This is a list of 2023 and 2024 new technology trends.
This comprehensive report will go over:
AI
Computing at the quantum level
Robotics
Cybersecurity
and much more
In addition to delving into these significant technological developments, we’ll take a look ahead to see what’s next in this field.
1. The AI Democratization
Few breakthroughs have enjoyed as much growth and interest in recent years as AI.
Adoption is now 2.5x higher than it was in 2017; over 50% of enterprises have implemented AI for at least one business function.
webpAI adoption in enterprises has recently leveled off.
AI is making inroads into finance, healthcare, manufacturing, and a variety of other industries.
Furthermore, it is no longer a technology reserved for large corporations.
The democratization of AI is well underway, thanks to open-source AI technologies and decreasing system costs and complexity.
OpenAI, an AI research business, is a perfect example.
The volume of searches for “OpenAI” increased at the end of 2022.
It is currently valued at $29 billion.
Furthermore, the company intends to reach $1 billion in revenue by 2024.
When OpenAI’s ChatGPT was published in November 2022, the world was taken aback.
People were surprised by the chatbot’s capacity to take natural-language instructions and generate conversational text for a wide range of results.
Within the first two months of its debut, ChatGPT was utilized by over 100 million individuals.
cnet-chatgpt-ai-chatbot-min.webpThe launch of ChatGPT sparked extraordinary interest.
Following ChatGPT, Google launched Bard, their own AI chatbot.
Microsoft has also released a Bing chatbot that makes use of OpenAI technologies.
Meta is also getting into the AI competition, with intentions to release its Large Language Model Meta AI to government, academic, and research experts.
Natural-language technology has the ability to transform commercial operations.
consumer service representatives, for example, may utilize it to reply to consumer enquiries in seconds.
It might be used by businesses to develop customised marketing and educational content without the requirement for copywriters.
It can be used by developers to build complex code and by business leaders to evaluate data.
AI is also being used by businesses in various ways.
According to a PwC poll, the top priorities of company leaders implementing AI are to increase efficiency through automation, improve decision-making, and improve the customer experience.
According to a PwC 2022 poll, AI is most effective in boosting productivity, decision-making, and customer service.
Eleos Health is one example of an AI-powered automation platform. The startup provides therapists with an AI platform.
Their CareOps Automation solution is a platform for voice AI. It automatically digitizes all therapeutic dialogues, detects potential treatments, and generates session summaries in the background of therapy sessions.
Since 2019, the volume of searches for “AI automation” has climbed 200%.
In 2022, the company announced a $20 million Series A investment round, bringing them total capital to $28 million.
Eleos Health’s AI-powered solution, eleos-health-min.webp, covers the whole treatment care workflow.
In another case, manufacturing and warehouse operations are putting AI to new and inventive purposes.
The image-recognition capabilities of AI can be used to automate warehouse inventory management. In addition, the systems can provide notifications when inventory is low, prompting human involvement, and account for production or supply chain delays.
AI platforms are part of the “smart factory” movement in manufacturing plants, and these technologies can enable predictive maintenance, save waste, and increase worker safety.
From manufacturing to ordering to distribution, smart-factories-min.webpAI is used across smart factories.
2. Cleantech innovation and investment are increasing.
In 2022, an astonishing $1.1 trillion was invested in the low-carbon energy transition.
clean-energy-investments-min.webpGlobal clean energy investment continues to rise.
This global investment hit a new high, representing a 31% increase over 2021.
It was also the first year where investments in clean energy surpassed those in fossil fuels.
Indeed, clean technology has gained such traction that it currently receives more than 25% of all venture capital expenditures.
According to industry experts, more funding and interest are on the way in 2023, thanks in part to the Inflation Reduction Act.
The bill includes loans, subsidies, and tax breaks designed to encourage the business sector to invest more money and time in cleantech.
Breakthrough Energy Ventures’ CEO thinks that this measure will result in the formation of 300 to 1,000 new businesses.
Many of these businesses may be involved in the green hydrogen sector.
Hydrogen is the most common element on Earth, and burning it produces no CO2, making it an excellent source of green energy.
“Green hydrogen” is created using renewable energy, and the term’s search volume has increased by more than 1,450% in the last five years.
The green hydrogen market is predicted to grow at a CAGR of 61% through 2027, reaching a value of $7 billion.
The Hydrogen Council estimates that $700 billion in hydrogen-focused investments will be required to achieve net-zero emissions by 2050.
They report that as of May 2022, 680 large-scale hydrogen projects had been announced, an increase of 160 projects over 2021.
About 10% of hydrogen projects have achieved the final investment decision, according to hydrogen-insights-min.webp.
Furthermore, the U.S. In early 2023, the Department of Energy announced $47 million in support for clean hydrogen technologies.
Plug Power is a major manufacturer of hydrogen fuel cell devices in the United States.
In 2022, the business plans to establish a hydrogen fuel cell manufacturing plant in Slingerlands, New York.
Following new collaborations with TC Energy and Nikola, the company’s stock price has risen about 30% so far in 2023.
Non-U.S. Hydrogen investments are also on the rise.
In September 2022, a hydrogen-powered passenger train will make its premiere in Germany. The train can go more than 600 miles without refueling and has a top speed of 86 miles per hour.
Cleantech is powering passenger trains in Germany with hydrogen-powered trains.
In the coming years, Germany intends to convert 2,500 to 3,000 of its trains to hydrogen fuel.
However, while green activities such as planting trees and converting to hydrogen-powered vehicles can reduce carbon emissions over time, many experts feel that these efforts alone will be insufficient.
Global greenhouse gas emissions are expected to reach 58 gigatonnes in 2022, according to the Brookings Institution. That is the most money ever recorded.
Carbon emissions are well known to be one of the primary causes of modern climate change.
Cleantech leaders are leveraging carbon capture technology to make rapid progress toward reducing and even reversing emissions in order to directly remove some of these pollutants.
Over the previous five years, searches for “carbon capture and storage” have increased 260%.
The procedure entails collaborating with super-emitters, such as power stations and concrete manufacturing factories, to trap carbon molecules that would otherwise be discharged into the atmosphere.
Carbon capture has the potential to effectively remove up to 90% of air pollutants from power plants and industrial sites.
Carbon capture firms then separate and extract the carbon using a variety of chemical methods before reselling it or storing it far below, where it can be converted back into stone.
According to PwC, financing for carbon capture technology was nearly double that of overall funding for 2021 in the first three quarters of 2022.
pwc-global-investments-min.webpThere were fewer venture agreements in 2022, but the average deal size was greater.
3. Advances in Early Disease Detection Technology
While advances in technology such as quantum computing and artificial intelligence are intriguing, one technology that is likely to benefit humanity the most is early disease detection.
This is because the earlier a disease is identified, the better the patient’s chances of survival.
For example, if ovarian cancer is detected early enough, the five-year survival rate is 93%.
Melanoma patients had a similar increase in life expectancy. Localized cancer has a 99% five-year survival rate, but spread cancer has a 32% survival rate.
cancer-facts-and-figures-min.webpWhen cancer is localized, the chances of survival increase.
Unfortunately, certain cancers, such as those affecting the pancreas, lungs, and ovaries, are notoriously difficult to detect early.
In order to improve survival rates, academics and tech sector entrepreneurs are devoting more resources to cutting-edge technology meant to detect cancer cells earlier in their growth.
Take, for example, pancreatic cancer.
Biological Dynamics has created a lab-on-a-chip test that searches for biomarkers unique to pancreatic cancer. The test is now being tested on humans.
The company has so far garnered $125 million in funding and intends to capitalize on the success of the pancreatic cancer test by launching tests for lung cancer and ovarian cancer.
Another development in the health IT industry is the use of AI for early diagnosis.
MIT researchers are employing AI models to assess patients’ lung cancer risk.
Search results for “healthcare AI” have increased by roughly 250% since 2019.
The tool was trained using lung scans from patients in the United States and Taiwan over a six-year period. The tool learns to recognize and categorize patterns based on these scans.
It is most effective in predicting lung cancer that will arise within a year, but it can also forecast the disease up to six years in advance.
And it’s not just cancer that can be detected early by using technology.
Scientists are using nanotechnology, which fits inside a smartphone camera, to identify a wide range of ailments.
The aim is that this nanotechnology will make phase imaging, a sophisticated method of observing cells, accessible to patients at home.
If this technology passes clinical testing, patients will be able to take an image of their saliva or a pinprick of blood at home and send it directly to their medical provider for analysis using phase imaging on their camera.
The Minuteful Kidney test from Healthy.io is one at-home medical test that employs smartphone technology and is already approved for use.
Healthy.io created the Minuteful Kidney test (minuteful-kidney-min.webp).
The test can detect chronic renal disease by measuring a patient’s albumin-to-creatinine ratio (ACR).
Patients initially receive a test kit in the mail, and the Minuteful Kidney app instructs them on how to collect a urine sample and dip a test strip in it. The patient then takes a snapshot of the test strip with their smartphone, which the software analyzes.
The app assesses albumin levels using AI technologies and computer vision. The results are nearly immediately available.
The technology has been available in Europe for over 18 months, with over 540,000 people already enrolled.
The search volume for “Healthy.IO” has increased by 300% in the last five years.
4. Quantum Computing is advancing toward real-world applications.
Since the 1980s, quantum computing has been a source of debate. In 2023, the world is finally on the verge of real-world applications for this form of computing.
The volume of search results for “quantum computing” is rising.
While classical computers utilize binary coding (either 0 or 1), quantum computers use qubits, which allow a piece of data to exist in two states (both 0 and 1) at the same time.
All of this technology boils down to faster calculation. Complex computations performed by today’s computers may take millions of years, but quantum computing can solve them in minutes.
The business has been hampered by technological and financial challenges, but momentum has been rising in recent months.
In reality, in 2022, $35.5 billion was invested in technology across the public and private sectors.
financial-investments-in-quantum-computing-min.webpFinancial investments in quantum computing are increasing.
So far, IBM has taken the lead in the race to quantum computing.
IBM’s quantum computer, Osprey, was introduced in November 2022 and has 433 qubits.
osprey-min.webpIBM is working on quantum processors and a quantum mainframe.
By 2025, the company expects to develop a computer with 4,000 qubits.
However, according to technology experts, quantum computers require millions of qubits to be fully effective. Many people believe that will happen by 2027.
Alphabet has had a quantum computing section for the past six years and announced in March 2022 that it would become a separate company called Sandbox AQ.
In 2022, they got “nine-figure” finance, and by February 2023, they had raised another $500 million.
Although efforts from IBM and Alphabet show potential, other lesser-known businesses are establishing competition and raising significant funds in the field.
Origin Quantum, a Chinese business, raised $148.2 million in 2022, the most in the quantum computing market that year.
In 2017, Q-CTRL was established as Australia’s first VC-backed quantum technology business.
Through quantum control infrastructure software, company leaders are focusing on overcoming the industry’s issues connected with hardware error and instability.
The search volume for “Q-CTRL” has increased 400% in the last five years.
In early 2023, the company concluded a $27.4 million Series B investment round.
Q-CTRL has already signed contracts with over 8,000 users. This involves the US government, Australian defense agencies, and firms such as IBM, IonQ, and others.
Leaders in a variety of industries are expecting the possible impact of quantum computing as corporations race to create this new technology. This might have a significant influence on a variety of industries.
According to a McKinsey analysis, quantum computing would be most valuable in the biological sciences and banking sectors.
Quantum computing applications have the potential to benefit a wide range of sectors.
According to McKinsey, up to $700 billion in value might be realized by 2035.
Quantum computing could be useful in the life sciences industry for simulating chemical processes, optimizing pharmaceutical designs, and promoting the creation of individualized medical treatment through genomics.
In the financial sector, quantum computing has the potential to significantly reduce market risks, increase fraud detection, and accelerate customer onboarding.
Quantum computing could have a variety of consumer-facing implications.
Consider charging an electric vehicle.
It takes about ten hours to fully charge an electric automobile at home. Even at the fastest charging speeds, it takes 20 minutes to charge.
With quantum technology, charging time at home might be reduced to three minutes and a few seconds at high-speed charging stations.
5. Cyber threats are becoming more sophisticated.
Cybercrime is a constant and expanding menace, ranging from casual consumer attacks to government-sponsored cyber warfare.
According to Hiscox’s 2022 global study, 43% of organizations reported a cyber attack in 2021, and 48% reported at least one in 2022.
The most concerning statistic from that survey was that 20% of affected firms stated that the expense of the damage jeopardized their bankruptcy.
The scope of cyberattacks is expanding.
According to some estimates, a single data breach will cost an average of $5 million in 2023.
According to IBM’s analysis, the figure is much higher: $9.44 million.
Indeed, cybercrime has become so common that the $155 billion cyber security business is anticipated to grow to $376 billion by 2029.
Deepfake assaults are one of the most advanced methods by which hackers gain access to enterprises.
Over the last five years, search interest in “deepfake” has increased over 700%.
According to a VMware 2022 poll, 66% of participating IT leaders have faced a deepfake-related assault in the last 12 months. This represents a 13% increase since 2021.
Deepfake technology employs artificial intelligence/deep learning to generate convincing movies, photos, and audio of fictitious events and individuals.
The technology has been available for a few years, and it is improving for hackers.
Deepfake models are practically impossible to detect thanks to generative adversarial networks, a sort of machine learning technique.
Furthermore, the introduction of 5G networks makes real-time video manipulation easier.
Deepfakes are very handy to cybercriminals who engage in BEC (business email compromise) frauds.
Another option for cybercriminals is to use deepfakes to manipulate face-to-face verification mechanisms.
Identifying deepfakes and other inbound threats is primarily a defensive game for businesses. Attackers are constantly one step ahead of security professionals.
However, cybersecurity professionals are employing AI and other modern technology solutions to detect and halt threats as soon as feasible.
Over the last five years, searches for “cybersecurity technology” have surged by more than 160%.
According to an IBM 2022 analysis, firms who utilize AI technologies in conjunction with automation reduce the breach lifecycle by 74 days and save $3 million compared to those that do not use these cybersecurity solutions.
AI technologies can not only detect attacks before human operators, but they can also be designed to stop the attack and inform IT people before the breach escalates.
Deep Instinct is a deep learning-powered cybersecurity firm.
deepinstinct-min.webpDeep Instinct employs AI-powered cybersecurity to prevent 99% of threats from being implemented.
The technology has the capability of scanning millions of files every day and detecting risks in less than 20 milliseconds.
Since its inception in 2015, the company has raised over $321 million in capital from investors such as BlackRock and Chrysalis Investments.
In 2019 alone, search interest in “Deep Instinct” has increased by more than 600%.
6. The Enterprise and Public Use of IoT is Growing
Despite continued chip shortages, global IoT connections are estimated to reach 27 billion by 2025.
With the advancement of 5G networks and relief on the horizon for semiconductor production, some analysts predict that the business IoT market will reach $483 billion by 2027.
The enterprise IoT market is predicted to increase at a CAGR of about 20% between now and 2027.
Business executives across industries are embracing and growing their usage of IoT technology to increase connectivity and data collection.
IoT was named one of the top five most influential technologies of 2023 in an IEEE poll conducted in 2022.
Businesses are experiencing a pretty quick return on their IoT investments. More than 60% expect financial payback in three years or less.
Manufacturing is one industry that is investing in IoT (also known as the “industrial internet of things” or IIoT) to construct smart factories.
The search term “IIoT” is becoming more popular.
35% of manufacturers in the United States are already collecting and analyzing data via IoT devices.
For example, sensors on machinery collect data from the machines, wirelessly store it, and a machine learning platform runs through the data to analyze it and determine whether human intervention is required.
This procedure can be used to increase efficiency, decrease waste, and forecast maintenance requirements.
Smart cities are also powered by IoT devices.
Sensors collect data from a variety of sources, including utility meters, trash cans, traffic lights, and more. This data is then used to make cities more efficient and citizens safer.
When the University of Idaho collaborated with Nordsense, a smart garbage can firm, 58 concrete trash cans were outfitted with IoT sensors.
Because these sensors monitored trash levels and alerted the waste management team when a bin needed to be emptied, the team was able to reduce their working hours and fuel usage by half.
7. Ambient Computing Allows For Nearly Invisible Technology
Ambient computing is an IoT-based concept that promises a future of practically invisible technology.
This is because, with ambient computing, an AI-driven network of devices and software runs in the background (all around us) with little to no human intervention.
Ambient computing employs both artificial intelligence and machine learning to analyze data collected from physical devices such as smart thermometers and smart watches and make decisions on its own.
All of this technology combines to build devices that can communicate with both people and other devices.
ambient-technology-min.webpAmbient computing is capable of understanding user context and acting in accordance with those preferences.
With the potential to change the way we interact with everything from coffee makers to freight trucks, it’s no surprise that the ambient intelligence business is predicted to grow at a 32% CAGR through 2028, reaching a total value of $225 billion.
The search volume for “ambient intelligence” has increased by 100% during 2019.
Although ambient computing is still a young technology, use cases in both consumer and corporate solutions are already being recognized.
Ambient computing is already obvious in voice assistants and smartphone-controlled thermostats, but it has the potential to become far more so.
ecobee-smart-thermostats-min.webpEcobee’s smart thermostats learn homeowners’ routines, detect when no one is home, and adjust the temperature automatically.
A person stepping off a flight, for example, could be instantly notified that their baggage are ready at a specific carousel. After they picked up their bags, they’d receive another notification saying their rideshare was waiting for them at a certain place. While they were driving, a coffee would be ordered from the nearest Starbucks and they would be checked into their hotel.
Another possibility is that homeowners will no longer require garage door openers. Instead, the owner’s smartphone will send the location to a home device, which will unlock the garage door for them as they approach.
Ambient computing is used in industries to monitor and schedule equipment maintenance.
When the IoT device detects that a machine requires repair, it communicates with the software that plans maintenance and adds that equipment to the schedule.
Sensors on shelves in shops might automatically order new merchandise when supply runs low.
However, as this technology advances, privacy and security concerns will become more prominent.
8. Robotic Process Automation is becoming more popular.
Businesses are discovering an expanding variety of methods to integrate automation into their processes as the distinctions between artificial intelligence and machine learning continue to blur.
Robotic process automation (RPA) is one of the emerging technologies that executives are most enthused about.
Over the last ten years, search demand for “robotic process automation” has increased 170%.
RPA entails programming software to conduct or execute boring, repetitive tasks.
According to projections, the RPA market would be worth $25 billion by 2030, with a CAGR of about 36%.
RPA software investment is expected to reach over $3 billion in 2022, a 21% increase from 2021.
According to surveys, one-fifth of organizations are presently using RPA.
One of the primary reasons businesses are implementing RPA is the tight labor market and the desire to optimize staff efficiency and production.
According to data, the average company in the United States with 500 employees loses more than $1.4 million per year owing to time spent on repetitive chores.
Repetitive chores cost organizations more than a million dollars per year.
When it comes to low-value, boring jobs performed within a firm, RPA technologies can also save time and money.
For example, when RPA is used to copy and paste information from a document to a database, the process is faster and the results are more accurate than when people conduct the task.
According to estimates, RPA can boost workplace capacity by up to 50%.
Not to mention that high-value human talent can be used for something else.
To mention a few, RPA can be used to extract data from websites, make appointments, collect information from clients, check compliance, and onboard staff.
UiPath is the clear market leader in RPA vendors.
The company just crossed $1 billion in ARR and now serves over 10,500 customers worldwide.
UiPath has effectively positioned their RPA solutions as essential to a company’s digital transformation.
9. FemTech aims to modernize traditional women’s healthcare.
The FemTech sector, which includes technology linked to fertility, menstruation, pregnancy, and other women’s health issues, is expected to grow rapidly in the next years.
In the last five years, search interest in “FemTech” has surged more than 1,000%.
According to projections, its worth might rise from $51 billion in 2021 to $103 billion by 2030.
According to a McKinsey report, there are various ways that rising investment and growth in FemTech are influencing consumer products.
Virtual clinics offer telemedicine alternatives that enable women of all socioeconomic backgrounds to receive quality care. Trackers and wearables are giving women the information they need to make better health decisions. Startups are paying more attention to cultural populations that are generally marginalized in traditional care systems (LGBTQ+ and Black women, for example).
Maven Clinic became the industry’s first unicorn in 2021.
maven-clinic-min.pngThe amount of searches for “Maven Clinic” has increased by more than 300% since 2019.
The organization developed a digital health platform to deliver medical treatment to women and families in particular. They have so far treated over 15 million patients.
They closed a $90 million Series E round in November 2022, bringing its total funding to close to $300 million.
Maven Clinic’s digital platform, mavenclinic-homepage-min.webp, provides complete care for women.
Breathe ilo is one of the most popular science-backed FemTech trackers today.
This is how it works.
For 60 seconds, a woman breaths into the breathe ilo gadget, and the device detects the CO2 levels in her breath. The information is transmitted to a smartphone app, which employs a self-learning algorithm to forecast the woman’s ovulation. (The first phase of a woman’s menstrual cycle has the greatest CO2 levels.)
Other technology companies, including as Apple and Samsung, are attempting to capitalize on FemTech without developing standalone products.
For example, the Apple Watch Series 8 uses two wrist sensors to monitor body temperature. The results and ovulation forecasts are displayed on the Health app.
apple-watch-min.webpApple’s latest smartwatch monitors women’s sleeping temps and utilizes that information to anticipate the days when they are most fertile.
Natural Cycles collaborated with Samsung to provide ovulation tracking to the Galaxy Watch 5. Samsung’s temperature tracking technology will be coupled with Natural Cycles’ ovulation-predicting algorithm.
In mid-2023, the functionality will be available in 32 markets.
10. Wearables are becoming smaller and smarter.
The wearables market is continuing to grow.
It was worth more than $116 billion in 2022, and increased demand is predicted to push the market value even higher through 2026, reaching $265 billion that year.
Wearables, as we discussed with FemTech, are becoming more sophisticated in terms of the data they collect and the algorithms that data feeds.
Many wearables were formerly focused on sleep tracking and step counts.
However, in recent years, a number of devices have been released with functionalities that go far beyond these fundamental functions.
A few IT businesses sell smart rings with near-field communication technologies built in.
With the swipe of a finger, wearers may make payments, access smart-key doors, and share data.
McLear’s RingPay, for example, functions as a contactless payment device, allowing users to swipe their ring in the same manner they would a contactless card. There is no requirement for an interface or app.
Cnick, a smart ring brand, is another example. They designed the Tesla key ring.
In the last five years, the search volume for “Tesla ring” has increased by more than 400%.
By taping their knuckle, owners may lock, unlock, and start their vehicle.
Contactless payments can also be made with the ring.
cnick-tesla-ring-min.webpCnick’s rings are waterproof and do not require charging.
Consumers are also becoming interested in tech wearables embedded in clothing, known as e-textiles.
The Nadi X yoga trousers, for example, use sensors and stretch bands to assess and provide feedback on the owner’s posture.
Sensoria socks may help reduce injuries in long-distance runners.
Sensoria’s smart socks monitor a range of data points for walkers and runners.
Textile sensors run through these smart socks, recording not just fundamental metrics like step count and distance, but also cadence, foot landing, and the impact created with each step.
When used in conjunction with the smartphone app, runners receive real-time audio signals to help them rectify problems that could lead to injuries.
Even babies are dressed appropriately.
The Owlet dream sock is designed to fit snugly on a baby’s foot while monitoring heart rate, oxygen saturation, movement, and wakings.
Parents can monitor their baby’s data from an app using the Owlet dream sock.
11. Beyond Entertainment, Extended Reality
As the distinctions between mixed reality, augmented reality, and virtual reality blur, the word “extended reality” has evolved into an umbrella phrase that encompasses all of the above and more.
The volume of searches for “extended reality” has increased by more than 100% since 2019.
In the coming years, extended reality could have uses ranging from the metaverse to virtual concerts.
extended-reality-explained-min.webpAR, MR, and VR applications are examples of extended reality.
To begin, there are numerous B2B use cases where extended reality could generate significant innovation.
One example is the medical field.
Extended reality is being utilized to train both novice and experienced surgeons in one application.
This technology could be extremely beneficial in assisting surgeons in understanding the complexities of new, creative surgeries that they may not have learnt about in school or past roles.
A study published in Clinical Orthopaedics and Related Research discovered that VR training dramatically improved surgical precision and rate of completion.
Another study found that virtual reality training increased surgical performance by up to 230%.
Extended reality is also predicted to have an impact in the automotive and manufacturing industries in the future years.
VR training is assisting car manufacturing staff in practicing assemblies and preventing errors.
These sectors demand professionals to undertake highly sophisticated operations and machine work.
As a result, extended reality technology can be utilized to provide a close-up, first-person perspective of those processes in a safe setting where errors can be quickly corrected.
Human error and injury can be avoided when technicians can practice assembly operations before stepping onto the actual line.
Even automotive students are being trained via augmented reality.
Maryland’s Vehicles for Change initiative is a virtual-first training program that attempts to alleviate the mechanic labor crisis while also providing work opportunities for ex-offenders.
By 2028, the initiative is anticipated to extend to 20 new locations.
The United States military uses extended reality for training as well.
Military officials can use this technology to set out training missions that would be too dangerous or expensive to set up in the real world. It also reduces wear and tear on vital parts of equipment such as aircraft.
When officials requested new innovations from public industries as part of the innovations for Mission Rehearsal and Training project in April 2022, the Army reiterated the military’s interest in extended reality technology.
The current state of extended reality technology does not appear to be as advanced as the military would desire.
The Army announced a $21.88 billion contract with Microsoft to acquire 120,000 HoloLens-like headsets, but the deadline was pushed back to late 2021, and the headsets are presently being redesigned.
The Army’s extended reality headsets are specifically known as IVAS: integrated visual augmentation system.
12. Edge Computing Changes the Way Businesses Use Data
Global data centers processed around 155 exabytes of data per month in 2018. That figure has risen to 335 exabytes by 2022, and it is expected to reach 403 exabytes per month by 2023.
internet-traffic-volume-min.webpBy the end of 2023, the total quantity of data transported via the internet is predicted to exceed 403 exabytes each month.
As the world becomes more digital—and 5G technology allows for greater data transfers at quicker speeds—IT infrastructure requires more computing power than ever before.
Growth in data-intensive technologies, such as personal and enterprise IoT use, remote health monitoring, and remote work, is predicted to drive global data processing requirements to new highs.
Companies are investing more money in edge computing to help with the processing of all that data.
Over the last five years, the search volume for “edge computing” has increased about 200%.
Edge computing is expected to account for more than half of all new commercial IT infrastructure by 2023.
Edge computing, with a focus on speed and network distribution, is intended to increase response times and save bandwidth by physically bringing processing power closer to the source of data.
Cloud computing has become a popular tool for corporations to deal with large amounts of data and expanding technological needs.
Cloud computing, on the other hand, is both pricey and resource-intensive. This is especially true for businesses dealing with significant amounts of data, as many cloud storage services charge based on usage.
cost-of-cloud-min.webpThe cost of cloud services remains a source of concern for IT.
As a result, organizations are searching for ways to lessen their reliance on cloud computing by shifting to edge computing.
Companies will be able to cut their cloud computing price while providing a speedier user experience to end-users by relying more extensively on the edge, particularly its capacity to reduce bandwidth transmissions.
Because data is not transferred back and forth between the cloud and devices, edge computing reduces latency. This enables businesses to examine data more quickly and make more informed decisions.
Indeed, 45% of IT professionals believe that operating workloads on the edge has the most benefit.
Because edge computing achieves lower latency, enterprise leaders can make real-time choices.
The increasing reliance on AI is also propelling the expansion of edge computing.
AI/ML systems will need to become more data-driven in order to attain their full potential. As a result, additional analysis and computing must take place at the edge.
The search volume for “edge AI” has increased by almost 700% in recent years.
Self-driving automobiles are an excellent illustration of edge AI in action.
The car’s sensors acquire data and operate in the blink of an eye, never transferring it to the cloud.
Edge AI, for example, allows security cameras to scan data and run real-time algorithms to detect suspicious activities and take fast action.
13. Low/No Code Tools are being used by an increasing number of developers and non-developers.
Given the rapid release of new and interesting technology, it’s tempting to think that tech companies are constantly releasing new products and services.
In actuality, though, there is a severe scarcity of developers.
According to IDC, the gap would exceed 4 million unfilled posts by 2025.
Infragistics’ 2023 study found that more than 37% of respondents expect to continue having difficulty finding engineers in 2023.
Shortages of software developers are forcing businesses to invest in low-code now-code platforms.
With a continuous and growing talent scarcity, firms that want to move initiatives forward and surpass their competition must develop solutions that allow developers to work more efficiently.
Fortunately, low-code and no-code (LCNC) software tools can achieve just that.
The search volume for “low code” is increasing.
By integrating visual models with AI-powered tools, LCNC allows software engineers to avoid or at least speed up the time-consuming process of generating thousands of lines of code from start.
This greatly simplifies the coding process and speeds up program development.
These new tools benefit more than simply full-time software professionals.
Because LCNC solutions are designed to be user-friendly, an increasing number of non-developers are able to create software applications as well.
Non-IT staff are referred to as “citizen developers,” and Gartner expects that large businesses will soon have four times the number of citizen developers as professional developers.
According to the Infragistics report, more than 76% of firms are already using LCNC.
The increase of the low-code sector is further evidence that adoption is on the rise. It is predicted to expand by 20% over 2022 to $27 billion in 2023.
Low code application platforms (LCAPs) are at the heart of LCNC solutions.
These systems are built with components and provide pre-defined templates.
Mendix topped the Gartner Magic Quadrant for low-code platforms in 2023.
The volume of searches for “Mendix” has increased by more than 200% during 2019.
Their platform is used by over 4,000 businesses worldwide.
Mendix’s ARR has increased by more than 300% after being acquired by Siemens in 2018.
mendix-application-development-min.webpThe Mendrix platform enables the creation of visual, model-driven applications.
using a growing lack of software engineers and a growing number of individuals effectively designing apps using LCNC, it’s logical to expect that these platforms and their utilization among organizations will continue to evolve at a breakneck pace.
Gartner expects that LCAPs will account for $10 billion of the LCNC market in 2023 and $12.3 million in 2024.
Conclusion
That concludes our list of the top 13 technological developments affecting businesses and consumers right now.
Companies throughout the world have experienced a variety of obstacles in the previous two years, ranging from labor shortages to a computer chip crisis.
Despite these obstacles, the technology sector continues to expand and adapt to new demands.
With a focus on tackling today’s most pressing problems and a seemingly limitless amount of wealth accessible to those who succeed, the tech industry is unlikely to slow pace anytime soon.
Instead, the technology developments we’ve discussed above are poised to shape our future.
