The Future of Product Engineering
Product engineering is a multi-step and intricate process that involves many tasks and phases. It is fundamentally about using digital technology to design, develop, and deploy innovative products that meet customers' evolving needs and expectations. And staying updated with product engineering trends helps you become successful.
Top product engineering trends to watch out for in 2023
IoT (Internet of Things)
It's no news that the Internet of Things (IoT) is a rapidly expanding field with the potential to transform our lives by connecting devices and sharing data. And this interconnectedness creates an information web that can improve our quality of life, reduce waste, and increase efficiency. In fact, it is predicted that there will be 41 billion IoT devices by 2027.
Here are some ways in which IoT can help your business:
Personalized services and products: IoT can improve customer experience by providing customized services and products. This can be increasingly seen in wearable devices, where you can track health and fitness data to get personalized recommendations.
Enhanced safety and security: By providing real-time monitoring and alerts, IoT can also help you improve safety and security. For example, sensors can be installed on equipment to detect potential safety hazards, and intelligent security systems can monitor and detect suspicious activity.
New business models: IoT can also help your company develop new business models and revenue streams, resulting in increased innovation and growth. MarketsandMarkets has predicted that the global IoT in the healthcare market will grow from USD 127.7 billion in 2023 to USD 289.2 billion by 2028.
Artificial Intelligence (AI)
Another technology that is changing the way businesses operate is artificial intelligence (AI). AI uses computer systems to perform tasks that generally depend on human intelligence, such as decision-making, problem-solving, and language processing. Here are some examples of how
AI can help your business:
Improved customer experience: AI can provide personalized recommendations, chatbots for customer support, and virtual assistants, hence improving customer experience.
New business models: AI can help your company develop new models to accelerate innovation and revenue growth. In the healthcare industry, AI can enable personalized medication and remote patient monitoring. Moreover, a report by MarketsandMarkets suggests that the global AI in the healthcare market will be worth USD 45.2 billion by 2026.
By following the latest trends in product engineering, such as IoT and AI, you can improve customer experiences and even develop new business models. So, start exploring these trends today and take your business to the next level!