Emerging technology

Technology and trends are rapidly evolving. New technologies transform how we live and interact with our environment, from artificial intelligence (AI) to virtual reality (VR). And in this ever-changing landscape, businesses must stay abreast of the latest developments to remain competitive. In addition, companies must be prepared to adapt to these new tech trends and gain a competitive edge. Through these trends, they can leverage cutting-edge solutions to help them stay ahead of their competition. So to help you with that, we at Flexisource IT prepared 10 emerging trends you need to watch in 2023. This article will tackle the importance of keeping up with this technology, followed by new trends to watch this year. Why is it important to keep up with tech trends? Technology is needed in running a business today. Most elements in the company, including customers, competitors, and resources, revolves around technology. But with the rapid pace of technological advancement, organisations need to stay ahead of the curve to stay relevant and capitalise on new opportunities. In addition, by keeping up with tech trends, businesses can ensure that they utilise the best and most efficient methods for accomplishing tasks. Moreover, these tech trends can help enterprises to identify new markets, improve customer experience, increase efficiency and productivity, and provide a competitive edge. Likewise, staying informed about the latest technology developments can help companies make informed decisions about their investments and strategic plans. Here are some of the latest tech trends in the industry. 1. Use of green technology in businesses The climate crisis is one of the biggest issues faced by the world today. Temperatures are rising, wildfires are occurring more often, and typhoons are stronger than ever. This, over the years, has directly impacted livelihood, businesses, and people. In this regard, corporations took it upon themselves to help solve the climate crisis by patronising green technology. Green technologies are among the top popular tech trends and inventions. These inventions are designed to reduce the environmental impact of human activities. It encompasses a wide range of products, services, and processes that help conserve natural resources, reduce pollution, reduce waste, and promote sustainability. Green technology includes solar panels, wind turbines, electric vehicles, sustainable construction materials, energy-efficient appliances, wastewater treatment, waste-to-energy, carbon capture, composting, and more. And while these technologies sound expensive, it’s more affordable than ever over the past decades. In fact, companies are slowly adapting these technologies and using them in their business. According to Statista, the global green technology market is forecasted to grow from USD 46 billion to USD 61 billion by 2023. Thus, we should expect more companies to adopt green technologies in their business slowly. 2. Commercialisation of Quantum computing Quantum computing is a revolutionary technology that utilises the principles of quantum mechanics. It processes information in impossible ways with conventional computers. Recently, there have been talks of making quantum computing available to every business. Tech giants all over the world are starting to invest in quantum computing. Companies like Honeywell, Microsoft, AWS, and Google are now involved in quantum computing. These tech trends can solve problems much faster than classical computers. They can tackle tasks that are impossible for classical computers. It has the potential to solve complex problems that are too difficult, with immense potential in many areas such as cryptography, drug discovery, artificial intelligence, and more. 3. Artificial intelligence is everywhere. Towards the end of 2022, we saw several AI tech trends released, such as ChatGPT, Metaverse, etc. And as the world of technology continues to evolve, we can expect increased use of AI-driven technologies in various industries. In fact, according to Precedence Research, the global market for AI is expected to hit USD 1,597 billion by 2030. It is currently at USD 119 billion in 2022. So why is this the case? AI has been applied in various fields, such as medicine, finance, robotics, gaming, natural language processing (NLP), image recognition, and more. And it has become increasingly popular as it promises to revolutionise how we interact with technology and automate tasks that would otherwise require manual labour. In fact, this technology is already being used in various industries, such as healthcare, finance, transportation, and manufacturing, to improve efficiency, accuracy, and productivity. 4. 5G and other advanced wireless technologies Another top tech trends are new advanced wireless technologies such as 5G. The fifth generation of mobile networks promises to revolutionise how we communicate and interact with technology. With 5G, we can expect a more connected world with increased productivity and efficiency. 5G is a faster, more reliable, and more secure network than its predecessors, enabling us to stay connected to our digital world at lightning speed. It is expected to provide speeds up to 10 times faster than 4G and ultra-low latency for applications such as virtual reality (VR) and augmented reality (AR). This technology will also enable new use cases like autonomous vehicles and smart cities. According to a study conducted by Juniper Research, 5G service revenue is expected to grow by USD 315 billion. So, we should expect multiple subscribers using 5G networks and new technology relating to this. 5. Growth of Blockchain in enterprise operations The use of blockchain in large-scale operations is one of the emerging tech trends in 2023. Blockchain is a decentralised distributed ledger system that allows for secure and transparent transactions without a central authority. This revolutionary technology can be used in various industries, from finance to healthcare, to create more secure and efficient systems. It can also track assets, create smart contracts, and store data securely. As such, there is a booming trend of using blockchain technology at an enterprise level. Enterprise blockchain has come a long way in recent years. It has helped businesses to reduce costs, increase transparency, and improve security. Corporate adoption of blockchain is expected to drive by 90% in countries such as the US, China, and the UK. 6. Rise of cybersecurity resiliency Cybersecurity is an essential part of any business’ safety and security.