Small business owners can create better connections with their target audience through artificial intelligence. They can leverage the boom in online shopping to boost sales. It is possible to boost customer support through optimizing Wi-Fi and automating temperature in outlets.
Canadian entrepreneurs are investing in tech trends that facilitate the growth and expansion of their business. Businesses that fail to take advantage of this tech explosion could miss out on a great opportunity to extend their reach. Here are some of the crucial trends worth exploring.
Cloud Computing Tech and SaaS
Strong SME businesses are undoubtedly the backbone of the Canadian economy. Most businesses lack enough resources to establish their advanced online infrastructures. SaaS (Software as a Service) brings a practical and viable solution to such enterprises. SaaS serves as a disruptive tech that provides unique services that clients will subscribe to or tailor to fit their specific demands.
The software provides an array of options like digital advertising, point-of-sale platforms, and payment processing. Cloud computing is among the reasons why Software-as-a-Services has become a success. The novel tech helps store data online and makes it available on demand. It serves in the same way a proverbial cloud hangs over its consumers.
Statista reports that public cloud investment expenditure has gone up five times in the last ten years. In 2020, the investment value was $77 billion, and in 2020, the amount increased to $411 billion.
5G Network Connectivity and Mobile Usage
People have become more accustomed to mobile phone usage. Smartphones have provided not only a means of entertainment but also a resourceful place for gaining data. Mobile phone users take up 90% of their time using downloaded apps. Businesses that disregard the impact of smartphones are likely to become irrelevant in the market.
Mobile usage is likely to get better with the intervention of the novel 5G tech. It has faster speeds in terms of the mobile network. 5G network also uses string power, bandwidths and lowers costs. It implies that users can now stream videos that have higher resolutions without any interruptions. Companies that have welcomed the 5G tech have recorded more profits and efficiency. By 2028, the 5G network market is projected to reach $248.46 billion.
Bottom Line
Digital innovation in 2021 will also encompass machine learning, artificial intelligence, Internet of Things, among others. Canada has a highly sophisticated market economy, which places it in a unique position when it comes to novel techs. Canadian businesses can learn to leverage these disruptive techs and gain a competitive advantage.
