The span of innovation cycle is reduced down to the level that new technologies are rolling out every few months replacing the existing ones. Only those technologies sustain which have the flexibility to integrate more technologies with time. Many businesses fail to sustain because they do not build the window for innovation. The world expects to see breakthroughs in mitigating the tech industry challenges in 2019. Taking on some of the challenges will be a hard nut to crack.
Many challenges originate from a common root cause. The lack of public trust in adopting new inventions gives rise to many of the tech industry challenges. Another origin lies at the deficit of agreement between regulators and innovationists.
Some of the major current issues in technology in 2019 include technology regulation and incorporation, lack of skills, Artificial Intelligence, fake news, and data security.
The following text shares the significant tech industry challenges.
1. Regulatory Framework
“Rapid” will be an insufficient adjective to explain the current pace of technological advancement. The innovation cycle is so small that the world sees a replacement of the previous technology in a matter of months. The businesses with room for innovation flourish whereas those lacking the ability research for innovation seize to survive.
The administration of every country is struggling to keep up with the cosmic pace of innovation. Authorities are unable to regularize the technologies. This inability often results in unethical use of inventions. The outlawed individuals consider the unregulated technologies as one of their significant weapons.
Many countries are raising the dedicated regulatory bodies. The employers of these bodies ensure the development of a regulatory framework which discourages the unethical utilization by penalizing the offense. However, there is a long path to traverse as the legislative authorities are still lagging behind the speed of technological developments.
2. Tech Market Incorporation
The tech industry challenges the corporate sector in integrating the new technologies. Many inventions go unnoticed because the enterprises are too busy trying to figure out ways to incorporate the existing technology. Although these are the inabilities of corporations that make them lag, yet the global leaders perceive them as problems in information technology industry.
Some tech analysts demonstrate apprehensions that the authorities may confine the pace of technology instead of taking measures to enhance it. The restrictions, they believe, will allow the regulators to keep a check on offenders. It will also enable the markets to incorporate technologies and sustain them for many years.
Such limitations may help the corporate and legislative sectors but will significantly slow down the human advancements.
3. The Deficit of Skilled Force
The academic sector of IT grooms the students considering the technology industry trends. However, the rapidly changing trends put students and rudimentary professionals under massive stress to adopt new technologies. One of the causes which prevent the corporations from integrating tech innovations is the deficit of skilled force. For instance, the data science departments highly pay the employees. Still, there is a sizable gap between the demand of data scientists and their availability to companies.
Once this demand is addressed, there will be new inventions available to the companies to integrate into their businesses. The lack of technical know-how also engulfs the legislature. Most of the individuals responsible for regulating the technologies lack the technical understanding. Hence, they fail to observe the pros and cons of it. Many companies end up continuing with the same old technologies owing to the skill deficit.
4. The AI Dilemma
The fear of AI is looming since long, but it poses the most serious threat now. The technology is evolving over the years and has reached a state where the robots can efficiently decide without human intervention. Many corporations are now incorporating the AI at large scale. For instance, Alphabet commercialized the self-driving vehicles for Waymo – its taxi business. Tesla and Ford will be following the suit soon. These innovations are all set to revolutionize the urban commuting.
However, the growing fear of AI will exist for some time before the inventors can mitigate the public concern. The companies are trying to create emotional behavior in autonomous vehicles so that they can think like humans. Although the talk of transformers invading our cities is a little early, yet 2019 will ensure closing the gap to see the phenomenon.
5. Fake News Menace
The growth of fake news presents one of the chief challenges facing the tech industry. It might not have been a problem if the majority of people did not believe it or researched more before believing. The menace is causing significant issues for the political administration. Tackling it is one of the prime challenges in tech industry. Many companies exaggerate their products and services while others vilify their competitors to earn the major market share.
There are political implications too. The most pertinent example is that of US presidential elections. One of the UK-based data analytics companies is alleged to manipulate the voters’ minds by sharing fake news at a social network.
Facebook and other social networking sites are taking measures to cope with fake news. Until now, they are unable to form a concrete system to mitigate the problem.
6. Data Security
Tech companies are emphasizing on data security for the past few years. The world expects a breakthrough in 2019 as the security analysts are taking the problem as one of the main tech industry challenges. The increasing ransomware attacks are prompting the enterprises to acquire cloud services. Currently, cloud-based software and data storage is the best choice to ensure availability and confidentiality of data.
The number and method of data breaches indicate that offenders are enhancing their skills too. Thus, the security administrators need to stay many steps ahead of their rivals.
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