Tech Trends | Tech Finance & Business Digitalisation

If we had to take a look at the tech trends that are best defining the digitalisation of organisations today, these would definitely include the following:

Cloud Computing

Cloud computing will continue to grow in popularity and become even more integral to businesses in 2023. According to Eurostat, 41% of EU enterprises use cloud computing, mostly for e-mail and storage of files. We can see an increase in the adoption of the hybrid cloud, due to many businesses remaining hesitant to entirely move all IT Infrastructure and services to the cloud and due to security and control concerns. Cloud-based AI and machine learning services are becoming more accessible, allowing businesses to take advantage of them without investing in onpremises IT infrastructure.

We are also expecting to see a greater focus on cloud security, with businesses investing in more advanced security measures to protect their data and applications using cloud services provided by the likes of Azure, AWS, Google, Cloudflare, Trend Micro, Acronis, Palo Alto, and many more.

Artificial Intelligence and Machine Learning

AI and ML are already transforming various industries and their impact is expected to continue. With the rise of ChatGPT OpenAI, businesses and individuals can access tools and platforms to develop and deploy AI and ML solutions.

This will lead to increased adoption of Explainable AI (XAI) or Interpretable AI, a subfield of AI that focuses on developing algorithms and models that are transparent and more explainable to humans, and as a result, more trusted.

An increased use of AI and ML is naturally bringing a growing concern around the ethical implications of these technologies. So now, we may see a greater emphasis on responsible AI, with businesses and governments developing guidelines and regulations to ensure that AI and ML are used ethically and transparently.

Advancements in AI’s natural language processing with more sophisticated language models and conversational agents being developed, as well as a greater use of AI and ML in cybersecurity, are also trends to look out for.

Blockchain Technology

Blockchain technology is already disrupting various industries. Potential trends to watch include increased adoption of blockchain in supply chain management, greater use of blockchain technology for identity verification processes and more businesses and governments using blockchain-based identity solutions to enhance trust and validation.

Furthermore, in 2023 we should expect to see more decentralised financial applications developed and used by individuals and institutions, increased use of blockchain for digital voting for a more secure and transparent voting process and further advancements in blockchain interoperability.

Internet of Things (IoT)

Internet of Things, a network of connected devices that exchange data, is a technology that is already being used in smart homes, healthcare, and manufacturing,(to name a few) improving efficiency, reducing costs, and enhancing customer experience.

The trends in 2023 include increased use of IoT in cities, more emphasis on IoT security, increased use in healthcare, and IoT devices being introduced in enterprise environments to monitor the health status of IT infrastructures. These trends will improve patient outcomes, optimise healthcare delivery, and reduce costs.

Edge computing brings computation and data storage closer to the source of data, enabling real-time analysis and decision-making. 5G networks enable businesses and governments to develop and deploy more sophisticated IoT solutions.

Cybersecurity

AI-based security solutions are becoming increasingly important for businesses and governments to enhance their cybersecurity preparedness. As more businesses move to the cloud, such solutions will be used to control access to sensitive data and applications.

We are also anticipating more use of blockchain-based security solutions to enhance security and privacy, greater use of automation technology to enhance cybersecurity strength, and reduce costs. Furthermore, given that employees are often the weakest link in an organization's cybersecurity defence, we should expect increased emphasis on employee cybersecurity training.

Digital Payments

The growth of e-commerce and the increasing use of mobile devices for financial transactions have been the main drivers in the rise of digital payments.

This year, it is expected to see an increase in the use of digital currencies such as cryptocurrencies, an increased adoption of mobile payment solutions such as mobile wallets and contactless payments, an increase in usage of online marketplaces, and more investment in payment security solutions to protect against fraud and cyberattacks which are set to gain more traction in 2023.

This will lead to a more rapid evolution in payment technology with innovations such as biometric authentication and blockchainbased payment solutions.

Metaverse

Forbes named the metaverse one of the top ten trends everybody must be ready for in 2023. Global spending on VR/AR, the metaverse’s foundation technologies, is expected to rise from $12 billion in 2020 to $72.8 billion in 2024.

Esports and gaming are some of the earliest adopters of Metaverse technologies giving the experience of creating their own worlds. There is a high likelihood that there will be an increase of 10,000 jobs in the EU alone over the next 5 years in Metaverse related technologies.

The applications that will support VR/AR in near future are limited only to one’s imagination. This will (and has already done so) undoubtedly broaden the cyber threat landscape opening domestic and enterprise technologies to greater threats than we have ever faced.and more investment in payment security solutions to protect against fraud and cyberattacks which are set to gain more traction in 2023.

This will lead to a more rapid evolution in payment technology with innovations such as biometric authentication and blockchainbased payment solutions.

Metaverse

Forbes named the metaverse one of the top ten trends everybody must be ready for in 2023. Global spending on VR/AR, the metaverse’s foundation technologies, is expected to rise from $12 billion in 2020 to $72.8 billion in 2024.

Esports and gaming are some of the earliest adopters of Metaverse technologies giving the experience of creating their own worlds. There is a high likelihood that there will be an increase of 10,000 jobs in the EU alone over the next 5 years in Metaverse related technologies.

The applications that will support VR/AR in near future are limited only to one’s imagination. This will (and has already done so) undoubtedly broaden the cyber threat landscape opening domestic and enterprise technologies to greater threats than we have ever faced.

- Jeanine Sladden