Top trends to dominate global technology space in 2023

By Onome Amuge

Digital technology innovations have, through the years, recorded accelerated transformations across the globe. They have also played a significant role as a top strategic business priority for companies in the business world as they continue to reinvent the future of work.

According to industry experts, many businesses and companies have steadily become inclined towards developing in-house technologies, rapid deployment of tools to enhance fast-expanding remote work and focusing spendings on digital infrastructure to ensure they are minimally  affected by disruptions such as the Covid-19 pandemic and other unforeseen challenges in the future.

In a 2023 digital expenditure outlook,tech analysts at technological research and consulting firm,Gartner, projected that global spending on information technology is expected to jump about five per cent to $4.6 trillion in 2023, orchestrated by the rise in digital transformation budgets and fundings of latest technology innovations.

Amid the rising digital transformation expenditures and emergence of latest innovations, technology experts have identified some of the prominent trends  set to lead the technology ecosystem and consumer lifestyle in 2023.

Dominance of digital payments

The Covid-19 pandemic has spurred the adoption of digital payments services globally, leading to greater financial inclusion across the world. Digital payments in Nigeria have also recorded significant progression year-on-year. Data released by the Nigeria Interbank Settlement System (NIBSS), showed that transactions worth N204.5 trillion were performed electronically between January and July 2022 via the NIBSS instant payment platform (NIP), reflecting a 40 per cent increase compared to N145.8 trillion recorded in the same period of 2021. Digital payments are expected to expand at a faster pace in 2023.

According to Anudeep Parhar, chief operating officer of digital at Entrust, a Minnesota-based company that offers software and hardware used to issue financial cards, consumer banking in 2023 will be all about digital interactions first.

He, however, noted that the digital experience needs to have security at its foundation as consumers  will require flexible, convenient and secure payment methods.

Rise of the metaverse 

GlobalData, a data analytics and consulting company defines the metaverse as a virtual world where users can share experiences and interact in real-time within simulated scenarios. Though its core technologies are vast, its functionality mainly include virtual reality (VR), artificial intelligence (AI) and augmented reality (AR).

Experts predict that the metaverse concept will add over $5 trillion to the global economy by 2030. 2023 is expected to be a defining year as it is expected to reshape workplaces and businesses in 2023 and beyond.

According to GlobeData, although the metaverse is in the early stages of development, it has the potential to transform how people work,shop, interact and consume data,becoming the next mega-theme in digital media.

Increase in virtual workplaces

A virtual workplace or virtual office is a workplace that is not located in any one physical space nor tied to any geographic boundaries. The innovative arrangement ensures that employees and management are connected through the internet or private connection and interact with each other through technology products such as Zoom, Skype,Whatsapp, cloud computing programes and other virtual tools.

Virtual workspaces create a virtual work environment that enhances connections,increases companies’ ability to hire and bring together employees regardless of their geographic locations.

For remote-first or hybrid organisations, analysts project that virtual workspaces may replace the office and eventually become the centre of the digital employee experience in 2023.

Internet of Things to make supply chains resilient

According to amazon.com, the term Internet of Things (IoT), refers to the collective network of connected devices and the technology that facilitates communication between devices and the cloud, as well as between the devices themselves.

Analysts predict that businesses will increasingly use IoT to bring full visibility into their supply chains in 2023. This is underpinned by the fact that IoT and other technologies will not only play a larger role in bringing resiliency and efficiency into supply chains but will also improve cyber security and IT network management.

Generative artificial intelligence

Generative artificial intelligence refers to AI models or techniques that can generate novel content, rather than simply analysing or acting on existing data.

The technique involves a set of machine learning methods that learn about content or objects from their data and use the knowledge to produce totally new and more realistic products.

The innovative system is used for a range of activities such as creating software code, accelerating new drug development and targeted marketing. Industry analysts however  cautioned that it can also be misused for scams, spreading political disinformation and creating forged identities if not effectively controlled.

Analysts expect 2023 to be an explosive year for the novel innovation, predicting that the year will usher in new forms of technology such as AI generative video as well as new and creative prompting applications.