By Richa | 1/18/2023
Discussions on 2023 technology trends have been ongoing. This year has already begun on a promising note, technology spectators and experts are pegging on how technology will disrupt the way we work on a day-to-day basis. Artificial Intelligence to sustainable technology, automation to cybersecurity; here are the tech trends, we think will define 2023. With a next-to-accurate prediction, early adapter organizations have a competitive advantage over the others
Adaptive Artificial Intelligence has undoubtedly taken the reins. With adaptive and generative AI strengthening its roots in the ways content is consumed, AI has already been associated with speech recognition, navigation apps, smartphone personal assistants and so on. ChatGPT if not anything can be touted as the game changes. The AI market is estimated to grow to a $190 billion industry by 2025, AI systems will reach over $57 billion by 2023. Another popular subset of AI, Machine Learning has been deployed across industries, marking up demands for professionals with the necessary skills.
Approximately $700 billion could be captured by quantum computing in the next 10 years, according to McKinsey. The performance of quantum computing is much faster than that of classical computation, requiring a fraction of the memory of classical computation. Quantum computers will be able to process and analyze vast amounts of data, making it possible to create more advanced and sophisticated AI systems. This will lead to more accurate predictions, improved decision-making, and new breakthroughs in areas such as drug discovery, financial modelling, and weather forecasting. Business operations and industry value chains will be catapulted to new heights with quantum computing.
The gradual build-up towards a sustainable approach is expected to make 2023 a year for Sustainable Technology. Sustainability has become an essential part of businesses these days especially when it comes to disruptive technologies. Companies such as Spotify, Netflix and others run their operations on huge data centres that consume high amounts of energy. We will see an active push in making companies more technology efficient. Organizations and investors are optimistic about climate technology’s positive implications for sustainability. Thus allowing them to pool their resources towards strengthening climate tech and clean tech which serve for the long term.
In the current digital ecosystem, data is the currency and datafication is the way to operate. More players are in the market to help large organizations manage and analyse heaps of data that is generated on a daily basis. Human resources already use datafication to collect employee data to better understand their personalities, interests, and preferences. In the case of fintech, data is the protagonist that connects every other arm, be it dependability, credibility, eligibility or the risk-taking factor in the case of lending. ChatGPT has already shaken the grounds for data storage and management. The amount of data generated from billions of prompts every day will only grow through this year which may prove to be a challenge for organizations at large.
Gartner estimates that businesses that invest in digital immunity will reduce downtime by 80%, increasing customer satisfaction. With the Digital Immune System, critical applications can be made more resilient to bugs by combining various practices and technologies. They ensure that systems don't crash, services are uninterrupted, data is secure and issues get corrected quickly. Software and application engineering leaders will have increased adoption of digital immune systems that will increase end-user satisfaction through apps that achieve greater uptime and deliver a stronger user experience.
Industrial robot spending will double by 2030 owing to rapid escalations in labour costs worldwide. As the overall cost of robotics is comparatively high, “cobots” are the answer in the short run. Large warehouses for instance are applying cobots - robots alongside humans to best meet their labour targets and increase productivity.
Metaverse became the trend with Facebook’s announcements around Web 3.0 and its directed move to rename its parent company as Meta. The previous year had numerous individuals, companies and brands taking to the metaverse to better connect with their customers. A deep dive into Web 3.0 is expected across a gamut of services in the virtual world. IoT, blockchain, AI, VR, AR and ML among others will collectively stimulate experiences for the consumers in the “verse” version of these companies. Metaverse if successful in aligning the offline and online worlds can create impactful experiences. Hence we have more businesses including traditional ones now open to leveraging virtual platforms to build immersive engagement that creates lasting measures.
Advancements in Cybersecurity have been ongoing. 2022, however, saw a few cases of social engineering like that of Uber and AIMS, which has raised credible concerns about cybercrimes among consumers and organisations alike. This year will call for heightened security measures with data-heavy reliance, and newer tech adoptions like generative AI and cryptocurrency. Moving forward it will be crucial to strengthen the reins of data storage, management and processing and implement better digital security measures to curb untoward cybercrimes.
All in all, this year looks like a turning point for AI as it will enjoy centre stage. Web3 and Meta will probably see a slowdown or take a backseat in terms of investments. As for cryptocurrency, 2021 was the peak followed by a dull span in 2022 triggered by the Binance Coin fiasco, it’ll be interesting to watch how 2023 turns up. Technology is ever-evolving; early adopters will have the advantage of the situation at hand. These are just some of the technologies that will thrive and grow in 2023, while others, like the internet of things and blockchain, will profoundly change the way we live.
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