The pandemic served as a wake-up call for many enterprises. It forced businesses to think outside the box and literally move their offices outside of their building. This spurred creativity, virtual collaboration, and sustainability. Organizations have had to irreversibly changed their business models to accommodate a business force that doesn’t want to leave their home.
Innovations that were once only found in science fiction are now being used every day. Here is a list of the top 7 technology trends to watch out for in the next decade that will help firms develop and push the frontier.
Here are the top five technology trends that will reshape the future.
1. AI & ML (Artificial Intelligence & Machine Learning)
In the past few years, artificial intelligence has received a lot of buzz. The superiority of artificial intelligence is already well know in areas such as image and speech recognition, for navigation apps, personal assistants in smartphones, and ride-sharing applications.
While the internet is the base of information sharing, artificial intelligence (AI) is the foundation of many new technologies. It makes optimal decisions and gadgets use artificial intelligence to monitor, collect, interpret, and make decisions faster than most humans. AI and Machine Learning enable proactive security solutions by automating the decision-making processes and making sense of incomplete or modified data.
2. Quantum Computing
Almost every aspect of our lives will be affected by Quantum Computing, it uses subatomic particles to process and store information. It can help stop the spread of diseases, develop new medicines, or even detect fraud in the financial sector.
Due to quantum computing’s speed, many large companies are heavily investing in this field; including Microsoft, Amazon, and Google. Additionally, several countries are also investing in quantum computing technology in 2023, including the United States, the United Kingdom, China, and Russia. It’s important because a trillion times faster computers are expected to be made possible with quantum computing.
3. Blockchain
A new star in the business world, blockchain, is a technology-based online record that will reshape the future. Blockchain differs from the traditional method of keeping records, which are centralized. Instead, it is distributed throughout the system nodes. Because of this architecture, it is more difficult to lose or update records.
Blockchain is revolutionizing businesses that need to retain highly confidential records. Hospitals may soon employ blockchain to share and secure patient records. It is also being developed to manage logistics for worldwide supply networks and even to provide a secure online voting system.
With blockchain, no single entity or person controls the ledger. By using blockchain-based smart contracts, lenders can automate actions such as margin calls, collateral releases, or even locking cars (using IoT) when car payments aren’t made on time faster. It’s less expensive and easier to manage then traditional methods. With blockchains, voting can be done securely via a smartphone and only those who are eligible can vote once.
4. Metaverse
Metaverse is a virtual world that is created and maintained by a distributed network of computers. It is a 3D virtual environment that is built on blockchain technology and is designed to be a platform for digital assets, digital identities, and smart contracts. It is a decentralized platform that allows users to create, own, and trade digital assets, as well as interact with each other in a secure and trustless manner.
By the middle of this decade a total of $800 billion is predicted to be spent on the metaverse and $2.5 trillion by 2030.
Businesses will be able to streamline processes, reduce costs, and increase efficiency. It allows businesses to automate mundane tasks, freeing up employees to focus on more important tasks. Additionally, businesses will be able to leverage data and analytics to gain insights into customer behavior and preferences, making them able to better target their marketing efforts and improve customer service.
Many brands have recognized the potential for business value in the metaverse, including Disney, Hyundai, Gucci, Samsung, Adidas, and Nike. Metaverse is just around the corner, do you think so?
5. Super Apps
Super apps are a collection of mobile apps that help you with all your daily activities in one super app. The Super Apps are designed to be a one-stop shop for users, providing them with a comprehensive suite of services in one convenient place. It’s the result of integrating an application within a platform and a digital ecosystem. Each instrument serves the same purpose and may be used as needed by the user.
Using the same platform, super apps provide a wide variety of services and can create engaging, individualized, and far-reaching user experiences. They allow for workflow, collaboration, and messaging platforms to be integrated between desktops and mobile app devices seamlessly.
In the future, they will support chatbots, IoT-enabled technologies, and immersive experiences such as metaverses. A unified ecosystem with transactional capabilities and last-mile delivery replaces a slew of watery apps.
6. Cloud Computing
Cloud computing is a type of computing that relies on shared computing resources rather than having local servers or personal devices to handle applications. It is a model for enabling ubiquitous, on-demand access to a shared pool of configurable computing resources (e.g., networks, servers, storage, applications, and services) that can be rapidly provisioned and released with minimal management effort or service provider interaction.
Both corporations and individuals utilize cloud technology daily. As a result, a significant number of new employment opportunities are being created, with a range of job types being offered.
As cloud computing companies in India continue to prosper in 2023, other cloud services like data deployment and transfer will also be very lucrative. In response to the growing demand for data security and quick access, many businesses, including traditionally conservative sectors, are shifting to cloud computing.
For instance, global organizations have looked at AWS consulting services or Azure consulting services as one of the top priorities in their IT spending budget for 2022. With all the data pointing towards a greater adoption in the coming years, it only makes sense for your organization to look at engaging similar services from an established market leader who can lead you through the various nuances of this vast sector.
7. Data Engineering
Data Engineering is the process of designing, building, maintaining, and scaling the infrastructure to store, process, and analyze large volumes of data. It involves creating pipelines to extract, transform, and load data into databases, data warehouses, and other data storage systems, as well as developing algorithms, models, and tools for data processing and analysis.
Data Engineering plays a crucial role in enabling organizations to turn data into valuable insights that drive decision-making and business growth. By efficiently processing and analyzing large amounts of data from various sources, companies can gain a competitive advantage through data-driven insights, improved customer experiences, and optimized business processes. It also enables businesses to build advanced analytics solutions, such as predictive modeling, machine learning, and big data processing, which can drive innovation and transform industries. According to Statista, the value of the worldwide big data market is anticipated to be over USD 103 by 2027.
For more than a few years, we have provided data engineering excellence and have worked with a diverse range of clients and data. Our engineers are skilled in cutting-edge technologies and constantly expand their skill set through training and development. Let us help your company discover the full value of its data if you need skilled data engineering services.
When it comes to keeping up with technological trends, how do you do it?
Keeping up with technology trends in 2023 can be challenging, which is why all companies IT strategy should include a long-term technology plan. In addition to current and future demands, you should consider how technology can contribute to your growth. It’s crucial to stay up to date on the most recent developments.
The next decade is likely to see a continued integration of technology into businesses, transforming the way they operate and interact with customers. These trends will lead to a more connected, data-driven, and automated business landscape, shaping the future of work and commerce. Companies that embrace these technologies will be well-positioned for success in the coming decade and beyond.
These top 5 trends are likely to continue despite the rapid advancement and development of technology. If you are a business of large or small size, the best mobile app development company in Chennai can help you select a digital solution that meets your needs.
Author Bio
Madhu Kesavan, is the Founder & CEO of W2S Solutions, a leading digital transformation & IT staff augmentation company in India. He is a visionary who has impacted the IT space with a range of immutable services, working with a diverse and expert team of software developers, analysts, and architects. He enjoys writing insightful articles covering contemporary technologies & trends, and driving the discussion on sustainable digital transformation.
