Top 10 Technology Trends That Will Drive Business Growth in 2023

In recent years, we have witnessed a period of global instability due to the impact of the COVID-19 pandemic, inflation, geopolitical instability, supply issues...

This challenging context is also a turning point for businesses to apply new technological solutions to overcome difficult times and turn them into competitive advantages.

Here are the top 10 technology trends that will transform businesses in 2023 that we should keep an eye on.

1. Digital copy

A Digital Twin is a computer program that uses virtual reality technology as well as data modeling and 3D graphics to build a virtual model of processes, systems, services, products or physical objects. Digital Twins take real-world data about a physical object or system as input and generate predictions or simulated outputs about the physical objects or systems that will be affected by those inputs.

Illustration photo.

Digital Twins are identified as one of the top technology trends today, especially if we talk about the industrial sector. These are not only digital copies of objects, spaces, physical systems or processes to obtain more accurate products, reduce costs or predict possible errors, but they also open up an opportunity for testing and simulation to see if the operation of an industrial plant matches reality.

This technology allows us to change inputs in the digital world until they are optimized and achieve the best version in the real world. It will completely change business processes, bringing huge efficiency and cost savings in fields such as construction, aviation, healthcare, education and many more.

The global digital twin market size is forecast to reach USD 8.88 billion in 2022 and increase to USD 96.49 billion by 2029, growing at a compound annual growth rate (CAGR) of 40.6% during the forecast period 2022 - 2029.

2. Blockchain technology

Blockchain technology is a technology that encodes all data into blocks and connects them together to form a long chain. Every time a new information or transaction occurs, the old information will not be lost, but instead, the new information will be saved in a new block and in turn connected to the old block to form a new chain.

Furthermore, blockchain information is not only located on a single server but is also automatically distributed and backed up on many different servers connected to the blockchain system so that everyone can view and check their transactions. This can prevent modification or fraud and ensure information transparency and security.

Traditionally, online payment processes involving two parties have been conducted through an intermediary who verifies data through a centralized system, which can lead to many problems. However, with the advent of blockchain technology and its decentralized model, the ultimate control of an organization is removed and data is stored in a much more encrypted and secure manner.

Blockchain technology is creating new business ideas, speeding up transaction verification, preventing fraud and cyber attacks, and at the same time, providing high efficiency, reliability and security. This is why it is important for businesses in the coming years to improve data tracking, create new payment systems, store patents, track sales processes, protect medical data, etc.

The global blockchain technology market size is forecasted to reach USD 10.02 billion in 2022 and increase to USD 1,431.54 billion by 2030, at a CAGR of 85.9% during the forecast period 2022 - 2030.

3. Internet of Things

Simply put, the Internet of Things (IoT) is all devices that can be connected to each other. The connection can be made via Wi-Fi networks, mobile networks, etc. Devices can be smartphones, coffee makers, washing machines, headphones, and many other devices.

IoT will be a huge network of connections to connect everything including people and there will be relationships between people and people, people and devices, devices and devices. An IoT network can contain up to 50 to 100 trillion connected objects and this network can track the movement of each object.

The impact of IoT is diverse across areas such as infrastructure management, healthcare and automation, transportation, etc. Specifically in the healthcare sector, IoT devices are used to enable remote health monitoring and emergency notification systems. Health monitoring devices can range from blood pressure and heart rate to advanced devices capable of monitoring specialized implants, such as pacemakers or advanced hearing aids.

The number of IoT devices worldwide is forecast to nearly triple from 9.7 billion in 2020 to over 29 billion IoT devices by 2030. The most important use case for IoT devices in the consumer segment is smartphones, where the number of IoT devices is forecast to increase to over 17 billion by 2030. Other use cases with over 1 billion IoT devices by 2030 are connected vehicles (autonomous vehicles), IT infrastructure, asset tracking and monitoring, and smart grids.

The global IoT technology market size reached USD 300.3 billion in 2021 and is forecast to grow to USD 650.5 billion by 2026, at a CAGR of 16.7% during the forecast period 2021 - 2026.

4. Artificial Intelligence and Security

The use and implementation of artificial intelligence (AI) is increasing at a rapid pace and the trend of using AI will soon become widespread in all fields. With the use of automated processes, problem solving will be faster without compromising the quality of work.Using AI gives machines the ability to make quick and accurate decisions, helping to avoid many wrong decisions and conclusions.

One of the key trends in 2023 will be data security as information exchange between IoT devices increases, especially in smart grids and smart cities. Improving the security of IoT devices will be a top priority for businesses, and AI technology will play a central role in this process.

In addition, 5G technology is being developed rapidly in countries around the world, which allows for higher speeds and more connected devices. AI technology will bring a more proactive approach to security solutions and enable rapid automation of processes, allowing them to detect threats faster, achieve minimal error rates, predict potential threats and help cybersecurity experts create more robust protocols.

The global AI market size is forecast to grow from USD 387.45 billion in 2022 to USD 1,394.30 billion by 2029 at a CAGR of 20.1% during the forecast period 2022 – 2029.

5. Quantum computing

Quantum computing is also one of the most popular technology trends that is gaining popularity in recent times and it will have an impact on almost every aspect of our lives.

Quantum computing is a multidisciplinary field that encompasses many aspects of computer science, physics, and mathematics that uses quantum mechanics to solve complex problems faster than classical computers. Quantum computers can solve some types of problems millions of times faster than classical computers by taking advantage of quantum mechanical effects, such as superposition and quantum interference.

Applications of quantum computing range from preventing the spread of diseases like COVID-19 to developing new vaccines and managing risk and fraud in the financial sector.

The significant differentiator of this technology trend is that quantum computers are capable of processing much faster than conventional computers, which is why major companies like Microsoft, Amazon, and Google are making efforts to innovate and invest a lot of resources in this field. In fact, the global quantum computing market size is estimated to reach USD 10.13 billion in 2022 and is expected to cross USD 125 billion by 2030, with an expected CAGR of 36.89% during the forecast period 2022 - 2030.

6. Virtual Universe

The metaverse has become a recurring theme in any conversation about the future of technology. The global virtual reality market has huge economic potential and is expected to reach $800 billion by the middle of this decade and $2.5 trillion by 2030. The metaverse can offer great opportunities for businesses in terms of increased social presence, remote working, payments, healthcare, product transactions, etc.

Many businesses have used this environment to improve their products, give a different brand image or connect with their consumers. Today, famous brands in the world such as Adidas, Gucci, Louis Vuitton, Nike and many others have joined and applied it to their business.

The metaverse will create an explosion not only in technology but also create a huge impact on the real economy. Not only are tech giants interested in the metaverse, but many entertainment companies and startups have also expressed their ambitions to pursue the future of this technology.

7. Super app

Super-apps are one-stop virtual platforms that create convenience for providing diverse products and services to consumers in a single application. This technology platform integrates features from ride-hailing, goods delivery, food delivery, grocery shopping to payment solutions such as e-wallets, electricity bill payments, phone top-ups, money transfers, etc. In other words, customers can do everything with a phone with an Internet connection.

In 2015, Chinese messaging app WeChat launched an open platform that allowed developers to easily build apps. Since then, more than 1 million new apps have been developed on the platform. And WeChat was one of the first super apps to “pave the way” for a whole new era.

Since the success of WeChat, AliPay in China, South Korea with Naver software, Singapore owns Grab and Indonesia with GoJek,… have also become successful super apps “representing” their home countries.

In Vietnam, in recent years, the super app race has become more attractive, creating a new trend with the participation of many domestic and foreign names, such as Zalo, MoMo, Shopee, VinID, Grab...

8. Robotic Process Automation

Robotic Process Automation(RPA: Robotic Process Automation) is a software integrated into computers, robots, capable of imitating human activities.

Closely linked to AI and Machine Learning (ML) technology, RPA will simulate repetitive, frequent operations and replace humans in handling digital tasks such as interpretation, transaction processing, data processing or even replying to emails. Using RPA in some stages helps reduce human resource costs, as well as limit the risks of errors in the production and business process.

The main advantage of RPA is that it automates repetitive tasks previously performed by employees, allowing them to focus on more creative and productive tasks. It also saves costs, increases profits, reduces time spent on time-consuming tasks, and reduces the likelihood of errors.

9. New energy solutions

The world is facing the challenge of needing more energy to fuel economic growth, while at the same time cutting greenhouse gas emissions. That challenge requires the world to look for new, superior forms of energy.

Renewable energy sources will dominate the world’s energy mix over the next two decades and are gaining ground in the global energy system faster than any fuel in history. It is estimated that by 2040, wind, solar and other renewables will account for around 30% of the world’s electricity supply, with the share rising to 50% in Europe.

Green hydrogen is also one of the big hopes for the energy transition and reducing the high levels of emissions generated by industries such as transportation. Green hydrogen is seen as a carbon-free energy source to complement wind and solar power. Companies are working to develop electrolysers that can produce green hydrogen cheaply.

10. Sustainable technology

Sustainable technology has also appeared on the list of technology trends for 2022 and will continue to be one of the top 10 technology trends in 2023.

In recent years, many businesses have implemented and implemented many measures to monitor and reduce CO emissions.₂by moving towards adopting new technologies like cloud computing and optimizing and automating processes etc.

Thanks to technologies such as artificial intelligence, blockchain, cloud computing, augmented reality or robotics, among others, a greener and more sustainable future can be created without sacrificing business efficiency and growth./.