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TECHNOLOGY

As per the Tech Nation report, the UK tech sector performed very well in the year 2018 where the UK managed to attract 5 percent global high tech scale-up investment. FinTech is one of the strong sub-sectors where the investment reached £4.5 billion between 2015 and 2018. Technology is a term used for the science of craft where the set of skills and procedures can provide ways to produce goods and services. It is seen as the knowledge which is embedded in machines that can operate to ease the work procedures.

The upcoming is mobile and internet-based technologies where the growth of IoT, artificial intelligence and blockchains can ease the process of monetary transactions across the world. People have been imagining of robots replacing humans since the 1990s. A number of manufacturing companies and industries are using automated machines and bots to conduct various activities. A 2017 report by McKinsey and Company states by 2030 as many as 800 million global workers will be replaced by machines/ robotic applications.

The report claims the global market of IoT can grow over $79 billion in 2018 to $189 billion by 2023. A virtual assistant is successfully handling customer queries and is more accurate in comparison to human assistants. Such developments offer exciting opportunities for businesses that can increase productivity at a lower cost. Technology development increases the need for companies to invest in innovative machines and advanced bots. Many small and large companies are investing in deploying virtual voice assistant in their websites and mobile apps to help customers. Similarly, the introduction of 5G has created a scope for building smart cities which will be based completely on such technologies. AI was considered to be a futuristic concept but now it is influencing people in everyday life where the developments are mostly mainstream, as it has created intense interest in Smart technologies future applications, solutions and increased demand for investment in such sectors.