Top 5 Technology Trends in 2023
Technology is evolving and leaving everyone amazed. Every year, we witness fascinating technology trends. There is no end to it, and it shows no signs of slowing down. With every passing day, there are new breakthroughs, discoveries, and inventions that are changing the way we live, work, and think.
Technology is still one of the main drivers of global change and makes our lives easier. As new technologies emerge, they assist businesses in lowering costs, improving customer experiences, and boosting profitability.
Let’s dig in to find the top 5 technology trends in 2023.
1. Internet of Things (IoT)
Let’s define IoT first before we move on. IoT, or the Internet of Things, is a revolutionary technology that enables people to link common objects with sensors and actuators that talk to computing systems over wired or wireless networks. furthermore, in the digital realm, it enables users to keep an eye on and even manipulate physical objects.
However, now we have billions of devices connected to the internet because of the inexpensive development of development chips. IoT has been spreading so fast all around the world that now even your pills can fall under the category of IoT. There are also some smart pills that you can digest, and the doctor can monitor your insides.
Although IoT is not a new technology, it was introduced in the 1990s, when it was less successful than it is now due to the size of the chips, which were big and bulky. But thanks to miniaturization and wireless communication advancements, developers have introduced smaller and sufficient sensors.
As we are at the beginning of this stage, some experts suggest that by 2030, there will be 50 billion of these IoT devices being used all around the world. It has been anticipated that in 2023, worldwide spending on IoT will total 1.1 trillion dollars.
Blockchain is an innovative, top-notch, and revolutionary technology. It helps the system record data and makes hacking or changing it impossible. A blockchain is a network of computer systems that duplicates and distributes a digital ledger of transactions across the entire network.
The fundamental purpose of blockchain is to make it easy to distribute and document digital information without altering it. Blockchain was invented by a person or people called Satoshi Nakamoto in 2008. Bitcoin was also created by Satoshi Nakamoto in 2009 however, it is not yet clear if Satoshi Nakamoto is a person or a whole group.
Furthermore, blockchain is spreading all over the world, and people are acknowledging it. Despite the massive collapse of the cryptocurrency market in 2022, blockchain investments are still multiplying. This demonstrates how strongly individuals feel about blockchain. Even at this time, the cryptocurrency market is down by 38%, which wipes out around $630 billion in wealth.
Based on information from the International Data Corporation (IDC), the following is a breakdown of annual global investment in blockchain technology:
- 2016: $100 million
- 2017: $700 million
- 2018: $1.5 billion
- 2019: $2.7 billion
- 2020: $4.3 billion
- 2021: $6.6 billion
- 2022: $8.6 billion
- 2023: $15.9 billion (projected)
This is how spending on the blockchain has been increasing rapidly, with a compound annual growth rate (CAGR) of 54.7% from 2016 to 2023. More growth is expected in the coming years as more businesses and industries adopt blockchain technology.
3. Virtual Reality (VR) and Augmented Reality (AR)
Imagine going back in time like a century ago and trying to explain the incredible concept of virtual reality and augmented reality to someone. It would have seemed like pure science fiction and irony. Yet here we are, living in a world where augmented reality apps and virtual reality headsets are a regular part of our lives.
Without further ado, let’s understand what virtual reality and augmented reality are. VR is a virtual reality that creates a fully immersive digital world and the real world together. VR simulates a different realm and transports users there. To experience virtual reality, the user requires the headset to access it.
Meanwhile, AR stands for augmented reality. The term “augmented reality” (AR) refers to a technology that overlays computer-generated items or information in a real-world environment. Which enables users to interact with both the virtual items or information and the real world simultaneously.
However, people frequently confuse virtual reality with augmented reality, but their primary difference is computer-generated simulation. It indicates a graphic representation of reality or a fictional universe.
The concept of virtual reality (VR) and augmented reality (AR) has been around for several decades. The concept was introduced by computer scientist Ivan Sutherland in the 1960s.
Let’s understand AR/VR graph. The following data was obtained from Statista:
- In 2023 the revenue of AR/VR is projected to reach US$31.12bn.
- Market volume is anticipated to reach US$52.05 billion by 2027, with revenue predicted to expand at a 13.72% CAGR from 2023 to 2027.
- The market’s largest sector, AR Software, is expected to generate US$11.58 billion in revenue in 2023.
- The revenue figures here exclusively include B2C revenues.
4. Quantum Computing
Quantum computing is an extraordinarily fast and helpful technology that played an important role in COVID-19 by creating vaccines. It also plays an important role in finance, logistics, and many other areas. Quantum computing employs subatomic particles to generate new methods of processing and storing information. It is a trillion times faster than the fastest standard processors on the market.
In the early 1980s, the quantum computing concept was introduced by Richard Feynman and Yuri Manin. Richard Feynman was an American physicist. He was well-known and respected for his work on the path integral formulation of quantum mechanics. Yuri Manin was a Russian mathematician well-known for algebraic geometry and diophantine geometry.
Since 2001, global spending on quantum technologies has been around US$31 billion. It is estimated to be upward of $90 billion annually by 2040. According to a report by Allied Market Research, global quantum computing was valued at US$507.1 million in 2019.
5. 3D Printing
We have come a long way with technology. From the old days of printing to 3D printing, technology has never disappointed us in any way. Let’s understand 3D printing in simple words. 3D printing, also known as additive manufacturing, is used to transform digital things into solid, three-dimensional objects by adding material layers until the object is completed. 3D printing uses various materials, including thermoplastics such as acrylonitrile butadiene styrene (ABS), metals (including powders), resins, and ceramics.
3D printing was introduced in the 1980s by Charles Hull. He is the co-founder, executive vice president, and chief technology officer of 3D Systems. Charles Hull developed the first stereolithography apparatus (SLA) in 1983. Hull’s SLA used a laser to cure a photo-reactive resin, layer by layer building a real 3D object. This was the original 3D printing innovation. Since then, 3D printing has been evolving, with new applications and techniques in a wide range of industries, such as automotive, aerospace, health care, and consumer products.
Since the 1980s, global spending on 3D printing has been growing rapidly. According to the International Data Corporation (IDC), 3D printing reached around US$13.8 billion in 2019. The IDC projects that between 2018 and 2022, global spending on 3D printing will increase at a compound annual growth rate (CAGR) of 18.4%, hitting $23.0 billion. It is predicted to grow to US$83.90 billion by 2029, at a CAGR of 24.3% in the forecast period of 2022-2029.
Final Thoughts on Top 5 Technology Trends in 2023
As we look ahead to 2023, it’s clear that technology will continue to shape and transform our world. From artificial intelligence and virtual reality to blockchain, 3D printing, quantum computing, and the Internet of Things (IoT), the top technology trends of the next few years will have a profound impact on how we live, work, and interact with each other. As businesses and individuals adapt to these changes, we can expect to see new opportunities and challenges emerge. But one thing is certain: technology will remain a driving force for innovation and progress, helping us to create a better future for ourselves and for generations to come.