2022 was a tumultuous year in tech with events such as , the advancements in generative AI, the ups and downs of the crypto markets and FTX’s collapse, and the emergence of the metaverse.
However, 2023 may bring even more serious challenges for the tech industry. Governments around the world may regulate the industry by placing restrictions on their operations. The Supreme Court is set to decide on whether social media platforms can be held accountable for user content posted on their platforms. As generative AI finds practical applications in business, concerns around the technology’s lack of transparency and potential unintended consequences may become prevalent.
These are just a few of the major developments to watch out for in 2023. Lets see below in detail which sectors to watch out for 2023.
1. Artificial Intelligence
2023 started with dominance of AI-powered language models like ChatGPT and its impressive capabilities is expected to continue its growth. Also, with the release of WuDao 2.0 in China, the future holds even more advanced systems, potentially surpassing the 175 billion parameter GPT-3. These Large Language Models (LLMs) will be capable of handling complex language tasks and processing data in various forms such as text, images, and audio. ChatGPT already stands out compared to popular virtual assistants like Siri and Alexa, and with the advancement of LLMs, the world can expect even more intelligent AI systems with extensive knowledge to be accessible through smartphones globally in the near future.
2. Virtual Reality (VR)
By this time we might have become familiar with the term Virtual Reality (VR) and Augmented Reality (AR). VR transports the user to a different environment, while AR enhances their current surroundings. These technologies have primarily been associated with gaming and social media filters and training simulators. In 2023, they will continue to advance and it is predicted that more immersive meeting environments will emerge, allowing for better collaboration and co-creation. The utilization of AR and VR technology in the workplace, specifically for training and onboarding purposes, is expected to increase in the coming year. Accenture has already taken the lead with its virtual world, “the Nth Floor,” which serves as a metaverse environment for HR tasks and features replicas of actual Accenture offices.
3. EV manufacturing
In 2023, Tesla’s monopoly in the electric vehicle (EV) market may face competition as other automakers, such as Porsche, Mercedes, Audi, BMW, Rivian, and Lucid Motors, are predicted to enter the scene with a variety of high-end and technologically advanced offerings. This increase in competition is expected to reduce Tesla’s market share and provide consumers with a wider range of EV options. If reports are to be believed, the global EV sales will surge to 8.6 million in 2023, a significant increase from 3.2 million in 2020.
4. Cybersecurity
The past few years have seen a heightened focus on both physical and digital risk. Cybersecurity threats have become increasingly sophisticated, causing concern for organisations. However, the rise in complexity of anti-scam, anti-spam, and other protective measures for the internet is a positive development. A robust digital immune system, utilising monitoring, automation, and the latest design innovations, can greatly minimize security and operational risks. As the importance of these tools becomes better understood in the coming year, organisations can expect to receive more inquiries about their digital immune system and the measures they have taken to strengthen and secure it.
5. Crtypocurrency and Web3
The decentralization trend is revolutionizing traditional ways of conducting transactions, communicating, and doing business. With its ability to automate processes, it promises to bring significant growth to the digital property sector. As per Gartner’s predictions, by 2025 the commercial value created by decentralization will reach over $176 billion, making it a technology that is rapidly spreading beyond just the financial sector and into various other industries.