2022 was supposed to be the year of recovery from the impact of the pandemic. But thanks to the Russia-Ukraine crisis, global economic recovery is still underway.
Supply chain issues, company attrition, and cost pressures are still rampant across industries. And this has pushed companies to adopt digital solutions.
With the global economic crisis looming as we enter 2023, Chief information officers (CIOs) and technology leaders must continue to rely on innovative technology to solve business problems and pursue new growth opportunities. And for that, they must be abreast of the emerging trends in information technology.
In this blog, we list the future trends of emerging technology. Let’s get right into it.
7 Emerging Trends in Information Technology
1. Metaverse Initiatives will Continue to Grow
Facebook’s rebrand to Meta, a metaverse-first company in 2021, triggered interest in the metaverse. Hundreds of companies have since built a presence in the digital metaverse, offering their customers immersive buyer journeys. And over 500 companies are already building tools to expand the shared metaverse.
Organizations are also looking at the metaverse as a solution for virtual collaborations in 2023. According to an InfoTech research report, about 25% of companies are already conducting proof-of-concept experiments to determine its viability. And one in ten companies surveyed is considering widespread organizational adoption too.
2. Cloud Acceleration will Increase the Need for Orchestration
Over the past few years, we saw companies migrating from physical systems to cloud platforms, given the lower infrastructure and maintenance costs. They migrated individual systems to the cloud and used different cloud providers. This often caused lapses in cybersecurity and made integrations difficult. Therefore, cloud technologies have been one of the few emerging trends and challenges in information technology.
In 2023, companies can expect to correct courses and learn how to handle multi-cloud environments. More and more organizations will set up orchestration approaches. Through them, they will integrate automated tasks for different cloud structures. This will help companies avoid vendor lock-in, mitigate performance issues, boost cybersecurity, and minimize costs.
Additional Read: How Account-Based Marketing Helps Healthcare Industry?
3. Wide Spread Adoption of Web3
In 2023, more customers and companies will shift to Web3 platforms owing to data privacy concerns. The reason is simple. Web3 uses blockchain technology to distribute user data. Such data is accessible only through private keys, providing users optimal security.
As technology advances, companies and users will use Web3 for communication, transactions, business activities, and more. This means IT companies will have to shoulder additional responsibilities – upholding transparency, investing in data privacy and security, and becoming an active part of Web3 forums.
4. Acceleration of Digital Transformation
Fourth on this list of future trends of emerging technology is widespread digital transformation.
The pandemic catalyzed the shift to digital processes, but over two years later, many companies still use traditional manual systems. The reason? The technology isn’t available, or the shift isn’t worth the spending.
In 2023, however, we will see more developments in technologies like Artificial Intelligence (AI), Virtual Reality (VR), the Internet of Things (IoT), Augmented Reality (AR), and even 5G. As a result, the applications of these technologies will increase. Additionally, it will become more readily available. Moreover, many service providers will provide solutions to specific business problems that use a combination of the above technologies. This will drive adoption.
5. 5G will Simplify Business Processes
Another revolution in information technology in business is 5G. Developed for over ten years, it will bring a major upgrade in data transfer speeds.
With the faster transfer of information, thanks to 5G, businesses can perform internet-dependent tasks like virtual communication and file transfers quickly. They will also be able to leverage technologies that require consistent internet connectivity, like augmented reality (AR) and virtual reality (VR). This means that customers and remote workers will have highly engaging experiences.
5G tech is currently available only in certain parts of the world. But its coverage is expected to grow in 2023. A 2022 study for Juniper Research revealed that the operator-billed 5G service revenue will reach $315 billion in 2023 from $195 billion, going by current trends.
Additional Read: Difference between CIO and CTO
6. Generative AI will Become Popular
Another addition to this list of emerging trends in information technology is generative AI. It uses software to create new content from available information and make sense of complex information. Besides that, companies can use it in creative fields like design or art to create novel and personalized content. All it needs is adequate training with a large array of content.
Venture capitalists have realized the potential of generative AI and are investing heavily in the technology. For perspective, the capital investment in tech has increased by 425% since 2020. In 2022, the investment in the sector stands at 2.1 billion USD, according to Pitchbook.
This trend is predicted to continue in 2023, given the promising nature of generative AI tech like ChatGPT and Lensa AI. According to Info-Tech, 44% of organizations will invest in AI in 2023.
7. Transparent Data Governance
In recent years, many countries have developed data privacy norms to mitigate issues caused due to lapses in consumer information privacy. Going by these trends, Gartner believes data privacy regulations will protect the personal data of 65% of the global population by 2023. This is why transparent data governance is the last trend in this list of emerging trends in information technology.
Businesses must earn their customer’s trust and follow data privacy laws by adopting consumer-first data governance or collecting zero-party data. This way, consumers can decide which data to give and how it will be used and stored.
This list of emerging trends in information technology is bound to help you decide your areas of focus for 2023. Remember that your company need not work towards following all trends at once. You can simply start by making incremental changes to your business processes and restructuring the working of your IT team towards these goals. The change can be as small as shifting to a trusted data provider like Mail-Prospects.
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