As 2023 draws to an end and organisations reflect on the year that has been, it is only fitting that we take a closer look at the major developments shaping the technology landscape.
Dec. 12, 2023
With a number of existing trends fading out and new cutting-edge technologies bursting onto the scene, it is safe to say that change has been the only constant, making it difficult to keep pace.
Disruptive tools can unlock new possibilities, but equally raise new questions. Will the breakout technologies of 2023 go down merely as short-term mavericks, or will they evolve into gamechangers that bring about significant change in the future? Organisations need to holistically assess different technological trends, as they guide decision-making pertaining to revenue growth, digital transformation, brand building, human resources, customer experience, and other verticals.
Among the umpteen trends that have dominated the technology landscape in 2023, here are five major ones expected to make a defining impact:
1. Artificial Intelligence - The Headline Act
2023 witnessed the explosive growth of AI tools, particularly in the field of Generative AI with the likes of ChatGPT gaining mainstream usage across the board. With its wide-ranging use cases to optimise different business functions, it is evident why over 40% of C-level executives are increasing their organisation’s investment in AI. Given the unprecedented speed at which AI is evolving, it is likely to bring about significant changes to organisational workforces and their daily operations.
2. Web 3.0 and the Future of Decentralisation
Since its advent, the Internet has continuously evolved across several versions – Web 1.0 to Web 2.0 and now to Web 3.0, which essentially advocates the concept of decentralised Internet to bolster security, privacy, and user autonomy. This year saw further movement towards Web 3.0, with the creation of different decentralised apps for financial management, gaming, art, and entertainment. However, scepticism persists due to barriers on scalability and mass adoption. Heading into 2024, new developments in cryptocurrencies, smart contracts, and blockchain, which collectively form the core pillars of Web 3.0, will be instrumental in defining the future of decentralised technology.
3. Next-Gen Software Development Gathers Steam
With organisations striving to uplift their coding standards and instilling agile practices, next-gen software development is on the rise. This movement began a few years back with the shift towards Microservices architecture, cloud computing, and DevSecOps. 2023 witnessed further growth in the adoption of Low-code, No-code and Infrastructure-as-code platforms, thereby revolutionising the way developers churn out massive volumes of code faster, and how non-technical people engage with software.
4. A Rallying Cry for Trust and Transparency
Amidst the chaotic rise of new-age technologies, the need for enhancing security is arguably greater than ever. Despite a multitude of protocols and safety mechanisms being in place, cybercrime increased by 61% between 2016 and 2022. Data privacy issues have emerged upon the adoption of new tools, creating unwarranted breaches, exposing existing loopholes, and diminishing public trust. With cyber threats becoming more and more sophisticated, it is important to bolster security, transparency, and accountability within the IT ecosystem. Excitement around new technologies must be balanced with pragmatism, and businesses need to prioritise regulatory compliance to ensure safe and ethical implementation.
5. Great Tech, Green Tech
Sustainability has emerged as an important theme within the technology landscape, with more and more businesses striving to leverage new advancements to do good for the community. Technologies that are environmentally friendly, reduce carbon footprint, and have a cyclical lifecycle have increased in prominence. With governments across the globe increasing investment into green technology in 2023, this sphere is expected to grow in leaps and bounds in the future.
In a world of ever-increasing complexity and change, it is imperative that organisations not only keep pace with these major trends but stay ahead of the curve by knowing where to place bold bets that can propel them along a winning trajectory for years to come. Gone are the days when technology changed the dynamics of the playing field. Today, it is changing the very nature of the game.