The world of software development and digital information is in a constant state of rapid growth, and that growth is unlikely to slow down anytime soon.
From marketing to healthcare to education and research, nearly every field has benefited from the evolution of the digital world. However, thanks to the way it’s been able to flourish, anyone hoping to capitalize on that growth should keep themselves aware of the most promising software development trends to date.
Below, we’ll discuss some of the most relevant and most successful trends, their uses, and projected maintainability as a profitable investment of time and money.
Artificial Intelligence
We’re well past sci-fi and futuristic ideals with A.I. in reality! Artificial intelligence has a very real, very commonplace role in the modern world. It’s used for anything from predictive marketing in social media like Facebook to Google searches and powers the vast majority of our online experiences. As for its profitability, artificial intelligence is estimated to have a compounded annual growth rate (CAGR) of over 36%, with MarketWatch predicting a value of over $191 billion USD within the next four years.
Among the current uses for and examples of artificial intelligence are:
- Chatbots and other robots
- Numerous learning algorithms
- Knowledge reasoning
- Natural language processing
- Data filtering and analytics
- Image and text recognition software
The benefits of artificial intelligence are boundless, as well! Initially, it was primarily meant to reduce labor costs and maximize efficiency, but artificial intelligence is now used to improve customer experiences, reduce errors, and increase productivity and performance.
If you’re still not using these technologies, we would highly suggest that you hire a freelance software developer to start experimenting with these technologies in order not to be left behind.
By hiring a software developer who is a freelancer, you can actually start to ramp up slowly and give them work which is in parallel with the rest of the work of your company. If you are not too comfortable with hiring, check out this article on collectiveray that shows a number of sites and ways to find a great freelance software developer.
Internet of Things
Chances are, you may not have heard of this particular phrase, but the Internet of Things is a concept that has likely already been integrated into your life whether you realized it or not! IoT is the interconnectivity of any number of technical devices, humans, and even animals that allows for easy communication of information across numerous platforms. For example, a Smart Home system will connect with several devices, including a security system, thermostat, your phone or laptop, and more so that you can manage and communicate with several parts of your home at once.
While the Internet of Things has a CAGR less than half that of A.I., its projected value in 2025 is nearly 9 times higher than A.I.’s at $1.6 trillion USD! Its benefits are varied as well, ranging from the vast amounts of data it can assist with managing to its uses in monitoring and preventing equipment malfunctions.
Big Data
Consider for a moment the sheer volume of data that exists in the world today. According to Data Never Sleeps 7.0, there are “40x more bytes of data than there are stars in the observable universe.” That’s nearly inconceivable! Now, consider what it would take to actually organize, analyze, and make predictions based on that much data. That’s where Big Data comes in. Businesses use Big Data to manage the gargantuan amount of data that comes in on a daily basis and turn that data into a genuine understanding of trends and correlations.
Because of the necessary nature of Big Data, it’s one of the top trends in 2020 for technological focuses. As it stands, it’s predicted to be worth over $100 billion USD by 2027 and can only grow from there as the world continues to expand its endeavors into the digital world.
Cybersecurity
This one probably doesn’t come as a surprise. We’re constantly seeing reports on security breaches that take place thanks to some form of cyber attack, including but not limited to the Target breach, the Equifax data breach, and even Anthem Blue Cross Blue Shield. Given how outrageously costly these breaches can be both in terms of financial restitution for the victims and the victimization of the members of these organizations, cybersecurity is an absolute must.
The cybersecurity market itself is expected to rise to approximately $300 billion in 2024, with no decrease in value in sight. For as long as the world of digital advancement continues to evolve, cybersecurity will rise in value right along with it.
IT Outsourcing
Nowadays, it’s not uncommon to find companies that prefer to bring in outside IT services rather than having their own in-house experts. This is partially due to the fact that IT services can often be performed remotely, allowing for a company to seek out a variety of skilled professionals based on their specific needs, be it cost, specialization, level of skill, or some other factor that may be difficult to be as choosy about on a local scale. Thanks to this trend, IT outsourcing market is projected to be worth over $400 billion by as early as 2022!
Conclusion
These are just a small handful of successful and rising trends in software development for 2020, but they are also some of the most profitable. Because technology isn’t likely to be going away any time soon, any trends that assist with its organization, growth, and security are going to continue to rise in value right alongside it. Technological advancements are being used to improve nearly every aspect of our lives, from communication and education to healthcare and business, so keeping informed on the latest successful trends can not only help you make better decisions about your own investments, it can give you a better idea of what to expect for your own personal future.
