Whenever each year draws to a close, business leaders across different sectors reflect on the achievements of the past twelve months and focus on the future. How can my organization become more profitable? Is there a way to automate operational processes?
These kinds of questions easily come to mind as the new year approaches and, as such, make managers and executives curious about the trends that may be just around the corner. In the modern digital world, technological advances that may be particularly helpful for business are of special interest.
After all, timely implementation of innovative software solutions can place your company on the path to outperforming competition. Who wouldn’t want that? So, keep on reading to uncover some of the top new tech trends of 2023 that our team has identified after analyzing that past year. Perhaps, one of them might be of interest to your firm.
1. Quantum Computing
One of the main themes of 2023 will likely be quantum computing. Leading tech companies like Google, IBM, and Microsoft are increasingly investing in this technology, and there are no signs of that stopping. So, what is quantum computing?
As the name suggests, this type of computing harnesses the powers of quantum mechanics. This enables the device to deal with tasks and issues that are too vast or complex for classical computers. But what does that mean?
Well, in simple terms, quantum computers are those that can solve large, complicated problems at a higher speed and using less energy than regular machines. All thanks to their enormous computing potential.
For the moment, there isn’t widespread access to quantum computers for businesses. However, it seems that given the increasing investments, this may soon change and it’s good for leaders to be aware of what innovation may be just around the corner.
“Quantum computing will enable businesses to better optimize investment strategies, improve encryption, discover products, and much more. Tremendous levels of investment, private-sector competition, and mathematical and scientific talent are currently being devoted to quantum research.”
There are various potential cross-industry uses of quantum computing. In the financial services sector, for instance, it may be able to help with the creation of more effective investment portfolios. In large part because quantum mechanics can facilitate better trading simulations by processing an enormous amount of variables rapidly. Thus, allowing to determine an optimal portfolio mix.
2. Focus on Data Management
Of course, data management isn’t necessarily a brand new trend. However, it will definitely hold an even more prominent role in organizations throughout 2023. Largely due to the fact that effective data management strategies facilitate smoother implementation of the latest technologies.
In the coming year, businesses will double down on optimizing the ways in which they work with digital information. Specifically, they will extensively pursue data lake and data warehouse implementation in order to benefit from more centralized and efficient information storage.
Similarly, companies will consider the various ways they can integrate data across enterprise solutions to eliminate silos and ensure that each department is always working with the most up-to-date information.
Having a solid foundation prior to pursuing more complex initiatives is crucial for the long-term success of any software project. As such, well-thought-through data management will be a major focus in 2023.
3. Metaverse for Business
The metaverse has certainly been a buzzword that has topped headlines of publications this year. Until recently, it has been primarily discussed in the context of the gaming industry, but tides are definitely shifting.
In case you are not sure what we mean by the “metaverse”, it is basically the latest term for augmented and virtual reality (AR/VR) as well as immersive digital experiences. In the last twelve months, we have seen companies, especially within the ecommerce sphere, embrace the metaverse by promoting their products and services on it. Next year, this will continue.
However, that won’t be all. A major tech trend of 2023 is that the metaverse will enter business from a more operational perspective as well. For example, AR/VR tools will be used more widely for virtual testing and simulations to reduce costs associated with machinery design in industrial areas like manufacturing, aviation, and the like.
“While some will seek to grow new streams of revenue through mixed-reality experiences and engagement for consumers, others may focus on optimizing operations through enterprise simulations and augmented workforce experiences.”
Additionally, as the availability of headsets spreads and remote work stays popular, the metaverse world will be entered more frequently by employees looking to collaborate across time zones. Meetings in virtual environments will continue gaining popularity, and new innovations within that context are bound to spring up in the coming months.
Finally, some organizations will focus on improving the customer experiences they deliver with the help of the metaverse. For instance, in the travel and hospitality sector, businesses can offer clients the opportunity to virtually visit their upcoming hotel room to help ensure they make the right choice.
4. Sustainability Prioritization
Climate change has been top of mind for people across the world and business leaders across various organizations. Reducing greenhouse gas emissions and limiting the amount of waste companies produce is more important than ever. Hence, investments in technology that improves sustainability practices will continue across sectors, but especially in the industrial sphere.
For instance, many will pursue the implementation of IoT-based solutions that can help businesses reduce waste through conditions control during transportation and predictive machinery maintenance. Or, some will opt for the smart sensors that help with emissions monitoring.
Either way, any software that truly empowers companies to become more sustainable through easier traceability, in-depth analytics, and the like, will be in high demand in 2023.
5. Decentralization to Facilitate Trust
Blockchain technology is set to advance even further in the next year. Specifically, organizations are expected to build more decentralized solutions and rely on encryption mechanisms for more secure data storage and access.
One of the main reasons blockchain implementation will be a key trend in 2023 is that trust in traditional systems is decreasing. Thus, companies are looking at digital ledgers to provide higher quality cryptography, protocols, and a decentralized architecture.
Additionally, blockchain-based tools can offer more trust-facilitating benefits. They speed up transaction verification, seamlessly prevent fraud and cybersecurity issues, protect medical data, and so on. There is no shortage of use cases for this technology, and in 2023, we will be hearing about it often.
6. Flexibility for Tech Talent
Finally, it may come as no surprise that there is currently a scarcity of skilled IT talent on the market. Just a few weeks ago, our SVP for Service and Delivery held a webinar on this subject and shared how business leaders can deal with the software developers shortage.
Find out how to deal with the lack of IT talents without compromising project delivery.
This current tech trend will continue into 2023, and one of the main ways that employers will differentiate and be able to attract highly skilled specialists is by embracing flexibility. Here, this not only pertains to offering remote or hybrid work options to staff but also exploring hiring options that may be less traditional. For example, by outsourcing software development.
“Organizations that develop a flexible approach to skills may find it easier to adopt an abundance strategy when it comes to sourcing talent for those skills. Instead of only hiring, they can plan to outsource, offshore, train, or retrain talent, or leverage other components of their ecosystem to fill their needs.”
Evidently, there are several exciting 2023 tech industry trends that await those eager to embrace innovative technologies. From quantum computing to the metaverse, there is a lot to think about as the New Year draws closer.
At Velvetech, we take our time to understand your unique business challenges by relying on over twenty years of expertise. Thus, the various custom software development services we offer are always tailored to the needs of each client.
So, if you’d like to pinpoint which IT area should be on your 2023 to-do list — don’t hesitate to reach out to our team. We’ll be happy to discuss a potential collaboration.