Top Trends 2023 - Emerging Technology

Kodak, the company you undoubtedly associate with polaroid and cameras, had at one point developed technology that would gradually become the modern-day smartphone. However, not realizing the significance of their innovation, they decided to focus on other products instead. Needless to say, they could have been the modern-day Apple or Samsung. When you invest in innovation and research, you also need to understand how it aligns with developing technology trends and customer demands. #DontMakeMistakesLikeKodak

After all, it is not the strongest who survive but the ones most adaptable to change. Organizations that stay up-to-date and know about the latest technologies can quickly apply them to meet new market demands. Hence, businesses need to know about the most critical and influential technologies being developed. So, here are the top 5 Emerging Technology Trends that will help you emerge successful in 2023!
 

Trend 1: Datafication Will No Longer Be A Buzzword

 
We've seen The Avengers defeat all kinds of villains and save the Earth (across multiverses!). For us, the hidden hero was data. After all, Tony Stark would analyze data on those cool futuristic holographic displays. Businesses are poised to do the same with this trend – without the cool holographs, of course!

Datafication breaks down routine processes into data so that they can be understood by devices or software. In 2013, the term "datafication" was first used by Kenneth Cukier and Viktor Mayer-Schönberger. We expect this term to be used more often by businesses this year, as emerging technologies such as adaptive artificial intelligence (AI), always-share-data networks and data fabrics will help businesses with datafication of processes, workflows and services.

The outcome of datafication will be accurate, real-time behavioral data which is in demand more than ever before. It will allow the devices we interact with daily such as our smartphones, industrial machines, office appliances, etc. to become data-powered machines. Sounds like something we would see in Tony Stark's lab! Datafication will enable everyone from IT professionals, data scientists, software developers, managers and marketers to build improved data-driven approaches.

TechDogs’ Opinion: Data has always been important to businesses, yet this year it will be even more so. We will see businesses invest in better emerging technologies that can help leverage data through datafication. This will lead to automated decision-making on several levels, making the organizational workload a data-driven operation. This trend will form a core pillar for organizations looking to redefine and transform workflows through reliance on operational data. Organizations will hence focus on upskilling employees with a working knowledge of datafication through certifications in data-related specializations.
 

Trends 2: 5G Technology Will See Major Business Adoption

 
In Avengers: Endgame, the superhero squad used Tony Stark's radio communications to keep in sync and defeat Thanos’ army - surely you remember that! However, did you ever think about how Tony managed to deploy wide-ranging and real-time communications? We're sure he used 5G technology – as will most businesses in the coming year. Although consumers in most countries still rely on 3G and 4G technologies to stream their favorite playlists on Spotify or binge on YouTube at midnight, 5G technology will bring higher internet speeds and bandwidth to the table.

In 2023, 5G is expected to revolutionize the lives of businesses and consumers alike. It is also expected to enhance capabilities in smart factories, IoT networks, intelligent predictive models, real-time interaction marketing, etc. Major telecom players, such as Verizon, T-Mobile, Apple and Qualcomm are already working on creating plug-and-play 5G applications. Businesses that need to deploy remote data-driven services and use massive datasets need increased bandwidths and low latency which 5G technology will readily provide.

Consumers will also reap the benefits of 5G networks. According to the leading 5G infrastructure firm, Ericsson, the number of global 5G users will reach 4.4 billion by the end of 2027. Customer services that rely on immersive experiences through AR, VR, MR, simulations, etc. will become much more seamless. Moreover, applications such as autonomous systems, communications infrastructure and edge computing will be supercharged thanks to 5G's immense speed. If you want to transform like Tony Stark, you must make space for 5G in your enterprise stack!   

TechDogs’ Opinion: We believe that the consumer benefits of 5G would be limitless - applications ranging from autonomous vehicles to wireless VR to content delivery networks will operate at their peak technical performance. Businesses will also benefit in two ways from this technology: first, it will help scale immersive technology and data processing speeds; and second, it will ensure uptime and connectivity, thanks to the technology's low latency. Yet, if you're wondering just how fast and connected 5G is, here's an example: While it takes a few hours for a movie to download via 3G networks, 5G technology would cut down the time to nearly 4 seconds. #TheFlashOfTechnology
 

Trend 3: Businesses Will Invest In Quantum Computing

 
Although quantum computing has been talked about since the 70s, this year businesses are expected to leverage it for actual use cases. Quantum computing uses quantum bits to process information instead of classical bits (traditional computing). This is because quantum computing technology can leverage phenomena such as quantum superposition and quantum entanglement. While a classical bit can be either 0 or 1, a quantum bit (qubit) can take both values at once. Since a qubit does every operation on both values at once, it offers exponentially faster processing.

Thanks to its ability to easily query, measure, analyze and act on data regardless of its volume, quantum computing will help businesses with Big Data analytics. In 2023, IBM scientists are expected to finish developing a quantum computer that will be available via an online service. It will enable easier information processing and be much more cost-effective as per Gartner. However, that doesn't mean we need to wait – quantum computing is providing value right now.

The Goldman Sachs Group, Inc., a Fortune 500 banking and financial services firm, employs quantum computing to speed up computations that would otherwise take a very long time on traditional computers. Quantum computing is also being used in the financial sector to manage significantly large credit risk datasets in banking to track high-frequency trading data and in fraud detection analysis. Major companies such as Splunk, Honeywell, Microsoft, AWS, Google, etc. are currently working on quantum computing innovations. It makes sense that the global quantum computing market is expected to generate more than $2.5 billion in revenue by 2029.

TechDogs’ Opinion: Data processing demands have been rising for decades and there needs to be a change at the basic level - transitioning from binary computing to quantum computing. It will boost processing and analytics abilities for data (remember trend 1?). Quantum computers outperform traditional computers in some areas and will be preferred in healthcare, finance, trading, etc. to analyze datasets of immense sizes in real time. This trend also means researchers in quantum mechanics, information theory and machine learning will receive more funding as their expertise will help create better quantum computers. After all, certain calculations performed on quantum computers were 158 million times faster than the most sophisticated binary supercomputer!
 

Trend 4: Driverless Technology Will Drive Us To The Future

   
Another emerging technology trend that everyone is waiting for is driverless technology, specifically self-driving cars. Some of you may remember the epic scene from Iron Man 3 when Tony's army of super suits comes to his rescue. Each of those suits was controlled by a complex system of autonomous sensors and software. While we may not have a super suit, our automobiles may soon be self-driven as driverless technology is expected to be one of the major disruptors this year.

Although driverless technology requires a lot more innovation before it can be commercialized, there will be significant advances in this field as businesses are focusing on increasing the effectiveness of supply chains and transportation in 2023. Research is being conducted to perfect each component of driverless technology such as its expensive sensors, machine learning models, computer vision algorithms and powerful edge processors. Elon Musk, one of the most famous supporters of driverless technology claimed that Tesla will have self-driving cars that do not need human intervention around May 2023. #MarkTheDate

Prototypes of self-driving cars are already able to do a lot. They can capture and maintain a map of the local environment using various sensors, detect a suitable path and control the car’s braking, acceleration, steering, etc. This trend is predicted to have a massive impact on transportation and change how workforces travel to and from offices. Players such as Tesla, Waymo, Ford and Audi are aiming to launch fully assisted self-driving cars by the end of the decade. In fact, Apple is aiming to debut its self-driving car by the end of 2025. We really hope they call it iCar!

TechDogs’ Opinion: The emerging technology of autonomous mobility opens various doors. It will affect industries that provide car-hailing services where driverless vehicles will be deployed to pick people up and drop them off at the requested stop. Although it seems far-fetched, businesses are already setting up the ecosystem for it. Additionally, driverless cars will disrupt the status quo not just in the automotive industry but in other markets as well. It will go hand in hand with electric mobility as electric vehicles are easier to program for autonomous operations. Furthermore, self-driving cars will present opportunities to marketers and digital-savvy businesses to display exclusive branded content in the car.
 

Trend 5: Immersive Technologies Will Give Rise To Enterprise Metaverse

   
No, we haven't borrowed the Time Heist machine from Stark Industries to travel back in time. Although we talked about the metaverse last year, a lot has happened since then. The most significant difference is that the metaverse is no longer a proof-of-concept. It will soon provide businesses with an immersive virtual space to promote digital tools, products and services. This year we expect businesses to leverage the Metaverse to create immersive experiences for consumers. 

Businesses have already started adopting devices and technologies that can replicate the physical world in a virtual environment with immersive technologies such as Augmented Reality, Virtual Reality, Mixed Reality and holographic displays. However, the enterprise metaverse will leverage these technologies to create a connected social platform between businesses and their consumers. 

For instance, Nike tracks customer demands in real time and customizes digital experiences using its metaverse called Nikeland. Within this virtual environment, customers have customizable and hyper-scalable experiences such as access to virtual stores, customization of metaverse avatars, etc. The advances in computer vision, eye tracking and feedback sensors will hasten its development, leading to new services, experiences and products – such as the Meta Quest 2. Nvidia executive Richard Kerris validates this by saying, "People will start to see the ability to experience locations," as the enterprise metaverse will allow new experiences such as touring a prospective hotel before booking a room.

TechDogs’ Opinion: We believe that the concept of enterprise metaverse will allow every business to create a unique virtual landscape for its marketing and brand awareness initiatives. It will be the new social media! Companies will host exclusive events, sales or promotions on their enterprise metaverse to reach global audiences and drive engagement using immersive technologies, leading to better business outcomes. Moreover, user-generated content such as NFTs on these enterprise metaverses will help in the mass adoption of this emerging technology.

Summing It Up

Technology is developing at a breakneck pace today. Yet, it is not just the markets and consumer sentiments that are changing. This year will see the rise of several emerging technologies. Businesses must understand that in a world where new technological trends are emerging, they cannot remain static. Datafication and 5G will help them improve data-driven operations, while quantum computing will boost data processing speeds. Driverless technology and enterprise metaverse will also be massive disruptors in the industry which businesses need to be aware of. Heed these trends to emerge victorious!