It was not very long ago when the world was introduced to its first mobile phone with unique contact numbers and some interesting features. Back then, owning one was a luxury. Today the world witnesses so much technology growth that we cannot keep count of it. With 5G phones, virtual reality projection devices, smart computers, Artificial Intelligence, and much more, it is evident that technology is evolving rapidly. In the near future, one can only imagine the competition and opportunities that the tech world would bring to us.
With technological development and not to miss out- the global pandemic, businesses are transforming digitally for various reasons; be it to keep pace with the competition, to cut down their costs, to increase their operational productivity, for informed decision making and more. Businesses can deploy a constant line of actions to grow along with the growing technology-
Let us dive into the first step and learn about the top 9 tech trends for 2023
This is an industry expected to be worth $163.83 bn by 2029. With over 170 million blockchain wallets, $11.7 bn global spending on blockchain solutions, and a CAGR of 56.3%, the blockchain industry is booming. This should not be surprising given the benefits blockchain offers.
Blockchain technology has use cases across industries being a decentralized distributed ledger. Blockchain offers real-time accessibility of data to users at the same time keeping things immutable for those who do not have the ownership. One can use blockchain to develop smart contracts, digitize assets, increase security of data and digital assets, for better visibility, and for track and trace solutions. Blockchain also helps in eliminating counterfeit products, thereby contributing towards building brand trust and maintaining customer loyalty.
This is one of the most rapidly developing fields under technology. With advancement in computing and its various types and branches, one can be sure of growing employment opportunities across industries.
Cloud computing is among the top growing computing technologies. With cloud, you may opt for an on-premise or a virtual management of your data and application. Cloud allows you to have your own virtual space and infrastructure without having to be responsible for the physical security and maintenance of data centers. Many cloud service providers offer technologies where you only have to pay for what you use, thereby saving resources.
Edge computing is an emerging technology that provides solutions to the challenges caused due to the exploding amount of data that is produced globally every minute. The market for this technology is expected to reach $6.72 bn by 2023. With edge computing, even processing an enormous amount of data and storing them becomes fast and easy. The technology is like an extension of cloud computing, made to make up for the shortcomings of cloud.
Quantum computing is the next remarkable technology trend for 2023. With advancements in quantum physics, phenomena like quantum entanglement, superposition, and more are being applied to computing. Quantum computers are observed to be faster and extremely efficient as compared to ordinary computers. All the IT giants such as Amazon, Google, Microsoft, etc are investing in the development of the technology. The technology also finds its application in health, finance & banking, research, security, and engineering and is expected to reach a revenue of $2.5 bn by 2029.
With increase in global data, humans have learnt managing them and converting them to something useful i.e. insights. We have learnt how to process data, how to visualize them, analyze, even predict what is to come and use them in informed decision-making. Hence Data Science for sure is a growing trend and 2023 will see no less of it. Artificial intelligence too is expected to boost the global GDP by 14% by 2030.
Some of the areas under Data Science and AI that are trending are- Data-as-a-service, Big Data Analytics Automation, Augmented Analytics, Machine-Learning-as-a-service, AI chatbots, AI devices and control systems, Metaverse, IoT and AI integrated devices, and so on. AI is the reason we have smart devices these days. AI has application in making smartphones, smart watches, home appliances, any kind of automated electronic, etc.
It is a virtual reality space where people can create digital characters/ avatars of themselves and interact with others. They can use various metaverse platforms to enhance their online experience and create a different world for themselves. Sci-fi movies such as Ready Player One, The Matrix, etc gives us an idea about what life in a metaverse could look like. As interesting as it seems, without AI, AR & VR devices and IoT this could not have been made possible.
Facebook being renamed as Meta, is one more evidence about how trending this technology is and how much it is going to, directly and indirectly, impact our lives. Businesses may use metaverse to their advantage by investing in digital assets, NFTs, digital spaces for marketing purposes. Businesses can largely benefit by using metaverse interactions to keep their customers engaged, to increase their prospective customers and to run campaigns about their new products/services.
RPA or Robotic Process Automation refers to automating monotonous tasks, thereby providing a chance to use human intelligence in more innovative areas and eliminate human errors simultaneously. RPA helps businesses in increasing their productivity and efficiency.
There are concerns surrounding the deployment of RPA in businesses which state that automation may take away human jobs and cause unemployment, but it is important to note that RPA also creates job opportunities in fields related to its development, analysis, architecture and engineering. So, there would be a shift in job areas and not unemployment.
RPA can be applied to many different areas such as application interpreting, email replies, data processing, etc. Until now RPA has only proven to be beneficial wherever applied and further developments are being made to be able to apply the technology in more areas.
With technological growth, there is a growth in risks as well. Chances of data breach, confidential information leak, increased spams and phishing, hacking, etc. are some top risks to be mitigated. Hence, there is also a need to develop technologies by combining various applications, AI, and engineering strategies to overcome those risks.
Thus, development of digital security and compliance tools and software is on the rise. Deploying digital security tools in your system makes your system more reliable and trustworthy. It gives a sense of security to not just your customers, but also people working with it. You may focus your energy upon business development without worrying about security and privacy issues.
By 2025, the virtual reality market is expected to reach a value of $22 bn. VR, as the name suggests, provides a virtual experience to any desired real-life or imaginary situation. It is this feature that allows it to be so useful to us. It has applications in healthcare, education, research, sports- both physical and digital, and many other areas. With virtual simulation, one can even train for a specific condition in real life or experience gaming or metaverse better.
We can even integrate augmented reality (AR) with VR, which means using real-time information in different forms to create a simulation very much like our real world to make the experience more relatable. It is this element of real-life data that separates AR from VR. Integration of the two will only make it more realistic. By 2024, the AR market is estimated to grow to $50 bn.
IoT is definitely one of the most promising trends for 2023. Internet of “things” refers to the “things” that are connected to the internet and can be accessed by the same. The data from such things or devices can be recorded, collected and analyzed. Currently there are 7.74 billion connected IoT devices worldwide and within the next 7 years the number is expected to rise to 25 billion and more.
Increase in the number of IoT devices and smart tools is also contributing to the data produced globally. When home appliances, electronic devices and business tools and machineries are integrated with IoT, they are easy to interact with, control remotely and automate to an extent. Hence IoT also plays a key role in automation.
Data recorded from IoT devices such as fit-bits, healthcare devices, home appliances can be used to record customer experience and make improvements in the business.
5G services are to be revolutionary technology trends for 2023, that are going to change the way we communicate and experience the world digitally. By 2026, there would be about 4.8 bn 5G subscriptions worldwide. A global IoT spending of $1.1 trillion is forecasted for 2023 with smart cities contributing $189.5 bn in it. Currently in 2022, about 13% global consumers have subscribed for 5G.
Almost all telecom companies are working towards bringing in the technology as soon a s possible. This is one step to taking the world closer to augmented and virtual realities. With 5G, accessing VR & AR and participating in advanced gaming would become possible for everyone. Cameras with 5G can be used to increase security in public spaces, 5G devices would function with greater bandwidth, streaming services would be more efficient, better GPS and driverless vehicles would become possible, and IoT will revolutionize too. 5G has much more to bring to this world directly or indirectly. Hence, this is a technology every common man too is looking forward to.
The above-mentioned trends will keep you updated and help you realize your new digital transformation goals. Aligning your business strategies to trending technologies keeps you in the competition and bringing supporting tools to your business with strategic execution keeps you several steps ahead. Hence it is important to upgrade your business in the best possible way with the advancements in the world.