Technology is constantly evolving, so those who want to stay at the forefront of innovation must adapt. As both consumers and businesses adopt emerging technologies, the consumer journey is changing. The world will look to brands that can deliver with accuracy and real-time efficiency as tech trends like artificial intelligence (AI) and robotic process automation (RPA) become more widespread.
What are the Emerging Trends in Technology?
Solution providers must embrace digital transformation to reach their full potential and meet the demands of a consumer base that is tech-enabled. But where do I start? The top 15 emerging technologies for businesses in 2023 are those listed here.
01: AI
Businesses and solution providers are poised to use artificial intelligence as a tool of choice. AI, along with machine learning, deep learning, and neural networks, can be a potent combination, as is frequently observed with social media. Businesses can use AI to reduce costs, streamline operations, enhance customer service, enable more effective chatbot communications, boost customer satisfaction, and provide insight into consumer behaviour to help with decision-making.
Machine learning also has the capacity to analyse sizable datasets and offer scaled insight. Currently, we are only beginning to scratch the surface of how machine learning and AI can complement one another to benefit businesses. In fact, a CAGR of 36.2% is predicted for the global AI market, which is expected to reach $407 billion by 2027. Applications currently in use offer enormous growth potential for solution providers who fully grasp the functionality and capabilities of AI to customise solutions to satisfy business demands in the digital world.
02: Blockchain
Although previous discussions of blockchain frequently focused on cryptocurrencies, a blockchain’s true power lies in its immutability and transparency. Blockchains use distributed ledger technology to create a permanent and highly visible record of activity with a wide range of potential business uses.
By enabling transparency into the path taken by materials from their source to their final product, the blockchain is an information system that has great potential for supply chain management. Better record management will be possible thanks to blockchain technology, which offers a snapshot of every record dating back to its creation. You could use this to confirm product receipt, returns, orders, purchases, and more.
Another blockchain application that guarantees the fulfilment of conditions is smart contracts. When both parties have complied with the terms of an agreement, smart contracts release the data. They provide limitless capabilities for guaranteeing frameworks are followed, which can help establish you as a reliable solution provider.
03: Computer Vision
This area of study enables computers to interpret visual input and then act or decide based on that information. To train algorithms to recognise various visual inputs and understand subtle differences, computer vision needs a vast amount of data.
Computer vision prototypes have a great deal of commercial potential because they could inspect goods and procedures as part of quality control to look for minute variations and flaws. Applications for business include understanding traffic signs in self-driving cars and translating signage to a native language using Google Translate.
04: Customer Data Platforms
Customer data platforms are the new banks if data is the new gold. Businesses gain from having as much information about their clients as possible because it allows them to hyper-personalize experiences and determine the most effective ways to connect with and engage clients. However, knowledge is frequently dispersed and spread across numerous platforms or systems without a single central source. Customer data platforms combine this data into a single source to give a complete picture of consumers and get rid of the possibility of dirty data.
05: Cybersecurity Mesh
In the world of information technology, cybersecurity is no longer treated as an addendum. A few critical issues emerged as businesses transitioned to remote working models during the pandemic. Not only is cybersecurity an essential component of business operations, but also a large-scale remote workforce cannot be supported by traditional approaches due to their lack of flexibility or bandwidth.
Digital security is approached entirely differently with cybersecurity mesh. Instead of relying on a device’s proximity to secure connections, cybersecurity mesh enables businesses to design security measures based on the identity of a device. Instead of defining a perimeter based on network reach, it uses a distributed approach. Additionally, a distributed workforce can easily scale thanks to cybersecurity mesh.
06: Digital Health
Digital health is if COVID-19 left a legacy that will endure. Digital health emerged to fill the void left by patients’ inability to physically visit doctors’ offices and hospitals. But now that hurting or ill people are aware of the options for receiving proper healthcare from their providers without in-person visits, they are utilising those options. This fad is unquestionably here to stay, and in the coming years, it will probably give rise to new technologies that leverage biometric innovations to create connected or smart medical equipment that will continue to allow for distance medical examinations.
07: Digital Twin
With the right coding, almost anything is doable, and we can now digitally copy a person. A person’s virtual manifestation is a live representation of what goes on inside the human body. Digital twins are a great tool for performance evaluation and outcome prediction. We can now perform testing and apply data analytics that were previously challenging and time-consuming to realise with living subjects thanks to a variety of business and healthcare applications. In the near future, innovations like genome mapping and gene therapy might become more practical. As we work to manage future medical challenges, digital twin technology may also finally eliminate the need for human clinical trials.
08: Edge Computing
A decentralised model called edge computing locates computing nodes nearer the point of interaction. Edge computing, according to Gartner, is a business model where “information processing and content collection and delivery are placed closer to the sources, repositories, and consumers of this information.” To facilitate more efficient and in-the-moment data consumption, this model streamlines technological interactions and lowers latency at the point of origin. The fastest-growing method for localised interactions is edge computing.
09: IoB (Internet of Behaviors)
As the world becomes more digital, successful business depends on informed decision-making, and the internet of behaviours (IoB) offers more insight into consumer behaviour. The IoB is providing opportunities in the form of data collection and analysis regarding consumer interactions, preferences, and purchasing behaviour for those businesses looking to maintain a competitive advantage.
Similar to the internet of things (IoT), IoB analyses data from IoT and online sources from a psychological perspective to provide significantly more insight into how consumers are engaging in the purchasing journey. In the end, this technology is made to assist businesses in enhancing the user experience and engaging with customers more deeply.
10: Low-code Technology
Software development is now accessible to those without a high level of technical knowledge thanks to low-code technology. Traditional software development is a time-consuming, laborious process that necessitates extensive programming knowledge. Software can be created using a drag-and-drop interface and low-code technology without requiring extensive backend coding. This enables business users to address a range of particular problems without involving a highly technical resource.
11: Quantum Computing
Predictive analysis is given special opportunities by quantum computing that go beyond what is possible with traditional computing. Quantum computers process information on an exponential scale by using the concepts of superposition and entanglement. While Google claimed to have the largest quantum computer when it first entered the market in 2017, IBM has actually made it possible for companies to use this technology.
Businesses now have access to a potent tool for big data and predictive analytics thanks to quantum computing. Quantum computing will help foresee workable solutions as we face new issues.
12: Robotic Process Automation (RPA)
The phrase “robotic process automation” is becoming more popular lately. However, the name is somewhat misleading since no actual robots are used for these tasks. RPA involves using bots to automate repetitive tasks that previously required human labour in order to complete more of these computer-based tasks more quickly. RPA is being embraced by many businesses to help create workflows for rule-based tasks that are more effective.
13: Spatial Computing
When we watch futuristic films, spatial computing is frequently depicted. We now interact with computing as we go about our daily lives, as opposed to using a stationary computer that sits on your desk. Virtual reality (VR) and augmented reality (AR) are both components of spatial computing, but it goes far beyond those fields. Interacting with digital components while interacting with the physical world is the goal of spatial computing. Consider smart homes where you can achieve real-world objectives by speaking commands, or smart glasses you can wear while travelling to use digital resources and interfaces to enhance real-world experiences.
14: Total Experience
Emerging technology these days is all about connecting everything. The goal of total experience is to achieve just that. Total experience refers to a consistent interaction between all parties involved in a business, from the employee to the customer. It entails utilising technology to produce a remarkable experience for everyone interacting with your business to produce high-quality experiences for everyone at once.
15: 5G in Everyday Life
With 5G, connectivity speeds are much faster than they were on earlier networks. Businesses can use 5G networks as a foundation to adopt a variety of upcoming disruptive technologies. But the anticipated momentum for 5G technology hasn’t materialised recently. It’s anticipated that infrastructure will eventually reach a practical level and that devices will become sufficiently affordable for us to use 5G’s full potential.
Information Technology Trends
There was a time when emerging technologies included cloud computing, app development, data centres, and even eCommerce. Looking at the latest top technological trends is becoming essential as we move closer to the metaverse era. If business models want to keep breaking records in the years to come, they must innovate. Which trend in the IT sector will have the biggest impact on your company?
To find out more about the business and technological trends that will be prevalent in 2023, consult the CompTIA IT Industry Outlook 2023.
