Top 7 technology trends in business you should know about in 2023

Companies that actively adopt new technological advancements have a better chance of staying competitive in today’s hectic business landscape. Emerging technologies help organizations become more efficient, productive, and able to deliver more meaningful customer experiences.

Still, the technology is evolving so rapidly that it can be challenging to catch up with new developments. That’s why TechWings’ forward-thinking analysts prepared this article. 

Top technology trends to apply in 2023 and beyond

Discover the amazing technological innovations 2023 has brought about and learn about the top technology trends that will help you build the way toward innovation-ready business operations.

1. XR technologies

Extended reality (XR) is a promising innovation that makes it possible to combine the physical world with digital objects or spaces through immersive technologies.

Here are some of the growing XR technologies:

• Virtual reality (VR): a completely immersive digital environment users can interact with. 

• Augmented reality (AR): overlaying digital information or virtual objects onto the real world.

• Mixed reality (MR): combining elements of VR and AR, allowing digital objects to appear as if they are part of the real world.

Key use cases

XR boasts a growing number of business use cases across a wide range of industries, from education and retail to healthcare and aviation. 

We bet the below examples will inspire you:

• Training and simulation. XR is used for training manufacturing workers, medical professionals, and military personnel, allowing them to practice complex tasks in a safe virtual environment.

• Architecture and design. Architects and designers can use XR to create immersive 3D models of buildings and interior spaces, enabling clients to view designs before construction.

• Retail and e-commerce. XR enables virtual try-on experiences for clothing, eyewear, and cosmetics. Likewise, customers can use AR apps to visualize furniture in their homes before purchasing.

• Medical visualization. XR is used for 3D visualization of medical images, aiding in diagnostics and surgical planning.

• Marketing. Extended reality can create engaging and interactive advertising campaigns.

• Virtual property tours. XR enables virtual property tours for real estate listings, allowing potential buyers to explore properties remotely.

• Interactive learning. The education sector is actively embracing the latest technologies, with XR being one of the most widely adopted innovations. XR helps create immersive educational content, letting students experience historical events, scientific concepts, etc.

• Gaming. XR is the primary platform for VR gaming.

Benefits of XR technologies for business

• Enhanced training. XR provides immersive, true-to-life training simulations that enable employees to practice skills and scenarios in a controlled environment and at lower costs.

• Improved visualization. With XR, businesses can create and interact with 3D models, making it easier to visualize and refine designs for products, buildings, and infrastructure.

• Engaging customer experiences. XR can go a long way toward creating engaging marketing campaigns. Businesses can use it to design interactive product demos and virtual showrooms, resulting in enhanced customer experiences and, consequently, higher sales.

• Remote support. AR allows remote experts to provide real-time assistance to field service technicians or employees, reducing downtime and improving efficiency.

2. Generative artificial intelligence (AI)

While applied AI has already been around for nearly a decade, generative AI is one of the dominant technology trends in business in 2023.

Unlike applied AI, which relies on learning and is intended to solve specific tasks, generative AI focuses on creating new images, text, audio, or other forms of content that mimic human creativity. 

Generative models learn from large datasets but can generate content that is not constrained by predefined tasks.

Key use cases

Generative AI is an extremely versatile technology that can be applied across various industries, such as media and entertainment, marketing, fashion, healthcare, architecture and construction, and others. 

Some major use cases include:

• Art and design. Likewise, you can produce digital art, graphic designs, illustrations, and 3D models.

• Marketing content generation. Generative AI allows you to create blog posts, marketing copy, and social media posts in a couple of clicks.

• Voice assistants. Generative AI can be employed to create realistic voice assistants or chatbots for customer support and service.

• Video production. This technology can generate video content, including animations and special effects.

• Image editing. Generative AI applications let users automatically enhance or edit images for marketing or product catalogs.

Benefits of generative AI for business

• Cost savings. Businesses can reduce costs associated with content creation and data generation by automating these processes with generative AI.

• Greater efficiency. In product design, generative AI can assist in creating prototypes and design variations quickly, helping businesses iterate and innovate faster.

• Personalization. Generative AI can be used to generate highly personalized content for users, such as tailored marketing messages, which leads to improved user experiences.

3. Cloud and edge computing

Among other distinctive technology trends in business, cloud, and edge computing are getting a great deal of attention in 2023. 

These technologies allow users to distribute workloads across locations, such as local nodes, regional centers, or hyperscale remote data centers, to enhance latency, optimize data transfer costs, and maximize data security.

Cloud computing is a centralized model in which computing resources (servers, storage, databases, networking, software, etc.) are hosted in data centers located in remote or centralized locations. 

Conversely, edge computing brings computing resources closer to the data source or endpoint devices, cutting down on latency and facilitating real-time processing.

Key use cases

Cloud and edge computing cater to a variety of business needs and are being widely adopted in many sectors, including aerospace and defense, manufacturing, agriculture, telecommunications, aviation, travel and logistics, IT and electronics, automotive and assembly, financial services, and healthcare, just to name a few. 

Let’s explore the most common business use cases for these thriving tech trends:

• Web hosting. Organizations can host their websites, web applications, and e-commerce platforms on cloud servers to establish scalability, reliability, and global accessibility.

• Data storage and backup. Businesses can leverage cloud storage solutions for data management and backup to ensure data redundancy and disaster recovery.

• Software as a service (SaaS). Cloud-based applications, such as CRM or collaboration tools, can be accessed from any corner of the globe with an internet connection.

• DevOps and CI/CD. Cloud services facilitate software development, testing, and deployment by providing scalable infrastructure and automation tools.

• IoT backend. IoT devices can send data to cloud platforms for processing, storage, and analysis, thus enabling real-time monitoring and control.

• Low-latency applications. Edge computing is crucial for applications that require minimal latency and immediate responses, such as autonomous vehicles and augmented reality.

• Smart cities. Edge computing helps to process data from sensors, cameras, and IoT devices for applications like traffic management, public safety, and environmental monitoring.

Benefits of cloud and edge computing for business

• Cost efficiency. Cloud and edge computing eliminates the need to invest in and maintain on-premises hardware and infrastructure. Instead, you can pay for cloud resources on a pay-as-you-go basis.

• Scalability potential. Cloud services allow businesses to easily scale their IT resources up or down based on demand. This scalability ensures that businesses have the computing power they need without overprovisioning.

• Security and compliance. Cloud providers heavily invest in security and compliance certifications, making it easier for businesses to meet security and regulatory requirements.

4. Hyperautomation

Hyperautomation is one of the most rapidly growing trends, combining several of the latest technology advancements like artificial intelligence (AI), machine learning (ML), robotic process automation (RPA), and other automation tools, all with the goal to automate and optimize business processes.

Automation helps to streamline operations, reduce manual effort, enhance productivity, and improve overall business efficiency.

Key use cases

Automation can be applied to an extensive range of business processes, making it applicable to virtually any industry. 

Let’s take a closer look at some key use cases of automation for businesses:

• Finance and accounting. Automation allows businesses to automatically extract data from invoices, validate them against purchase orders, and initiate payments.

• Fraud detection. AI-driven fraud detection systems can identify and prevent fraudulent activities.

• Customer support. New technology solutions like AI-powered chatbots and virtual agents can handle routine customer inquiries, provide support, and escalate issues when necessary.

• Supply chain and logistics. Automation tools can be used to analyze historical data and predict demand, helping optimize inventory management.

• Lead qualification. AI-powered applications can help sales teams automate lead scoring and qualification processes.

• Data processing. Automation streamlines data entry and processing tasks.

Benefits of hyperautomation for business

• Enhanced efficiency and productivity. By automating repetitive manual tasks, businesses save time and enable staff members to focus on more strategic activities.

• Improved accuracy and quality. Automation reduces the risk of human error in data entry, calculations, and decision-making, leading to higher-quality outcomes.

• Cost efficiency. Automating tasks translates to reduced labor costs.

• Better customer experience. Chatbots and virtual agents provide 24/7 support, improving customer satisfaction.

• Advanced data analytics. Automation systems collect and analyze data, providing valuable insights for informed decision-making and process optimization.

5. Next-gen software development

Next-gen software development is not just the latest technology in the software industry — it’s a combination of tools that are revolutionizing every stage of the app production workflow, from planning to ongoing maintenance. 

What’s more, next-gen technologies empower non-technical individuals to build applications and streamline complex tasks, often reducing them to single commands.

These brand-new developments in information technology include low- and no-code development platforms, Al pair programmers, infrastructure as code (IaC), automated integration, deployment, testing, and surely, generative Al development tools.

Key use cases

One of the major emerging technologies in 2023, tools that automate application development have two primary use cases:

• Streamlined software development. Next-gen software development technologies accelerate software development lifecycles, ensuring accuracy and efficiency from concept to deployment.

• Broad access to software development. No-code tools enable non-tech specialists to build applications using a graphic interface without writing a single line of code.

Benefits of next-gen software development for business

• Accelerated development. Low- and no-code platforms enable rapid application development, reducing time to market and allowing businesses to respond quickly to changing market demands.

• Reliability and consistency. Automated integration, deployment, and testing ensure consistent and reliable software releases, which can significantly reduce the risk of errors and downtime.

• Cost savings. Streamlined development processes and less reliance on manual coding can lead to substantial cost savings in software development projects.

6. Artificial Intelligence of Things

Some new trends in technology emerge from combining already-existing concepts. This is how the Artificial Intelligence of Things, or AIoT, came onto the scene. 

AIoT combines AI with the Internet of Things (IoT) infrastructure. Its aim is to enhance IoT operations, optimize human-machine interactions, and boost data management and analytics.

Key use cases

As an innovative technology for businesses, AIoT offers a range of industry-specific applications, including:

• Edge analytics. The technology enables real-time data analysis at the edge for improved decision-making.

• Autonomous vehicles. AIoT contributes to the development of self-driving cars and intelligent transportation systems.

• Personalized fitness. AIoT empowers highly personalized fitness monitoring and coaching.

• Remote healthcare. AIoT technology facilitates patient monitoring and telemedicine, resulting in improved healthcare and customer satisfaction.

Benefits of AIoT for business

• Greater productivity. AIoT accelerates data processing and decision-making, leading to increased operational efficiency and productivity.

• Real-time data analytics. Thanks to AIoT, businesses gain access to robust data analytics, allowing for informed and timely decision-making.

• Enhanced security. Powered by artificial intelligence, AIoT technologies help ensure higher data security, reducing the risk of data breaches and cyberattacks.

7. Web3

One of the most exciting new trends in technology, Web3, refers to a number of developments intended to facilitate a shift to a decentralized, user-centric internet with open standards and protocols and a strong focus on protecting digital ownership rights.

Web3 has substantial commercial potential. Opportunities include novel business models controlled by decentralized autonomous organizations, services working with digital assets, and state-of-the-art data storage and management using blockchain technology.

Key use cases

Web3 has already started to disrupt various industries beyond finance, including social media, gaming, supply chain management, and many more:

• Decentralized finance (DeFi). DeFi platforms on Web3 enable businesses to access decentralized lending, borrowing, and financial services without intermediaries, providing liquidity and financial flexibility.

• Ensuring transparency in supply chain management. Blockchain-based Web3 solutions enhance supply chain transparency and traceability, reducing fraud, counterfeiting, and inefficiencies in global supply chains.

• Tokenization of assets. Businesses can tokenize physical and digital assets (real estate, art, intellectual property) on Web3, increasing liquidity and accessibility for a broader pool of investors.

• Smart contracts. Smart contracts are used for the automated and trustless execution of agreements, minimizing the need for intermediaries and enhancing contract security.

• Content ownership and NFTs. Content creators and artists can use Web3 to prove ownership of digital assets and monetize their creations through non-fungible tokens (NFTs).

• Cross-border transactions. Businesses can leverage Web3 for cross-border payments and remittances with lower fees and faster settlement times compared to traditional financial systems.

• Immutable records. Blockchain technology ensures the immutability and integrity of records, making it valuable for industries requiring tamper-proof data, such as legal and healthcare.

Benefits of Web3 for business

• Enhanced transparency. Web3’s decentralized nature and blockchain technology foster trust and transparency in business transactions, reducing the risk of fraud and disputes.

• Lower costs. By eliminating intermediaries, businesses can reduce transaction fees, operational costs, and administrative overhead.

• Data ownership. Businesses can give users greater control over their data, fostering stronger customer relationships.

• Monetization opportunities. Tokenization and NFTs offer new revenue streams and monetization opportunities for digital assets, intellectual property, and content.

Leverage the power of emerging technologies with TechWings

As you can see, emerging technologies in 2023 have much to offer for enhanced business efficiency and productivity.

At TechWings, we have extensive experience developing software applications of any type and complexity, and we can help you implement the most innovative and trendy technological solutions. Get in touch with us to start innovating your business.