The technology landscape is growing at an incredible pace, particularly since the pandemic. According to McKinsey, digital transformation and the adoption of new technologies Accelerated by Around 7 years in 2020 alone, with the rapid rise of ecommerce serving as a key catalyst.
Today we’re still seeing this rapid movement into a new age with the rise of countless innovative concepts. From artificial intelligence to the internet of things, everywhere you look, new innovations are emerging to change the way we live, shop and work.
Today, we’re going to look at just a few of the biggest trends making waves in 2023, and why these Fastest Growing Technologies are so important.
1. Robotic Process Automation (RPA)
The rise of RPA applications and tools has led to a lot of controversy in recent years. While some professionals are concerned automation will mean fewer jobs for human beings, others believe RPA solutions could be the key to making teams more efficient.
Designed to minimize the number of repetitive tasks human workers need to complete each day, RPA could have a significant impact on the way we work in the years to come. Although Forrester Research suggests RPA will threaten the jobs of around 230 Million Knowledge Workers, this technology could also create new jobs, and improve existing ones.
Professionals in the backend business environment may be able to focus more of their time and effort on creative tasks which demand human intuition with access to RPA.
2. Edge Computing
Now Cloud Computing Has Become Mainstream, with countless organizations transitioning their business operations, communications, and data management strategies into the cloud, it’s paved the way for a new form of disruptive computing.
Edge computing is the technology designed to help solve some of the common problems companies face when dealing with huge quantities of data on a daily basis. With edge computing, companies can bypass the latency issues caused by certain kinds of cloud computer processing. Essentially, with edge computing, companies can process time-sensitive data in remote locations, essentially creating their own miniature data centers.
Edge computing is also an important tool in the rising IoT (internet of things) landscape, as it allows companies to access data from connected devices more rapidly.
Decentralization is giving birth to some of the fastest growing technologies in the modern landscape, from the rise of Web3 to the increasing demand for blockchain and cryptocurrency. Increasingly, we’re shifting towards a new age of internet connectivity, created to give the individual user more control over their digital experiences.
Several industries are now involved in implementing blockchain, either to manage the transfer of documents, improve business security, or to handle various financial transactions. Notably, blockchain isn’t just a tool for processing cryptocurrencies like Bitcoin, it’s also the decentralized environment which is likely to power a host of future online experiences.
Companies discussing concepts like the “Metaverse” will be investing heavily in blockchain going forward, to help create decentralized digital economies and communities. Blockchain is even responsible for the rapidly-evolving NFT marketplace.
4. Extended Reality
Speaking of the rise of the metaverse, extended reality (XR) is yet another example of a rapidly-evolving technology in the current landscape. Extended reality is the term used to refer to all kinds of virtual, augmented, and mixed reality experiences being created by leading tech brands today.
Virtual reality is the technology responsible for immersing people in new digital landscapes with the use of a headset and a set of controllers. Augmented reality and mixed reality, on the other hand, combine the physical worlds with aspects of the digital world. In 2021, the market for these three technologies reached a value of $28 billion.
By the Time We Reach 2028, current estimates predict the market for extended reality will be worth more than $340 billion – about ten times its current value. Already, we’re beginning to see examples of this technology all over the web, from AR ecommerce apps to VR events.
5. Artificial Intelligence
While AI might not be a new trend in the technology landscape, it’s continuing to grow at an incredible pace in 2023. By 2029, the marketplace for AI technology is set to reach A Value of $1.4 Trillion, and companies everywhere are constantly finding new ways to leverage intelligence.
AI in the ecommerce and retail world can help companies to understand customer behaviors and deliver more relevant experiences to their target audience. AI systems can even make suggestions to customers on what they might want to buy when they arrive on a website, based entirely on their browsing history, knowledge of customer trends and Their Purchase Journeys.
In the financial landscape, AI is helping to track spending habits, and deliver insights to some of the leading companies in the world, including buy-now-pay-later providers.
The Evolving Technology Landscape
Technology is everywhere, becoming more immersive and impressive by the day. The question for most companies is which technology trends are most worth taking advantage of? As we continue to accelerate into the new age of digital transformation, there’s no doubt we’ll continue to see companies leveraging the latest tech innovations in new and exciting ways.