Organizations and businesses have learned significantly from the effects of the pandemic. Technology evidently played a pivotal role in the survival of many institutions and enterprises and is seen to do so continuously.
The 2022 tech trends showed that many organizations will become highly dependent on digital solutions, reducing the need for a ‘facility.’ Distributed Cloud, AR/VR, Blockchain, and an increase in demand for ICT Certifications also form part of last year’s trends.
In this infographic, you’ll learn what you should expect in the year to come to better prepare your business. Read on as we unveil the top 10 technology trends in 2023 and beyond you need to get ready for.
Top 10 Technology Trends in 2023 and Beyond You Need to Get Ready For
1. Hyperscalers
Hyperscale refers to the ability of an architecture or system to scale a distributed computing environment appropriately to meet increasing data demands.
In the coming years, “hyperscalers” are expected to dominate the software and IT services market. Research shows that in 2021, the BFSI industry led the hyperscale cloud market, accounting for 25% of the market share.
Meantime, the Manufacturing hyperscale cloud market is seen to grow the highest with a CAGR of 31.35%. This growth is attributed to the cloud computing technology manufacturers are most likely to adopt to ensure the security of their supply chains and consumer communications.
2. Data Fabric
One of the technology trends in 2023, data fabric is an environment that utilizes intelligent and automated systems to facilitate consistent capabilities across various endpoints. Its ultimate goal is to maximize your data value and expedite digital transformation.
The increasing variety and volume of business data will drive this trend, while the lack of integration with legacy systems is seen as a barrier. While there is opportunity in the increasing cloud adoption, the challenge lies in organizations’ disinclination toward new technology investments.
It is also worth noting that a formidable data fabric architecture uses a mix of built and bought solutions, as no existing stand-alone solution can facilitate it at the moment.
3. Industry Clouds
As the term suggests, industry clouds refer to cloud systems that are tailor-built for a certain industry, such as banking, manufacturing, retail, and healthcare. Its fundamental purpose is to address management and compliance needs.
This means that the cloud can tackle vertical-specific issues. For example, industry clouds can help a banking institution deal with specific rules and regulations on how it must process, store, and secure its operations and data.
4. Metaverse
Metaverse refers to the virtual, three-dimensional space focused on social connection. In this “integrated network of 3D virtual worlds,” people can socialize, collaborate, play, and work together.
Metaverse’s growth is seen to be driven by the increasing trend of online gaming fueled by the pandemic. Meantime, its market drivers include the rapid AI tech usage in Brazil and the proliferation of virtual reality in North America.
5. Cybersecurity Mesh
Cybersecurity mesh utilizes a holistic approach to ensure the security of every device within its perimeter. According to Gartner, the worldwide information security market is expected to reach $170.4 billion in 2022.
While it comes with several incredible benefits like robust cloud security in both remote and onsite workplaces, cybersecurity mesh also has risks.
For instance, the heavy investment in this technology may not see cost-benefit until two to three years. IT groups can benefit from cybersecurity mesh, but they must be familiar with a new IT security system.
By 2025, it is estimated that 75% of large companies will actively pursue a vendor consolidation strategy, and 50% will adopt privacy-enhancing computation.
6. Non-Fungible Tokens
Non-fungible tokens (NFTs) are digital assets like artwork that belong on a blockchain and cannot be cloned. One of the major drivers of NFT market growth is the increasing demand for digital art worldwide.
Another is the increasing utilization of cryptocurrency, which people use to buy digital assets. China, Japan, Singapore, and the Philippines are key markets for NFTs in the Asia Pacific region.
7. Hyperautomation
Hyperautomation uses multiple technologies, platforms, and tools, such as Artificial Intelligence (AI), to automate as many IT and business processes as possible. A McKinsey report revealed that 2.6 trillion work hours are automated in the United States alone.
Its growth factors include the increasing automation trends in the healthcare and manufacturing sectors, improving compliance and security initiatives, and growing RPA implementation.
Hyperautomation is enabled by several technologies like no/low-code platforms, process mapping tools, RPA, AI, and machine learning.
8. Education Technology
Education Technology or EdTech refers to the combined use of educational practices and IT tools to facilitate enhanced learning. By 2029, EdTech’s market size is projected to reach $319.65 billion.
Some of the main contributors to this growth are smart hardware solutions like interactive projects and whiteboards, learning management tools, and enhanced IoT devices and connectivity.
EdTech comes with many advantages for both students and teachers, such as enhanced collaboration, 24/7 access to learning, and personalized educational experiences.
9. Internet of Behaviors
The Internet of Behaviors (IoB) refers to the data analysis of customer behaviors to understand how, why, and when people use technology to make purchasing decisions. It combines behavioral science, the internet of things (IoT), and edge analytics.
IoB innovations are seen to help businesses decipher customer habits across various platforms, create tailored user experiences, and engage with customers in real-time. Smart technology, eCommerce sites, and data analytics tools are pivotal technologies that will enable IoB.
10. Artificial Intelligence and Machine Learning
Artificial Intelligence (AI) is defined as the intelligence demonstrated by machines, whereas machine learning (ML) is a branch of AI that enables systems to learn automatically without being programmed explicitly.
As of 2022, the global market’s estimated value is $136.6 billion. It is projected that by 2025, as many as 97 million people will utilize the AI space for work.
Among the market drivers of AI and machine learning are the advances in deep learning and the growth of machines’ computing power. As industries continue to evolve, software and technologies that can process and utilize Big Data will continue to trend, including AI and ML.
Keep Abreast of Technology Trends
As times change, so will technology trends. It’s crucial to keep abreast of these technology trends in 2023 and beyond as they can influence how customers reach you and the progress of your growth projects.
Without understanding how these trends work, you’re giving your competitors an advantage, especially in today’s highly digital world. Leveraging new technologies is key to reaching more customers and staying ahead of the game, so keep this infographic handy.
Are you looking to take your business to the next level? Get in touch with us to learn how you can accelerate your digital transformation.
