Vision Of Tech Industry In 2023

The beginning of the year offers a chance to reevaluate your strategy and decide where to concentrate your efforts, but it can be challenging to distinguish between genuine trends and hype. When it comes to technology, this is especially true when you look back to the excitement surrounding NFTs, cryptocurrencies, and the Metaverse at this time last year. By the fall of 2022, NFT markets had declined by 90%, the crypto winter had begun, and a thriving Metaverse was still more of a pipe dream than a reality. A significant win or an expensive failure may depend on the ability to distinguish genuine innovation from hype.

2023 will probably be a quieter year for technology. The next stage of technological development is being approached with increased care due to geopolitical and economic uncertainty. Leaders will need to look for methods to accomplish more with less resources, identify opportunities where breakthroughs converge, and make wise investments in technologies that are nearing a tipping point.

Where is tech going in 2023?

Through our research, the vision of the tech industry in 2023 bring and focus on these trends:

Generative Artificial Intelligence

Everyone seems to agree that AI will permeate everything in the upcoming year and become more integrated into all types of organizations. Retail is one sector where experts anticipate considerable usage of AI in the future. Retail already makes use of AI and ML to develop products, manage the fulfillment process, manage inventories, schedule new deliveries, support online ordering, and other tasks. Additionally, the auto industry is advancing the development of completely autonomous vehicles by using AI. In 2023, be prepared for an even bigger rise.

In Deloitte Tech Trends 2023 study, there are some intriguing points, one of which is the role that trust will play in the future success of AI technologies in the business sphere. In other words, it will become more and more important for employees to have confidence in the robots that will essentially serve as their AI “colleagues.” The key to accelerating adoption will be to create procedures that use AI in transparent, explicable, and compliant ways.

According to PitchBook, funding in generative AI has significantly increased 425% from 2020 to the present, with US$2.1B invested in 2022 even as the broader technology market declines.

Venture capital investment in generative AI (Source: PitchBook)

AR/VR and the Metaverse

The Metaverse and becoming ready for conducting business in virtual worlds have been topics of much discussion. Tech firms have invested a lot of time and money on the Metaverse’s future since the AR/VR technology that powers it is developing at a rapid rate. Businesses are considering how to use the technology and profit from it at the same time.

Many CEOs expect Metaverse plans to be a part of their corporate activities within three years, according to a PWC survey. This might entail giving staff members more virtual work, holding meetings in the Metaverse, and doing brainstorming or training sessions.

Additionally, it ought to result in increased spending on the hardware, sensors, and software needed to enable increasingly immersive Metaverse experiences. Business Insider reports that since 2010, venture capitalists have contributed more than US$115 billion to the Metaverse, and Meta (the parent company of Facebook) has spent US$36 billion on Metaverse applications by itself. IDC Reports estimates that spending on AR and VR would reach US$13.8 billion in 2022. This should be encouraging in the coming years.

Meta’s ambition with the virtual world

Avatars and Robots That Look Like You

Intriguing predictions have been made about extremely “realistic” avatars and even more human-like robots. With the use of performance capture and motion capture technologies, avatars may even mimic the body language and movements of their real counterparts, making them look more and more like the person behind the screen. As individuals see a more accurate image of themselves on their screens, this technology might encourage people to adopt the Metaverse.

Experts anticipate that moving forward, robots will start playing larger roles in our daily lives as they develop to resemble humans more and more. We don’t yet know how far robots will be used in the job, but given how quickly technology is evolving, there is a huge possibility for their utilization. The workplace is already undergoing rapid change, and robots may play a big role in the future of our workforce.

Crunchbase data show that in 2021, robots received US$17.1 billion in venture capital across 660 deals. In the first nine months of 2022, only US$5.4 billion had been invested, showing a more significant market decline. This industry is receiving more attention from venture capital companies and investors, and it is no longer the exclusive preserve of specialized players. In fact, Amazon has already begun investing in a US$1 billion robotics-focused fund that was recently unveiled.

Avatars and robots look like you is the new tech trend in 2023

There are reasons to be hopeful about the coming year, even though the global Silicon Valley is experiencing a big correction in valuations and downward pressure on equity markets in an inflationary environment with ongoing interest rate increases. Every startup founder and entrepreneur should be filled with hope, happiness, and inventiveness because the quantity of funds and the amount of dry powder are at historically high levels.

Conclusion

In 2023, technology is developing more swiftly than ever, this is going to be a really exciting moment. The challenge for executives will be to think about how all these technologies might open up new possibilities when they are utilized together, or what we refer to as actual trends, rather than merely betting on individual trends or ramping up software engineering skills.