Technology constantly evolves, and in 2016, you'll likely see many innovative devices hit the market. So what does the future hold for the technology segment? Here are five things you need to know about the 2016 tech sector:
1. The wearables space will grow exponentially.
Own a smart watch? If not, you soon might fall behind the technology curve, especially if the wearables market continues to expand. Pebble, Apple and other smart watch manufacturers are already making serious noise in the wearables sector.
However, wearables extend far beyond smart watches, and technology research firm Gartner has predicted wearable shipments will surpass 500 million by 2020 -- a figure that is likely driven by an expected increase in wearable gadgets worldwide.
What types of new wearables should you expect to see this year? From in-ear headphones designed to improve sleep quality to swimming wearables, 2016 could become a landmark year for wearables.
2. Expect patience to drive technology investment strategies.
The 2016 tech space looks promising, but it may take time to develop. Therefore, a patient investing approach could provide shareholders in tech giants such as Microsoft, Apple and IBM with substantial return on investment (ROI).
Keith Springer, President of professional wealth management firm Springer Financial Advisors, points out that successful investing requires patience, particularly in 2016. And even though the U.S. economy appears to be on the right track following the Great Recession, it may be better for investors to err on the side of caution this year.
"In times like this, it's better to be safe than sorry, particularly if you are retired or close to it because you simply cannot replace this money nor can you afford to live through another crash and endure another five or 10 years to get it back again," Springer says.
3. Many organizations will target cybersecurity improvements.
No company wants to become the next Target, Anthem or U.S. Office of Personnel Management, i.e. an organization that suffers a major data breach. And in 2016, many organizations are prioritizing cybersecurity to reduce the risk of exposure to various malware, viruses and other security issues.
A recent Raytheon survey of 1,006 senior-level IT and IT security leaders revealed the majority of these professionals expect cyber intelligence to become more actionable and timely over the next few years. The survey also indicated most IT leaders are prepared to invest in people and technologies to minimize security issues both now and in the future.
The demand for cybersecurity support could grow substantially this year. And as a result, many organizations may be able to protect their sensitive data against a variety of cyber threats in 2016 and beyond.
4. The Internet of Things
will become the next big thing.
Imagine what it would be like to lock the front door of your home from your office that's 20 miles away. Or having the ability to vacuum your living room with your smartphone. Thanks to the rapidly evolving "Internet of Things" (IoT), you'll soon be able to do all these things and more!
The IoT will connect cars, refrigerators and everything in between, empowering homeowners and business operators to automate many everyday tasks. Research firm International Data Corp (IDC) has estimated the IoT space will grow from $655.8 billion in 2014 to $1.7 trillion in 2020 -- and 2016 could represent yet another step forward for this space.