The technology industry never stands still, and with exciting new developments being made all the time the future looks bright for tech companies. The coming year is set to provide some incredible new opportunities for ambitious companies looking to get ahead, but with these changes comes a range of challenges that businesses will need to be aware of.
Let’s take a look at some of the key challenges and opportunities predicted to affect tech companies over the course of 2020 and beyond.
With high profile scandals such as Cambridge Analytica hitting the news, public trust in technology companies is waning. And this problem won’t be going away any time soon.
Security and privacy are prominent concerns amongst individual users and businesses alike. The coming year will see tech companies continue to address concerns over the handling of personal information, and pressure will rise on companies whose cyber-security measures aren’t up to scratch.
We can expect to see stricter regulation of technology companies throughout the world, with users paying much closer attention to the security and safety measures of the sites they visit. It’s also highly likely that tech companies will face more challenges related to liability.
The adoption of cloud technology
The cloud means business, and by the end of 2020 the vast majority of small to medium sized businesses will be using some form of cloud computing. According to Forbes, an incredible 83% of enterprise workloads will be in the cloud by the end of 2020. And that’s not far away. Next year will see rising numbers of companies moving to the cloud, and with that comes challenges and opportunities in equal measure.
One of the main problems to be aware of here is bandwidth. Companies are now in need of far more storage space than they were just a few years ago, and this requirement is rapidly increasing. The amount of space needed has knock-on effects on budgets, and could be a limitation on the potential of some companies. However, cloud infrastructure also provides massive opportunities for those able to make full use of it.
Regulation and implementation
The amount of information we share with tech companies is mind boggling, and that’s why trust has become such a big issue in recent years. Data protection regulations such as the highly publicised rules of the EU’s GDPR present significant challenges for tech companies, and must be considered as part of all ongoing strategies.
In light of the changes required by GDPR, tech companies must pay close attention to the ways in which users’ data is stored, and what any new products or ideas might mean for user privacy. As we move into 2020 and awareness of privacy processes grows amongst users, regulation and implementation will become ever more important.
Finding and retaining talented teams
We can’t talk about the challenges facing tech companies without mentioning recruitment. With competition amongst tech businesses growing fiercer by the day, the onus is on companies to attract and retain great staff.
Talented tech professionals can be found all over the world, but with organisations always on the hunt for new team members it can be difficult for companies to find the best people for the job. This challenge is set to grow over the coming year, as the market expands and demand for skilled personnel skyrockets.
Utilising new ideas
Some of the world’s brightest minds are turning their attention to technological innovation, which is why we’re hearing about eye-opening new ideas on a very regular basis.
Often these ideas come complete with a range of uses and integrations, ready to make a splash in the markets they’re designed to disrupt. But in some cases new technologies are released as standalone concepts, and seem to tread water for a while before being integrated into products that consumers and businesses can really benefit from.
One key example of this is voice control. When introduced, the idea seemed like a game changer. But how much impact has voice control really had on the way we use technology?
As we head into 2020, tech companies need to bear in mind how their ideas might be used in a real-world scenario, making it easier for early adopters to make full use of the capabilities of their innovations.
The New Year is just around the corner, and it’s set to bring us a whole host of stunning new ideas, apps, platforms and ways of working. Whilst all of these innovations provide massive potential for a whole range of different sectors, there’s no denying the fact that the tech industry will face plenty of challenges in 2020 too. However, as long as tech professionals remain hyper vigilant, they’ll be fully equipped with the knowledge and expertise required to succeed in this competitive industry.
Watch this space; great things are coming in 2020.