Top 11 Trends in Technology That Will Change Your Business in 2023
January 24th, 2023 by Catherine Marqueses
Recent years have seen a period of increased global unrest characterized by pandemics, geopolitical unrest, inflation, blockades, supply issues, etc. Due to this harsh economic environment, it’s an excellent moment to modify how we conduct business and a pivotal time to adopt new technological solutions that aid organizations in navigating these challenging times and utilizing them as a competitive advantage.
We examine the technological changes that will impact business in 2023 and recommend that you keep up with them.
# 1 Using Blockchain, Rebuild Trust
Up until now, two-party Internet payment operations have been conducted through a middleman that validates the data using a unified system, which could result in a number of issues. The definitive control of an organization is now gone thanks to the development of distributed ledger technology, i.e. blockchain technology, and its decentralized approach, and data is now held in an encrypted and far more secure manner.
Decentralization leads to new forms of commerce, communication, and automation, which have a significant positive impact on the value of the digital property.
The Stamford-based tech consulting and research firm, Gartner, predicts that by 2025, the commercial value provided by this technology would increase to over $176 billion, indicating that it has started to be deployed in a variety of sectors rather than being restricted to the financial industry or being more closely tied to cryptocurrencies.
Blockchain is generating new business opportunities, accelerating the transaction verification process, reducing fraud and cyberattacks, and being incredibly effective, dependable, and secure. The need to enhance data tracking, develop new billing systems, host patents, protect medical data, monitor sales processes, etc. will be critical for business operations in the upcoming years.
# 2 Digital Twins
Since several years ago, digital twins have positioned themselves as one of the most significant current technical trends, particularly when speaking about the industry sector. These aren’t just digital representations of actual things, places, physical systems, or procedures used to produce more accurate goods, save money, or anticipate mistakes. They also open up a wide range of opportunities for evaluating and simulating whether, for instance, the functioning of an industrial facility is appropriate.
Point clouds can be used to digitize physical objects, information can be systematically segmented and tagged, supply chains can be optimized and developed, equipment and processes can be automated utilizing various technologies like AI (artificial intelligence), safety can be increased, predictive maintenance can be improved, and quality control can be improved, among other things.
With the help of this technology, we can alter any digital component we desire until it is optimized and achieves its ideal state in the physical world. It will fundamentally alter how corporate operations are optimized, boost productivity, and significantly reduce costs in a variety of industries, including education healthcare, aviation, as well as building and construction.
# 3 Security & AI
Securing the data transmitted across smart grids will be one of the important themes for 2023, closely related to IoT devices which we’ll talk about in a minute. Companies will prioritize enhancing these gadgets’ security capabilities, and artificial intelligence will play a key role in this effort.
With the development of 5G, more gadgets will be able to connect and communications will be faster. AI and machine learning enable decision-making processes to be swiftly automated and enable the creation of patterns from incomplete or altered data, bringing an approach to security solutions, which is to be somewhat more proactive.
The algorithms gain knowledge from reliable threat data, which enables them to identify risks more quickly, achieve a low margin of error, foresee potential threats, and assist cybersecurity professionals in developing stronger policies.
# 4 VR, AR & XR
XR (Extended Reality), AR (Augmented Reality), and VR (Virtual Reality) will be the next astonishing technology trend. While VR reenters the consumer in an area, AR enhances their environment. One example of this technology trend being utilized in training is VirtualShip, a simulation tool used to train ship captains in the U.S. Army, Navy, and Coast Guard.
We may assume that these particular upcoming tech trends will become more prevalent in daily life in 2023. AR and VR, usually in conjunction with other emerging technologies on this list, offer enormous potential in training, entertainment, marketing, education, and even injury rehabilitation. Or how about the sports betting industry: for instance, you can watch games while betting on them using VR goggles. You can also watch a variety of computer-generated sports, including football, cricket, and horse racing. Additionally, this technology enables online betting sites in the Philippines to literally hold betting competitions. Additionally, computer-generated games make sure that you can keep placing bets even when there aren’t any actual sporting events.
Either of these new techs may be used to better theme parks, train surgeons to do surgery, provide museum visitors a more interactive experience, or even improve marketing, as in the case of this Pepsi Max bus shelter.
Fourteen million AR and VR devices were purchased in 2019. The worldwide demand for virtual reality and augmented reality is expected to reach $209.2 billion by 2023, opening up additional opportunities in this expanding latest technology tendencies and luring more experts to this sector that is changing the game.
Despite the fact that some companies may look for optics as a skill set, gaining a job in VR only requires a basic understanding of programming and a forward-thinking attitude. For this reason alone, you should keep an eye out for this new technology trend.
# 5 IoT for a World That’s Highly Connected
We’re living in an era wherein IoT (Internet-of-Things) networks and sensors of linked devices are essential for building the metaverse, developing digital twins, enhancing the performance of smart machines, and planning the cities of the future.
In both our personal and professional lives, smart gadgets are becoming more prevalent, but up until now, multiple platforms or operating systems have caused some communication issues. Hence, 2023 will be the year that universal standards and protocols are created in order to improve communication.
IoT technology gathers and analyzes the data generated by industrial equipment to offer information on the manufacturing process, enhance productivity, identify new market opportunities and consumer trends, and foster product innovation.
And despite the fact that estimates indicate that by 2023, there’ll be about 50 million IoT devices in operation, we’re still only at the beginning of what’s possible. As more data is gathered and analyzed, this will produce a vast network of networked devices that will enhance enterprise security, efficiency, and decision-making.
# 6 Metaverse
Any discussion of the development of the technology industry now frequently brings up this trend. Economic growth in this environment is predicted to be extremely strong, reaching $800 billion by the mid-decade and $2.5 trillion by 2030. The metaverse, in its original vision, can offer good potential for businesses in terms of remote working, product trading, expanded social presence, healthcare, payments, etc. despite the difficulties Meta is facing in forming its plans.
Numerous businesses currently make use of this environment to enhance their goods, provide a new brand image, or establish connections with their customers. One of the biggest ambitions for the industry and for what is referred to as Industry 5.0 is the industrial metaverse. Applications include real-world data capture and digitization, data comprehension and enrichment in virtual settings, and cost-effectively accomplishing sustainable goals.
We’re still a long way from experiencing this digital world that combines online and offline realities. Nevertheless, it will fundamentally alter how we live, work, and play, as we have already started to witness some of its powers.
# 7 Quantum Computers
It also represents one of the trends that has gained the most traction in recent months and therefore will result in a before-and-after in almost every aspect of our life.
It’s a type of computation that makes use of entangled states and other quantum phenomena like superposition. Its uses include monitoring fraud and risk in the financial industry, generating novel vaccinations, and stopping the spread of infectious diseases like the coronavirus.
Due to the fact that quantum computers are far quicker than conventional computers, this trend stands out, and major corporations like Google, Microsoft, and AWS are investing heavily in research and development in this area. In fact, it is anticipated that their global market earnings will surpass $2.5 billion in 2029.
# 8 RPA
RPA (Robotic Process Automation) automates business activities including handling data, processing payments, translating apps, and even making email responses. It’s closely related to AI and ML (Machine Learning).
Its key benefit is that it automates monotonous work that employees previously performed, freeing them up to concentrate on more imaginative and fruitful duties. Additionally, it lowers the likelihood of error, boosts profitability, cuts down on time spent on labor-intensive operations, and saves expenditures.
As a result, it assists businesses in maximizing their human capital and is particularly helpful in gathering and storing various data in fields like customer service, human resources, or finance.
# 9 Superapps
They are created when a digital ecosystem, an application, and a platform are combined into a single application. It would be the modern version of a Swiss army knife, which combines a variety of implements with similar functions that may be added or subtracted based on the requirements of each user.
They operate on the same platform, which provides a wide range of services and allows for the creation of individualized, interesting, and comprehensive user experiences. In actuality, they make it possible to include desktop and mobile corporate experiences, like messaging, collaboration, and workflow systems.
They’ll eventually support IoT-driven technology, immersive experiences like the metaverse, and chatbots.
# 10 Adaptive (Sustainable) Technologies
It also showed up on our ranking of technology trends for 2022, which is understandable given that it has developed into a trend unto itself that includes a number of others.
In recent years, many businesses have made significant organizational changes with a focus on lowering and monitoring CO2 emissions, moving to the cloud, streamlining and automating operations, etc.
A greener and more sustainable future can be built using technologies like AI, cloud computing, blockchain, robotics, or extended reality among many others, without compromising productivity and economic growth.
# 11 New Energy Approaches
The resolve to develop business strategies that are more environmentally conscious goes hand in hand with the current energy problem. Combining the two results in novel formulations can help us lessen our growing reliance on hydrocarbons. Because of this, technology in use can change the scenario.
Predictive maintenance using artificial intelligence can improve the advantages of renewable energies like wind and solar electricity. It’s possible to identify anomalies and predict breakdowns in advance, saving a lot of money.
One of the greatest promises for the transition of energy and for lowering the high levels of emissions created by sectors like transportation is green hydrogen. In addition to reviving coastal areas and bringing energy generation near to the points of consumption, floating wind technology is making the most of the wind.