3 Standout Tech Trends in 2014
User experience innovations, the cloud and the rise of social impact investing show what's next for tech.
These trends change how we do business.
Technology trends are ever-evolving, and 2015 will undoubtedly be filled with cutting-edge innovations, standout entrepreneurs and industry disruption. Often, a review of the preceding year can provide glimpses of what the new one may bring. Looking back at 2014, three big trends stand out:
User experience design is changing business models. There’s no question that a customer’s digital experience with a particular brand directly impacts the brand's success. Regardless of the medium, user experience or UX must be prioritized in terms of overall business strategy, especially as the demand for personalized content and connected device usage grows. Successful startups are now taking a proactive approach by incorporating holistic digital experience strategies from inception (instead of building this in later, which would leave them behind the curve among rivals). UX designers have seen a dramatic uptick in demand; tech giants like IBM, which invested $100 million into UX design this year, are better understanding the importance of leading with UX to remain relevant and competitive as they work to keep up with new players in the field. Startups like Warby Parker and Frank & Oak are proving the UX value proposition as they all leverage streamlined user experiences that also emphasize customer feedback and support.
The cloud is being demystified (and consumerized). While the cloud has been a place of operation (and transition) for some time now, our increasing connectivity to one another and our devices (think everything from Fitbit to Nest), makes the cloud primed and ready for an influx of consumer interest and data. There are already 1.9 billion devices that are part of the so-called Internet of Things, withpredictions that numbers will reach 26 billion by 2020. As consumers now use the cloud for everything from photos to music to analyzing their daily number of steps to energy usage at home (and more), it has already become less of an enigma and more of a familiar function in everyday life. Consumer understanding is far better than it was a year ago. As this process accelerates, the amount of data will grow accordingly and open up incredible opportunities for innovators and entrepreneurs to develop new tools to analyze and apply the data collected. The world will see new possibilities for saving energy, living healthier lives and making smarter decisions.
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The rise of social impact entrepreneurship and investment. Technology has touched practically every vertical when it comes to sparking disruption. Most notably, social impact took center stage this year. Innovators and entrepreneurs are looking to technologies that enable and support communication, education, funding, transportation and more to solve society’s biggest challenges – from the local community level all the way up to a global scale. Startups like Timshel, Save Water Co., Atikus Insurance, Girls Who Code, d.light, Impact Engine, The Immunity Project and Sapphire Energy are focused on developing and providing solutions that are truly effective in initiating change within communities here in the U.S. and abroad. As a result, social impact investing has increased and ispredicted to reach between $400 billion and $1 trillion by 2020 . The paradigm is clearly shifting because investors are seeing that social impact startups can provide positive financial returns while supporting technology and innovation as ways to improve our world.
Technology is exciting because it’s never static – it is a space where innovation and creativity are celebrated, and these are only three trends of many in the space that have emerged over the last year. These concepts will likely evolve and be disrupted within a short period of time, which ultimately is what makes tech so interesting.
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