The State of Technology in 2020

Did you know you can sell all or a portion of a life insurance policy, even term insurance?

(3 minute read)

2020 marks the start of a new decade, one that just a few generations ago sounded like science fiction. People before us envisioned a world where cars would drive themselves and robot servants would carry out all the work. But how close are we to really living in that world? How are people using technology, and what new applications have people most excited? Here’s how technology actually looks in 2020.

Businesses Want Technology Speed and Security

50% of American businesses plan to increase their technology spending in 2020. Overall, most business owners are investing in new hardware and infrastructure as old technology becomes outdated. This is especially true around 5G data networks. 5G is predicted to explode in 2020. Currently only 16% of large enterprises (5000+ employees) are 5G-enabled, but by 2021 it’s predicted that number will be 66%.

Increased connection to the Internet through 5G also means increased security concerns. New technology and devices need to be integrated seamlessly to prevent errors and risks. Large enterprises face the challenge of keeping projects a priority, while small businesses need support learning best practices and training employees. On both sides, security will be a high priority in 2020.

Individuals Want Convenience and Reliability

The boom in 5G connectivity will have big effects on individuals too, as streaming connectivity gets more widely available. That means better cell phone signal, too.

Another way technology that we already own will do more for us in 2020 is through predictive analytics. For instance, personalized remote “telemedicine” is already a life-changing innovation for individuals around the world. With the increased support of machine learning algorithms, doctors are better able to diagnose serious conditions in advance. These programs review and store information about more cases than a person could ever remember.

However, only 39% of people believe tech companies would put a person ahead of their profits. Simply put, people don’t trust technology companies. In fact, 47% of people believe innovation is happening too quickly. It isn’t just security issues like protecting data that technology companies must conquer in the next decade. They must also solve the problem of ethical action that will earn the public’s trust.

Newest Emerging Technology of 2020

  1. AI-as-a-Service: much like space on a cloud server, it’s predicted that artificial intelligence processing power will become available by subscription.
  2. Driverless Vehicles: Elon Musk claims 2020 is the year his Tesla vehicles will achieve full autonomy.
  3. Augmented/Virtual Reality: Facebook and Apple are both poised to make big investments in VR devices and tech in 2020, among other leaders

With all this setting us up for 2020, can you imagine what things will look like in 2030? Technology represents the potential for life-changing innovation. Best of luck with whatever technology the year brings your way.

Did you know you can sell all or a portion of a life insurance policy, even term insurance? Selling an unwanted life insurance policy is no different than selling your car, home or any other valuable asset that will create immediate cash. Contact us today to learn more.

Leo LaGrotte
Life Settlement Advisors

Get in touch with Life Settlement Advisors today to take the first step toward converting your policy into cash.
Life Settlement Advisors
Leo LaGrotte
At Life Settlement Advisors, we strive to be a voice of confidence and assurance for our clients. Our goal is to educate you about the life settlement process so you can make an educated decision about whether it is right for you.

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