Tech investment bank GP Bullhound has predicted that 2018 will bring the death of email.

According to its annual report into the technological trends that will shape the next 12 months, the use of email will cease to grow and begin to decline in the US.

This will be caused by the rapid rise of communication tools like Slack and Messenger, the entrance of dominant and cash-rich tech giants, and an increasingly common understanding that email marketing is largely inefficient and insufficient.

Among the other predictions for next year include tech giants facing political scrutiny, consumer cyber security becoming a number one issue and the 'breakthrough' of Augmented Reality.

Managing partner Per Roman and partner Alec Dafferner said: "The technology industry is a beacon of optimism, innovation, and change.

"While wider economic and political uncertainties persist, this research demonstrates the vast potential of digital technologies to deliver long-term growth and impact, and we believe the ambition and vision of entrepreneurs will underpin a vibrant digital economy in 2018."

Over the past 10 years, GP Bullhound's Technology Predictions 2017 report has established a reputation as an industry-leading analysis of the trends and innovations shaping the global technology sector.

The full list of predictions is as follows:

Tech giants face political scrutiny

“Following a number of hacking scandals related to national elections, 2018 will see tech firms coming under greater scrutiny for the content they allow on their platforms. With giants such as Facebook already increasing their security budget, this trend will shape the relationship between political bodies and technology in the coming year.”

Consumer cyber security becomes number one issue

"As recurring data breaches continue to break the news and users worry about the safety of their personal information, security will see widespread consumer adoption in the coming year. The rise of connected devices in the home will only add fuel to the fire of consumer concern for digital security.”

Mobile usage will exceed TV in China

“While mobile activity has been growing steadily in China, the past year has seen the biggest increase in the use of mobile in the country yet. 2018 is set to be mobile’s peak year, accelerating to overtake TV usage within the next two years.” Language recognition and translation becomes everyday “As machine learning perfects language recognition, translation technology will see a boost in user adoption in 2018. Using neural networking, computers will be able to understand not just words but also grammar, resulting in a more natural, flowing translation and booming consumer usage.”

The death of email

"Traditional workplace communications will be increasingly replaced by instant and more informal messaging tools. 2018 will be the year the volume of corporate emails sent in the US will cease to grow and begin to decline as instant messaging platforms such as Slack continue to gain traction."

International labour arbitrage flourishes

"As the cost of living in key tech hubs soars and competition for talent becoming increasingly tough, the new year will see smaller tech companies looking to base their operations in up and coming tech hubs around the world."

Organic expansion and consolidation of software sector

"As the corporate world continues to embrace digital transformation, businesses seeking to optimize their product offering will return to spending on large IT platforms. 2018 will see growth in the adoption of software suites and increasing competition amongst leaders in the field."

Industry 4.0 – Digital transformation and manufacturing

"As factories embrace the benefits of artificial intelligence and robotics, the fourth industrial revolution has finally taken hold of the manufacturing and production sector. These technologies will see increasing adoption in the coming year, resulting in a dramatic increase in quality and productivity."

The rise of Blockchain and ICOs

"The use of blockchain and Initial Coin Offerings has exploded in 2017. We predict regulatory agencies will intervene in 2018 and create definitive guidelines and regulations on the capital raising method. However, innovation in ICOs will not lose momentum and the volume of transactions will continue to grow."

Augmented reality breaks through

"The last six months have seen significant developments in augmented reality, with tech giants such as Apple and Google entering the field. As smartphones become increasingly compatible with the technology, 2018 will be AR’s biggest year yet as more consumers adopt the technology."