Trends to expect In the Year 2022 and beyond
“In Life, change is inevitable. In Business Change is Vital.” – Warren G. Bennis
2022 is here! We all live in a continuously changing environment. Every year, new improvements and innovations are made in numerous economic areas, from retail to fashion to housing, and from small businesses to enterprises. Technology has played a large role in every case. On top of that, there are enormous global shifts and challenges to contend with. Our world is changing really fast, Individuals and organizations must learn to adapt accordingly.
Following are the trends the industry experts are forecasting in the upcoming year:
- Financial Sector:
The ongoing pandemic has forced all sub-sectors within the banking and financial services industry to innovate. The true potential kicked off with digital transformation. Here’ s how financial sector will look like in 2022:
a) Banking Services:
The banking system has transformed from physical to digital banking model. Today, every Indian owns a smartphone and can digitally apply for a loan, complete e-KYC, open a bank account. Today, banks are expanding their coverage towards the rural heartland of the country. This was possible in response to the pandemic as banks are re-assessing their operations and strategies so that they can reach out to customers better.
Some of the changes we can expect:
• Digital banking with updated Banking Platform:
With upcoming technologies like cloud computing, application modernization, API -fication, bank is examining their core banking systems, so the technology advancement can help to assist with digital transformation activities. In particular, banks will concentrate their efforts on establishing real-time, on-the-go, and at-any-time services.
• Open Banking – Data Sharing:
One of the biggest trends is going to be open banking/open finance powered by open APIs, enabling third-party providers to have open data access from both banks and non-banks. It is also announced that the Account Aggregator (AA) architecture would be implemented, which would serve as a data-sharing system that will also allow simple access to financial data to different partners in the financial ecosystem. Individuals and small enterprises alike have benefited from the establishment of AA, which is projected to close the credit gap, as a result, lenders will be able to undertake a simple and quick evaluation of the borrower’s creditworthiness. Through this API interface, the lending process will be digitized.
- Collaboration with FinTech Companies:
The services are being digitized, it important the transaction are encrypted and safe and services can be provided in real time. For this bank may collaborate with various Fintech companies. The banks still have the customers and will focus on upgrading their experiences by partnering with FinTech’s. FinTech’s attack inefficient areas of the ecosystem to deliver better services and customer experiences. Thus, delivering a win-win for both. FinTech can avoid the complexities and delays associated with additional regulatory licenses and Banks can acquire new customers at a lower Customer Acquisition Cost.
b. Financial Services:
- Chat boxes:
Chat boxes will be available at your service 24/7. Leading financial institutions are training a new kind of service staff: chatbots. These AI-enabled computer programs mimic human conversation, where you can speak to your own virtual personal finance manager any time, from anywhere, in any language.
- Robo advisors:
Relationship or wealth managers have traditionally been responsible for advising clients on ways to grow and maximise their investments and assets. Today, robo-advisers are becoming increasingly popular, particularly with a younger and more digitally-savvy audience. Putting to use computer algorithms, the automated technology can assess a client’s financial situation, future goals and risk appetite and automatically allocate his or her wealth across different asset classes, from stocks to bonds, with minimal human intervention.
2. Automobile Sector
- The Indian automobile sector is heading into 2022 with a bullish outlook in its effort to reclaim pre-pandemic sales volume, having laid a solid foundation in 2021 despite manufacturing being hampered by a semiconductor scarcity.
- Furthermore, the sector has the strong backing of the government with favorable policies, such as the FAME-II scheme, the enhancement of incentives for two-wheelers, and the launch of the production-linked incentive (PLI) scheme.
- This backing will not only help the sector to stand up to its pre-pandemic era but also provide enormous support to the sector as it adopts advanced technologies.
- India’s mobility future is electric. The electrification of Indian transportation is on a roll. Due to which there is popularity in electric and hybrid vehicles.
- Disruptive companies like Ola, Ather, Tesla,etc are driving the narrative and experts are eager to see how the established automotive companies will respond.
- Indian manufacturers have an opportunity to meet this rapidly growing demand for EVs, this will help in building robust domestic manufacturing ecosystem to secure a supply chain for the critical components.
3. Health Care Sector
Some of the changes we can expect:
- Remote Patient Monitoring:
The concept of Remote Patient Monitoring gained huge popularity during the COVID-19 pandemic. RPM is slowly becoming the future of delivering healthcare services to patients by providing them with an array of medical devices such as implantables, blood pressure cuffs, sensors, and many others so doctors can access real-time patient data for better treatment. It is commonly recommended for discharged patients as it enables doctors to consistently monitor their patients and act on vital data which further reduces frequent visits of patients to doctors and expedites the recovery process.
- Smart wearables and devices:
Wearable technology in healthcare allows patients to play a more active role in maintaining their health. Patients, equipped with wearable technologies, can track everything from heart rate to reproductive cycles. Doctors can also use this data to craft individualized healthcare plans. The market of smart devices is not limited to fitness bands and smartwatches, there are smart inhalers, Smart hearing aids, sleep bands, bio patches, etc. Even the new Apple watch is not a fitness watch, it’s a health monitoring device and we cansee that the focus of the company is shifting to medical wearable devices for health monitoring.
Due to pandemic, social distancing and stay-at-home has become norm and enabled many healthcare providers to adopt telemedicine and virtual patient monitoring. It is especially beneficial for injured, immunocompromised, or patients located in remote areas who can now reach out to doctors virtually through a secure video connection. Telemedicine solutions have enabled quick diagnosis, real-time patient insights, and in some cases treatment without even paying a visit to the doctor. It is going to be a game-changer in the healthcare industry by bringing healthcare directly to the patient’s doorstep tailored to meet their individualized needs.
- Digital Prescriptions & Digital Health Records:
Digital Prescription is one innovation that is transforming the healthcare landscape. e-Rx is a digital version of a paper prescription created by healthcare practitioners using digital means/software. Also, digital Prescriptions help in creating digital health records of patients which in turn improves patient outcomes as this reduces the chances of human error to interpreting wrong medicines, e-Rx proves to be beneficial for patients as well as doctors. The year 2022 is expected to witness a steep surge in the use of electronic prescriptions with the idea of reduced paperwork and longevity in storage.
4. Education Sector
- In the last two years, online education has been the way of life for students and the ecosystem in education sector. The education industry was able to keep pace with help of technology
- Educators talk about the need to make education more employable and reachable to each and every geographical region with better infrastructure and technology integration.
- Talking about the trends in education sector, the educators will work on inclusion of new technology tools like blockchain, AR Cloud and even metaverse in and around their systems.
- Using blockchain, it will streamline the tedious process of verifications, transfer of records, maintaining employee records and student’s unique credentials safe and error free.
- Online learning will be more real with the help of Metaverse which involves the concept of augmented and Virtual Reality (AR&VR).
5. Manufacturing Sector
- The manufacturing sector contributes to the growth of the world economy in more than one way. It is one of the vital sectors where productivity and sustainability are driven by new trends and innovations in the market.
- While most the future trends include process automation, additive manufacturing, Industrial Internet of Things (IIoT) and artificial intelligence (AI).
- There are various other developments such as smart sensors, immersive technology machines that have surfaced after the pandemic.
- These new trends ensure that the work is carried out seamlessly without human intervention, which is crucial in these uncertain times. Thus, the manufacturing industry is now working to adapt and introduce tech innovations so that there is minimum resource wastage and maximum gains through the creation of world-class products.
- Automation may not be new, but with the introduction of robotic technology, it has become accessible, easy and economical. It has also mitigated and eliminated potential risks and dangers to human lives, thus making the production process safer.
- Simplifying several techniques such as material handling, assembly, and painting, automation is a crucial technology that will shape the manufacturing sector.
- Thus, automation makes the manufacturing process smoother, efficient and effective. It also maintains quality and consistency. At the same time, it generates a demand for new roles in manufacturing.
6. Textile and Retail Sector
- Textile Sector:
The domestic textile sector, which saw demand fall in fiscal 2021 due to the commencement of the Covid-19 pandemic, is on track to rebound in fiscal 2022 as a result of the reopening of enterprises, educational institutions, and retail outlets, as well as an increase in the vaccinated population. Sanctions on Chinese textiles have also encouraged Indian textile exports. A CRISIL analysis also says that the Textile firms are set to spin their way to recovery in 2022. Furthermore, Government initiatives such as the Production Linked Incentive Plan, the establishment of mega textile parks, and the extension of the Rebate of State and Central Taxes and Levies scheme are also helping the sector.
- Retail Sector:
The retail business is undergoing a substantial transition in response to changes in customer behavior across the globe. The customers desire for convenience in the post-COVID times. To meet the rising demand of the Indian customer, retailers are implementing an omnichannel strategy and expediting the incorporation of digitalization, and developing new-age technology into their operations and delivery. The industry’s future will be determined by its ability to embrace a multi-channel approach. When online and offline channels compete, omnichannel distribution appears promising. Customers enjoy an ever-expanding selection of items at the lowest prices through E-commerce. E-commerce is most certainly causing the greatest transformation in the retail business, and this trend is expected to continue in the coming years.
We may not start traveling in flying cars or living on the Moon in the year ahead. But undoubtedly, we will witness an accelerated rate of digitization and virtualization of businesses and society in 2022. The coming year will bring many exciting advancements and trends that will not only rule the technology industry but also make way for sustainable working and living.