Marketing & Biz

3 Areas Of Tech Driving The Post-Covid Economic Recovery

Despite coronavirus variants and supply chain issues, the American economy seems reluctant to take a backslide. Recently, an article published in The New York Times examined whether or not people should expect an economic hit. Most experts in the piece agreed that though coming back after a pandemic is hard, better financial times are on the horizon

These findings dovetail with those from other sources, including the Brookings Institute. The well-known think tank predicts GDP numbers to exceed sustainable levels by 2.5% come mid-2022. After that, the economy should chug along without support from outside influences like excessive stimulus checks. 

Of course, the economy doesn’t work as some sort of mythical, magical vacuum. It rises or falls based on outside influences. And many of the influences affecting a post-Covid surge in business and personal transactions are technological in nature. That’s hardly a surprise, given that technology has continuously led the world toward new ways of working, socializing, traveling, learning, and thriving.

Which technologies have emerged as major players in the spotlight now? WiFi and augmented and virtual realities, and drones are in the top seats. Each one is stirring new opportunities for people to engage in commerce and keep the economic waters from stagnancy. 

WiFi

In early 2021, Wi-Fi Alliance released its study on the anticipated impact of WiFi within the coming years. The project revealed that the global value of WiFi would top $4.9 trillion by 2025. Of that nearly $5 trillion, the United States would contribute $1.58 trillion, a more than $500 billion increase from 2021 figures.

It’s not difficult to understand why WiFi would become such a standout technology. Most households and businesses rely heavily on it. Case in point: Everyone carries a personal device and no one wants to use up data unnecessarily or stop streaming everything from Facebook live events to Netflix specials, either. At the same time, they expect all their smart Internet of Things (IoT) items like appliances, security systems, voice assistants, and thermostats to work effortlessly. Oh, and those who work from home put even more demands upon WiFi to link to cloud-based systems and remote servers. 

This puts traditional Communications Service Providers (CSPs) in potentially lucrative positions if they’re willing to think outside the box. Those that can offer easily accessible WiFi without the need for the physical installment of hardware and software will stand out. Plume, an innovator in the smart WiFi space, has already seen some CSPs making the move toward bringing consumers and businesses more options. “The cloud is the only way for CSPs to increase the velocity of their growth,” posits the adaptive WiFi provider. “By moving service delivery to the cloud, CSPs can deploy new services much faster and more efficiently by simply upgrading the software.”

WiFi improvements offered by CSPs or other sources may also help achieve a more equitable distribution of information and access. Many articles, including one investigative piece from The Journal, suggest that rural and poorer neighborhoods are fraught with spotty WiFi. The article concludes that more ubiquitous, trustworthy WiFi could result in improved grades for children from disenfranchised areas. Taking that idea a step further, WiFi could make getting remote-based jobs easier for people who aren’t located near urban centers. 

Augmented and Virtual Reality Devices

When the pandemic first hit, companies scrambled to find new ways to keep their employees working—and to bring offerings to customers. Many found hope and help in augmented reality (AR) and virtual reality (VR) solutions.

The Wall Street Journal covered this phenomenon after the pandemic had been in full swing for just about a year. They found business after business using AR for everything from manufacturing to marketing. For instance, cosmetics brands encouraged buyers to “try” products through AR apps and sites. And Mercedes-Benz USA technicians relied on Microsoft-built AR HoloLens headsets to help them understand how to construct high-end vehicles and problem-solve along the way.

Just how big will AR become? Figures suggest it might hit the $140 billion mark by the middle of this decade. However, AR and its sister, VR, are ever-changing. They’re being applied in new and different ways all the time. Consequently, AR could become more popular and pervasive within a few years than could be anticipated. Case in point: No one predicted how heavily the world would rely on AR in 2020 due to Covid. But it happened, which drove up AR’s value as a major technology player.

VR has lagged behind AR somewhat in its adoption. Nevertheless, it’s coming into its own as well. Headset purchases for both VR and AR systems rose 50% between 2019 and 2021. Like they’ve done with AR headsets, some companies are using full-fledged VR models to enhance remote training. As a result, VR is moving past its “gamer” image and becoming an important tool in corporate kits.

Drones

Once seen as mere playthings and curiosities, drones large and small have made an enormous impact in the corporate world. By 2027, global drone technologies should be worth more than $40 billion collectively

Like WiFi, AR, and VR, drones surfaced as essential to businesses and governments during the most tenuous days of Covid. They were used to air-drop medical supplies, food, and water to people in out-of-the-way regions. Even Walmart took drone technology for a trial run to see if it was a feasible way to get customers their purchases.

To be sure, drones have proven useful equipment. However, they haven’t quite hit their heyday, say many advocates. From law enforcement and inspections to mapping and search-and-rescue missions, drones have the capacity to go many places that are difficult (or impossible) for humans to access.

The applications for drones haven’t been tapped out at this point. With creative thinking, they may be more prevalent than ever in the coming years. The FAA has released suggestions and rules for flying these types of unmanned crafts. States and other municipalities have followed suit, no doubt in anticipation of drone technology rising in popularity among forward-leaning companies.

The economy may not be bouncing back as quickly as some entrepreneurs and business leaders would like. Nonetheless, it appears to be on the upswing by all reports—though it could use a tech nudge. As such, WiFi, AR, VR, and drones could help it move even faster toward a comfortable place.


Forbes – Entrepreneurs

Source link

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *