The global economy has altered according to the technology that evolves throughout history. We began with the steam engine to electricity and to the internet. They have all disrupted the world’s economy during their time. Today, we are gliding into the time of Deep Technology wherein everyone agrees that this is the mechanism that is a new industrial revolution. It has led to a knowledge-based economy wherein Thailand will need to catch up with the world. Let us get to know the 6 technologies that everyone is talking about and are continuously developing them around the world. What is considered to be Deep Tech?
Artificial Intelligence and Machine Learning
Artificial Intelligence or AI has continuously undergone development and we begin to see a clearer picture of its influence on the economy. Some worry that AI will replace human labor. Actually, AI will rather work outside the scope of human capability, especially in understanding patterns. Today, both AI and machine learning are used to build products from big data. They are integrated with data science which focuses on managing big data. Such a task would take a hundred years if they were done by a human. An example is matching customers with the right promotions using customer data and thousands of samples that have similar behavior.
The above example may sound simple, but AI and machine learning are capable of executing such a process on a much larger scale. This includes connecting to one another and limitlessly learning. In the future, AI may become a resource management assistant for individuals. It may become a platform that helps to manage resources at its full capacity and help reduce waste.
In summary, AI will not replace human, but the manufacturing sector will enter an intense competition with more creativity. It will make products reach customers via AI.
For more information about AI and machine learning, read more at “AI, Machine Learning and Data Science Can All Learn: So, how do they differ?”
From database management to the future of network systems. It has the ability to quickly track transactions coupled with encrypting and decentralized technologies. Since information can’t be altered, it is commonly used for the management of valuable assets. At the recent Faster Future Forum 2018, we found that, in 2017, investments of startups on Blockchain amount to 6 billion USD worldwide and it is estimated to leap to 3 trillion US by 2030. Moreover, a related technology, the cryptocurrency, is 3.8 hundred billion USD in value.
Another interesting sector is Digital Asset Management which is increasingly gaining more economic value. Market and Markets reports that, in 2017, the Digital Asset Management business is worth 2,440 million USD and is expected to increase to 5,660 million USD by 2022. Blockchain can fully support this market.
Moreover, Blockchain is the foundation of Smart Contract and the civil registration system in many countries. With its ability to focus on accessing data with speed, accuracy, and safety, it may become the infrastructure of the global economy in no time.
Cloud & Security
Cloud & Security is a technology that is quite attractive to the business sector as it provides opportunities to enhance the working process. It consists of cloud computing which are application services, data storage to processing units via the internet as well as cloud security which is a security system that supports cloud computing without reducing its capacity.
The reason Cloud & Security is considered Deep Tech is due to the complexity of its structure and the benefits it provides to users. The system can be used for both individual and large enterprises. It helps reduce cost and requires less maintenance when compared to owing a whole system. Moreover, it is worth noting that it is a Platform as a Service and an Infrastructure as a Service ranging from applications on smartphones to the Internet of Things. Thus, it can easily become the future of service and an important infrastructure of a city.
Today, numerous applications on smartphone work on the cloud and are quite successful. An example is Snapchat which built an application on Google’s Cloud & Security and was able to make billions of dollars.
In the future, we may use Cloud & Security for innovation and new services while using fewer resources with higher security. Therefore, this technology can further expand and create even more intense competition.
Big Data and Data Analytics
As we digitally manage data, naturally, we begin to use this platform to acquire more data. Once it is coupled with the internet, storing and exchanging of digital data increase drastically each year. IDC estimated that, in 2016, digital data amounts to over 1 Zettabyte or 1 billion Terabyte and it may increase to 160 Zettabyte by 2025.
The tremendous data will continue to increase are become more diverse and difficult to manage. We call them Big Data. Big Data can be used for valuable analyses but with the remarkable amount and a rapidly increasing trend, traditional statistics will not come in handy. This is where Data Analytic steps in. Today, Big Data and Data Analytics are used to create new products and services as seen in advertisements on social media. Undeniably, Big Data will become a driving force for new products and services in the knowledge-based economy.
Part of Big Data’s growth is possible through the data flowing through the Internet of Things or IoT. It is a device that connects to the internet to produce output according to the command. Examples are sensors that track temperature which connects to the internet to inform weather analysis or cars with sensors that track cars on the roads and report back to the traffic control center. IoT has been developed to support large-scale infrastructure management in cities, thus, resulting in the enormous amount of data analysis that requires the ability of Big Data management technologies.
Virtual Reality and Augmented Reality
The technology that displays output outside of screens has introduced a new experience to users. Many believe that VR and AR are mostly used for entertainment, but actually, the educational sector needs this technology even more. They are used in training which will offer learners experiences similar to the actual scene. As a result, fewer resources are used, and they are safer. If VR and AR can be developed to support this sector, such training experience will also affect the labor and manufacturing sector.
This is the future of computers that everyone is talking about. It has a unique processing power that surpasses traditional computers and is suitable for complex tasks. Examples are large-scale infrastructure management in cities or countries and even deeper scientific research. It has helped human to efficiently manage resources which resulted in innovation from these discoveries. Although the technology is not directly affected us, it is driving the environment and is surely affecting us in some way.
Digital Ventures has shared stories about Quantum Computing in our blogs. Read more at What is Quantum Computing?, What does Quantum Computing look like? and its application in different industries etc.
As the effects of Deep Tech move closer to us, Digital Ventures has become part of supporting Deep Tech in Thailand. We are collaborating with 7 academic institutions and the private sector who are experts from different fields in the ecosystem. We are establishing U.REKA to build startups who are passionate about integrating the above-mentioned Deep Technology with new products and services in Thailand. Not only will this increase competitiveness but will also serve as a foundation for every sector in Thailand to prepare for the changes that are influenced by these technologies.
Apply for U.REKA from now until May 5, 2018. For more information, please visit http://www.u-reka.co/th/
Reference: startupgenome.com, cloudsecurityalliance.org, marketsandmarkets.com, phys.org