I know what you’re thinking. “Who’s writing a 2023 business technology trends forecast for the year in March?” We are, The Plunge. We’re new around these parts. These parts being the internet. But we’ve stlll got some opinions on what will define 2023.
1. Artificial Intelligence (AI) and Machine Learning
Artificial intelligence (AI) and machine learning have been growing in importance in recent years and they aint going anywhere in 2023. With the ability to analyze vast amounts of data and identify patterns, AI has the potential to revolutionize numerous industries, from healthcare to finance.
One area where AI is set to have a major impact is in the development of autonomous vehicles. Companies like Tesla and Waymo are already testing autonomous cars on public roads. As the technology advances, we can expect to see more self-driving cars on our roads in the coming years.
In addition to autonomous vehicles, AI is also being used to improve customer service and streamline business operations. Chatbots and virtual assistants are becoming increasingly popular, providing customers with quick and easy access to information and support. Machine learning algorithms are also being used to identify patterns in customer data, allowing businesses to better understand their customers and provide personalized experiences.
2. You could never break the blockchain!
Blockchain technology, the foundation of cryptocurrencies like Bitcoin and, our personal favourite, Dogecoin, is projected to keep growing. With its ability to provide secure and transparent transactions, blockchain technology has the potential to revolutionize industries like finance, healthcare, and logistics.
One area where blockchain technology is already having an impact is in supply chain management. By creating a secure and transparent ledger of transactions, blockchain technology can help businesses track products from their origin to the end consumer, providing greater transparency and accountability.
In addition to supply chain management, blockchain technology is also being used to create secure and decentralized marketplaces. Companies like OpenBazaar and BitBoost are developing platforms that allow buyers and sellers to transact directly with one another, without the need for intermediaries like eBay or Amazon.
3. Internet of Things (IoT) spreads its web
The Internet of Things (IoT) refers to the growing network of connected devices that are capable of communicating with one another. From smart home devices to industrial sensors, the IoT is transforming the way we interact with technology.
In the coming years, we can expect to see the IoT continue to grow and evolve. In the healthcare industry, for example, IoT devices are being used to monitor patient health and provide real-time feedback to healthcare providers. In the home, smart home devices like Amazon’s Alexa and Google Home are becoming increasingly popular, providing users with convenient access to information and entertainment.
One area where the IoT is set to have a major impact is in industrial settings. By providing real-time data on machine performance and production processes, IoT devices can help businesses optimize their operations and improve efficiency.
4. The reality of business augmented with VR and AR
With their ability to create immersive and interactive experiences, Virtual reality (VR) and augmented reality (AR) have the potential to transform numerous industries, from entertainment to education.
In the entertainment industry, VR and AR are already being used to create immersive gaming experiences and virtual concerts. In the education industry, VR and AR are being used to create immersive learning experiences, allowing students to explore historical sites and scientific phenomena in a way that was previously impossible.
VR and AR is transforming healthcare with immersive experiences for diagnosis, treatment, rehabilitation, and therapy. Specificall in therapy, virtual environments simulate real-life scenarios and can help patients confront fears and develop coping mechanisms. VR can also help patients manage pain and discomfort by shifting their focus away from physical sensations.
Overall, VR and AR provide effective solutions to a range of medical challenges, offering safe and engaging treatments for mental health issues.
5. Cybersecurity attack surface areas widen
As the number of connected devices and digital transactions continues to grow, cybersecurity is becoming an increasingly important concern. This year we can expect to see continued investment in cybersecurity, as businesses and individuals look to protect themselves from cyber attacks and data breaches.
One trend that is set to emerge in the cybersecurity industry is the use of artificial intelligence and machine learning to improve threat detection and response. By analyzing vast amounts of data and identifying patterns, AI algorithms can help businesses detect and respond to cyber threats more quickly and effectively.
In addition to AI and machine learning, we can also expect to see the continued development of biometric security measures. Technologies like facial recognition and fingerprint scanning are already being used to secure smartphones and laptops, and in the coming years, we can expect to see these technologies become more widely adopted in other areas, such as banking and healthcare.
6. Greenwashing muddies the waters of sustainability.
With the growing concern over climate change and the need for businesses to operate in a more environmentally-friendly way, we can expect to see a greater emphasis on sustainable practices in the years ahead. Particularly, as consumers become more aware of the greenwashing plight, they are becoming more selective and critical about identifying genuine sustainability initiatives from insincere and unethical practices.
As consumers become increasingly environmentally conscious, companies are eager to capitalize on this trend by promoting their products as eco-friendly, regardless of whether or not they actually are. This can lead to confusion and mistrust among consumers, who may feel overwhelmed by the sheer volume of greenwashing claims.
Greenwashing can undermine genuine sustainability efforts by diverting attention and resources away from truly sustainable initiatives. This year it is crucial for consumers to remain vigilant and educate themselves on the environmental impact of the products they purchase, while companies must strive for transparency and accountability in their sustainability practices. Ultimately, the fight against greenwashing will be pivotal in ensuring that sustainability is not just a buzzword, but a tangible and achievable goal for the future.
2023: the year of revenge recovery
2023 is set to be a defining year for business and technology. As COVID-19 moves further into the world’s rearview mirror, society is leveraging the last few years of pandemic driven innovation. Now that lockdowns and health and safety measures are relaxing, the world is entering a period of revenge recovery. People and businesses are trying to make up for lost time and they’re using all the learnings of the last few years to enhance existing technologies and tools.
But the reason it’s called “revenge recovery” is that a huge uptick can have negative impacts. Take the current renter’s market and rapidly increasing mortgage interest rates. With higher demand comes limited supply, and the world will be looking to technology to solve any problems that rear its head. So we’re calling that the defining trend of this year will be avoiding professional and personal burnout.