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Get ready to expand your vocabulary
Top tech business trends in 2023 include Web 3.0, the Metaverse, Artificial Intelligence, chatbots, superapps, cybersecurity, and manufacturing and supply chains.
An exhaustive list of the top tech business trends of 2023 is impossible to compile. Because the world’s technologies are multiplying at an astonishing rate, any list of top trends will therefore be incomplete.
But there are a few topics that affect nearly everyone and appear on every top trends list. Unsurprisingly, many top trends are taking place in the digital spectrum.
During ‘Web 2.0’ we were introduced to smartphones, mobile internet access, and social networks.
Now, ‘Web 3.0’ is an umbrella term used to describe a fundamental shift in how the internet serves us. Web 3.0 includes the core concepts of decentralization, openness, and greater user utility.
With Web 3.0, we’ll search for information based on its content, no matter where that content resides. It could be stored in multiple locations simultaneously. Internet giants like Meta and Google are no longer the sole source of searched data. So, the decentralization of data results in greater control for users, especially of our own personal data.
An example of Web 3.0 in use: We’d like to arrange a birthday party. Normally, we would look for a cake shop, decorator, restaurant, invites, and so on independently, which is time-consuming.
Web 3.0, on the other hand, will allow us to use a complicated search query such as “I want to host my birthday celebration on Sunday next week, book a chocolate truffle cake, and order meals from a high-end restaurant.”
Another top tech business trend is encompassed in the idea of the metaverse. It is immersive technology, including 3D environments and virtual reality (VR). We think of it as a ‘place’ where we can ‘go’, digitally.
Ultimately, digital facsimiles of us, or avatars, move freely from one experience to another, to work, play, relax or socialize.
The current version of the metaverse is shaping up as a multiverse: a multitude of metaverses with limited interoperability as companies jockey for position.
For example, we can go shopping and ‘try on’ virtual representations of clothes, jewelry, and accessories at one retailer. We might use virtual dressing rooms to dress up avatars of ourselves – as pioneered already by Hugo Boss.
However, as of now, we can’t go from there to the supermarket and order groceries in the same space.
Artificial Intelligence (AI) is simply the ability of machines to mimic the problem-solving and decision-making capabilities of the human mind.
We already use AI through navigation systems, language translation, facial recognition, assistants like Siri and Alexa, and more. While not new, AI is a top tech business trend because of its increasing power and ubiquity.
In the future, AI will use multimodal systems to reference text, images, and videos to analyze and output more sophisticated responses to more complex questions.
The New Chatbots
Chatbots are prevalent on top tech business trends lists. They are a form of AI where the machine takes over repetitive and simple tasks. These include answering customer service questions, generating computer code, and carrying on conversations. As “chatbot” suggests, they are first being rolled out in conversational formats like ChatGPT and Bing.
Next level Chatbot or digital assistants can answer multi-layered questions like, “How is the surf in western Mexico, and how much does it cost to fly there?”
Microsoft launched 365 Copilot, which integrates ChatGPT natural language prompts directly into Office apps like Word, PowerPoint, Outlook, and more.
Oracle CEO Mark Hurd predicts that in just three years, by 2025, 85% of customer interactions will be automated. Granted, those jobs may be lost, but he also predicts that 60% of IT jobs in 2025 haven’t even been invented yet, and new roles like “bot boss” will be critical to corporate success.
As information from multiple sources is integrated, the way we access it requires change. Here’s where superapps come in. Superapps consolidate services, features, and functions of multiple mobile apps into a single app — such as financial services.
Additionally, a superapp has a set of core features plus access to multiple independently – created miniapps.
Gartner predicts that more than 50% of the global population will be daily active users of multiple superapps by 2027. Gartner likens superapps to swiss army knives, with many tools that serve multiple purposes, but ultimately all creating an overall better, more tailored user experience.
Superapps are used to enhance mobile experiences to meet user needs better. Likewise, corporations are also leveraging superapps to improve employee experience, creating designated work hubs for remote workers, rather than forcing employees to use multiple disparate apps.
Both consumers and businesses face a growing number of security risks, as criminals use new AI tools to target them.
Undoubtedly, small businesses, organizations, and healthcare institutions that cannot afford significant investments in defensive emerging cybersecurity tech are the most vulnerable.
According to data from the Deloitte Center for Controllership poll:
- 34.5% of executives polled report that their organizations’ accounting and financial data were targeted by cyber adversaries.
- 22% of those experienced at least one such cyber event and 12.5% experienced more than one.
- 48.8% of the executives expect the number and size of cyber events targeting their organizations’ accounting and financial data to increase in the year ahead.
Consequently, a top tech business trend is ‘Cybersecurity mesh architecture’. In the mesh architecture, multiple checkpoints work together to secure information within the network.
Gartner predicts that by 2024, organizations adopting cybersecurity mesh architecture will reduce the financial impact of security incidents by an average of 90%.
Because of this, global spending on security and risk management should grow to 11.3% in 2023.
Manufacturing and Supply Chains
The pandemic exposed the inadequacies of the world’s manufacturing and supply chain models. Volatile commodities pricing and broken supply chains caused shortages and elevated logistical costs. Because of this, many countries and companies are trying to build smarter and more resilient processes.
To this end, employing AI for automation in industry, manufacturing, and supply chains is critical. For instance, IBM Research reported that the use of A.I. in commercial manufacturing will increase 40% – 80% within three years.
Experts predict we will see a growing number of A.I. and robotics applications in 2023, as industrial processes become more automated. AI can predict potential supply chain failures, plan maintenance, forecast demand, and reduce waste.
The views expressed in this article are not personal advice. You should contact a qualified, and ideally regulated, adviser to obtain up-to-date personal advice regarding your own personal circumstances. If you do not, then you are acting under your own authority and deemed “execution only”. The author does not accept any liability for people acting without personalised advice, who base a decision on views expressed in this generic article. This article reflects the legislation current at the time of writing. New legislation is rarely added to existing articles. Please check for later articles or changes in legislation on official government websites.
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