4 Technology Trends to Watch out for in 2023
In the digital era, businesses need to keep themselves updated with the latest technologies and leverage them for better outcomes. As we are aware, technological advancements have caused major disruptions across sectors and they will continue to do so! As we start using innovative tools like ChatGPT, 3D printing, etc., we are left wondering what 2023 has in store for us.
2023 brings myriad breakthrough technologies that are expected to impact how businesses function.
Without much ado, let us dive into 6 breakthrough technologies that can revolutionise different domains:
1. Artificial Intelligence (AI)
When we talk about technology trends, the first technology that comes to mind is AI. This is because of the huge strides that this technology has made in the past and continues to make. AI has transformed the way businesses function.
Some of the top AI trends for 2023 are:
- There will be an increased application of AI and ML working with the Internet of Things (IoT). According to research by Gartner, By the end of 2022, more than 80% of IoT projects in corporations will have AI and ML. Some examples of this intersection are wearables, smart homes, smart cities, etc.
- Gartner predicts that by 2023, 40% of infrastructure and operations teams will harness the power of AI-based automation. The trend is expected to grow in the financial, healthcare, and commerce sectors.
- Another revolutionary trend in AI is creation of images based on text commands. The user only needs to type in a short description and the bot will generate an image according to the description. And, this will be done in seconds!
2. Quantum Computing
Quantum computing is here! And, it promises to make computers function a trillion times faster than the speeds that we are used to now. Quantum computing uses subatomic particles that facilitate more effective ways of computing and storage.
Zion Market Research forecasts that the Quantum computing market size and share are expected to surpass USD 5274.9 million by 2030.
But, quantum computing also brings forth a risk that it can render our current encryption processes useless. This implies that any nation that develops quantum computing at scale can break the encryption of other nations, businesses, security systems, and more.
3. Sustainable Technology
We are living in an era where we look at technology to fulfill our needs. Many of us are addicted to devices like smartphones, tablets, etc. Unfortunately, the chips used for building technology are derived from rare earth components. We are also using apps like Netflix, etc., that run on cloud services in data centers that consume large quantum of energy.
Trends indicate that in 2023, consumers will expect that the products and devices they invest in are built with sustainable technology and are energy efficient. The demand for durable and long-lasting products is also expected to grow.
Another noticeable trend is the rising interest of consumers in refurbished devices. Besides, market research indicates that the global market for refurbished electronics will witness a compound annual growth rate of 12.1% between 2022 and 2031.
Such initiatives will help reduce landfills and foster a greener planet.
4. Electrical Vehicles (EV)
The electric vehicle market size has been growing steadily for the past few years. But it is expected to experience a surge in 2023. According to Statista, revenue in the electric vehicle market is projected to reach USD 457.60 billion in 2023!
Electric vehicle sales are increasing at a fast pace, and they are likely to surpass the sales of traditional vehicles that work with internal combustion engines. However, this growth is limited to a few parts of the world. China, the US, and Europe have experienced an increased demand for EVs. The rest of the world is struggling to catch up mainly because of factors such as high cost, lack of charging infrastructure, etc.
Although not exhaustive, this is a list of some of the innovations that we are likely to witness in 2023. Staying abreast of technological developments is one of the vital factors for success in a dynamic marketplace.
As Stewart Brand aptly puts it, “Once a new technology rolls over you, if you are not a part of the steamroller, you are a part of the road!”
For organizations on the digital transformation journey, agility is key in responding to a rapidly changing technology and business landscape. Now more than ever, it is crucial to deliver and exceed on organizational expectations with a robust digital mindset backed by innovation. Enabling businesses to sense, learn, respond, and evolve like a living organism, will be imperative for business excellence going forward. A comprehensive, yet modular suite of services is doing exactly that. Equipping organizations with intuitive decision-making automatically at scale, actionable insights based on real-time solutions, anytime/anywhere experience, and in-depth data visibility across functions leading to hyper-productivity, Live Enterprise is building connected organizations that are innovating collaboratively for the future.