Hospitality Technology Trends: Coming Innovations for 2021

 

the costs of technologies and services necessary for digital transformation (DX, digital transformation) of business, industries and organizations will increase by an average of 16.7% and by the end of the period will approach $ 2 trillion, according to the analytical company IDC.

Experts believe that by 2020, 30% of the 2,000 largest public companies in the world will allocate at least 10% of their annual revenue to finance digitalization programs.

In 2019, the global allocation for digital transformation will amount to $ 1.25 trillion. According to experts, four industries will provide almost half of this amount: discrete manufacturing ($ 220 billion), processing industry ($ 135 billion), transportation ($ 116 billion) and retail trade ($ 98 billion).

Most of the investment in discrete manufacturing and process industries will go towards smart manufacturing. IDC estimates that more than $ 167 billion will be allocated to this area next year, in addition to spending on digital innovation ($ 46 billion) and digital supply chain optimization ($ 29 billion).

By 2020, at least 55% of companies in the world can be classified as “tuned in to digitalization.” They will transform markets and shape future development through new business models and digital products and services.

Consumer activism will be considered so important that by the end of 2020, 60% of B2C companies will have a customer loyalty index as their top success indicator. By 2020, 80% of companies will be realizing data management and monetization opportunities, strengthening competitiveness and generating new revenue streams.

More than 75% of global DX investments in 2019 will go to equipment and services. In the service sector, the largest items of expenditure will be IT services ($ 152 billion) and communications ($ 147 billion), while spending will grow fastest in the business services segment, where the CAGR will reach 29% over the period under review.

Hardware spending is concentrated around categories such as enterprise hardware, personal devices, and IaaS (Infrastructure as a Service) infrastructure. DX software-related spending is expected to reach $ 288 billion next year.

By 2021, digital platforms from leading industry value chains powered by blockchain will expand to the entire ecosystem, which will reduce transaction costs by 35%. About 30% of manufacturers and retailers around the world will build blockchain-based digital trust systems, allowing for collaborative supply chains and consumers gaining access to product history.

Geographically, the US and China will lead digital transformation spending, contributing more than half of total DX spending. In the United States, the most significant allocations are expected from discrete manufacturing enterprises ($ 63 billion), the transport industry ($ 40 billion), and professional services ($ 37 billion). Most of this funding will go towards IT services, applications, and communications services.

British implant developer began to chip its employees

RFID tags allow employees to enter certain areas within the company’s office and increase internal security, Biota CEO Stephen Northam told the publication. According to him, he and all top managers of the company have already gone through the chipping procedure.

For employees of the finance department, installing an RFID tag will be free, and the developer will have to pay for the chip and implantation. Depending on the model, the tag costs between 70 and 260 pounds, writes The Guardian.

Human rights organizations have already opposed the Biota initiative. They believe that chipping employees will allow the company to track them and penetrate even deeper into their personal lives.

Last summer, the American company 32M offered all its 85 employees to implant an RFID microchip in their hands in order to open doors in the company’s building, use a copier, log in to workplaces and pay for purchases at terminals.

IMF recommended central banks to think about creating digital currency

Central banks should look into issuing their own digital currency to offset declining use of cash, said Christine Lagarde, Managing Director of the International Monetary Fund (IMF).

They, like the IMF, are keeping pace with change and a new way of thinking,” she said at the ASEAN Summit in Singapore.

Governments and central banks can find a role in the emerging digital economy to avoid a situation where “too much power is concentrated in the hands of a small number of bloated private payment operators,” she said.

Lagarde stressed that the IMF is not completely sure how to deal with new types of payments and currencies, and that central banks may face a variety of difficulties. Among other things, it will be difficult to find a balance between protecting the privacy of currency users and measures to prevent crime and violations.

Germany to invest € 3 billion in artificial intelligence in the coming years

The Minister of Economy of the country said that the technology will help improve all processes of production, logistics, mechanical engineering and the service sector.

The German government is going to increase the pace of development of artificial intelligence and related technologies.  According to the newspaper Handel blatt, in 2019 the state will spend € 500 million, the implementation of the program will last until 2025.

“This is necessary because the development of artificial intelligence directly affects all production processes, on logistics, mechanical engineering, the service sector,” said Minister of Economy Peter Altmaier on Wednesday in Potsdam, where a two-day government meeting on digital technologies is taking place. According to him, Germany has all the prerequisites to catch up with the lost in this area, in particular, “a good industrial base” and a developed economy.

The strategy that the government is discussing in Potsdam is 80 pages long. It outlines various options for the development of the industry – from developing new teaching methods and business models to subsidizing specific projects and research programs.

The international consulting company McKinsey conducted a study and came to the conclusion that artificial intelligence affects the development of the economy much more strongly than previously thought, and even overshadows technological progress. By 2030, computer intelligence can guarantee the German economy an additional 1.3% GDP growth, the DPA agency cites excerpts from the study.