The transformations in markets, trends, and consumer preferences are happening at a remarkably fast rate, and businesses are constantly being pushed to develop better digital experiences. This strive for excellence requires keeping up with emerging technology trends in order to be one step ahead.
From smart solutions that change the way we shop, work and communicate, to sophisticated computing systems that vigorously protect our privacy, technology trends 2023 have a lot in stock for us.
Furthermore, as companies and individuals continue to follow a ‘digital first, remote first’ model of operations, we are expecting to witness many technological advancements in automation, eCommerce, customer experience, and more efficient 24/7 connection.
Without further ado, let’s take a more detailed look into 11 technology trends in business to look forward to in 2023.
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1. Curated Interactions (Generative AI)
ChatGPT is a rising trend in the technology industry that is generating a lot of excitement in the world of automated chatbots. Its GPT3 technology, which is an autoregressive language model, enables AI to have “human-like capabilities” to understand and create text. With the aid of deep learning, ChatGPT can handle an array of writing tasks, including producing clever video titles, writing poetry and even generating images from text cues.
Additionally, the algorithm is equipped to answer follow-up questions, receive feedback and identify incorrect assumptions. The developer of ChatGPT, OpenAI, has high hopes for the technology. And that’s no surprise – the development sets the record for fastest-growing user base of 100 million monthly active users this January, just 2 months after its launch on November 30 last year.
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The Metaverse is a virtual 3D space where individuals can communicate across various platforms. As we enter the age of the Internet 3.0, marketers are beginning to discover the immense opportunities offered by this interactive and immersive digital platform.
Brands have already begun tracking consumption choices and behavior in their metaverse stores, using Artificial Intelligence (AI) and Virtual Reality (VR) to create engaging experiences. Some brands are even connecting their physical stores to the virtual world with QR codes to provide an enhanced user experience.
The potential of the Metaverse is yet to grow further, as suggested by this Tidio study. In fact, 46% of respondents believe that in 10 years, people will coexist mainly in the metaverse. Also, 88% of individuals believe that healthy relationships are possible in the virtual space. 52% would use it for work, while art and live entertainment come in second with 48%.
3. Green Technologies
The implementation of green technology is facilitating the transition to cleaner industries such as electricity, as well as the development of renewable energy sources such as green hydrogen. The rising popularity of green technologies indicates that it will have a prominent presence in both the industries and innovation sectors in the future.
The driving forces of the green technology upward trend are the increased awareness of environmental concerns, the growing consumer and industrial interest in sustainable energy solutions, and the governmental support of green tech businesses tackling climate change, pollution and recycling.
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Although many associate blockchain technology with cryptocurrencies, it goes far beyond financial trading. Other industries such as healthcare, logistics, eCommerce, supply chain and entertainment have successfully appropriated Web 3.0 solutions (which are based on blockchain) such as Know Your Customer (KYC) features.
The reasons behind blockchain technology’s success are the security it provides for businesses, its decentralization, interoperability, innovation, traceability, and overall online freedom. It is, in essence, a type of data storage where information can be added but not removed or altered. This is what gives it the name “chain,” as it creates a chain of data that is secure due to the inability to change previous blocks.
In addition, blockchain is operated through a consensus-driven process, which means that no single entity can gain control over the stored data. With blockchain technology, there is no need for a trusted third-party to oversee or verify transactions, as the technology itself ensures their validity.
According to The Business Research Company, the market share of blockchain is currently $17.21 billion at a CAGR of 70% and is expected to grow to $99.37 billion by 2027. With a predicted triple increase of global spend to 19 billion U.S. dollars by 2024, it is a technology trend worth exploring.
With the increased efficiency, productivity and speed of digital technologies, there’s always a way to improve and automate business processes further. By adopting hyperаutomation, organizations can simplify, digitize and streamline their processes so they can be handled automatically via a software-based solution.
This approach leverages both artificial intelligence (AI) and machine learning (ML) to effectively coordinate and combine the various tools of a business’ technology stack. The goal is to foster full automation and digitalization of any legacy process, thus enabling companies to relocate team members to more valuable positions.
Additionally, hyperautomation can help organizations become intelligent composable businesses with trends in technology that help improve agility and resilience. This means that companies would have to design and implement architecture that can allow better access to information, use new insights to augment it, and is modular, composable and able to quickly respond and adapt to the situation as decisions are made.
6. Data as an Indispensable Asset
In 2023, businesses would have to protect and secure data the same way they would with any other asset, while also finding ways to boost data literacy within their organization. Data volumes have grown significantly over the last few years. As a result, companies that are able to successfully interpret and use data with the latest trends in technology could outperform their competition.
To gain such a competitive advantage, organizations would have to invest in the right systems and technologies. They would have to ensure effective and efficient analysis, processing and storing of large volumes of information that can then be accessed from all team members.
Some of these systems include:
- Intelligence of Things – When AI is added to smart connected objects, they become intelligent and are able to bring significant contributions to the data growth we’re currently experiencing.
For businesses, this means concentrating on developing and selling smart products to gather unique insights about how customers use such items. This can thus help generate new streams of income and optimize operations.
- Cloud Solutions – The “cloud” is an indispensable technology trend solution when it comes to creating data-driven ecosystems, which many organisations depend on today. In 2023 these solutions are expected to be optimized to support business scaling, new technology adoption, as well as improved remote learning.
- Customer Data Platforms (CDP) – Since companies rely on well-curated and timely data in order to operate optimally, CPDs can ensure that no fragmented data slows down this process. These platforms can also help collect and organize data from all available sources, thus making it usable for anyone who needs access to it.
7. Headless eCommerce
Headless technologies have been around for some time now and recently, they have started to surge through the eCommerce landscape. According to a survey from BigCommerce, as much as 86% of businesses report that their customer acquisition costs (CAC) have increased over the past few years. Around 59% of them believe that to reduce CAC it will be important to improve their customers’ digital experience.
Headless technologies offer a great solution to this problem, which is why we will see more eCommerce turning to them to refresh their tech stack. A headless eCommerce solution is essentially a combination of technologies that help push and pull product and content information to new front-ends that allows companies to extend their shopping experience to new channels and devices.
Thanks to the rise of the Internet of Things (IoT) technologies, consumers can now tell Alexa, Google or Siri to buy something for them online without having to visit the merchant’s website at all. By adopting headless technologies, retailers can leverage emerging technologies such as voice assistants, wearables and smart appliances, while still benefiting from traditional channels like web, social media or email.
The implication here, however, is that a retailer’s eCommerce platform must have the right APIs and services that would allow them to design custom shopping experiences through cutting-edge channels. If done right, headless shopping can help improve a business’ omnichannel strategy, and provide better ways to manage customer expectations.
8. Privacy Enhancing Tech
The need for organizations to share data across teams and partners while maintaining privacy and security is significantly increasing, hence why privacy enhancing technologies (PET) will be very important for any business in 2023. With the help of these technologies, different parties can extract valuable insights from data and get actionable results, without exclusively sharing the actual data between one another.
According to Gartner, PET includes three types of data protecting solutions, thanks to which businesses can share and exchange data without sacrificing confidentiality:
- A trusted environment in which sensitive data can be processed and analyzed.
- Decentralized processing and analytics that involve privacy-aware machine learning.
- Data and algorithms encryption that include technologies and practices that ensure data can be securely differentiated, encrypted, managed, and retrieved.
The applications of privacy enhancing tech are very diverse. From fraud detection and internal data analysis, to medical research and HR, PETs enable organizations to use real-time data, without worrying about compromising privacy.
With a PET, your company can leverage various datasets, even though it may not have access to them. The data is securely encrypted and managed to provide only the specific information each party needs – nothing less and nothing more. This means that you can work directly with other businesses without going through third-party providers.
9. A Well-Rounded Total Experience
Total experience combines customer experience, user experience, and employee experience to transform and improve the overall business experience of all stakeholders. By using this approach together with other new trends in technology, organizations will be able to optimize and streamline all experiences. What is more, it would help businesses differentiate themselves from competitors in a difficult-to-replicate way thus creating a sustainable competitive advantage.
The whole total experience process relies heavily on technologies with communications at the forefront. The right communications tools are key when delivering optimal experiences for both customers and employees. They help connect individuals, improve workflow, and are important drivers of loyalty and satisfaction.
Additionally, with a well-rounded total experience organizations will be equipped with the technology trends necessary to manage digital risks. This will help them find new activities to integrate and build upon, while improving their operational processes by reducing costs, delays and inefficiencies.
10. ‘Digital First, Remote First’ Business model
The rapid digitalization and automation of every business process are slowly changing the business models we know to ‘digital first, remote first’ operations.
In this new model of business operations, digital should be the default approach for operations at all times. This means that the physical space should be digitally optimized so it serves the same function as its counterpart.
This will be especially useful when it comes to remote working. To support such work arrangements, businesses will have to expand their IT infrastructure. Therefore, companies need to equip employees with more portable devices and video conferencing subscriptions. Also, they will have to adopt more virtual machines and adjust their privacy protection practices.
11. Increased Development of 5G Infrastructure
Since remote work, videoconferencing, and digital collaboration have become core parts of our lives, the demand for higher-speed internet and a shift toward well-connected devices has pushed the advancement of 5G technology.
Telecoms are fighting hard to be the first to make such technologies public. At the same time, startups are researching and developing innovative ways in which 5G can benefit all aspects of our lives, especially when it comes to smart-city projects and autonomous mobility.
A faster network would open up countless possibilities for better adoption of IoT, increased application of virtual and augmented reality (VR/AR) for better and more interactive experiences, network-as-a-service and edge solutions that can support remote collaboration, and so much more.
In 2023, the desire to innovate and transform will affect many, if not all, business aspects and processes. From more automated communications, to improved data management and remote work arrangement, many organizations are likely to adopt a ‘digital first, remote first’ model of operations.
Privacy protection technologies will play a crucial role when moving into the digital transformation era. Since devices are getting smarter, individuals are becoming more connected than ever before, and large volumes of data are generated on a daily basis, there’s so much that can go wrong, unless the right technologies are implemented.