10 technologies to watch in 2018
As the digital revolution continues, it is key to stay updated on the fast developing technologies. We here present the 10 most important tech trends to watch in 2018
The way we work is changing. The way we receive medical care is changing. The way we build our cities is changing. The way we overall navigate in the world today is entirely different from even just a decade ago.
The digital revolution progresses quickly and companies wishing to keep up have to stay constantly updated on the technologies luring ahead.
The Israeli venture capital firm OurCrowd has conducted a survey among their network of partners, venture capitalists, CEOs and multinational companies, singling out tech trends to watch in 2018.
We here present the 10 most important technologies which any investor or innovative company ought to consider.
Construction, estimated a worth of 10 billion dollars, is one of the major sectors in the world economy, but it is also one of the least efficient and digitalized industries. Worldwide, the construction space struggles with budget overruns, costly mistakes and lack of qualified labor. However, if the sector became digitalized, costs could be lowered by 45% as well as help cut down delays and ever growing budgets.
In February 2016, NSA proclaimed that the threat from quantum computing requires immediate action. Using quantum bits, quantum computers are both different from and more powerful than regular binary ones, making it possible to decipher almost any encryption known today. Getting more widespread, governments in Russia, USA and China have involved in the development of the technology as well as Google, Alibaba and IBM has shown interest in the area.
Startups: Israeli QuantLR, Rigetti Computing from California.
Smart mobility og autonomous vehicles
Israel has taken the lead in the space of smart mobility. In Israel alone, 400 startups work with sensing technologies using modeling and prediction software for the transport sector. Furthermore, in the past three years, 4 billion dollars have been invested in the area and the Israeli Mobileye was sold to Intel for 15 billion dollars in 2017. According to McKinsey, by 2030 15% of all cars will be fully autonomous and another 60% will have a high degree of ADAS (Automated Driver Assistance System). It is the hope that for instance cruise control and advanced warning systems can help limit accidents and make the roads safer overall.
Startups: Israeli Phamtom Auto, Israeli DRIVE.
Already a hot topic, artificial intelligence remains on the 2018 agenda. According to OECD, the digitalization makes Denmark prone to job automation and it is estimated that more than 40% of the Danish work force faces radical changes. For instance, according to Deloitte, 39% of all juridical jobs are planned to become automated within the next couple of years. Moreover, a study from Oxford University shows that 95% of jobs in accounting are at risk to be put in the hands of AI. In other words, from a business perspective and as a subject for investments, artificial Intelligence continues to be relevant.
Startups: Israeli Sense, Danish Tradeshift.
Blockchain and cryptocurrency on the rise
Lately, cryptocurrency has been making headlines as well as drawn attention from the financial sector. One major obstacle for any current cryptocurrency such as Ethereum, Bitcoin and Ripple, is the fact that they are only able to manage a limited number of transactions, more specifically 10 pr. second. In comparison, credit cards can handle 2000. However, many companies worldwide have taken up the challenge and once a solution is found, it’s very likely cryptocurrency will become part of everyday life.
The meat free food tech revolution
By 2022, the market for plant based meat substitutes is estimated to reach 14 billion dollars of worth, and by 2050 the products are expected to take up a market share of 33%. Today, cattle claims 45% of the earth’s terrestrial land and more than half of the worldwide emission of green house gases stems from livestock and their biproducts. In other words, the space calls for innovation and food engineering is expected to become one of the big investment opportunities this year.
Startups: Israeli Supermeat, Danish Naturli’ Foods.
Startups to help companies meet the GDPR
Governments around the world have their eyes locked on personal data – not just meaning surveillance but also regulation. In 2018, the European Union’s new general data protection regulation, GDPR, will be introduced. As a result, companies violating the ruled could face fines up to 20 million euro or 4% of their total, global turnover from the year before. The new rules require a change of practice, and OurCrowd expects 2018 will breed several new businesses revolved around assisting companies in managing their data in order to meet the new law.
The application of genetics is anticipated to change the human health space radically, as it enables improvements of already existing drugs as well as the development of personalized medicine. Already by 2025, the market is set to reach a worth of 233 billion dollars. Technologies such as DNA sequencing, cloud computing, telemedicine, and big data analysis make it possible to develop customized treatments of for instance cancer. Overall, this is a completely new approach to pharmaceutical drugs which, according to OurCrowd, will benefit patients worldwide.
Startups: Israeli Quanabis.
Home tech for the elderly
The world’s population is aging. A tendency which is only expected to continue as the world population both grows bigger and older. In Israel and Denmark many new companies have eyed the possibilities in smart home-tech, which is to assist people at old age in the everyday life without compromising their privacy. It goes by the name ‘Aging in Place Technology’ and is expected to both lower costs for the society as a whole as well as improve life for the elderly.
Startups: Israeli Intuition Robotics, Danish Sarita Pearl.
Online-to-offline retail sales
Empty malls and shut down shops is often at debate, putting blame on the rise of internet trading. However, 90% of the total retail sale is still made offline and rather than eliminating physical stores completely, the internet and technology change the way we shop. For instance, the stores incorporate automatic payments as well as a greater emphasis is put on creating customized experiences and guidance.
Startups: Israeli Top Automation, Opentable from California.