Reinventing the Modern Lifestyle with the Technology Wheel – Kunal Kothari

The realms of the physical and digital worlds continue to blend as innovation accelerates at a phenomenal rate. It changes the way we live and work, as well as established industries. Individuals, businesses and governments interact differently due to emerging technologies, larger volumes of data and new and efficient ways to gather information. Every day, we take technology for granted, whether it’s sending us the latest news in a flash, brewing our coffee, or connecting with a loved one halfway across the country (or even the world). ).

People’s perception of companies, as well as their expectations of services, have changed dramatically. Travel, work, shopping, entertainment and communications are just a few of the areas that have seen significant transformation over the past few decades. It is difficult to identify all aspects of technological disruption, however, the most affected avenues today are:

User experience: Every user expects a remarkable, simplistic and amazing experience from every digital solution today. Indians, especially the youth, are increasingly seeking to move towards hassle-free and convenient lifestyles with the help of on-demand services. The world is changing so fast that it’s hard to predict what it will look like in 10 years. However, we can look at current and upcoming technology to see where we are going and what these changes might mean for us in the near future:

Virtual reality: Virtual reality (VR) is already making waves in the business sector, and it’s likely to become more mainstream soon. Users are immersed in a digital environment that they can control and interact with as if it were the real world. It offers a whole new way to watch media, produce content, and engage in activities ranging from space exploration to everyday life. Education, transportation, manufacturing, combat training, e-commerce, and a variety of other industries could all benefit from virtual reality. Consumers are more likely to acquire items or services after using or viewing them through virtual reality due to the immersive experience.

Augmented reality: Industries are already using augmented reality (AR) to improve the customer’s perception of the real environment. Pokemon Go is the clearest illustration of this as it allows users to view imaginary creatures on their phone and then go out and hunt them down in the real world. The ability to insert virtual objects into a real environment is another interesting aspect of augmented reality technology. Ikea Place is an example of this, as it lets you try out furniture in your home before you buy it.

Artificial intelligence: It is undeniable that AI has enormous potential to improve our daily lives, as it has done from the first computer chess program to self-driving automobiles and intelligent personal assistants. AI is used in a variety of fields, including healthcare, where it drives genetic testing and computer vision; finance, where it facilitates risk assessment and fraud detection; and even education.

Metaverse: Everything in the real world appears in avatars in a virtual world in the most basic version of the metaverse. People can use virtual reality headsets, reality glasses, and smart device apps to coexist, play, and work in the metaverse, which is an endless, socially connected universe. Not only will the Metaverse feature these definitions, but it will also cover other facets of online life such as commerce and social media. Using this method of communication will be much more authentic and faster than using the internet today.

Content consumption: Media consumption is one of the most technologically influenced aspects of life. The rapid shift to mobile devices and bite-sized hardware has left a big mark on everything from live sports to our favorite TV and radio shows to the articles we want to read. As the entertainment preferences of Gen Z and Millennials grow in popularity around the world, social and gaming activities are vying for consumer attention alongside video. The rise in popularity of video hardware is neither a coincidence nor an accident. Businesses rely on video marketing to improve conversions because people love watching videos. Over time, 40% to 120% increase in search interest for video streaming platforms. Brands are now turning to transmedia storytelling platforms via native in-app videos and ads for increased user engagement.

Interconnectivity: When talking about a socially connected society, smartphones are at the center of the ecosystem. As a communication device, smartphone technology has become a fascinating modern phenomenon. According to a Deloitte study, India will have 1 billion smartphone users by 2026, with rural areas driving the sale of internet-enabled phones. Moreover, the smartphone market is expected to reach 1 billion smartphone users by 2026. Even if its users are unaware of it, technical breakthroughs and cutting-edge trends are incorporated into various products and their lives. Taking better pictures or using the services of a digital assistant has become so commonplace that many people are unaware of the technology involved. The mobile phone has gone beyond its original purpose as a phone (to talk to people) and has evolved into our pocket link to the internet world.

User tastes, value proposition and distribution strategies are all influenced by technology in general and the digital environment in particular. The fate of mankind is determined by technological innovation. Technology has evolved from simple primitive tools to today’s smartphones, dictating the path of economic progress and shaping societal norms and habits. While technological innovation is constant in our society and economy, there will periodically be innovations that will fundamentally disrupt the existing economic order and determine the future. Businesses must adapt to changing technology paradigms not only to stay afloat, but also to meet the cutting edge of innovation

Warning: The views expressed in the article above are those of the authors and do not necessarily represent or reflect the views of this publishing house. Unless otherwise indicated, the author writes in a personal capacity. They are not intended and should not be taken to represent the official ideas, attitudes or policies of any agency or institution.

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