Emerging Technologies in 2023
Emerging technologies will transform the way business is done and as 2023 approaches, now is the time to consider the rising trends
This is what we know. Technology is advancing at an unprecedentedly rapid pace. Society is also changing as new attitudes and expectations replace older ideas and certainties. Meanwhile, it’s becoming increasingly apparent that rising world temperatures and a host of other environmental issues are becoming a threat not only to our own way of life but to countless animal and plant species.
All these developments are interconnected. Technology is a driver of change, but advancement is also driven by the difficulties and opportunities we see around us. Businesses want technology to deliver better and more cost-effective operations. And as private citizens, we all hope that technology will not only make our lives richer but also address some of the world’s most intractable problems.
And so, the pace of change continues, and new solutions emerge. The challenge facing businesses is to identify how emerging technologies can help them achieve a competitive edge while also addressing the expectations of customers and their own teams.
As we prepare for 2023, it is important that companies think strategically about how the emerging technologies will affect the way they operate. And as Q1 is just beginning, it’s a good time to reflect the changes we’re likely to see.
Sustainability
There was a time that sustainability was relatively low on the corporate agenda. Today things are very different. The government-sanctioned drive to net zero has meant that companies must address climate change and the wider environment. But businesses must also address a wide range of social and governance issues. Ethical and resilient supply chains, diversity and inclusivity in the workplace, the impact of business on local communities – the list goes on.
Technology is providing the means to reduce carbon output, manage supply chains and more agile, engaged and efficient teams. It’s a major trend.
Entering the Metaverse
The metaverse, as envisioned by Mark Zuckerbeg, is still at least five years out on the horizon, but aspects of it are already with us. Games platforms such as RoBlox are providing virtual worlds, not only for gamers but for brands to market both physical products and virtual goods such as NFTs.
Related to this, is the increased use of digital twin technology in which the real world is mirrored in a digital environment to help optimise systems.
This is not set to be a change for just a few cutting-edge businesses. Gartner is predicting that by 2027 40% of large organizations worldwide will use a combination of Web3, AR cloud and digital twins in metaverse-based projects aimed at increasing revenue.
Adaptive AI
Artificial Intelligence and its close sibling Machine Learning continue to advance. In the coming year, we expect to see increased use of “adaptive AI.” Essentially, this technology enables AI to learn and revise its own code as new information becomes available. In other words, the AI is constantly retraining itself.
Hand in hand with increased use of AI, there is the question of whether the models created by organisations using the technology can be trusted. With AI now being used so extensively, trust and risk management are essential and there are real problems. For instance, 41% of large organisations have experienced an AI security breach. The development of tools to manage trust and risk will be a key trend.
The Cloud
The cloud has been a catalyst for digital transformation. One key market development is the emergence of industry platforms, designed specifically to meet the needs of companies within vertical sectors.
Creating the Infrastructure
Many of these emerging trends require a new online architecture. For instance, blockchain technology, Virtual Reality and Augmented reality are crucial to the metaverse. The good news is that these technologies are already well advanced.
And equally important, infrastructure – in the shape of cloud services and fast secure networks – is already in place and continuing to evolve. For instance, McKinsey has highlighted the growing importance of 5G mobile networks as an enabler of change. This is a view shared by Verizon. Verizon’s 5G networks are set to underpin a host of technologies as diverse as driverless cars, internet of things-enabled sensors on critical infrastructure and remote surgery. Indeed, 5G will be a keystone of the Fourth Industrial revolution. Having addressed many of the security concerns around 5G – including doubts about the supply chain, Verizon is moving commercial traffic onto its 5G network. This will provide businesses with the speed, agility and capacity they need.
The future is hugely exciting, and the building blocks are in place. Now is the time to take advantage and emerge.
