5 Technology trends CXO's should look out for in 2022-23

We are gradually transitioning towards a data-backed, contactless, and automated digital world. Since the last decade, we have been steadily climbing the tech ladder. The uptrend of technology gained a tremendous boost during the COVID crisis, spurring digitization and technology adoption throughout the length and breadth of the globe. As the technology landscape is transforming, new trends are also emerging at the cusp of business evolution. Meanwhile, it is important for CXOs and company leadership to keep a close watch on the latest technology trends and evolution. This will help in the development of better strategies and the adaptation to changing situations and realities.

Mentioned below are some of the key technology trends that forms top imperatives for 2022-23.

Enterprise use of AI will Rise: Gartner predicts that the global AI market will reach USD 62 billion in 2022. AI and machine learning tools will be used by businesses of all sizes and various industries like BFS, insurance, Retail, Manufacturing etc. to improve customer interaction, obtain incisive data insights, wield operational efficiency, and drive wider digital transformation.

As data scientists are becoming increasinglyexpensive, many organizations will prefer using built-in AI tool kits that can be used by analysts directly. This will reduce the overall cost and enhance speed-to-market.

Bigger Push towards AR & VR: In 2022, the worldwide AR & VR industry will receive a major boost, with a growing emphasis on lightweight, portable devices. Similarly, faster software and an immersive experience will be prioritized. The global AR and VR market is expected to reach USD 600 billion by 2025. Larger tech firms like Apple, Google, and Microsoft are expected to introduce their VR glasses in 2022. The AR & VR space will also get a shot in the arm with the advent of the Metaverse.

The Sharp Growth in Blockchain: As the world watches the crypto and NFT bubble unfold, the demand for blockchain technology will soar. As per the Semi-Annual Blockchain Guide, the blockchain market will reach USD 11.7 billion in 2022. Interestingly, blockchain's significance will not be restricted to crypto assets; it will also be employed in public services, real estate, gaming, the Metaverse, etc. The critics of crypto have argued about how crypto contributes to carbon footprint due to the massive utilization of energy. As a result, we may see the development of low-energy crypto networks in 2022.

A HUGE BOOM IN IoT Expected: We have seen limited use of the Internet of Things (IoT) such as using a remote control to close the door or preheat an oven. However, there will be a huge push toward the usage of IoT in the future. It is anticipated that by 2030, 50 billion devices will be connected through the IoT, creating a massive network.

IoT will be used both in residential as well as in commercial settings. In households, connecting household appliances through a central server will help in monitoring & optimizing their usage. Likewise, organizations will use IoT to get access to powerful data and make informed decisions. IoT can also help businesses to ensure better safety at workstations and get insights on predictive maintenance.

Cybersecurity will Evolve: Cybersecurity has been around for some time. However, as cyber threats and breaches of data security become more prevalent, the segment will also see an evolution. The past couple of years has not just registered a surge in digitization but also a multiplication in the numbers of fraudsters, hackers, etc. In 2022, the overall market for cybersecurity will increase, expand, and transform. Enterprises will rack up investment in data security and take precautions to mitigate risks.

Enterprise technology is assisting organizations of all sizes in exploring new frontiers, reinventing their businesses, and realizing their full potential in this age of hyper-acceleration. Any company can now be game-changing; business leaders must seize the right opportunity at the right time.

The article has been written by Jagannadh Kanumuri, President and CEO, ACI Infotech