CIO Review APAC

The Impact of 2022 Tech Trends on a Turbulent 2023

CIO Review APAC | Tuesday, May 16, 2023

The democratisation of AI, explainable AI, employee experience, composable business apps, and blockchain's underlying technology will shape tech in 2023, enabling better customer and worker experiences.

FREMONT, CA: The pandemic has thought us that employees want to feel a sense of purpose at work. By combining technology with human skills, organisations create a better work experience that allows employees to focus on their priorities and customers. Even during the economic downturn, organisations are expected to spend over two billion dollars on intelligent automation to address labour shortages.

The impact of virtual reality, augmented reality, and mixed reality are getting ahead. While the technology has advanced, the concept of the metaverse is not as popular as expected.  It took time for organisations to figure out how to apply AI technologies to real-world problems. However, the technology is still expected to grow in the consumer market in the current year.

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Retail will experience a significant drop in average prices, falling by 92 per cent which is in line with the trend of new technology novelty. Additionally, the value of most cryptocurrencies declined due to global macroeconomic challenges.

The prediction of AI would become a significant part of the technology landscape, as it took several years for it to come to fruition. Due to a combination of factors such as worker shortages, hybrid work, and rapid advancements in capabilities, AI became a reality. AI is one of the fastest-growing IT investment segments with spending expected to reach 300 million dollars in 2026.

Despite the growing trend of decentralisation, many organisations are expected to revert to IT centralisation in 2023. IT departments control technology investments but in recent years, this responsibility is transferred to the lines of business. However, due to the shortage of developers and the push toward the ecosystem, IT organisations regain their influence over shared systems. While the line of businesses still makes outcome-driven buying decisions, the CIO will make the final call on which systems to invest in.

The shortage of highly technical workers will continue to increase in the coming years, posing a challenge for CIOs who want to purchase the best technology for their needs. Instead, ecosystems that offer ease of use, seamless purchasing, security, interoperability, and a range of third-party add-ons will be the preferred option. Even in the home automation industry, which was once competitive and based on features and usability, common standards will bring the industry together and lead to growth in the current year.

An ecosystem that offers a well-integrated set of products and capabilities should not be rigid or inflexible. On the contrary, these ecosystems should be plug-and-play, allowing third-party vendors to create composable business applications on top of them. These applications can be easily purchased when needed and can be moved in and out with little cost to the buyer. The value of these ecosystems will not be generic but rather through industry-specific intellectual property. For instance, composable apps will be tailored to specific industries such as banking or healthcare, providing greater value to the end-users. This will also benefit those who are less technically proficient, as they can leverage a modular architecture that empowers them to make their own decisions without relying on the IT sector.

Citizen developers are growing rapidly, and these individuals possess increasingly technical skills and a desire to take on technical tasks. This trend will continue, with a projected 4:1 ratio of citizen developers to professional developers. Organisations rely more steadily on citizen developers and delegate more tasks to them. Advanced and Affordable AI technology will support this trend.

As AI technologies become more widespread and affordable, there is growing concern from both consumers and governments about their transparency and accountability. Governments are now mandating regulations that require AI models to be transparent in their decision-making process, especially when it comes to important decisions. Fortunately, there are methods available to make these decisions more easily understandable.

The democratisation of AI progresses rapidly, with new tools and technologies emerging, making advanced AI accessible to anyone with an email address. This enables users to generate customised objects such as images, videos, and music through natural language prompts. In addition, AI development tools became widespread, making coding easier and more efficient. As a result, there will likely be even more object-generating AI tools in the future, building on existing technologies and allowing humans to work seamlessly with technology using language.

In the succeeding two years, the amount of information coming into organisations is expected to increase by 4.5 times its current volume. The majority of this data will be in unstructured formats such as audio and video files, social media posts, and knowledge repositions. To handle this influx, businesses need technology that effectively captures and extracts insights from this data. Machine learning will play a crucial role in automating actions based on these insights, ultimately leading to better experiences for both customers and employees.

The Covid-19 pandemic has brought to light the importance of employee experience. Companies can no longer rely on outdated technology and expect workers to accept it in the name of customer experience. Instead, organisations will use the gap between the rapid pace of technological change and humans' ability to keep up with it as an opportunity to improve customer experiences while also focusing on how it affects their limited workforce. This shift in focus highlights the significance of employee experience in achieving business success.

Technological advancements have a significant impact on the year 2023. The democratisation of AI, the need for explainable AI, the importance of employee experience, and the growth of composable business applications and ecosystems will continue to shape the tech industry. However, the underlying technology of blockchain will continue to have potential applications in areas such as the secure sharing of medical information and smart contracts. Overall, the trends and predictions for 2023 suggest that organisations will focus on creating better experiences for customers and workers while leveraging advanced technologies to gain insights from the increasing volume of unstructured data.

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