Top 10 Technologies of 2024

Every 2-3 years, advanced technologies emerge and break the limits in the natural world. As a business owner and IT professional, you risk being left out if you don’t embrace these changes.

Kodak was once the world’s biggest photographic film company. But here’s the problem. The camera giant refused to innovate to embrace the trending technology, the digital camera, for fear of harming its lucrative film business.

You can guess the end result. Smart competitors like Fiji and Canon embraced this digital technology and took over the market.

Do you want to wait and see how top emerging technologies will succeed in your field in a few years? Absolutely not. Smart people will make the early bet to gain an advantage in the field.

Let’s walk through the top 10 trending technologies to watch out for in 2023.

1. Metaverse Technology

The global metaverse market will reach $679 billion by 2030, over 13x the estimated $51.5 billion value of the VR market. (Grand View Research and GlobalData)

Metaverse technology recreates our human environment in a virtual-reality space. You can't talk about metaverse technology without mentioning Augmented Reality (AR) and Virtual Reality (VR). They are the cornerstones of any metaverse project.

If you think the metaverse is a passing obsession, consider this fact. Facebook, one of the biggest global companies, has huge investments in the metaverse and changed its name to Meta. There’s Google, Microsoft, Nvidia, and Shopify investing billions ($) in this technology.

The use case of metaverse technology is without limitations. Gamers enjoy a more immersive gaming experience, while soldiers and pilots stimulate better training experiences with virtual reality and augmented reality headsets.

Metaverse technology changes the way businesses hold virtual meetings. Instead of participants watching the online meeting from behind their screens, they can actively participate in a realistic virtual environment.

The medical field will also benefit from using metaverse technology. Recently, medical specialists and surgeons used it to practice complex surgical operations before performing them on human beings.

The Top Sectors investing in the metaverse — **Source:** **Exploding Topics**

Metaverse Technology Developments to Watch Out For in 2023

Gaming: Metaverse technology has completely changed the gaming industry. Juego Studios, Avarik Saga, and The Mars are gaming companies making waves in the metaverse. This technology offers a social environment where every connected gamer can interact and earn cryptocurrency. Examples of successful metaverse games include the Sandbox, Sorare, and Axie Infinity.
Social Media: The limitless possibilities which the metaverse offers have rubbed off on the social media space. Metaverse-based social media platforms allow users to create avatars and virtual clones to communicate with friends, loved ones, and followers.
Banking and Finance: Metaverse banking is accessible with a VR headset via a laptop or mobile device. This technology offers users a perfect replica of a regular banking system. This banking system goes beyond regular cash and assets but delves into cryptocurrency, NFT, and other Defi cryptocurrency assets.

2. Artificial Intelligence (AI)

Artificial Intelligence statistics predict that the AI market will grow from $387.45 billion in 2022 to $1,394.30 billion by 2029. (Fortune Business Insights)

Artificial Intelligence (AI) represents machines that imitate and display human cognitive skills like decision-making, problem-solving, and learning.

Until the last decade, AI was still largely regarded as a futuristic technology. This year, it is one of the top emerging technologies that is a huge part of our daily lives.

Every year, AI records massive improvements in natural language processing (NLP), machine learning, speech recognition, and image recognition.

Businesses are adopting AI tools for different tasks.

Open AI’s ChatGPT finds answers to any questions.
Jasper AI writes anything.
Do Not Pay serves as an AI lawyer.
Dall-E 2 generates art from texts.
Repurpose IO auto posts social media content across multiple platforms.
Murf converts text into speech.
Timely tracks time.

The demand in the job market for AI-related professionals is increasing. If you want to pursue a career in AI, here are great career paths to follow.

Machine learning engineer.
Business intelligence developer.
Big data engineer/architect.
Software engineer.
Software architect
Data analyst.
Robotics engineer.
NLP engineer.

An AI developer in the United States earns an average salary of $123,170 (annually).

The Future of AI — **Source:** **Statista**

AI Technology Developments to Watch Out For in 2023

Conversational AI: Conversations are an important part of our daily activities and can get better with AI software like BERT and GPT-3. These tools can summarize text, serve as translators and chatbots, and detect and speak different languages imitating accents. Popular AI Assistants like Alexa, Siri, Google Assistant, and Microsoft's Cortana can hold real-time conversations with people.
AI and Medical Billing: AI plays a vital role in the health sector. It can make an accurate prediction of patients’ medical bills, helping to reduce costly errors. Processing insurance claims for patients is faster with this technology.
AI Cybersecurity: Cybercrime is a growing menace that plagues the internet. AI tools help organizations track user behaviors, identify the slightest anomaly, and improve necessary security protocols.

3. Blockchain

Blockchain statistics project that the blockchain market to grow from $17.46 billion in 2023 to $1,431.54 billion in 2030. (Grand View Research)

Blockchain is one of the latest technology trends to prosper in the following 20 years. This technology records and distributes data across a network of computer systems linked by cryptographic hashes. Data stored on the blockchain is highly secure and transparent.

Cryptocurrencies like Bitcoin and Ethereum rely on blockchain to work. However, it has other practical applications in the modern world.

Blockchain helps provide faster payments and charges lower transactional fees than banks. This latest technology has enormous potential in entertainment. Axie Infinity is an online game that runs on blockchain technology.

Benefits of Leveraging Blockchain Technology — **Source:** **GoodFirms**

Blockchain Technology Developments to Watch Out For in 2023

Growth of NFTs: Non-fungible tokens (NFTs) is one of the new technologies that will dominate the blockchain industry. NFT helps to record and secure digital ownership of internet arts, industrial arts, or digital copies of material objects.
Blockchain in Social Media: Blockchain technology can help social media platforms like Facebook and Twitter solve security and integrity problems like privacy violations and data control. It gives users full control over their content and helps securely store data.
Demand for Blockchain Experts: The demand for skilled blockchain professionals will increase. Top universities like San Jose State University offer courses covering blockchain technology. The most in-demand jobs are blockchain developer, solutions architect, project manager, UX designer, and security professional.

4. Internet Of Things (IoT)

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

IoT technology is the exchange of data between devices with sensors and the internet. We can easily measure the technological developments in the IoT world by how smart our electronic devices are becoming.

These IoT devices include smart watches, smart TVs, smart doorbells, smart home appliances, self-driving cars, smart street lights, smart bridges, and smart petrol pumps.

IoT works best with new technology trends like Artificial Intelligence (AI), 5G, and Virtual Reality. The demand for IoT skills and knowledge is booming. An IoT engineer earns an average annual salary between $121,204 and $152,623.

Leading LoT Segments by Market Share — **Source:** **99 Firms**

IoT Developments to Watch Out For in 2023

Traffic Management: IoT-installed traffic management systems address traffic challenges globally. Also, with smart parking technology, cars will quickly fit the best available parking spots around.
IoT Security: Although IoT devices make life better, they expose us to new cyber-attacks. Securing these devices has become essential globally. The White House National Security Council is pushing for standardized security labeling from IoT device manufacturers by early 2023.
IoT Healthcare: Remote monitoring of patients is on the rise thanks to IoT medical devices. You can hold virtual meetings instead of constantly visiting the doctor’s office. IoT devices can also read your heart rate and help detect abnormalities in your body.

5. Robotics Process Automation (RPA)

The global Robotic Process Automation (RPA) market will grow from $10.01 billion in 2022 to $43.52 billion in 2029 (Fortune Business Insights)

Robotic Process Automation (RPA) is one of the top new technology trends that is making waves in today’s world. With this emerging technology, organizations can automate business processes for better productivity.

RPA deployment stretches across industries, enterprises, and processes. Business processes like email replies, financial transaction approval, and analyzing data are areas where RPA shines.

This future technology is very popular among enterprises. RPA allows enterprises to bring some level of automation to their traditional processes without having to replace existing systems.

With RPA Automation VS Without RPA Automation — **Source:** **Maruti Techlabs**

RPA Developments to Watch Out For in 2023

RPA Customer Service: Companies use RPA to automate customer service tasks. For example, American Express Global Business Travel uses RPA to automate the process of canceling tickets and issuing a refund.
Wider Adoption of Cloud-Based RPA: Currently, the bulk of RPA vendors offer on-premise solutions. However, with the extraordinary growth of cloud computing, many RPA solutions are now available on the cloud. Using cloud-based RPA solutions will help companies reduce IT infrastructure and maintenance costs.
SMBs will Increase RPA Adoption: The highest adopters of RPA technology are not enterprises but small and medium-sized businesses. Many RPA solutions are scalable and affordable for SMBs.

6. Renewable Energy Technology

98% of electricity production in Norway comes from renewable energy sources. (Regjeringen.no)

With the growing concerns around climate change, the search for and implementation of cheap and sustainable energy is at the forefront of scientific discoveries.

More businesses rely on renewable energy to run their operations. The cost of running a business, especially in the manufacturing sector, is cheaper when you have an alternate source of energy.

BDO Global, an accounting and statistics conglomerate, predicted the following;

Solar technology will surpass a terawatt of global solar power generation by 2023.
Wind power will continue to grow, and half of the global investments in the wind will go toward offshore projects in 2023.
Private equities will invest an average of 600 billion dollars in clean tech.

Renewable energy changes how most businesses and communities operate regarding energy consumption.

For example, a power generation facility, Statkraft, links 1,500 wind, solar and hybrid plants across Europe and can power up to 5 million homes. Guess what? The Norwegian company runs one of Europe’s biggest power generation facilities in Germany!

Statkraft overcomes poor power generation challenges by using AI to connect to plants in places with better wind and sun.

Renewable Energy Global Overview — **Source:** **REN21**

Renewable Energy Developments to Watch Out For in 2023

Renewable Energy and AI: Despite the hype about AI, the technology is underutilized in the renewable energy sector. This fact is gradually changing. Companies are using AI to integrate renewable energy resources directly into the power grid.
Mainstream in the Power Sector: Renewable energy is growing rapidly every year. Distributed renewable energy systems are providing access to electricity to millions of households in developing and emerging countries. Cities like Reykjavik (Iceland), Georgetown (Texas), Rock Port (Missouri), and Burlington (Vermont) are 100% powered by renewables.

7. Data Science

The global data science platform market will grow from $4.7 billion in 2020 to $79.7 billion by 2030. (Allied Market Research)

Data science combines programming skills, domain expertise, and knowledge of statistical mathematics to extract meaningful insights from acquired data.

Data scientists use sophisticated machine learning algorithms to create effective predictive models. They use different methods such as machine learning modeling, general intelligence, statistical operations, and data modeling.

The US Bureau of Labour Statistics predicts that the number of data science jobs will grow by 36% from 2021 to 2031. A data scientist earns an average annual salary of $125,505.

Data Science Vs Data Analytics — **Source:** **Data Pine**

Data Science Developments to Watch Out For in 2023

Data-Driven Consumer Experience: Customer experience determines whether a client will remain loyal. The data-driven experience relies on using acquired customer data to offer increasingly valuable or enjoyable experiences.
Demand for Data Scientists and Analysts: Companies collect a wealth of data about their customers, competitors, products, and industries. While machines can help them analyze data, you need skilled individuals to make sense of them. Data science is not at the point where it can replace the human mind.
Growth of Predictive Analytics: Predictive analytics will improve business and human decision-making. Netflix is an excellent example of a company using data science to perform predictive analysis. It analyzes data from over 100 million users and uses it to accurately provide useful movie recommendations.

8. Edge Computing

The global edge computing market will reach $101.3 billion by 2027. (Markets and Markets)

Edge computing means capturing, storing, and processing data close to its creation point instead of a centralized data-processing platform.

The world is adapting to computing data on edge. You already use edge devices without knowing about it. They are smart gadgets on the IoT network with computing capacities like autonomous vehicles and robots.

Cloud computing giants like AWS (Amazon Web Services), Google Cloud, and Microsoft Azure are investing heavily in edge computing.

5 Key Benefits of Edge Computing — **Source:** **Logic Fruit Technologies**

Edge Computing Developments to Watch Out For in 2023

Edge Computing for Large and Small Businesses: Large enterprises in key industries like healthcare, retail, and finance turn to edge computing to boost productivity. However, smaller businesses can also benefit and use it to reduce data processing latency.
Improves Customer Experience: Creating a positive customer experience is essential for business success. Edge computing can increase processing speeds, which is a great value for customers who want instant results. Businesses can use it to drive faster analysis for better customer service.

9. Full-Stack Web Development

A full-stack developer earns an average annual salary of $85,829, while that of a full-stack engineer is $122,086. (Glassdoor)

The software development industry is growing at a rapid pace. Tech companies are hiring full-stack developers in large numbers. And here’s why? They reduce costs in terms of development resources and minimize errors.

Full-stack development is one of the most prestigious jobs in the tech space. It covers the website front end (what the user sees), the server side (the brains behind it), and a bit of data processing and operations.

Full Stack Developer Salaries around the world — **Source:** **Career Foundry**

Full-Stack Developments to Watch Out For in 2023

Low Code Development: Low code is a graphical software development approach that reduces development time. Developers use it to automate every significant stage of the application development lifecycle and get the best out of their work.
Progressive Web Applications: PWAs are websites that act as web and mobile applications. Many software development companies are paying more attention to PWAs because of their growing demand.

10. Cyber Security

The global cyber security market will grow from $155.83 billion in 2022 to $376.32 billion by 2029. (Fortune Business Insights)

The major obstacle faced by modern technology is cyber-attacks! Although technological advancements bring positive benefits for users, without proper cyber security structures, they are vulnerable to cyber threats.

Cyber security is a huge concern for individuals, companies, and governments. In an increasingly interconnected world, the need for solid data security is a priority.

This year, the global annual cost of cybercrime will hit $8 trillion! The need for cybersecurity technology and experts has never been higher.

Average Annual Salary for Cybersecurity Positions — **Source:** **TechTarget**

Cyber Security Developments to Watch Out For in 2023

Increased Security for Remote and Hybrid Workers: Remote work increases the risk of a cyber-attack. Working in public spaces is not safe because they mostly have weak networks. This vulnerability has made security experts continually educate remote workers on how to protect themselves.
Zero Trust Replaces VPN: Since VPNs are largely prone to cyberattacks and other vulnerabilities, Zero Trust is the perfect replacement. The Zero Trust framework is simply based on the notion of “never trust, always verify.” In a zero-trust environment, users are reassessed, continuously validated, and reauthorized using multiple authentication methods.

If you want more information about technology, check out the following Founderjar articles:

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