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Bitcoin to weather the storm

Admire Moyo
By Admire Moyo, ITWeb's news editor.
Johannesburg, 14 Mar 2014
Digital wallets will move to become more digital, mobile and based on open source, peer-to-peer networks such as bitcoin, says Frost & Sullivan.
Digital wallets will move to become more digital, mobile and based on open source, peer-to-peer networks such as bitcoin, says Frost & Sullivan.

Market research firm Frost & Sullivan has predicted 14 technology trends that it believes will shape the world this year.

In an interview with ITWeb, Archana Amarnath, ?programme manager, Visionary Innovation Research Group at Frost & Sullivan pointed to virtual currency, wearable devices and last-mile innovations making a big impact in 2014.

Virtual currency

Though the bitcoin market is currently in a tumultuous phase following the collapse of Tokyo-based bitcoin exchange, Mt. Gox, Amarnath believes the virtual currency will weather the storm. She pointed out that Mt. Gox will certainly lead to more regulation of the market going forward.

"Though there have been security issues concerning the bitcoin, there are indications that the virtual currency will grow in popularity, as a lot of retailers are adopting it," said Amarnath.

According to Frost & Sullivan, digital wallets will move to become more digital, mobile and based on open source, peer-to-peer networks (such as bitcoin). Marketing channels and retail strategies will, in tandem, become more interactive, fully digital and will be focused on creating wholly immersive virtual experiences for the customer, the firm adds.

Wearable devices

Amarnath is of the view that the healthcare sector will drive the adoption of wearable devices, especially those gadgets that monitor patients' health and ensure that they stay connected to their physicians.

However, she noted that devices like smart watches and Google Glass will not go mainstream this year and will remain popular among hobbyists and technology enthusiasts.

Frost & Sullivan predicts that wearable devices will evolve to a wider spectrum ranging from smart watches to even wearable clothing for new born babies that measures vital signs.

Last mile innovations

Amarnath revealed that retailers are currently facing difficulties in supplying products to the end consumer.

With Amazon piloting unmanned aerial vehicles for deliveries, we will soon see retailers and logistic service providers innovating in last-mile delivery options to keep in tandem with growth in online retail, she said.

Delivery services will be a lot more personalised and 90-minute delivery windows will become shorter, she added.

Personal robots

The market research firm says rapid advancement in machine-to-machine technology and artificial intelligence will further enhance the field of robotics - even making massive strides with domestic applications.

Personal robots will fulfil many household tasks including cleaning, assisted living for the elderly and even window washing, Amarnath said.

'Me' commerce

The firm also predicts that big data analytics will focus more on social analytics, enabling companies to develop more personalised and customised products and solutions.

Integration of supply chain and retail strategies to social media platforms will enable development of products closer to individuals' taste and preferences, it explains.

Online retail hits B2B

Business-to-business (B2B) retail will now see a shift to online retailing, enabling retailers to showcase the complete range of products and services to their customers, says Frost & Sullivan.

Combined with QR codes and augmented reality, B2B online retail will enable automated replenishment alerts and faster procurement cycles, it adds.

Gamification

Increasing adoption of game-based mechanics such as leader boards, social plug-ins, virtual goods, rewards etc by businesses is expected to drive the global gamification market to grow at a rate of nearly 100% every year, becoming an over $5 billion market by 2015, the firm says.

Circular economy

According to Frost & Sullivan, circular economy refers to an industrial economy, which, contrary to the traditional linear economy, reclaims used materials and recycles them as secondary raw materials for new products.

It believes that key industries that will be impacted by this cradle-to-cradle concept include packaging, food and beverages, electronics and even clothing.

Social TV

As apps become game-changers when bundled, we will find social TV evolving towards integrating services from multi-channel providers (such as AT&T, BT) to second screen technology players (Apple TV and Netflix), making TV-watching a unified entertainment experience in 2014, Frost & Sullivan predicts.

Big data gets bigger

The list of products and services portfolios that can be offered using big data will become more customised and in real-time, the firm says, adding that this will define new working styles in 2014 as well as consumer applications, making everyday living more personalised, data-driven and analytics based.

3D printing

According to Frost & Sullivan, 3D printing has become one of the premier disruptive technologies in transforming traditional industrial models. It believes that the prices of 3D printers will decrease making, them more accessible - even for consumers.

Rise of smart work centres

Offices with advanced telecom and videoconferencing facilities will develop in city outskirts and in tech hubs to avoid long commutes to city centres for work, the firm predicts, pointing out that these centres will encourage more flexible styles of working and enable the concept of mobile offices for the future worker.

Augmented reality

The firm also believes that Apple's recent announcement of iBeacon is testimony that augmented reality will make a massive leap in 2014. Augmented reality shopping apps and in-store shopping technology will get a lot more sophisticated, even providing turn-by-turn directions as a customer shops within the shop.

Health-centric devices

Frost & Sullivan concludes that the future of consumer devices will focus heavily on connected health especially for those consumers who are fitness-focused. Web portals will enable healthcare agencies to remotely manage thousands of wireless health devices, it adds.

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