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GlobalData Technology

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Which emerging technologies are creating the biggest buzz online?

GlobalData lists the top five terms tweeted on disruptive technology trends in the third quarter of 2019, based on data from its Influencer Platform.

1) Artificial intelligence – 32,600 mentions

Processing huge amounts of patient data and diagnosing diseases was identified as one of the four ways in which disruptive technology, specifically artificial intelligence (AI), is benefitting the medical industry, according to a panel discussion at the World Economic Forum (WEF). The panel included Joichi Ito from Media Lab, MIT, Ginni Rometty from IBM Corporation, and Satya Nadella from Microsoft Corporation.

Ginni Rometty from IBM Corporation highlighted how machine learning can be used to enable AI-based systems to identify and diagnose diseases in the early stages. AI-based systems along with connected devices have the potential to minimise healthcare costs and hospital stays, according to Professor Sir Nilesh Samani, medical director of the British Heart Foundation.

The panel at the WEF also elaborated on how AI can revolutionise education through the use of personal trainers. Research has shown that targeted personal training programs bring better results than classroom teaching.

2) Fintech – 18,150 mentions

Fintech disruptive technology adoption rates across the world have increased exponentially with the global average adoption rate standing at 64 per cent, according to Ernst & Young’s Global FinTech Adoption Index 2019. China is at the forefront, with an adoption rate of 87 per cent, followed by India with 52 per cent.

The increase in adoption rates is attributed to the development of customer-centric financial service products. These include money transfer and payments services, savings and investments plans, insurance services, and financial planning services.

McKinsey & Company forecasts that the scope of Fintech products and services offered will continue to expand. These will be driven by consumer demand. A range of new services, such as personal financial management, digital lending, digital cash management, robo-advisory, are emerging.

3) Internet of things – 12,896 mentions

The global Internet of Things (IoT) market is projected to double in value by 2021 reaching $520bn, according to a research brief released by Bain and Company. The data centre and analytics domain is expected to be the fastest growing disruptive technology area in the market, with cloud service providers emerging as the biggest providers of IoT services.

However, security, ease of integration with existing systems, and operational technology are barriers hindering the adoption of IoT services. With 5G on the verge of roll-out in some of the biggest markets, security remains a key focus in the IoT. Siemens suggests two approaches to improve security. These are certification of infrastructure in operation and certification of technical capabilities of security-relevant components.

4) Blockchain – 8,694 mentions

Blockchain has wide-ranging applications, especially in relation to big data. However, a whitepaper by the World Energy Council and PricewaterhouseCoopers states that technological, regulatory, and practical challenges may hamper its adoption.

The biggest application of blockchain is in finance, where it led to the emergence and subsequent fall in the price of bitcoin. Companies such as Chainalysis are working on developing ways to track bitcoin transactions to avoid fraud and money laundering.

5) Digital transformation – 8,679 mentions

The digital transformation of a company should not be limited to just a few areas. Instead, it should be implemented at a much wider level, according to Kaleido Insights. Implementing digital technologies across a company’s strategy on data, customer experience, organisational alignment, innovation, and people, has far reaching impacts. This is a key factor in traditional industries, Kaleido Insights opined.

McKinsey & Company in its report ‘Winning in digital ecosystems’ highlights how companies can transform themselves in the digital age. This can begin by making new relationships and collaborating with other companies including their competitors. The company predicts the emergence of digital ecosystems where a number of industries will converge under new and broader alignments.

NS Tech and GlobalData are part of the same group