May 8, 2023

Top 10 Life-Changing Technology Trends for 2023

Throughout the centuries, technology has changed how we live, and we can expect innovative technologies to help us in our daily lives. In this blog post, we will describe the top 10 future trends in technology.

Metaverse Expansion

The universal concept of the metaverse still doesn't exist because it is all that belongs to our imagination. It's a gaming platform, a virtual retail store, a learning tool, a virtual classroom, and a new path to a digital experience. Users and early adopters can already see tangible benefits from the latest technology trends.

Despite the many definitions of the metaverse, it has several fundamental characteristics:

• full immersion;
• interactive in real-time;
• compatibility between platforms and devices;
• parallel interaction with thousands of people
• use in human activities far beyond games

An important point: there is only one metaverse. People use only different platforms, for example, Decentraland, Fortnite, Roblox, and The Sandbox, but in the ecosystem of one metaverse.

Analysts at McKinsey & Company estimate that by 2030, with consumer and business use cases, the metaverse could produce up to $5 trillion.

Whether the base case or the long-term scenario is implemented, the impact of the metaverse on the e-commerce market by 2030 could range from $2 trillion to $2 point 6 trillion. Similarly, there will be an impact on the technology trends in education - the academic virtual learning market, which will range from $180 billion to $270 billion, on the advertising market - from $144 billion to $206 billion, and on the games market - from $108 billion to $125 billion.

What Can a Business Do in the Metaverse?

Those companies that already integrate the metaverse into business processes can create long-term competitive advantages. The uses of the metaverse and the role that business leaders want to play must be identified to develop a strategy. For example, test, study, implement, track the results and study user behavior, and prepare for scaling by identifying the necessary capabilities and incorporating the metaverse into your operating model. They should also explore the possibility of becoming users of the metaverse themselves.

Artificial Intelligence (AI)

The dominant part of the entire technology industry consists of artificial intelligence and machine learning, which are increasingly becoming part of the everyday life of humankind as new trending technologies. Developments allow companies to achieve the desired goals with less time and money; they can quickly make important decisions and create new innovative products and services.

With the help of AI in 2023, it is possible to make the right decisions in the following business areas quickly:

• marketing
• electronic commerce
• product management

This is part of the possibilities that reduce the imbalance between ideas and their implementation. Technologies that work with AI and big data have already been created, including machine learning.

These include:

• Processing of human speech
• Deep learning
• Programs for automated decision-making

Spread of Blockchain

When we talk about blockchain technology, most think about cryptocurrencies such as Ethereum and Bitcoin. However, blockchain offers many types of security that can be applied in other areas.

Elections

The voting results, which are encrypted and anonymous, will be placed on the blockchain and distributed among the network nodes. This method eliminates any possibility of ballot manipulation.

Logistics

The logistics chain is usually long and includes many links. Each link must receive confirmation from the previous one, fulfill part of the contract and send the information further. It takes much time and could be more productive, and with a smart contract, each participant can see progress and complete work on time. Smart contracts provide transparency of contract terms and protection from fraudsters. They can also offer delivery tracking with IoT (Internet of Things) integration.

Blockchain and Smart contracts are also applicable in management, banking, insurance, real estate, IoT, etc.

• Processing of human speech
• Deep learning
• Programs for automated decision-making

• Open banking that provides permission to look through transactions - financial transparency
• In cybersecurity, you can feel relaxed about your money.

Internet of Things (IoT)

Data collection with IoT devices has reached an unprecedented scale. Data science and machine learning are coming together to provide more opportunities for advanced IoT data solutions and analytics. Big data, artificial intelligence, and IoT are coming together to collect pre-structured data and build AI components. The importance of this approach will remain relevant for many years to come.

A report by Research and Markets predicts that AI and the Internet of Things will exceed $26 billion by 2025. They also demonstrate that AI improves IoT data efficiency by 25% while improving industry analytics by 42%. AI is essential at the heart of the Internet of Things and edge networks. Analyzing data generated by IoT solutions is only the first step. The role of AI in IoT systems has much greater potential.

For example, consider a self-driving car with a much higher error cost. It transports passengers safely to their destination and uses this transit data to predict traffic dynamics accurately. This data can then be used to build more efficient roads and infrastructure.

Our team was assigned the responsibility of creating software that would enable interaction with a smart lock. The software needed to facilitate the opening and closing of the home lock through commands transmitted from a smartphone, issue virtual reality passwords, revoke them when necessary, facilitate automatic door opening, and enable remote control over the Internet. Additionally, it needed to support traditional line-of-sight control.

Virtual Reality & Augmented Reality

The first attempt to create interactive devices that allow one to interact with virtual or augmented reality was attempted at the beginning of the 20th century. The concept of mixed reality ("reality-virtuality continuum"), the elements of AR and VR in the modern view, is relatively new, as well as the market for virtual and augmented reality technologies. And although the concepts of virtual and augmented reality have undergone moderate changes over the past 30 years, they have gone through a significant evolutionary path in terms of improving devices, software, and content. They have already become top IT trends.

Their application is not limited to the sphere of entertainment and games. Many experts believe that virtual and augmented reality technologies, big data, cloud technologies, and artificial intelligence will become the key technologies of the next industrial revolution. Augmented and virtual reality technologies can form the basis of a new computing platform.

A wide range of benefits from the use of virtual and augmented reality technologies:

• Processing of human speech
• Deep learning
• Programs for automated decision-making
• accelerating and reducing the cost of learning, training, and instruction processes, as well as increasing their efficiency, lowering costs for elements and consumables needed in training, and for training personnel;
• prevention of a threat to the health and life of employees and other people in the process of special education and training (medical operations and invasive procedures, evacuation, security, rescue in various emergencies) and the related optimization of compensation costs;
• reducing the number of errors and speeding up the process when assembling, repairing, and operating special equipment; a significant reduction in the accident rate;
• reduction of the cost of operating units of equipment due to the timely detection of faults;
• acceleration of the process of designing and prototyping objects, a significant reduction in costs and time for physical modeling;
• improving customer experience, product, and marketplace design, and a corresponding increase in sales volumes;
• improving (simplifying) and increasing the effectiveness of communications.

Touch Commerce

The comfort of shopping whatever you want and wherever you are attracts people to online shopping. Touch commerce is one of the trending technologies that allows users to pay with a single touch of a fingerprint or several traces of the screen. Customers can complete transactions with the help of pre-populated data from third-party authenticators. It is a kind of autonomous shopping.

It is a secure payment on any website or app without providing user registration or login details. Authorizing the transaction requires your fingerprint or two touches of a screen.

Shopping apps use the information which is stored in the Operating system. It includes payment card details, addresses, and contacts. This option will be authenticated by a fingerprint and will enable software used in the app. Shipping by default will be transported to the registered addresses in the Operating system.

5G Technology

5G is the fifth-generation mobile communication standard with a high Internet speed (up to 25 Gb/s) with minimal signal transmission delays (only 1-2 ms).

5G technology is applied in various fields:

• Entertainment. Due to the high data transfer speed, 5G networks are applied in cloud gaming. Games are streamed from the "cloud" at such a speed that there is no "layer" in the form of a transmission channel. This means that there is no significant input lag (delay in control), which is critical for gaming.
• House. 5G is associated with the smart home and the Internet of Things (IoT). Today you can find many devices that are connected to the IoT: light bulbs, sockets, locks, speakers, and household appliances. It would be helpful if you had a good connection with a high data transfer rate for everything to work in a single ecosystem without delay.
• The medicine. With the help of 5G, a doctor can perform ultrasounds on patients from thousands of kilometers away. The doctor will receive all the information up to the tactile, as in an actual appointment.
• Transport. 5G can help in the development of intelligent or self-driving vehicles. It will be possible to interact with smart roads, traffic lights, parking lots, and road signs. All data will be transmitted and stored in the cloud storage.

Let's take a simple example to understand better the role that milliseconds play. Let's imagine that we have an autopilot car that synchronizes its coordinates with other vehicles via the Internet and with sensors located along the track.

If a car is moving at 120 km/h and an emergency occurs suddenly, a person will need about 700 m/s to react. During this time, the vehicle will carry about 30 meters, which can cost the driver's life. On 4G networks, the delay would cause the car to move about 2 meters before deciding. 5G networks would reduce this distance to 10-15 centimeters.

Gene editing

The possibility of gene editing excites people's minds and is one of the controversial healthcare technology trends. So what is gene editing, and what prospects does it open for modern biology and medicine?

Gene editing will allow the treatment of many human diseases, including hereditary diseases, viral infections, and cancer. Thus, with the help of the CRISPR/Cas9 tool, genetic blood diseases are being treated, immune cells that fight cancer cells have been created, and active research is underway to treat HIV. Another area of ​​application of gene editing is the creation of animals and cell cultures that can be used as model objects in biomedical research. With the help of such models, it is possible to test new drugs and conduct detailed studies of various biological processes in normal and pathological conditions.

Machine Learning

Machine learning is the science that enables AI to learn and behave like a human and continuously enhances its capabilities based on the real-world data we provide. By summarizing their examples, machine learning algorithms can determine how to carry out necessary tasks independently.

With the help of machine learning, AI can analyze data, memorize information, make predictions, reproduce ready-made models, and choose the most suitable option from the proposed ones.

Such systems are helpful when it is necessary to perform vast amounts of calculations: for example, bank scoring, analytics in the field of marketing and statistical research, business planning, demographic research, investments, and search for fake news and fraudulent sites.

In marketing and e-commerce, machine learning helps you customize services and applications to provide personalized recommendations. For example, the streaming service Spotify uses ML to personalize tracks for each user based on their music preferences.

Human Augmentation

Human augmentation is often confused with human biohacking, enhancement, and transhumanism. These terms are close, but there is a difference.

• Human enhancement: improving the human body and its performances
• Biohacking: Biohacking, also known as human enhancement, is the phrase used to describe the self-improvement of the human body using technologies.
• Transhumanism: is a philosophical movement about the biological boundaries of the body.

Human augmentation is about expanding or adding functions to the body. The term human augmentation is used in the work field.

Human augmentation is the ability to perform physical or mental actions with the help of technologies that integrate into the body. We can increase our natural abilities using wearable devices like smartphones and smartwatches.

Replicating is a technological form of human augmentation. It can help replace some parts of the human body. The Tech company impacting the market is Naked Prosthetics; the specialists build finger prosthetics for people who have suffered an accident or an amputation.

Closing Thoughts

Technologies are evolving all around us, and these ten technology trends will dramatically change over lives with intelligent products.

Machine learning is used in security frameworks — for example, the face recognition system in the subway. Cameras scan the faces of people entering and exiting the subway. Analytical engines compare images with wanted individuals. If the similarity is high, then the system gives a signal.

AI services are already being implemented in medical institutions. For example, the processing of patient data, preliminary diagnosis, and even the selection of individual treatment based on information about a person's disease.

If you want to create a life-changing project, choose our expert company, Stfalcon. We offer a free consultation.