A futurist reveals the biggest ways tech will transform our lives in the next 5 years

The new space race, which involves nations around the globe as well as billionaire-backed private companies like Elon Musk's SpaceX and Jeff Bezos' Blue Origin, will also be a catalyst of change over the next five years — potentially resulting in a new startup scene.

"You're going to have hundreds of companies around the world that are going to compete for everything from lunar landers to terraforming Mars," Canton said.

Quantum computing is another game-changer, with the ability to process data at blazing fast speeds. That's because while today's computer's use bits in the form of binary 0s and 1s, quantum computers operate through quantum bits.

These so-called "qbits" are particles that are capable of representing numerous combinations of 0s and 1s, as MIT Technology Review explains. Quantum computing can be especially critical when it comes to enhancing cybersecurity, since it will enable us to "encrypt smarter," says Canton.

Many of today's largest tech firms have already been dipping their toes into parts of these fields. Facebook sells virtual reality products under its Oculus brand, while Apple offers tools for developers to create augmented reality iPhone apps and Microsoft sells its Hololens mixed reality headset. Both IBM and Google have also been conducting research in quantum computing.

But it's too soon to know who will emerge as the industry leader in these platforms, or if it will even end up being one of these high-profile tech firms at all.

"So it doesn't necessarily mean that today's tech giants are necessarily going to be the leaders of tomorrow," Canton said. "I think there's going to be a lot of new players that come into the game that understand blended reality, understand telepresence, virtual reality, all of that, and can come in and displace folks."