Written by: Aleksandr Iurev, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
Since the dawn of civilization at the end of the Ice Age and up until the mid 19th century, technological change was measured in centuries. At first, most innovation was related to farming, hunting and warfare. Then, much later on, about 7,000 years ago, civil engineering appeared, as people began to build cities, erecting houses, palaces, defensive fortifications, and temples for religious purposes.
That’s how technology incrementally developed for 12,000 years, until 1821 when Michael Faraday invented the electric motor. That invention changed everything. The world has never been the same since. Thanks to Faraday, mankind has access to a vast supply of energy that is (relatively) easily generated. And that source of enormous energy literally powers our civilization and has made possible 200 years of rapid industrialization and technological progress.
Today, it seems that nearly every passing day brings news of technological breakthroughs. Technology evolves at a rapid pace, enabling faster change and progress, which in turn accelerates the rate of change. This year will be no different. Artificial intelligence will be the most powerful force for change in 2023, especially as it fosters natural language processing and machine learning advancement. But I am getting ahead of myself. Here’s my list: 7 Technology Trends to Watch in 2023.
1. Artificial Intelligence (AI)
Global spending on cognitive and AI systems will reach over $57 billion in 2023; and by 2025, AI will grow to a $190 billion industry. AI will impact how we live, work and even relax. Already having proven its superiority in image and speech recognition, navigation apps, smartphone personal assistants, etc, AI will also be used to analyze data among interactions to determine connections and insights, and to predict demand for services that help officials to make better decisions. Also, AI can detect the changing patterns of customer behaviour by analyzing data in near real-time, enhancing personalized experiences.
2. Clean Energy
UN officials have called for a tripling of renewable energy generation by 2030, and the world’s leading nations have pledged to pour hundreds of billions of dollars into developing clean energy technologies. Power plants will be run by wind, solar and green hydrogen that don’t release greenhouse gases. The goal is to electrify the world with environmentally friendly power generating tech. Every sector of the economy and every company will be impacted and will have to change. Many have already pledged to do so. For example, SoftBank, the Japanese tech and energy investment company, will switch to virtually 100% renewable energy use for its business activities and electricity consumption by 2030; while at the same time achieving carbon neutrality through energy-saving initiatives that utilize cutting-edge technologies such as AI and the Internet of Things (IoT).
3. Data is King
From our smartphones, industrial machines, and office applications to AI-powered appliances, data is now king. Datafication is the explanation and analysis of almost all human activity with the help of data-driven technology supplied by our devices and software, which in turn are powered by data. One of the main challenges that executives will face in 2023 is deciding how to leverage this vast amount of data to gain an advantage over the competition. For example, the ‘cloud wars’ have given way to the ‘data wars.’ Companies must go beyond technology and address the structural, cultural, and people-based aspects of data management, embracing disciplines such as ‘data mesh’ and DataOps.
4. Edge Computing
Cloud computing is no longer cutting edge. Why? Because the “Edge” is cutting edge. Edge Computing can process time-sensitive data in remote locations with limited or no connectivity to a centralized location. It can solve problems by bypassing the obstacles and challenges faced by cloud computing and getting data to a data center for processing. Imagine this: Edge Computing powered by mini data centers, existing “on the edge,” closer to where computing needs to happen. As the Internet of Things penetrates all aspects of our lives, Edge Computing will be more prevalent. By the end of 2023, the global Edge Computing market will reach $7 billion.
5. Genomics
Genomics is a technology that utilizes the make-up of genes, DNA, their mapping, structure, etc. This technology will study your DNA and help create bespoke health solutions. Genomic analysis solutions leverage AI to accelerate the identification of specific genes responsible for certain traits and diseases. AI processes massive genomic datasets to decipher hidden trends and patterns, speeding up data analysis. It can help quantify your genes to find diseases or any problems that might impact your health, leading to new medical discoveries and treatments. The latest research and advances in genomics give researchers and companies the power to leverage novel gene analysis, sequencing, and editing technologies.
6. Internet of Things (IoT)
Many modern devices and appliances are now built with WiFi connectivity – the gadgets that we use every day, as well as home appliances and cars. For example, we can lock our doors remotely if we forget and we can track our health and fitness. This connectivity is called the Internet of Things (IoT), and it can enable better safety, efficiency and decision-making for businesses as data is collected and analyzed. By 2030, worldwide there’ll be about 50 billion IoT devices in use. Global spending on IoT is expected to reach $1.1 trillion in 2023.
7. Quantum Computing
Quantum computers are now many times faster than regular computers. Leading brands such as Splunk, Microsoft, AWS, Google and many others are now involved in innovations in the field of quantum computing (QC). This technology takes advantage of quantum phenomena like superposition and quantum entanglement. Revenue for the global QC market will surpass $2.5 billion by 2029. For example, thanks to its ability to easily monitor, analyze and act on data, regardless of the source, QC can help develop new vaccines. Banking and finance are other fields where QC has applications. For example, it can manage credit risk for high-frequency trading and fraud detection.
Aleksandr Iurev, Executive Contributor Brainz Magazine
Aleksandr Iurev is a serial entrepreneur, with many years of experience in launching startups. His most recent is Pocketfied, which will radically disrupt the mobile app development industry with its highly innovative technology and service. Overall, Mr. Iurev has 20 years of experience in the IT sector, as well as in DevOps, and Information Security. He cut his teeth in Tech working in IT security for the largest banks in Russia, as well as for top IT companies. That experience protecting clients from hacker attacks is one reason why he attaches top priority to building secure systems so that users can be certain they're protected.
