Even after two years since the onset of the Covid-19 pandemic, the world’s reliance on technology has not slowed down.
In fact, the rapid digitalization and technological innovation witnessed during the crisis have continued, as evidenced by the rise in investment in emerging technologies.
However, the pandemic has also brought to light the interconnectedness of global trade and investment, which, combined with Russia’s invasion of Ukraine in March 2022 and a worldwide economic downturn, will pose significant challenges for technological progress in 2023.
The AI Boom
According to GlobalData’s 2023 TMT Predictions, the artificial intelligence (AI) industry is expected to reach a value of $93 billion in 2023, representing a 12% increase from 2022. AI is considered one of the most highly anticipated emerging technologies due to its ability to greatly enhance and accelerate other technologies, such as robotics, quantum computing, and the internet of things (IoT).
Virtual workspaces enhance a company’s ability to hire and unite employees from various locations. For remote-first or hybrid organizations, virtual workspaces may become the primary hub of the digital employee experience in the coming year, potentially replacing the physical office.
Quantum Computing Advancements
GlobalData predicts that the quantum computing market will reach a value of $5 billion by 2025, with commercial quantum computing expected to become a reality in 2027. As the technology continues to advance and standards become more established in 2023, the market is expected to gain momentum. Rather than purchasing quantum computers themselves, companies are likely to rely on quantum as a service (QaaS) models.
Tech companies, government institutions, universities, and defense companies are expected to buy quantum computers for QaaS commercialization, research and development, and military purposes, according to GlobalData.
In addition to its growing role in enterprise operations, cloud computing, in conjunction with AI, is expected to drive the development of emerging technologies, such as robotics and the internet of things (IoT), which require access to large amounts of data.
GlobalData estimates that the global cloud computing market will be worth $734 billion by the end of 2023, representing a 15% growth from 2022. Companies will continue to outsource their IT infrastructure to the cloud in order to reduce costs and increase flexibility.
It’s predicted that the metaverse will be worth a whopping $376 billion by 2025. While it is expected to remain a top trend in 2023, investor enthusiasm for the consumer metaverse may decline as economic conditions become challenging.
However, the enterprise metaverse is expected to evolve and find value in the concept of digital twinning, which allows businesses to use this technology trend for collaboration, enterprise design, data visualization, product simulation, risk assessment, predictive maintenance, and process optimization.