You have heard about various trends dominating the industry ranging from AR/VR and AI/ML to an increasing surge of 5G. Adopting these top 10 technology trends help businesses to attain a competitive advantage and shape technological trajectory.
Not only is technology making our life easy, but it is helping businesses to reduce their costs, enhance customer experience and drive in more revenue.
This blog will explore the top 10 technology trends your business should leverage in 2023. Not only that, but we are also here to share the top 4 technology trends that will skyrocket your business growth in 2024.
Table of Contents
Top 10 Technology Trends In 2023
1. Artificial Intelligence
If you are a technology person, you must be clear that the popularity of AI is not going to shade anymore. AI is the latest technological trend that always stays at the top of tech trends.
AI machines can learn and perform human-related tasks effectively and efficiently.
Various industries, such as healthcare, manufacturing, finance, etc., are leveraging the power of AI and automation.
AI technology is disrupting the world; it’s not just technology that global companies use. Every industry leverages this technology to smoothen their business operations and simplify customers’ lives.
AI is everywhere, from chatbots we interact with to using voice assistants to living in smart homes.
When labor shortage becomes a major concern for manufacturing enterprises, technologies such as robotics, AI, and automation are there to smoothen manufacturing operations.
So, AI technology acts as a powerful weapon for individuals and businesses as organizations implement AI-powered chatbots in their business processes and provide personalized responses to their customers.
Also, human and AI collaboration is the future in 2023, where humans will work side by side with AI ranging from automated testing, generating code to performing mundane tasks.
2. Voice Search
One study found that 71% of consumers prefer doing voice searches rather than manually browsing online. When it comes to voice search technology, consumers are going crazy, all thanks to voice assistants such as Siri for Apple and Google Assistant for Android.
Voice search is becoming a more dominant technology trend in 2023, helping users perform basic tasks such as playing music, setting reminders, checking the weather, or asking Siri to find the best restaurant.
Using voice search is not where the user converses with a mobile phone. It’s more than that.
Businesses must recognize the importance of voice search in today’s era. This emerging technology now comes with a speech recognition capability that understands the user’s intent and delivers responses tailored to individual needs.
In the future, Consumers will use voice recognition technology to make payment transactions. So, you no longer need to search for your credit card when shopping from your smartphone or computer as voice will become the preferred source for purchasing.
3. Internet of Things (IoT)
The Internet of Things, aka Internet of Everything, basically means the interconnectivity of physical devices that can send and receive data using the Internet. IoT is a blessing for today’s consumers as they can lock their doors remotely, switch on their AC on the way home, etc.
The number of IOT devices will increase to 29 billion by 2030. IoT devices are everywhere, from household goods to industrial tools businesses use.
Additionally, IoT development technology is transforming the landscape by introducing the concept of smart cities, which uses data-driven technologies to improve resident facilities.
IoT technology facilitates better safety, efficiency, and decision-making for businesses as the information is already collected and analyzed through the Internet.
4. 5G technology
It is one of the top 10 technology trends with the advent of fast internet connection. 5G, the 5th generation of technology, brought a massive difference to the world by facilitating speedier internet and better connectivity.
3G and 4G technology enable users to mindlessly browse the Internet, watch series on Netflix, or listen to favorite songs on Spotify. With 5G, everything changed.
Businesses can get plenty of benefits by leveraging 5G technology, including:
5G offers greater speed for users to download the app
It facilitates faster file transfer
It provides a great user experience
5G offers better virtual interactions by integrating AR and VR technology
Do you know? While 4G technology takes around 26 hrs. for a movie to download, 5G technology takes 3.6 seconds.
Moreover, various telecom companies are working on creating 5G applications, including Apple, Nokia, Qualcomm, Verizon, T-Mobile, etc.
With the advancement of technologies, increase in remote work, AI, etc.; cyber threats are becoming a significant concern for enterprises nowadays. As the number of hackers is growing, it becomes imperative for companies to protect their data and system from cyber-attacks.
Cybersecurity trends will always stay in fashion if hackers continue to be there. As hackers are always there to access data illegally, there comes the need for an organization to implement rigid frameworks and comply with regulations and standards.
If an organization fails to implement cyber security measures, then it could break the trust of customers as well as create a negative financial impact on the company.
6. Big Data
The data that is becoming large in volume, complex, and impossible to process is called big data. It is next to impossible for traditional software to process huge chunks of data.
An increasing number of interactions between computers and machines accounts for accumulating vast data.
So, Organizations use massive chunks of data, convert them into meaningful information and make data-backed business decisions. The art of doing this is popularly known as big data analytics.
Big data provides 2-fold benefits to business-
Companies can make faster and better decisions by analyzing large quantities of data
Big data analytics leads to cost reduction as companies can save their costs in storing and analyzing data
7. AR and VR
It is Another one in the top 10 technology trends that is increasingly becoming popular in 2023 is AR/VR. AR is an altogether enhancement of the virtual world over the physical environment. While virtual reality is about immersing yourself in the virtual environment, the real world is hidden.
In fact, in 2019, around 19 million AR/VR gadgets were sold.
From Pokémon Go to winning the hearts of millions of consumers, various industries such as healthcare, education, and retail have been using AR/VR to provide users with a whole new range of experiences.
AR/VR development technologies have now become a part of our life, and that’s why many businesses are leveraging them to provide immersive experiences to the user.
AR is revolutionizing the world by coming with AR avatars, expanding the scope of Web AR, and allowing users to experience the AR world without downloading mobile apps.
8. Edge Computing
Edge computing will become a mainstream technology in 2023. In Edge computing, computation takes place at the physical location of the user, which in turn leads to faster data processing, saves bandwidth, and provides better response time.
Millions of data points collect user information from social media, websites, email, etc. So, as the data becomes voluminous, cloud computing technology isn’t helpful.
With the growing popularity of IoT devices, the demand for edge computing will increase significantly in the upcoming years. Also, various industries such as healthcare, education, and manufacturing use edge computing technology to process data faster and more efficiently.
Edge computing technology is the next-generation technology helping businesses and is suitable for your business if your business has multiple locations or if you want to reduce the latency for customers.
Chatbot is one of the latest technologies that is helping millions of businesses to serve their customers. It is a software or computer program that provides human-like responses to the user.
Today, chatbots are becoming more advanced as these technologies use AI and NLP to understand human queries, provide personalized recommendations to the user, etc.
Now, chatbots are becoming more conversational these days. One research study found that businesses that employ conversational chatbots reduce customer costs by 30%.
Businesses get various benefits by integrating chatbots on the website and other messaging platforms-
Chatbots help businesses in generating leads
They provide 24*7 customer support and answers FAQ, provide product recommendations, help customers with order tracking, etc.
Help businesses to make their customer journey as smooth as possible
It reduces the cart abandonment rate by communicating everything with the buyer until the last stage
When it comes to blockchain, people start relating it with cryptocurrencies. Blockchain technology is simply a way of recording data and transactions. Blockchain is considered a secure technology as no individual or organization can control data.
In the case of blockchain, there is no centralized authority because it is operated by the people who use it. Companies, including IBM and Samsung, use blockchain technology to have a decentralized network.
The advantages of blockchain technology are numerous such as – helping organizations by saving money, automating time-consuming processes, creating smart contracts, and improving customer engagement.
Here are some upcoming technology trends in 2024-2025-
1. Web 3
According to Coinbase, Crypto is the decentralization of finance. Similarly, web3 is the decentralization of big tech.
Web 3 facilitates decentralization, giving power to individuals rather than corporations. It is a new version of the Internet that is both open source and transparent, giving users complete control over data.
In Web 3.0, data storage does not remain in a single database; Web 3.0 is a decentralized server where interactions between users and devices are possible without a central authority.
Unlike Web 2.0, Web 3.0 gives power to creators and influencers to have control over their content which is shared and monetized.
2. Driverless Technology
Another big technology trend that will dominate the world in 2024 is driverless technology or self-driving cars. Self-driving cars are there to change the way people live their life.
As technology is getting more advanced, cars are becoming more intelligent. Self-driving cars, popularly known as autonomous vehicles, are gaining momentum worldwide. Driverless technology executes tasks using complex algorithms, actuators, sensors, and machine learning.
Self-driving cars have inbuilt Sensors that detect the path and finally send instructions to the car actuators for braking, acceleration, and staring.
3. Robotic Automation
It becomes challenging for small and medium-sized businesses to employ complex robots as they are outside their scope of budget. Now, the introduction of Cobots is changing the way to help businesses to stand out from the crowd.
Research studies from Grand View suggest that the global robotic automation market is expected to grow at a CAGR of 39.3% from 2023-2030.
Robotic automation technology is used across multiple industries, such as BFSI, healthcare, customer support, retail, invoice processing, etc.
For Instance – A call center with a huge volume of requests can use Robotic process automation to manage everything from changing details across multiple systems to processing returns requests.
4. Smell O Vision Technology
This technology is mostly used in the healthcare sector. This technology allows users to experience various types of smells using devices.
Smell O vision technology enables users to smell the fresh bread a chef makes or smell the ocean while watching the TV. As per research studies, Smell O Vision technology is entering the virtual world where users must wear tiny wearables underneath their noses or through a soft mask because the virtual world is completely odorless.
However, this technology is not compatible with extremely hot or cold environments.
Now, you get a fair idea about leveraging these technological trends in your business, which are there to completely change the way you interact with your customers, how you conduct your business processes, and create a better digital future.
If you need to make your business stand out, it’s time for you to change your business landscape by leveraging these top 10 technology trends in 2024.
Connect with our experts at BigOhTech and start your dream project with us today.