These 5 Technology Buzzwords Are Worth Something
You hear these words in discussions in the cafeteria and in meetings.
You see the hashtags trending on social media.
The tech noobs are trying to learn what they mean.
The experts call them the future.
But here you are wondering if these “buzzwords” are actually worth anything or just passing fads.
Should you invest in these buzzing technologies and processes?
Or should you just ignore the social media chatter around them?
As a business owner, I have often found myself asking myself the same questions.
The answers come after a detailed analysis of all the buzzwords and a lot of effort in trying to filter the facts from the fads.
And now that I have done all of that, I am sharing the results with you right here.
Here are 5 software development buzzwords worth your time and consideration in 2022 and beyond.
1. Everything as a Services (XaaS)
What does it mean?
Anything as a service (XaaS or sometimes also as EaaS) refers to a category of services that relate to cloud computing and remote access. It includes a vast variety of tools, products, and technologies that can be delivered to users as a service over the Internet.
Under the XaaS concept, any kind of technology product (software) can now be made available to the users over the Internet at a flexible consumption model. This eradicates the need for upfront purchase or licensing, which lowers the cost of technology adoption.
Key stats:
● A Deloitte survey found that 55% of respondents in the IT field had switched to some or the other type of XaaS model in 2021.
● The global XaaS market is valued at USD 545.35 billion in 2022.
● The market is expected to reach USD 2378.07 billion by 2029 with a CAGR of 23.4%.
● XaaS adoption is happening across all sorts of industries and niches as can be seen from the graph below
Why does it matter for your business?
By understanding XaaS models and their implications for your business you can achieve benefits in two ways.
One, you can either start offering your software solution as a service using the XaaS model. This will help you onboard more users and support your existing revenue streams.
Or you can start using technical solutions offered over the cloud as services. This would save you from the huge cost of technology adoption.
2. Hyperautomation
What does it mean?
Hyperautomation is one of the top trends on the Gartner Top Strategic Technology Trends of 2022.
It is a business-driven approach that is used by organizations to rapidly earmark, sort, and automate as many business and information technology processes as possible.
Hyperautomation involves the use of a wide range of tools, technologies, and platforms including (but not limited) to the following:
● Artificial Intelligence (AI)
● Machine Learning (ML)
● Robotic Process Automation (RPA)
● Business Process Management (BPM)
● Low code/no-code platform
Key stats:
● The global market for technology that promotes hyper-automation will reach $596.6 billion in 2022.
● This figure is up from $481.6 billion in 2020 and the projected $532.4 billion for this year.
Why does it matter for your business?
With hyper-automation, you can ensure that routine processes which kill time are automated, complicated tasks are performed with higher precision, and processes are optimized. This directly helps save cost, increase efficiency, and get better business results.
3. Extended Reality (XR)
What does it mean?
While Artificial Reality (AR), Virtual reality (VR), and Mixed Reality (MR) are commonplace terms, Extended Reality (ER) is a term that has only gained ground recently.
It is basically an umbrella term that includes AR, VR, MR, and all other immersive technologies which can be used to merge together the physical and the virtual world.
Key stats:
● By the end of 2022, the XR market is expected to reach $209 billion. That’s an 8x growth from what the market was valued at in 2019.
● A research survey conducted in 2019, found that 60% of respondents felt that XR would become mainstream in the next 5 years.
Why does it matter for your business?
No matter if a business is focused on retail or real estate or anything in between, XR applications can help in workplace training, marketing, entertainment and customer engagement, remote work, and more. So either you can leverage XR solutions or you can design and build immersive XR solutions that can expand your service portfolio and profit sources.
4. Cybersecurity Mesh
What does it mean?
As businesses are foraying further into the digital world, the risks of cybercrime are also on the rise. In fact, someone is attacked by a hacker every 32 seconds.
Seeing this rise, cybersecurity mesh emerges as a worthy buzzword. It is a new-age cyber defence strategy that focuses on creating independent security perimeters for each device. Firewalls and network protection tools are the most commonly used solutions for creating a cybersecurity mesh. It is a major switch from the hitherto common single security parameter and is more of a holistic approach.
Key stats:
● Organizations that adopt cybersecurity mesh by 2024 are expected to be able to reduce the financial impact of security breach incidents by 90%.
Why does it matter for your business?
Cybersecurity threats trouble all organizations. Even the smallest of incidents are likely to cause great damage in terms of reputation as well as finances. WIth increasing remote work and more devices and systems being used by businesses, leveraging cybersecurity mesh to protect all systems and devices is not just good, but the need of the hour.
5. Multi-experience
What does it mean?
Users are the focal point for any business. And offering a seamless user experience across interaction modalities and touchpoints is important. Multi-experience is what makes it possible.
Multi-experience refers to a user’s entire experience with one app or solution. It spans multiple digital touchpoints like websites, apps, AR/VR solutions, wearables, chatbots, and more. Further, it includes all modes of interaction like touch, text, voice, vision, and motion.
Key stats:
● The global market of Multiexperience Development Platforms (MXDP) stood at $7688.2 Million in 2020.
● The CAGR of the market is forecasted to be 17.90% between 2020 to 2028.
Why does it matter for your business?
Customers are more demanding today than ever before. They don’t just want a consistent and immersive experience anymore. They have almost come to expect it out of businesses and consider it the norm. To keep up with the competition and please your audiences, investing and consideration about building a multi-experience is important for any business to keep driving revenue and profits.
Get buzzing now
Now that you know what buzzwords are worth paying attention to from a business perspective, don’t waste time and start buzzing.
Find ways in which your organization can hop on the trends, not just for gathering eyeballs for a short time. But also keeping up and racing ahead of the competition in the long run.
