The COVID-19 pandemic is not just a health crisis, but a socio-economic crisis as well. The global economy is projected to decline sharply this year, owing to the disruptions in global markets and value chains. The pandemic-triggered global economic recession will likely be the deepest one in advanced economies since World War II and the first output contraction in emerging and developing economies in at least the past six decades, according to the World Bank's latest Global Economic Prospects report. COVID-19-related confinement measures such as nationwide lockdowns, travel bans, border closures, and social distancing have impacted every individual and organization, regardless of its size, in one way or the other. Overall, the crisis has changed the way we socialize, work, learn, and perform basic day-to-day activities.
The Internet of Things (IoT) is one of the most prominent tech trends to have emerged in recent years. In simple terms, it refers to the fact that while the word "internet" initially referred to the wide-scale networking of computers, today, devices of every size and shape – from cars to kitchen appliances to industrial machinery - are connected and sharing information digitally, on a global scale. As with every aspect of our lives, the global coronavirus pandemic has undoubtedly affected the way this trend is developing and impacting our lives. In a world where contact between humans is, for now, more limited, contact between devices, tools, and toys can help us to remain connected. So, here's my look ahead to 2021 and some of the ways we can expect to see this megatrend playing out, and playing an increasingly large role in how we live, work, and play.
Here we discuss the five technology megatrends of our times and how their adoption was accelerated by the reality of trying to sustain business as well as live and cope in a COVID-19-impacted world. While many were juggling at-home schooling of children and professional responsibilities amid stay-at-home orders because of COVID-19, the digital transformation accelerated. Here are five of the biggest technology trends of our times and how the coronavirus pandemic accelerated their adoption. This acceleration will change how businesses operate and compete as they emerge out of the pandemic.
I've been delighted to join ThinkPalm Technologies Pvt. Ltd. on Interview Series to discuss the most IoT Trends Businesses. As per a report, the global impact of COVID-19 on Internet Of Things (IoT) market size is expected to grow from USD 150 billion in 2019 to USD 243 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 13.7% during the forecast period. What is your take on that? Other than the Healthcare sector which industry do you think will have the highest percentage of adoption for IoT and IIoT during this period and how? In recent years, we are seeing a real convergence between IT and OT with the purpose of realizing the full potential of the Industrial Internet of Things by using a data-driven approach to improve business models, support transformation, and thrive in a competitive environment.
Not only has 2020 been one of the most challenging years in the history of humanity, but it has also completely transformed our way of thinking and working. Many of the top technology trends help us navigate the crisis. Throughout the year, COVID-19 has hurt all areas of life, causing businesses to close, economies collapse, and people to be anxious. Amid panic and uncertainty, technology and connectivity have become vital elements that have given people and companies hope, courage, optimism, and the competence to continue. The year was marked by many technological trends surrounding the cloud, robotics, the Internet of Things (IoT), and augmented reality (AR), leading companies through the crisis.