Technology trends

5 Tech Trends CXOs Should Watch In 2022-23

We are gradually moving towards a data-driven, contactless and automated digital world. For the past decade, we have steadily climbed the technological ladder. The upward trend in technology has gained tremendous momentum during the COVID crisis, spurring the digitalization and adoption of technology across the length and breadth of the globe. As the technology landscape transforms, new trends are also emerging at the dawn of business evolution. In the meantime, it’s important for CXOs and business leaders to keep a close eye on the latest technology trends and developments. This will contribute to developing better strategies and adapting to changing situations and realities.

Some of the key technology trends that are the top must-haves for 2022-23 are mentioned below.

Business use of AI will increase: Gartner predicts that the global AI market will reach $62 billion in 2022. AI and machine learning tools will be used by companies of all sizes and in various industries like BFS, insurance, retail retail, manufacturing, etc. to improve customer interaction and gain incisive data. insights, exercise operational efficiency and drive broader digital transformation.

As data scientists become more and more expensive, many organizations will prefer to use embedded AI toolkits that can be used directly by analysts. This will reduce the overall cost and speed up the time to market.

Biggest push towards AR & VR: In 2022, the global AR and VR industry will receive a major boost, with a growing focus on lightweight handheld devices. Likewise, faster software and an immersive experience will be prioritized. The global AR and VR market is expected to reach $600 billion by 2025. Major tech companies like Apple, Google, and Microsoft are expected to introduce their VR glasses in 2022. The AR & VR space will also have a hit. of whip with the advent of the Metavers.

The strong growth of blockchain: As the world watches the crypto and NFT bubble unfold, the demand for blockchain technology will skyrocket. According to the Semi-Annual Blockchain Guide, the blockchain market will reach USD 11.7 billion in 2022. Interestingly, the importance of blockchain will not be limited to crypto assets; it will also be used in utilities, real estate, games, metaverse, etc. Critics of crypto have argued over how crypto contributes to the carbon footprint due to massive energy usage. As a result, we could see the development of low-power cryptonets in 2022.

A HUGE BOOM IN IoT Expected: We saw limited use of the Internet of Things (IoT), such as using a remote control to close the door or preheat an oven. However, there will be a huge push towards the use of IoT in the future. It is predicted that by 2030, 50 billion devices will be connected via IoT, creating a massive network.

The IoT will be used in both residential and commercial environments. In households, connecting appliances through a central server will help monitor and optimize their usage. Likewise, organizations will use the IoT to access powerful data and make informed decisions. IoT can also help companies provide better security at workstations and gain insights into predictive maintenance.

Cybersecurity will evolve: Cybersecurity has been around for a while. However, as cyber threats and data security breaches become more common, the segment will also see an evolution. The last couple of years have not only seen a big increase in digitization, but also an increase in the number of fraudsters, hackers, etc. In 2022, the global cybersecurity market will grow, expand and transform. Companies will accumulate investments in data security and take precautions to mitigate risk.

Enterprise technology helps organizations of all sizes explore new frontiers, reinvent their businesses, and realize their full potential in this era of hyper-acceleration. Any business can now be a game changer; business leaders must seize the right opportunity at the right time.

Supriya Rai

The article was written by Jagannadh Kanumuri, President and CEO, ACI Infotech