Top 10 Technology Trends of 2023
2023 was a banner year for technology. There were significant advances in certain technology areas that will benefit the world both today and carry us into the future. From increases in electric vehicle manufacturing to advances in artificial intelligence technologies, governments and organizations seem to have made a few technological bets for the future.
1. Cybersecurity
As a managed service provider, I see firsthand the many cybersecurity challenges organizations face today. From phishing attempts that lead to identity theft and data loss to ransomware attacks that lead to inaccessible data and large ransom payments. Advancements in artificial intelligence technologies are poised to help cyber defenders protect their networks.
2. Autonomous Systems & Cars
Studies in autonomous driving report that technology has the potential to prevent approximately 250,000 traffic fatalities over the next three decades. In 2023, seeing robotaxis roaming the streets became a normal sight for citizens in US cities such as Austin, Las Vegas and San Francisco, as BBC reports. Investments in autonomous driving vehicles will continue in 2024 and the coming years.
3. Robotic and Automation
In the first quarter of 2023, compared to the same quarter in 2022, North American companies increased their adoption of robotics by 24%. While initial investments in robotics and automation can be sizeable, the long-term cost savings often pale in comparison. This is because robots can perform tasks that often times require multiple human workers, effectively reducing labor costs and improving overall cost-effectiveness. For these reasons, I foresee businesses continuing to invest in robotics and automation in 2024 and the coming years.
4. Green Technology developments
There are several green technology innovations that are getting societal investments including solar desalination, green architecture, vertical farming and hydroponics, wind power, electric vehicles, plant-based packaging, carbon capture and storage technology, nuclear energy and fuel cells. These areas made significant growth in 2023 and investments in them are expected to continue and increase in 2024 and the future.
5. Quantum computing
In 2023 there were a few advances in Quantum computing and super computers including, fault tolerant computing, quantum vulnerability scanning and risk assessment capabilities, and increased policy discussions around quantum computing strategies.
6. 3D Printing
In 2023 the 3D printing market reached a significant milestone. It reached 18.8 billion dollars in revenue. This segment is predicted to reach 119 billion dollars by the end of 2032. The ability for businesses to develop small parts that serve many uses has been absolutely amazing. I am excited to see what the future holds for 3D printing.
7. The Metaverse
The Metaverse is a virtual world where billions of people will one day live, work, shop, learn and interact with each other — all from the comfort of their couches in the physical world. In this world, the computer screens we use today will connect to a worldwide web of information that are portals to a 3D virtual realm that’s palpable — like real life, only bigger and better. The Metaverse doesn’t really exist today, but my thoughts are investments in its development will continue in 2024 and the coming years.
8. AI Everywhere
2023 was an awesome year for advancements in artificial intelligence (AI). There is, however, an emerging relationship between AI and employment evidenced by growing automation and shifts in job market dynamics. The use of AI in automating routine tasks across industries led to efficiency gains, but also added concerns about job displacement, particularly in roles involving repetitive tasks. There are a few competitors evolving in the market but leaning more towards the open-source side. Simultaneously, 2023 saw the emergence of advanced generative AI models that revolutionized natural language processing and creative content generation. To say there will be significant future investments would be an understatement.
9. Genetic Engineering
From the discovery of new medical treatment therapies to the optimization of agricultural production, biotechnology is paving the way toward a future where personalized medicine and food insecurity are avoidable. In short, the coming years promise an era in which biotechnology will be a key piece in creating a healthier, more equitable world, with the potential to make the world a better place for future generations.
10. Sustainable Technology
Sustainable technologies like solar, wind and electric vehicles continue to expand in our society. Their adoption by individuals and businesses requires significant investments, some of which appear to be on track by governments and municipalities across the globe. These technologies represent our options for a sustainable planet and humanities continued existence.
There is much to look forward to on the technology front in the coming years. Entrepreneurs should take note of these areas of growth and ensure to position themselves and their businesses to be a part of the different markets supported by these technologies.
