Technologies That Can Bring Innovation To Your Business In 2023

Do you know that the digital transformation market is about to reach a whopping level of $3.3 trillion in the coming three years or less? This industry is set to witness a compound annual growth rate of more than 23% in the future.

The reason is that several businesses have understood the importance of digitization and have come on board to embrace new technologies and advancements. Where are you in this entire picture? Following are a few technological trends that you should be aware of because they are not only making ripples in the industry but bringing about more innovation for your business as well. Let’s start:

Artificial Intelligence Is A Popular Subject

Artificial intelligence continues to be one of the most highly observed trends around the world and for all good reasons. AI is still in its early developmental stages but it has created quite a wave around the planet because of its huge potential. Artificial intelligence is capable of enabling your machines and robotic components with the ability to identify images, speech, and behavioral patterns, and also allow them the capability to make decisions on behalf of their human counterparts.

For instance, according to an independent study, by the year 2030 or sooner, the field of artificial intelligence will have generated close to 58 million jobs. Every 5 out of 6 Americans will be actively using AI-based applications on a daily basis. AI is soon going to power public amenities and transport, digital outdoor advertisements, social media, and a lot more on a much larger scale.

Robotic Process Automation For Every Business

Businesses all around the world have already entered the age of process automation through the use of state-of-the-art hardware and software combinations. RPA on the other hand will take this to the next level by automating more than 45% of the total tasks that are being performed by humans in various organizations. It is going to lighten the burden of close to 9% of the global workforce that is currently riddled with the many problems of manual labor.

The best part about robotic process automation is that it can be proactively used in monumental and big decisions across various departments of your organization such as finance, upper management, sales, and marketing. The same level of automation is going to crack open the healthcare industry as well, lightening the burdens of doctors and physicians by almost 33%.

Virtual Reality And Augmented Reality Are Real After All

Virtual reality and augmented reality are closely linked disciplines that can only be made a reality if you have lightning-fast data. With 5G technology right around the corner, these two technologies are going to become huge in the coming years. Augmented reality is already quite popular in the gaming sector and it has given several brands such as Pokemon Go a unique stature in the market.

Both of these are immersive technologies that are used to create an environment distinct from your home and office, transporting you into a fictitious world that looks and feels almost real. These software platforms are also used to train Army and Navy personnel to help them combat various problematic situations while working in the field. As a business, you will need a dependable Internet service provider, a forward-thinking attitude, and somebody with excellent programming skills to enable you to penetrate this discipline.

Blockchain Removes The Blocks In Your Path To Success

Blockchain technologies are on the rise and they are predominantly considered useful for their encryption and world-class safety measures. You will be happy to know that it is practically impossible for any hacker, both ethical and unethical, to penetrate the security of blockchain and its ledger system. Do you know that at this point of time, blockchain-related jobs are the fastest-growing category of employment all around the world?

Blockchain has already shown tremendous potential and promise for the finance sector in terms of providing it with the much-needed security and safety features that it wants today. It guarantees or at least claims to provide 14 openings for every 1 blockchain developer in the process. The median salary of a blockchain developer can easily be $130,000 per year.

Machine Learning Goes Bigger

Now, coming back to a very important subset of artificial intelligence, machine learning, this technology is about to expand to a staggering $8.8 billion in value by the end of 2022. ML enables computers, software programs, smartphones, and various other gadgets and equipment to learn, identify, understand, and imitate patterns and behavioral attitudes of users with minimal supervision.

All of this is done with the use of data that is constantly fed into these machines. Machine learning also powers web searches these days making them relevant to the user. Machine learning is already being used for various purposes such as data analytics, data mining, behavior, and pattern recognition, and a lot more.

Cyber Security Is On The Rise

With all these advancements in technology and the expansion of data speeds and several other developments, cyber security was bound to get huge. With all that data and various access points to the same, cybersecurity ventures have a lot more to do than just protect the data that you put out there.

It is going to enable businesses to implement some of the toughest security measures and water-tight encryption with minimal effort. According to an independent study, there will be more than 3.5 million cybersecurity jobs by the end of 2022 and the number is going to expand even further as the years go by.

Do Not Be Afraid  

Obviously, there are a few things that will make you nervous. You will be hesitant and for the most part, confused because you probably haven’t invested in the technology of the modern world. Several concepts mentioned above such as artificial intelligence and machine learning or even Blockchain were probably alien to you. But the need of the hour is to embrace and welcome them with an open mind. This is the only way you can keep your business relevant and innovate as you carve your way towards a larger market share and more profits.