Technology Trends To Watch Out For In 2023
If you compare the world we live in today and the world we lived in 10 years back, there will be striking differences in the way organizations communicated and work. The trends in technology have constantly been evolving. As such, businesses are pressured to keep up with the new technology trends to stay ahead in the fiercely competitive business landscape.
That is why we have prepared a list of all the latest trends in technology that businesses must be aware of. Keep on reading to know all about it.
Top 10 Technological Trends to Rule in 2022
Low Code Solutions
The popularity of low-code platforms has been increasing ever since their inception owing to their ability to design apps and tools visually using a drag-drop interface and top-notch flexibility to implement custom logic. Gartner estimates that low code platforms will be responsible for 65% of application development activity by 2024.
Businesses are particularly keen on adapting low-code solutions because it allows them to free up engineering time and developers get to focus on their core products and tools.
The ability to transform ideas into working apps. Low code solutions offer features like drag and drop and interactive UI that requires minimal technical expertise to develop an application.
Backend developers are increasingly adopting low code to cut down on the technical know-how needed to build front-ends and use visual builders instead – offering a seamless app development experience that involves minimum complexity
From CRM to event management to recruitment tools, low-code solutions allow users to create a wide range of applications at an accelerated speed. That is why businesses worldwide are adopting these solutions as an alternative to the traditional app development approach which can get expensive at times. Some of the top low code development platforms are DronaHQ, Retool, and Zoho Creator.
Quantum Computing
Quantum computing is a relatively new form of computation based on the principles of quantum theory. The global quantum computing market is estimated to be worth $949 million by 2025. They have a high potential to make a significant impact on the way power-heavy industries operate.
The industries that can highly benefit from quantum computing are banking and finance, biotech, and pharmaceutical sectors. This new-age technology is a breakthrough in technological innovation and is useful in developing vaccines, monitoring data, and handling banking and financial transactions for fraud detection. IBM is one of the leaders in quantum computing.
Blockchain technology
According to Gartner, the value added to businesses by blockchain will be more than $176 billion by the year 2025. Blockchain is a futuristic technology whose craze is only going to increase over time.
Blockchain is the larger universe crypto and bitcoin are a part of. It has a huge potential in transforming businesses, especially financial institutions by strengthening the security system. Some of the top blockchain companies are Science Soft, Ripple Labs Inc., LeewayHertz.
Blockchain does not only limit itself to the financial sector. Cybersecurity is another sector that can be hugely impacted by this technology. In a world where there is frequent news of cyber security breaches on a daily basis, blockchain technology can emerge as the ultimate protector of your privacy.
Hyper-automation
Hyper-automation is one of the advanced technologies that automatically identifies manual time-consuming activities and automates them to boost productivity. It goes beyond the confines of human processes by taking automation to the next level. Intercom, Process Maker, Alteryx are some of the popular hyperautomation software solutions.
It involves tools like Robotic Process Automation (RPA), Machine Learning (ML), and Artificial Intelligence (AI) to harmonize the automation of complex business processes. The combination of these 3 powerful tools makes automation possible in areas that were untouched before.
It recognizes repetitive human tasks and creates an intelligent digital workforce that can enhance employee productivity and performance. These digital workforces have the ability to operate with structured and unstructured data, analyze data and make decisions while discovering new automation opportunities.
Data fabric
Data fabric simplifies the data access in an organization by making data available for every business user across platforms. It facilitates end-to-end integration of various data sources by deploying a cloud environment to access the same. Over time there have been a lot of concerns regarding the security and privacy of data across the globe. Some of these problems can be addressed through data fabric solutions.
A data fabric solution enables the data management team to unify scattered data systems, and embed governance with heightened security measures while making data accessible to all the parties concerned. It paves the way for a holistic and data-centric approach to decision-making. It further empowers an organization by accelerating digital transformation.
For example, you may have an employee data platform, a customer data platform, and a marketing data platform in separate environments. A data fabric solution will allow the decision-makers to visualize these data in a coherent manner and make connections between the information from the different sources.
IBM, TIBCO, NetApp are popular in providing data fabric solutions.
Cloud-native platforms
Cloud-native technology is an approach to designing, building, and running applications that can take advantage of the cloud computing model. They empower businesses to build agile and flexible applications that can complement new-age technology trends. GitLab, Terraform, Docker are some examples of cloud-native tools.
Cloud-native technology is all about agility, speed, and flexibility. With the ever-evolving needs of businesses, this technology can be the right weapon to support strategic business transformation and promote growth. They are designed to adapt to rapid changes to manage complexity and unlock velocity.
Cloud-native technology is suitable for both public and private industries. They can help bring new ideas to the market rapidly and respond to customer demands faster. This technology utilizes the concept of DevOps, microservices, continuous delivery, and containers.
AI engineering
AI engineering is an approach to enabling the application of artificial intelligence in a real-world context. Artificial intelligence allows machines to observe and learn human behavior. The rise of Ai-powered tools is one of the popular technological trends that are here to stay. Google, Amazon, Microsoft, and Apple are major companies investing in AI engineering.
From AI-enhanced music automation to voiceovers to copywriting, you name it you get it. As much as it seems, AI is not a new concept. It has been around for the last 60 years, and many big companies are already using it for their daily activities. Some of the industries like medicare, transport, and logistics have been using AI for quite some time now. AI in 2022 is predicted to play a vital role in predictive maintenance, scheduling and even creating new jobs.
5G technology
5g is the new standard in mobile communication promising flash-like speed and low latency. They have been in development for over a decade now and 2022 is the year we can finally witness and be a part of this breakthrough innovation. Qualcomm, Samsung, Ericsson are some of the major global 5g infrastructure companies.
The current worldwide internet speed on an average is 10MB/sec and 5G speed is estimated to offer 1GB/s that is over 100 times faster. This can support AR, VR, 4K streaming, and downloads at lightning speed.
5G has been designed to enable next-generation user experience, deploy new models, and deliver new services. 5G is set to make a powerful impact in all major industries including transportation, healthcare, agriculture, and logistics. The number of 5G connections worldwide is expected to except 4.39 billion by 2027.
Mobile wallets
How can we not mention mobile wallets when we are talking about the latest technological trends? Mobile wallets are a great tool to facilitate cashless transactions. It is vastly adopted by business vendors worldwide to simplify and uncomplicate the process of payment.
Mobile wallets are accessible through apps on smartphones and tablets and come in handy when there is a dearth of cash. Some of the popular mobile wallets are Google Pay, PayPal, Mobile Pay, etc which can instantly transfer an amount over a few clicks. Apart from being accessible and convenient, it also has secure access.
Wearables
Wearables are devices that you can wear throughout the day. They are designed to track body movements and functions and present the information to the users. The past years have seen an increasing craze over wearables.
Fitbits, smartwatches, and safety wearables are some of the most popular devices. Fitness watches can track the number of steps you take, your heartbeat, calories burnt, average sleep hours, etc. It is a desirable device for fitness enthusiasts. Smartwatches let you receive notifications like email and text messages and even take calls. Safety wearables are an important innovation, especially for women which are supposed to help you in situations when you feel threatened or in danger. They are designed and built in such a way that allows the user to use them in a discreet way without alarming the potential attacker. People can use it to send an alarm just with the click of a button.
How do these technology trends drive digital business?
The top tech trends we discussed empowers businesses to transform their business functions for accelerating growth. They help in combating common business challenges and build specific roadmaps differentiating them from their competitors. Let’s learn how these tech trends impact businesses in a broader sense.
Data security and protection
All the tech trends we discussed have one thing in common. They offer high resilience by cementing a strong IT foundation. New age technology ensures data is safely integrated and processed without compromising the security of sensitive information.
Catalyst for change
With the use of new and creative technology, businesses can adapt and experiment with new solutions. These pave the way for a significant shift in the way businesses process and automate their activities enabling them to make smarter decisions.
Growth accelerator
Hoping on the tech trends can help you unleash new IT possibilities and maximize your value creation. Additionally, it allows you to enhance digital capabilities and market share. Tech trends are helpful in understanding the current market landscape so that you can position yourself accordingly and take charge of your growth.
Final Words
Technological trends are a significant reflection of the current market landscape. Different technologies will impact your business in different ways. As a business owner, it is crucial for you to understand and deploy the right technology to transform and digitalize your business. You have to decipher what and how you want to deploy these technologies based on your business goals and objectives.
Most of the tech trends we discussed can be interlinked and integrated well to suit the needs of your organization. It is for you to analyze and decide what combination of technology is required by your business to drive growth.
While you are pondering upon it, you can check out DronaHQ, a low code platform to create internal applications for web + mobile on top of existing databases and APIs within days. . Sign up for a free trial.