Innovation in technology has never been more economically important than it is now. With the continuous advancement of technologies throughout the last decade, it’s no longer a given that all of those big-tech giants will excel in reaching the apex of success. Some will shine while some will stumble.
A lot has happened already in 2020. We have seen some tremendous innovations. We have also seen the world coming to a standstill due to COVID-19 Pandemic. Technologies such as the speculations of 5G, automotive machinery & cognitive improved AI, have dramatically caught the eyes of economists all around the globe. Also, some tragic downfalls of some renowned companies came along the way.
In this article, we will be talking all about the tsunami of innovation in 2020 and how they are going to affect all of us and we will be trying to figure out what went wrong with some of the most promising companies. George Gilder is an industry expert when it comes to predicting future trends in the technology sector. NoBSIMReviews sheds light on George Gilder prediction and gives you an insight into the whole situation.
Google’s Unexpected Slowdown in Revenue
Due to the global pandemic caused by the Coronavirus, the global economy is struggling, and even Google is not immune to the effects. Google was having some impact on its advertising business as it exclusively depends on ad revenues.
According to Google, the search company is anticipating significant losses in income from advertising in the coming months, particularly from the travel, entertainment, and retail industries. Google’s core businesses dropped by at least 20 percent to 38 percent in the quarter starting April 1. This pretty much sums up their story.
Tesla’s Revenue Decreases Even Further
One of the biggest shocks of 2020 is likely to be the downfall of Tesla. Elon Musk taking over the CEO position of Tesla back in 2003 was much appreciated. But things have changed since then.
Scaling up production has caused a massive dent in the company but scaling up production is the only thing that can save it now. Elon Musk is witnessing somewhat of a downfall of Tesla.
Though Tesla is producing their eco-friendly cars, charging stations, electric semi-trucks, photovoltaic roofs, their production level is much lower than in previous years. In this economic downturn, Mr. Musk’s complete deviation from the company’s core concept of earning has cost them big time.
Though Tesla won’t go bankrupt overnight (or at least for a few more years), experts are already predicting its downfall.
Tesla has no commercial momentum in the USA which is undoubtedly one of it’s most important markets. This has led to the decline of Tesla’s U.S revenue up to 34%.
5G Opens Up New Possibilities
5G is termed as the 5th generation of mobile networking. We are currently enjoying the benefits of speed with 4G. 4G networking has made the connectivity of data processing much faster than its predecessor 3G. We are now enjoying high-speed video browsing with the help of 4G networking.
5G will only accelerate the speed of connectivity even further. It has been estimated that the speed may be increased by 5 times the bandwidth of 4G. It will reduce the latency furthermore so that everything is a lot faster & more reliable.
5G will usher in a new dawn in the data sharing process as well. It’s not only applicable to personal lives for video streaming or faster internet speeds, but in the business sector, the data transferring process will be a lot faster too.
From connecting self-machineries to self-driving cars, getting data from clouds faster & the option of pushing data forward & backward will be a lot easier.
The price of 5G connections will come down significantly as we will no longer need fiber optic technology. 5G will improve business services by improving their internal processes & predictive maintenance.
Artificial Intelligence & Enhanced Computer Vision as a Service
This concept of Artificial Intelligence (AI) is not new. We have been hearing some great news about artificial intelligence over the years - but this year the AI is massively impacting the world economy.
That is because companies are now learning their own machine algorithms & improving the necessary infrastructures to introduce AI in the workplace. This means corporations are applying this AI technology to conduct businesses. Even big-tech giants like Google, Apple & Microsoft are offering this infrastructure set up as a service. So, they are not only developing this innovation but also providing the services.
Besides big companies launching AIs, in daily life, enhanced computer vision has been earning its spot. For example, Uber has implemented a face recognition system in the USA. Thus the safety of both the passengers & drivers is ensured. Also, CC TVs now detect the products that costumers buy & charge them by scanning.
The tsunami of innovations that has been brewing for so long has taken the world by storm in 2020 accelerated by the pandemic and economic downturn. It seems like 2020 will be a turning point for many companies. Some may sink in the sea of failure while some may rise to the occasion of stardom and be the next big success story.