As we kick off a new year, it’s an excellent time to look at some of the cutting-edge trends shaping the world of technology. From artificial intelligence to quantum computing, these technologies are poised to impact in the coming year significantly. As these technologies mature and become more widely adopted, they will inevitably change how we live and work. Here’s a look at 10 of the most significant trends you’ll see in tech this year.
The Growth of 5G
5G is the fifth generation of mobile network technology, representing a significant step forward in speed and capacity. 5G networks can provide up to 10 gigabits per second, which is around 100 times faster than the average 4G connection. In addition, 5G networks have much lower latency, which means they can provide a more responsive experience for applications such as augmented and virtual reality.
The rollout of 5G networks is still in its early stages, but we are already seeing strong growth in subscriptions. According to Statista, there were 664 million active 5G subscriptions as of 2021, and this figure is expected to increase to 4.39 billion by 2027.
Several factors have driven the expansion of 5G networks, including the increasing demand for higher-speed mobile data service, the rollout of 5G-compatible smartphones, and the availability of more affordable 5G plans. In the coming years, we can expect to see even more widespread adoption of 5G technology as it becomes increasingly ingrained in our daily lives.
5G is the next generation of wireless network technology. 5G will enable new applications and services, such as virtual reality, augmented reality, and connected cars, to become a more consistent reality. Future steps in 5G development will include widespread connection to the Internet of Things (IoT), enabling a whole new level of data collection and analysis.
Within the next five years, we will see the following:
- An increase in 5G Coverage Worldwide
- Widespread adoption of 5G technology
- The use of 5G to connect the IoT
- Increased investment in 5G infrastructure
The Further Development of Artificial intelligence (AI)
The development of artificial intelligence (AI) is one of the most significant technological advancements of our time. Today, machine learning algorithms are being applied to a growing number of domains, from finance and healthcare to manufacturing and transportation.
This year we will see an increase in the use of AI for things like customer service, marketing, and even financial analysis. In the not-so-distant future, it’s viable to believe that AI will play an essential role in the everyday consumer’s day-to-day lives.
This is pertinent because, by 2024, we estimate that more than 50 percent of user touches will be augmented by AI-driven speech, written word, or computer-vision algorithms. In addition, one billion connected cameras will collect and share visual data by 2021.
The deluge of data is only going to increase in the future, making it essential for businesses to have the ability to analyze and make use of it effectively. AI will play a vital role in helping businesses to make sense of this data and extract insights from it. As such, companies must keep abreast of the latest AI advancements and ensure that they incorporate AI into their operations.
The Future of Connected devices (The Internet of Things)
The IoT (Internet of Things) comprises connected devices that collect and share data. This year we will see an increase in the number of connected devices as more and more companies add IoT capabilities to their products. Some examples of connected devices include thermostats, security cameras, home appliances, and even automobiles. As the number of connected devices grows, so does the amount of collected and shared data. This data can be used to improve the user experience, optimize operations, and make better decisions.
The Evolution of Edge computing
Edge computing is a type of distributed computing where data is processed at the network’s edge, close to the source of the data. This contrasts with centralized cloud computing, where data is processed in a remote central location. The benefits of edge computing include lower latency, improved security, and increased efficiency.
As more and more devices are connected to the IoT, the need for edge computing will increase. This is due to the fact that processing data locally (at the edge) is often faster and more efficient than sending it to a remote central location.
Examples of products that use edge computing include:
- Smart homes
- Connected cars
- Industrial machinery
- Agricultural equipment
The Progression of Electric vehicles
Electric vehicles are becoming more popular as battery technology improves and charging infrastructure is developed. Tesla has led the way in the electric vehicle space, but this year we will see other significant automakers release their own electric vehicles. Electric vehicles have many advantages over traditional gasoline-powered cars, including lower emissions, lower operating costs, and fewer moving parts.
As electric vehicles continue development, we will also see a rise in the number of charging stations and home charging kits available to consumers. This year we will also see an increase in the number of electric vehicle manufacturers entering the market. Some of these names include but are not limited to Lucid Motors, Rivian, Hummer, Polestar, and NIO Motors.
Self-Driving Cars
In addition to electric cars, this year, we will also see an increase in the number of self-driving vehicles on the road. Self-driving cars are equipped with sensors and software that allow them to navigate without human input. Self-driving cars aim to reduce accidents, traffic congestion, and driver fatigue. This year we will see more companies testing self-driving car technology on public roads. We will also see an increase in partnerships between automotive companies and tech firms as they work together to develop this new technology.
The Expansion of Quantum Computing
Quantum computing is a form of computing where information is processed using quantum bits instead of classical bits. This type of computing can be much faster and more powerful than traditional computers. Quantum computers are already used for drug discovery and material science research.
This year we will see an increase in the number of companies developing quantum computers and the applications they are used for. Companies such as Strangeworks (strangeworks.com) are making quantum computing more accessible to developers with their Quantum Computing as a Service (QCaaS) platform.
Continuation in the Development of Blockchain
The future of blockchain is bright. This distributed ledger technology can transform how we interact with the digital world. Blockchain provides a secure and transparent way to store and transfer data. This year we will see an increase in the use of blockchain for supply chain management, identity management, and financial transactions. We will also see more companies implementing blockchain solutions and new startups entering the space.
Block Chain Security
Blockchain Cyber Security has been a big issue for companies and individuals alike, with high-profile hacks making headlines worldwide. There have been widespread cross-industry increases in the use of blockchain to help secure data. Blockchain can provide a secure way to store tamper-resistant and transparent data. This year we will see more companies implementing blockchain solutions to help protect their data.
The Metaverse
The Metaverse is a virtual world that exists in cyberspace. The Metaverse will be a 3D space where people can meet, interact, and do business. It will be powered by artificial intelligence and supported by 5G networks. In the Metaverse, companies will have virtual storefronts; entertainment will be interactive and immersive, and education will be individualized and adaptive.
The Metaverse is constantly expanding and evolving. This year we will see an increase in the number of people accessing the Metaverse for work, play, and social interaction. We will also see new applications and platforms being developed for the Metaverse. These new platforms include Facebook Horizon, Decentraland, and Somnium Space. The Metaverse provides a unique opportunity for developers to create immersive experiences that people from all over the world can enjoy.
NFTs
NFTs, or Non-Fungible Tokens, are a type of cryptocurrency that represents a unique asset. NFTs can be used to describe anything from digital art to in-game items. Over The past couple of years, The Metaverse has seen an increase in the use of NFTs for online gaming, digital collectibles, and virtual worlds. Every day, new platforms and applications are being developed that use NFTs. Some of these new platforms include WAX, Enjin, and Decentraland. NFTs provide a way for people to own unique digital assets that can be traded or sold on the open market.
The Growth of Space Technologies
This next year we will continue to see an increase in space technologies for things like Earth observation, communication, and navigation. Developers can use space technology to improve our understanding of our planet and help us find new ways to protect it.
We will also see an increase in commercial space companies providing services to government and private sector organizations. Some of these companies include Blue Origin, SpaceX, and Virgin Galactic. These companies are providing new opportunities for people to experience space and are helping to make space exploration more affordable.
Space Tourism
Space tourism is a notable byproduct of the increase in space technology development. This year we will see an increase in the number of people participating in space tourism experiences. Soon, Virgin Galactic is planning to offer suborbital rides in their new VSS Unity. It is a SpaceShipTwo-class suborbital rocket-powered spaceplane.
Increasing Interest in Cloud Native Platforms
Cloud-native platforms are a type of software that is designed to run in the cloud. These platforms are typically more scalable and easier to use than traditional on-premises software. The software uses cloud-based resources and services to provide a scalable, highly available, cost-effective solution for deploying applications and services.
According to predictions from Gartner, global spending on cloud services reached over $482 billion in 2022, up from $314 billion in 2020. This growth is being driven by the need for organizations to be able to rapidly respond to changes in demand, scale their operations on demand, and reduce their overall IT costs
As a result, the number of developers creating applications for these platforms has also increased. Some popular cloud-native platforms include AWS Lambda, Azure Functions, and Google Cloud Functions. These cloud-native platforms allow business access to interconnected services that companies can use to build and deploy applications quickly and easily.
Business/Product development on cloud-native platforms is often faster and cheaper than traditional on-premises software development. This is because cloud-native platforms provide a pay-as-you-go model that doesn’t require a significant upfront investment.
The Innovation of New Energy Solutions
This year we have seen an increase in the number of electric vehicles on the market and new advances in renewable energy technologies; however, this is just the tip of the iceberg. According to the International Energy Agency (IEA), the global renewable energy sector is seeing unprecedented growth. In 2020, 40 percent more green energy was generated and used than in 2019.
Worldwide political pressure will force a continued shift away from traditional fossil fuels as more countries commit to reducing their carbon emissions. This will provide a unique opportunity for growth in ecopreneurship and alternative energy research.
Automotive
Hyundai recently unveiled its N Vision 74 concept, an electric/hydrogen hybrid stating, “The N Vision 74 is capable of driving over 600km and can be refueled up to 80% SOF in just 5 minutes.” They accomplish this by innovatively using hydrogen to charge the batteries.
We are seeing several companies like Hyundai working on new energy solutions that are more efficient and environmentally friendly. Mercedes has also stepped up to the plate with their all-electric EQS, one of the first Mercedes vehicles to be built on an entirely new architecture designed specifically for electric vehicles. The EQS is equipped with a unique solar panel system that can generate enough power to extend the range by up to 1000 km per year.
Solar Energy
Solar energy is one of the most promising renewable energy sources. This year we will see an increase in the number of solar farms being built and the use of solar energy for things like powering homes and businesses. We will also see a continued decrease in solar panels and battery costs. This makes solar energy more accessible to individuals and companies.
Solar has become increasingly popular, with the industry seeing immense growth in the past decade. Solar energy has been increasingly successful this year, as the industry has grown 21.7% annually between 2017 and 2022.
M Accelerator
Here at M Accelerator, we’re excited about all of these developments, and we’re looking forward to welcoming more startups interested in becoming leaders in these innovative spaces this year.
If you or your company are interested in joining our Accelerator programs, please visit our website for more resources. We believe 2023 will be another big year for innovation and disruption in the tech world, and we’re thrilled to be at the forefront of it all.
