Top 10 New Technology Trends for 2024

Technology definition: It is the practical application of scientific knowledge to solve real-world problems and improve human welfare. It aims to achieve either a commercial or industrial objective.

Yearly, new technological trends and innovations that benefit individuals, medical specialists, IT professionals, and organizations pop up. Keeping up with emerging technologies that make every aspect of our daily lives better is tasking but necessary.

One technology trend that will dominate in 2023 is advanced artificial intelligence. OpenAI’s ChatGPT, a generative AI, is causing a global stir for its ability to generate human-like responses to questions.

New technology trends have great potential to impact our lives.

Here’s my take on the top 10 latest technology trends for 2023.

1. Artificial Intelligence (AI)

Artificial Intelligence statistics predict that the AI field will employ 100 million people by 2025. (Tidio)

Artificial Intelligence refers to machines and software tools that imitate human features. They have cognitive skills like human decision-making, problem-solving, and learning. AI uses machine learning algorithms with general intelligence to enhance applications such as Google Assistant, Alexa, and Siri.

The technology applications in our daily lives go beyond what you can imagine, ranging from sales and customer service to market research. It tremendously impacts our personal and work lives.

Businesses use AI to acquire relevant data about how customers perceive their brands. AI software tools can conduct surveys, serve as personal assistants, make accurate sales forecasts, and automate business processes.

In 2025, the AI market will become a $190 billion industry. This growth will cause the creation of new jobs. The AI industry already has one of the highest average annual salaries. AI engineers in the United States earn an average of $127,288 yearly.

AI and Machine Learning Trends — **Source:** **Data Science Dojo**

AI Use Cases in 2023

Sales: Companies experience improved sales with AI software tools. AI boosts sales activities by generating leads, nurturing them, and sending personalized emails. Many CRM software tools integrate AI features to improve their services.
Market Research: Businesses need to conduct in-depth research to gain a stronghold on their market. AI software like IBM’s Watson conducts business-related research, such as analyzing market share and comparing competitors' products and market trends.
Customer Service: AI chatbots and autoresponders will improve customer service delivery. They can perform intelligent activities like speech recognition, language understanding, and personalized recommendations.

2. Robotic Process Automation (RPA)

The global RPA market will be worth $20 billion by 2023. (GlobalData)

Robotic Process Automation (RPA) is a unique future technology that automates business processes and tasks executed by people.

RPA automates business operations like processing transactions, analyzing data, interpreting applications, or even replying to emails. They perform these tasks error-free and faster than humans.

Save time and improve productivity by using RPA to conduct repetitive and lower-value tasks like extracting, copying, and inserting data.

This technology can perform cognitive tasks like understanding unstructured data and making complex decisions through advanced machine learning models.

Although RPA is altering existing job descriptions, it is creating new ones. It opens up career opportunities like project manager, business analyst, consultant, developer, and solution architect. The average annual salary of an RPA developer in the United States is $102,854.

Business Processes in Which RPA can be Used — **Source:** **UiPath**

RPA Use Cases in 2023

Payment Processing: Companies, hospitals, and banks use RPA to automate payment processing and orders and reduce staff workload significantly.
Ease in Administration and Reporting: RPA takes administration and reporting to another level. With this tech, businesses can generate accurate reports for assessing the organization’s progress.
Data Entry and Collection: Entering vital data, such as customer information and sales analytics, does not have to be done manually. RPA robots can automatically fill data into forms and parse entire sites.

3. Blockchain Technology

Blockchain statistics indicate that financial Institutions can save up to $12 billion annually by adopting blockchain technology. (The Economic Times – IndiaTimes)

Blockchain is a close-knit system that stores information in blocks connected together, which form an encrypted chain or network. It is consensus-driven. No person or entity can take control of the data. This technology eliminates the need for a trusted third party to oversee or validate transactions.

Today, there is a lot of positive publicity around blockchain technology. Many businesses, including financial institutions, use it to share information that only authorized members can access. It is difficult or impossible for hackers and employees to change or cheat the system.

Blockchain technology opens up career opportunities like Blockchain developer, solution architect, project manager, and quality engineer. The average annual salary of a blockchain developer is $130,034.

The Size of the Global Blockchain Market — **Source:** **FinancesOnline**

Blockchain Use Cases in 2023

Cross-Border Transfers: Sending money across the border may involve some bureaucracy. The verification process can take a long time. Blockchain helps to eliminate all these stresses with network-verified transactions. You can perform key transactions without the need to use intermediaries.
Fan-to-Artist Direct Payments: In the music industry, it's common for artists to have their music on online platforms for streaming. By connecting the streaming app to the blockchain, artists can get paid automatically after each stream.
Property & Real Estate Blockchain Applications: The introduction of property-based blockchain makes property investment more efficient and appealing to a larger audience. The need to rely on paper-based contracts and individual communication is reduced.

4. Virtual Reality and Augmented Reality

The virtual and augmented reality market will reach $252 billion by 2028. (Statista)

Virtual Reality (VR) and Augmented Reality (AR) are notable trends in new technologies. VR absorbs users in a virtual environment, while AR enhances it.

The United States military uses VR and AR to create simulation software for training its Navy, Army, and Coast Guard.

An increasingly popular example of VR and AR is the Metaverse. It refers to virtual 3D spaces where users can interact. Recently, big corporations like Facebook, Google, Sony, and Microsoft are investing billions of dollars in its development.

In the near future, AR and VR technologies will further integrate into human lives while working with other emerging technologies like AI and IoT.

The global AR and VR market is a gold mine for people with technical skills.

Job opportunities in VR and AR include:

Computer vision engineer.
VR developer and designer.
Software engineer
UX designer.
3D artist.

The average annual salary of a VR developer is $97,509, while an Augmented Reality Developer earns $105,400.

The Diverse Potential of VR & AR Applications — **Source:** **Statista**

Virtual and Augmented Reality Use Cases in 2023

Try-Before-You-Buy Concept: Businesses use VR and AR to improve their marketing and sales campaigns. Consumers can now experience products before paying for them. For example, car dealerships can offer customers a virtual spin to have a total experience before they pay for it.
VR Tourism: Tourism has become an income source for many countries and organizations. Museums and tourist centers can use the potential of VR and AR to provide an interactive tour experience for visitors.
Training: The best-use scenarios of Virtual and Augmented Reality are training and education. Medical schools can use this technology to train surgeons effectively.
Effective Customer Service: AR can improve your business’s customer service. Reps can now have a first-hand experience of what the customer needs and how to best meet these needs. They can use AR to guide the customer’s repair or setup process.

5. Edge Computing

50% of new enterprise IT infrastructures will use edge computing technology in 2023 (TechHQ)

The life force of modern business is data. Data offers valuable insights and helps control real-time business operations and processes. Presently, floods of data have plagued businesses. Due to this flood, companies are changing how they handle computing.

‘Edge' in the context of edge computing is about processing data near its generation source. This technology allows processing at a greater volume and speed, which means accurate, efficient, and productive results on time.

The global edge computing market will be worth $115.90 billion by 2030.

Job opportunities in edge computing include:

Edge network engineer.
IoT architect.
Software engineer.
Solutions architect.
Security specialist.

A network solutions architect earns $163,876 annually.

Cloud Computing VS Edge Computing — **Source:** **Neova Solutions**

Edge Computing Use Cases in 2023

Security: Many businesses adopting edge computing use it to boost their security. This technology enables real-time data processing to ensure that only authorized people gain access to the network. Audio and video monitoring, biometric scanning, and other authorization mechanisms are more effective due to their connection with edge computing.
Workplace Safety: Edge computing plays a vital role in workplace safety. In some organizations, industrial robots use edge computing to reduce risks to humans and perform routine operations more efficiently.
Machine Automation: Machine automation is better with edge computing because it maximizes the output of manufacturing equipment.

6. Internet of Things (IoT)

Internet statistics forecast that the number of connected IoT devices will reach 30.9 billion by 2025. (IoT Analytics)

The Internet of things (IoT) is a system of interconnected computing devices, digital and mechanical machines, people, animals, and objects.

This technology can transfer data through a network without human-to-human or human-to-computer interaction. Humans are only required for setup, instructions, or when they need to access data.

IoT devices are natural or manufactured objects with an IP address and can transfer data over a network. Examples include a farm animal with a biochip transponder, heart monitor implants, and autonomous vehicles with built-in sensors to alert drivers when fuel is almost finished.

The IoT brings data processing, internet connectivity, and analytics to the world of physical objects.

Businesses can easily connect their everyday objects, like self-driving cars, office appliances, and thermostats, to the Internet through embedded devices. This action makes seamless communication possible among workers, things, and processes.

Career opportunities in IoT include:

Data analytics.
IoT/cloud software developer.
IoT infrastructure architect.
IoT systems administrator.
Vulnerability/cyber engineer.
Embedded engineer.

The average annual salary for an IoT engineer in the United States is $129,130.

Top Reasons Companies Leverage LoT — **Source: 99 Firms**

IoT Use Cases in 2023

Location Tracking: Losing cargo can be an unpleasant experience for every business owner. The simple solution is to use smart tracking devices that help both the vendor and customer know the location of the goods. For example, through IoT, you can track and lock a stolen bike to prevent the thief from getting away with it.
Predictive Maintenance: IoT solutions help organizations know when their machines require maintenance, upgrades, or basic repairs.
Energy Optimization: This feature fits perfectly with organizations that use heavy industrial machines that require a lot of energy to function. Due to the installed IoT energy sensors, you can automatically make adjustments to reduce energy consumption.

7. 5G

The number of 5G subscriptions globally will grow from 236 million in 2021 to 3 billion by 2025. (Finances Online)

5G is a 5th-generation mobile network designed to interconnect machines, objects, and devices. It delivers higher multi-Gbps data speeds and improves network performance.

When talking about changing the business world, 5G services are vital players in the scheme. 5G helps businesses to move with less time and resources. They can help carry out tasks quicker and more efficiently with little or no human error.

5G services boost business productivity in collaboration with other advanced technologies like IoT and artificial intelligence. It improves the supply chain, data-driven research, health care, and cybersecurity.

By 2027, 5G subscriptions will reach 4.4 billion. This rapid growth will result in more 5G job opportunities like:

LTE/5G core development engineer.
5G core engineer.
5G network test and commercialization engineer.
5G core network architect.
5G system test engineer.

The average salary for 5G core network jobs is $137,139.

Benefits of 5G for Businesses — **Source:** **FinancesOnline**

5G Use Cases in 2023

Renewable Energy: 5G lets allocate energy smarter while being used in smart grids. Better monitoring also helps to cut energy consumption.
Predictive Maintenance: Major chemical processing companies rely on 5G for effective predictive maintenance. It's possible to easily predict the need for maintenance before malfunctions occur.

8. Hyper-Automation

The global hyper-automation market will surpass $26.5 billion by 2028. (PR Newswire)

The business world is getting more competitive day by day. In most cases, organizations put in extra effort to achieve their desired results to stay on top.

Hyper automation is undoubtedly one of the major trending technologies that have made its mark on the business world. With this technology, businesses can automate the completion of repetitive tasks without human involvement.

Similar to other modern pieces of tech, hyper-automation reduces human labor and makes life easier. Organizations using this technology have reduced waste and cost, boosted production, and improved efficiency.

Hyper-automation is not limited to large businesses. If you have a small or medium-sized business, you can use it to improve your operations.

Hyper Automation Use Cases in 2023

Banking And Financial Services: The banking sector profits from this technology greatly. Identifying fraudulent activities has become increasingly easy through hyper-automation.
Construction: Construction companies can use bots to automate repetitive administrative tasks. For example, integrating cameras with AI-powered software to monitor on-site workers increases their safety.
Retail: Hyper automation changes the way retail operates. Selling and buying activities have become more automated than they used to be. People can easily purchase their desired products online without having to leave the comfort of their homes.

9. 3D Printing

The 3D printing market will reach a value of $44.5 billion by 2026. (Hubs)

Creating prototypes is vital to business success. It will be unwise to release final products into the market without first creating and testing the prototype. With the printer and 3D printing software, you can seamlessly print an actual object.

Organizations that produce plastic toys use 3D printers to produce attractive toys at a relatively cheap rate for kids. Beyond toys, various home utensils made of plastics, such as plants, cups, and tables, can be mass-produced with 3D printers.

This technology has changed business industries and reduced the need for human labor tremendously.

You can have a 3D printer at home. Get creative and come up with various objects just for your entertainment.

3D Printing Use Cases in 2023

Develops Cost-Effective Prototypes: Many businesses' prototyping cycles are not pleasant and can be expensive. Small businesses are top beneficiaries of 3D printers because they allow them to produce quick prototypes relatively cheaply.
Widens Your Product Design Possibilities: If you are working without a 3D printer, you may not be able to experiment because of the cost. A 3D printer removes the limits of how creative you can be.

10. Drones

Drones use 87% less manpower and resources per mile inspected. (DroneUp)

A drone is a small crewless super aircraft able to perform various tasks. This device is also known as an unmanned aerial vehicle (UAV).

Drones are increasing in popularity across industries like construction, videography, health and safety, security, and delivery. While in operation, they use sensors to detect obstacles and avoid collisions. Data scientists use this device to acquire data across various fields.

Drones have changed the business world greatly. Sales and marketing teams use this device to deliver products to customers, increase brand awareness, and reduce certain expenditures like delivery costs.

As a result of major advancements in drone technology, professionals across different industries are increasingly using the device.

Commercial Drones are Taking off — **Source:** **Statista**

Drones Use Cases in 2023

Agriculture: Drones make the work of farmers easier, faster, and more cost-effective. They help with controlling pests and water usage efficiency and monitoring disease outbreaks.
Biological Monitoring: Certain areas may be hazardous for people to step into, but that's not the case for drones. In industries that deal with hazardous substances, drones are useful for taking air or water quality tests. Additionally, they can help you detect certain microorganisms and atmospheric elements.
Real Estate: The impact of drones in the real estate industry is not child's play. Real estate agents can use drones to sell homes without traveling to where the building is. Since drones can provide a good quality aerial view of an entire property, convincing potential customers is easier. A client can clearly understand the structure of the building in clear pictures and live videos without physically visiting it.

If you want to learn more about technology, check out these Founderjar articles:

Sources

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