International Journal of Trend in Scientific Research and Development (IJTSRD)

Volume 6 Issue 7, November-December 2022 Available Online: www.ijtsrd.com e-ISSN: 2456 – 6470

Emerging Technologies in Business

Matthew N. O. Sadiku1, Uwakwe C. Chukwu2, Abayomi Ajayi-Majebi3, Sarhan M. Musa1
1
Roy G. Perry College of Engineering, Prairie View A&M University, Prairie View, TX, USA
2
Department of Engineering Technology, South Carolina State University, Orangeburg, SC, USA
3
Department of Manufacturing Engineering, Central State University, Wilberforce, OH

ABSTRACT How to cite this paper: Matthew N. O.

Emerging technologies continue to affect the way we live, work, and Sadiku | Uwakwe C. Chukwu | Abayomi
interact with one another. Business is affected by emerging Ajayi-Majebi | Sarhan M. Musa
technologies. In today’s world, business operates in the era of data. "Emerging Technologies in Business"
Published in
With the increasingly massive amount of data generated daily by
International
customers and the complexity of customers, businesses can no longer
Journal of Trend in
rely on traditional methods to thrive and maintain relevance within Scientific Research
the fierce competition. Technology has been a major driver of change and Development
in business. Cloud computing, Internet of things, big data, artificial (ijtsrd), ISSN:
intelligence, and blockchain are the emerging technologies that may 2456-6470, IJTSRD52380
create winners and losers. This paper provides the emerging Volume-6 | Issue-7,
technologies in business, what they are, and what they offer for December 2022, pp.573-577, URL:
business. www.ijtsrd.com/papers/ijtsrd52380.pdf

KEYWORDS: technologies, business, emerging technologies in Copyright © 2022 by author (s) and
business International Journal of Trend in
Scientific Research and Development
Journal. This is an
Open Access article
distributed under the
terms of the Creative Commons
Attribution License (CC BY 4.0)
(http://creativecommons.org/licenses/by/4.0)

INTRODUCTION
Modern societies are increasingly dependent on today. It is affecting the way we live and act in the
technology. Technology is everywhere. It surrounds society, particularly in business. Emerging
every aspect of 21st century life. It is in the cell technology is a term generally used to describe a new
phones we use, the cars we drive, and even the food technology. The term often refers to technologies that
we eat. Technology has spanned the globe, are currently developing, or that are expected to be
connecting device, and people of all nations. It has available within the next five to ten years [1]. Any
become integrated into personal, professional, and imminent, but not fully realized, technological
social aspects of our lives. It represents a huge innovations that will have some impact on the status
opportunity, but it has been largely overlooked. quo.
New technologies continue to emerge at an Emerging technologies are worth investigating. They
unprecedented rate. Every company around the globe are responsible for developing new products or
feels the impact of technology in business. New devices. Businesses often look to emerging
business technologies are meant to make it easier and technologies for new services or tools that will help
simpler for one to do business. Many businesses have them create a competitive business advantage.
implemented technology to reduce business costs and
SOME EMERGING TECHNOLOGIES
improve the efficiency and effectiveness of
Technology is one of the fastest-growing agents in the
production methods.
modern life. The emerging technologies have brought
WHAT ARE EMERGING TECHNOLOGIES? a significant transfer in information, technology, and
Technology may be regarded as a collection of development sectors. They play a unique role in the
systems designed to perform some function. It can modernization of industries. The top emerging
help alleviate some of the challenges facing business technologies include artificial intelligence, machine

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 International Journal of Trend in Scientific Research and Development @ www.ijtsrd.com eISSN: 2456-6470
learning, robotics, Internet of things (IoT), big data, 3. Internet of Things (IoT): The Internet of Things
cloud computing, soft computing, business (IoT) is a network of physical objects such as devices,
computing, 3D printing, wearables, 5G, and vehicles, appliances, etc. The Internet of things (IoT)
blockchain. We will just ten of these technologies [2- is turning our homes into smart hubs with voice
6]. supported technology. IoT devices can record and
transfer data, keep an eye on key processes, improve
1. Artificial Intelligence: Artificial intelligence (AI)
efficiency, and eliminate the guesswork. The Internet
is a field of computer science that is dedicated to
of things is unlocking previously inaccessible sources
developing software dealing with intelligent
of value for enterprises in areas such as new revenue
decisions, reasoning, and problem solving. Artificial
streams, safety, and improved customer experience.
Intelligence may be regarded as any software or
The IoT market includes software, hardware, systems
hardware that depicts human intelligence and
integration, and telecommunications services.
consequently has the ability to engage in a humanlike
activity. AI tools can enhance decision-making 4. Big Data: The amount of data that will be created
abilities, allowing enterprises to perform increasingly over the next three years will be more than the data
complex tasks. They are versatile tools that enable created over the past 30 years. Data is growing
people to rethink how we integrate information, exponentially. This exponential growth of data
analyze data, and use the resulting insights to improve complicates certain aspects of IT applications.
decision making. Artificial intelligence is already part Business has always desired to derive insights from
of our lives, slowly shaping our society and business. big data in order to make better, smarter, data-driven
It is already widely used in business applications, decisions. Big data refers to data that are generated at
including automation, customer relationship high volume, high velocity, high variety, high
management, human risk management. underwriting, veracity, and high value. It has fundamentally
fraud detection, and talent development. Radical changed the way business companies operate, make
changes are needed with artificial intelligence (AI) to decisions, and compete. It can create value for
drive business growth and provide valuable insights businesses. Many companies want to extract more
on strategies. Artificial intelligence in business value from their data so they can improve products
simply applies intelligent computer software with and make better business decisions. Collectively,
human-like capabilities to boost revenue, improve market demands are pushing organizations to handle
customer experience, increase productivity and even more extensive data sets and to achieve even
efficiency, and drive business growth. faster query and analytics responses. Organizations
will need a hiring strategy for talent who can support
Almost all technologies in business rely somewhat on
the overall data strategy.
AI. Today, artificial intelligence is exploding.
5. Cloud Computing: Whenever we use the Internet,
2. Robotics: This is a technology field that uses
we are using cloud services. The cloud is available
electronic or mechanical technology to replace human
24/7. Small businesses are gradually switching their
labor. Robots are machines with enhanced sensing,
systems and data management to the cloud. Common
control, and intelligence used to automate, augment,
examples are Gmail and Dropbox, which are
or assist human activities. They are currently used in
accessible anytime, anywhere, on nearly any device.
manufacturing and production firms. They seek to
Cloud computing continues to deliver lower costs and
expand to other business industries. Chatbots have
high-performance technology engagement through
empowered the banks and other financial institutions
on-demand software and technology solutions.
by simplifying the complex processes. We interact
with Facebook Messenger bots all the time. 6. Business Intelligence: The main objective of
Messenger bots are revolutionizing the small business business intelligence is to enable business managers
world. Messenger bots can answer customers’ to have easy access to data, be able to conduct
questions, collect user’s info, organize meetings, analysis, allow them to convert data into useful
reduce overhead costs, and engage in other business knowledge, and then make faster, better decisions. An
tasks. Another popular use of emerging robotics in effective use of business intelligence will result in
business is robot journalism or automated journalism. time savings, cost rationalization, and management
It lends a helping hand to journalists, content creators, efficiency. Business intelligence is increasingly
and publishers. Automated journalism is also used to becoming necessary for business leaders to visualize,
test headlines, source information, and identify analyze, and prepare their strategic planning. In
trending stories. Figure 1 shows how robots are used recent years, several organizations have implemented
in business [7]. business intelligence and analytics for big data

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solutions. The organizations are governed by Other emerging technologies in business include
information, knowledge, intelligence, and wisdom. drones, server less computing, quantum computing,
biometrics, blockchain, and natural language
7. Virtual Reality and Augmented Reality:
processing. These emerging technologies demonstrate
Immersive technologies include augmented and
the advances that are radically changing every
virtual reality. A virtual environment lets customers
industry. Figure 3 illustrates some of these emerging
develop strong connections with a product or service.
technologies in business [6].
We should thank the gaming industry for the
development of virtual reality headsets and BENEFITS
augmented reality applications. The key aim of AR The emerging technologies have a decisive role to
and VR is the customer’s desire to be entertained. play in an organization’s innovations, customer
From improved customer experiences to staff experience, and overall success. Their role in creating
training, the use of AR and VR is almost unlimited. business value for insurers is vital. Today, the
Immersive technology, whether VR or AR, is influence of emerging technologies is greater than
disruptive and will completely change how we ever before. They are changing how we gather and
communicate internally with home working or deliver content. They can help organizations scale on
externally in how we communicate to customers. demand, improve resiliency, minimize infrastructure
Visualization technology makes data more investments, deploy solutions rapidly and securely,
meaningful to businesses by allowing for more create powerful transformations to drive revenue,
profound ways of presenting data. For example. AR- outshine the competition, execute better decision
enabled smart glasses help warehouse workers fulfill making, and extract value from algorithms. They
orders with precision. Figure 2 shows how virtual allow us to be content creators and publishers. It has
reality is used in business [8]. never been easier to create videos, spread news via
social media, and grow our own customers. As
8. Wearable Technology: This is changing the way
content creators, we can go beyond the usual suspects
consumers access content. It has been predicted that
of Facebook, Twitter, and Instagram to get consumer
more than 20 percent of Americans will be using a
perspectives.
wearable in 2022. This provides a large market for
solutions that work across smart watches and CHALLE NGES
smartphones. The Apple Watch makes getting the There is so many emerging technologies that it can be
latest news as easy as telling the time. From clothing overwhelming dealing with them. Focusing on the
to contact lenses, wearable journalism is ideal for technologies which will affect your business can be
quick updates until viewers have the time to get the daunting. The inclusion of emerging technologies to
full story. improve processes requires a steep learning curve.
Emerging technology can enable business goals only
9. 5G Networks: This new model of network speed is
if properly implemented. Businesses may not be able
the newcomer coming after the 4G. 5G networks may
to use technology to replace or enhance every aspect
ultimately be 100 times faster than 4G network. 5G,
of business operations. Certain business functions
the next-generation cellular network, promises so
require the use of human labor or intelligence.
much: increased mobile bandwidth and speed, which
Although emerging technologies generate new
will accelerate driverless cars. Remote offices
opportunities, it creates new legal challenges,
become more dependable under the 5G paradigm. 5G
particularly related to copyrights, trademarks, patents,
has ultra-connectivity enabled by high data
royalties, and licensing. Embracing the new
bandwidth, low latency, and high density of devices.
technologies to step ahead of the competition is a
It will exponentially increase data storage and
challenge for small business owners. For most
processing directly using edge computing.
business owners, running a business, finding new
10. 3D Printing: This is known as additive customers, solving the cash flow conundrum, and
manufacturing. It means that whatever type of juggling time demands are regular challenges.
product is needed can be easily produced on an ad- Navigating these technological shifts is challenging
hoc basis, with no need to stick to a precast design. It for business leaders. There are concerns about the
creates three-dimensional objects based on digital cost of investing in new technologies.
models by layering or "printing" successive layers of
CONCLUSION
materials. It has the potential to turn every business
Emerging technologies hold the answers to
and living room into a factory.
fundamental challenges and ambitious objectives of
organizations. They can help organizations scale on
demand, improve resiliency, minimize infrastructure

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 International Journal of Trend in Scientific Research and Development @ www.ijtsrd.com eISSN: 2456-6470
investments, and deploy solutions rapidly and https://timesofindia.indiatimes.com/readersblog
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Figure 1 Robots are used in business [7].

Figure 2 How virtual reality is used in business [8].

Figure 3 Some of the emerging technologies in business [6]

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