your employees and partners could work from anywhere in the world.
While technology adoption took care of the collaboration part, startups faced some challenges in making payments and giving salaries to their employees and vendors, noting the difference in money valuation across nations and the transaction amount.
Digital currencies like Bitcoin will be seen getting adopted as a solution to cross-border payments. We are positive that businesses will increase the adoption of digital payments through digital currencies in the coming time, preferably from 2021 itself.
Parting Words
Here are the five trends that will witness massive adoption in the startup ecosystem in the next years.
As a startup looking to expand your business, know how your customers and the industry are moving before adopting any new process or technology. 2021 will see markets working on getting back on the success track, so don’t make any radically experimentative move, keep hold of what is working for your business, and then add new processes gradually.
This year, focus on bettering your customer service and experience. These technology trends can be an excellent place to start.
Do you know of any other technology trends a startup must know of? If yes, leave the name in the comments section and let us know why you think the technology is revolutionary enough to make it to our list.
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