Wednesday, May 31, 2023

Seven Emerging Technology Innovations Could Impact Businesses in 2023

By Anushree Bhattacharya - March 14, 2023 7 Mins Read

Seven Emerging Technology Innovations Could Impact Businesses in 2023

CIOs must keep an eye on emerging technologies. The following emerging technology innovations could impact businesses in 2023. This decade of IT is significant as innovations are responsive to the turbulent economy.

2023 is all about businesses necessitating technology implementations and forward-thinking strategies as several advanced technologies have begun to gain traction and could impact the next decade of IT.

For enterprises today, it is essential to be a part of the ever-emerging technology business era that’s introducing different tools every day. Also, predicting the next phase of IT trends is undoubtedly challenging.

So, to provide a glimpse of how emerging technology will impact businesses in 2023, here is a compilation of leading technologies that hold the potential for enterprises to embark on a journey of innovation and growth.

The following technologies are also a recap for leaders to experience the advancements they grabbed in 2022.

  1. Digital Twin Technologies

Digital twin technologies have revolutionized businesses undergoing digital transformations and are one of the significant achievements marked for 2023-2024. The technology gathers new business opportunities, including the advanced amalgamation of IoT, data analytics, and AI.

Businesses will leverage to create a virtual replica of products and services. The advanced functionalities will help identify ambiguity and vulnerabilities, prevent downtime, and lead to a significant understanding of futuristic product developments through efficient data analysis.

Also Read: Enterprise Technology Trends in 2023

With this emerging technology, businesses will prefer simulating a virtual representation of products and their plans to predict and see through shortcomings. By doing this, business leaders can identify and improve product production and operation to bring the best to the market. Utilizing digital twin technology will also help leaders better understand and analyze the scalability, reliability, and feasibility of products faster.

The opportunities aren’t limited here! There would be several benefits that tech leaders can derive from better product development in the coming years.

  1. Super Apps

Another emerging technology is Super Apps. They are evolving as the demand for multi-purpose apps takes flight from single-purpose apps. These apps serve numerous services and functionalities under one umbrella, providing users with an inclusive, integrated, and contextualized experience. Business leaders prefer Super Apps to boost seamless, convenient, and frictionless customer experience.

These apps are becoming widely preferred for businesses to reduce customer engagement span. As mobile users increase, business leaders produce numerous mobile solutions. There is tough competition to provide users with more simplified, convenient, and suitable mobile solutions.

This makes Super Apps a core part of emerging technologies and positioning as innovations in emergency response to cater continuous services to endless users. This is precisely the most crucial reason behind the increased development of Super Apps, and it could become prominent among other businesses in 2024.

  1. Composable Technology

Composable technology has been a constant favorite of programmers. But, as businesses undergo digital transformations, composable technology emerges as a simplified way to integrate software into business processes effortlessly. Due to the latest well-designed assortment of composable APIs, the technology is considered a sound economic strategy for enterprises.

The code bases are more straightforward and are extendable easily wherever required. Programmers can add or subtract features in software faster when the codes are integrated. The technology creates composable codes for a robust architectural blueprint for project planning.

Developers find it better to work with this stack to create fully capable plug-in project architectures. The chance of succeeding is higher for businesses in 2023 because the technology is improving by incorporating augmented reality and machine learning technologies.

  1. The Surge of DevSecOps

Cybercrimes are increasing as threat actors actively find new ways of harming enterprise cyber environments. Due to such growing incidents, many giant leaders have turned towards DevSecOps, and many will adopt it in the coming years.

This technology will help leaders strategically integrate security measures into the enterprise’s IT infrastructure. DevSecOps ensures that businesses are protected across IT networks and provides advanced cybersecurity operations to ease and faster operations according to the current digital business landscape.

Implementing DevSecOps will be seen more for business process developments and product development phases and will be crucially helpful for the post-developments of all business attributes.

  1. Quantum Computing Strategies

Quantum computing has been the key focus for technology companies for many years. However, this technology is hyped with digitalization, and businesses look to it for more advanced opportunities in 2023. Quantum computers are also more effective from an energy usage and carbon emissions viewpoint. Its ability to streamline the computation process is the most significant advantage business leaders see in 2023.

With the help of AI, ML, IoT, and similar technologies, quantum computing will scale computing processes faster than traditional computers as they gain qubits. While a conventional computer scales to 100 bits, quantum computing is twice powerful as 200 bits. Quantum computing may force business leaders to rethink if they witness an exponential explosion in computing power.

While this will be a big thing in technology, it won’t replace traditional computers, particularly for routine responsibilities, including web browsing or other simpler business operations. It is only that this emerging technology is going to sort all complexities in business operations.

Also Read: How the Serverless Trend Could Affect the Upcoming Cloud Technology 

  1. Massive Databases – Extended Cloud Technology

Recently databases have extended their capabilities throughout the cloud. Opportunities for massive databases are expanding as they operate at the edge. It means data will function faster, providing precise responses. There will be lesser data movements.

In this space, developers find advantages with this emerging technology as they have found better ways to avoid consistency issues and deadlocks. Today, numerous cloud companies offer cloud services and massive database storage capacities.

With such an ability of extended cloud technology, businesses are ready with their innovations in emergency response. Today companies can expand their network globally by relying on cloud technology, and customers can leverage fast reactions regarding products and services.

Research by McKinsey in ‘Projecting the global value of cloud: $3 trillion is up for grabs for companies that go beyond adoption’ shows that companies are looking to move about 60% of their IT estate to the cloud by 2025.

  1. GPUs

Graphic Processing Units are one of the essential emerging technologies redefining the IT landscape in 2023. This technology is given priority as its ability to speed up visual appearance is increasing. Developers are upgrading the technology by using codes that accelerate algorithms to produce 3D appearance.

GPUs are being used for simulations based on AI & ML. Also, developers have begun exploring GPUs to fasten business operations such as database searches. The codes are used when there is a need to perform the same tasks simultaneously with vast amounts of data. GPUs can speed jobs by 10 to 1000 times faster.

Many data-driven enterprises today want to eradicate computation-heavy challenges and complex analytics with the help of GPUs.

Where will Businesses Go in 2023-2024?

The biggest challenge and opportunity for companies in 2023 will be to use these emerging technologies for continuous digital transformations. And what these technologies might mean for their business models.

For CIOs or CTOs, the focus will be on reworking existing architectures and quickly incorporating these technologies into the processes. The financial aspects are equally essential for them to consider, as businesses still feel the screws tightening on budgets during uncertain market positions. Yet, companies need to stand out and proliferate in 2023 and beyond.

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Anushree Bhattacharya

Anushree Bhattacharya is a Senior Editor with Ondot Media, covering stories on entrepreneurship, B2B business sustainability, business strategy, thought leadership, professional development, and corporate culture. She is a quality-oriented professional writer with eight years of experience writing for multiple domains for US, UK, & Europe audiences. She blends out the best of information on the trending digital transformations and pens down technology-driven stories and SEO-optimized content. For the last three years, she has been curating information-driven stories for data analytics, B2B industry trends, and associated strategic planning. With a proven understanding of the current corporate culture and B2b business world, her writing style is more inclined toward how B2B businesses want to perceive information about industry events, best practices, multiple industry insights, succession planning, customer experiences, competitive advantage, and other emerging digital transformations and developments. Her 1.5 years of experience in market research has made her a skilled content curator for major business strategy, current workplace diversity in the wake of digital transformation, changing industry trends affecting business decisions, and organizational effectiveness that’s creating a different angle for business executives to generate revenue. She crafts stories to give C-suits insights into how they can gain a competitive advantage with the help of succession planning and implement strategies to achieve maximum ROI.

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