Top 2021 Technology Trends in Singapore
In wake of the recent pandemic, companies all across the globe were forced to implement and devise new technological trends to either keep their business from crumbling or to make the most of the Covid 19 situation. The blog discusses some of the crucial technological trends that businesses across Singapore should keep an eye out for in 2021.
Singapore is the capital of technological innovation in Asia. According to the Global Innovation Index 2020 (published by WIPO, INSEAD & Cornell University), Singapore is among the top ten countries in the world when it comes to innovation. It is ranked at number 8, with the Republic of Korea following not far behind at number 10. Only two Asian countries made it to the top 10, and Singapore has been a common name to be included at the top in the GII rankings.
In Singapore, the need for Digital Transformation among businesses, especially SME’s has become an imminent need of the hour. While most companies already have the basic processes of Digital transformation in place, others are embracing it as we speak. The top technological trends that companies in Singapore should be prepared for in 2021 have been discussed below.
Technological innovations are recreating the way we think, organize, and strategize. Technological trends can be used to revolutionize work-places and their operations. The trends mentioned below will have a huge impact on companies not only in Singapore, but all across the world as they learn to embrace them.
Revamping the legacy systems of any corporation may help bolster the company’s digital potential. Legacy systems can include software, hardware, networking, or operating systems that a firm continuously puts to use in order to reduce costs. Legacy systems are usually kept in use because they often form the core of an enterprise’s processes. However, because of them being old, most legacy systems cannot be upgraded,or made more secure. Since these are core systems, it is important for companies to keep them safe from security breaches and other breakdowns. Core revival refers to modernization of legacy enterprise systems, which involves moving the legacy system to a secure cloud based platform. For many, the cost of cloud migrations and other core revival measures can be a little high. However, most companies in Singapore are overcoming this hurdle by outsourcing or shifting their legacy values to powerful platforms which allow for less coding. It won’t be long before this trend becomes common and businesses start to reap more benefits and add more value to their core systems.
Singapore is ranked #4 among the top blockchain leaders of the world. According to the Singapore Blockchain Ecosystem Report 2020, Blockchain has emerged as the top technological trend for Singapore in 2021. In simple words, the Blockchain technology comprises a system of storing data in a mmer which makes it immune to hacking, cheating, or change. Although different kinds of data can be stored in a Blockchain, its most common use is that of being an online ledger of transactions. To make Singapore’s blockchain system stronger, a S$12 million Singapore Blockchain Innovation Programme (SBIP) was launched in December 2020. The programme was launched jointly by Enterprise Singapore (ESG), Infocomm Media Development Authority (IMDA), and the National Research Foundation Singapore (NRFS) to align the Blockchain research with technology needs. The benefits of Blockchain technology are manifold. Not only does it decentralize information in a secure manner, it also maintains transparency. For instance, using Blockchain technology, enterprises can engage in quick, efficient transactions without involving any third party platforms.
Artificial Intelligence & Hyper automation
Artificial intelligence involves the use of smart machines to imitate human thought and behaviour. According to a news release published by Accenture in 2017, the use of AI in Singapore can generate a gross value of nearly 215 billion USD by 2035. Business services, manufacturing, and financial services will reap the highest benefits by employing AI processes and machines into their framework. A total of 11 industry sectors will profit immensely if AI is used in their digital transformation plans. Education, Health & Social Services, IT, Transportation are some other industry sectors that follow close behind the top 3 mentioned earlier. With the prominent possibilities of growth that AI possesses, the country has already launched a program: AI SG (AI Singapore) with funding of upto 150 million USD to accelerate, cooperte, and boost AI’s capabilities in the country’s economy.
The country’s first model framework for AI governance (an ethical approach to deploying AI technology) was launched in January, 2019. A year later, a second edition of the framework was launched. With the availability of big data, new algorithms, and advanced computing, artificial has gained momentum and is certainly among the top trend technologies Singapore to adopt and employ in 2021.
The use of advanced technologies like AI and ML (machine learning) to automate processes on a large scale that are more impactful than the traditional modes of automation refers to Hyper automation. It involves the application of multiple tools like RPA (robotic process automation), intelligent business management softwares, and others to lessen human involvement in technical and physical tasks, and also assist in quick decision making. These changes are already surfacing in everyday industry sectors like healthcare and education, and their popularity is only going to grow in 2021.
Distributed cloud computing is different from the traditional centralized data storage cloud as it involves a set of cloud components that hold and provide information to the application as and when required. The distributed cloud system is also geographically dispersed. Some enterprises that put distributed cloud computing to use include- Facebook, Netflix, Dropbox, and many more cloud services. Distributed cloud is the answer to problems of delays in data processing, data sovereignty, and network latency.