Artificial Intelligence (AI)
AI is becoming more pervasive in our daily lives, from chatbots and voice assistants to autonomous vehicles and smart homes. AI will continue to advance, with new applications in areas such as healthcare, education, and finance. We are already seeing this trend in the retail market. Stitch Fix uses AI-enabled algorithms to recommend clothes to its customers that match their sizes and tastes.
Extended Reality (XR)
Extended reality encompasses technologies such as augmented reality (AR), virtual reality (VR), and mixed reality (MR). It is becoming more immersive and realistic, with new applications in areas such as gaming, education, and remote work. XR will enable us to experience new forms of entertainment, collaborate more effectively in virtual environments, and explore new ways of learning.
The Internet of Things (IoT)
The network of devices, sensors, and systems that are connected to the Internet and can communicate with each other is called the Internet of Things. The number of IoT devices continues to grow, and edge computing is becoming more important to process and analyze the massive amounts of data generated by these devices.
Green Technology
As the world becomes more aware of the need to address climate change, green technology is becoming more important. We see advancements in areas such as renewable energy, energy storage, and carbon capture. The progress around green hydrogen, a new clean-burning source of energy that produces close to zero greenhouse gas emissions, continues. As the magazine Forbes reminds us, Shell and RWE, two major European energy companies, are creating the first major green pipeline from wind plants in the North Sea.
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Cybersecurity
This field is becoming even more important, with new technologies such as blockchain and artificial intelligence being used to improve security. Additionally, the rise of new technologies such as artificial intelligence, machine learning, and the IoT will create new cybersecurity challenges that need to be addressed. Blockchain technology also advances significantly as companies create more decentralized products and services. For example, at the moment, everything can be stored in the cloud, but if the data storage is decentralized and that data is encrypted using blockchain, the information will not only be safer but there will be innovative ways to access and analyze it.
Digital Twins
A digital twin is a virtual replica of a physical object, system, or process. The twins will become more prevalent, with applications in areas such as manufacturing, aerospace, and transportation. However, their adoption is expected to expand into other sectors such as healthcare, construction, and logistics. Forbes notes that designers and engineers are using digital twins to recreate physical objects inside virtual worlds so they can test them under every conceivable condition without the high costs of real-life experiments.
3D Technology
After testing in the virtual world, engineers can tweak and edit components, and then create them in the real world using 3D printing technology. “For example, Formula 1 teams currently collect data transmitted from sensors during races, as well as race track temperatures and weather conditions, to see how cars change during races. Then they stream the data from the sensors to digital twins of the engines and car components and run scenarios to make design changes on the fly. The teams then 3D print car parts based on the results of their testing”, Forbes concludes.
Metaverse
“Experts predict that the metaverse will add USD 5 trillion to the global economy by 2030, and 2023 will be the year that defines the direction of the metaverse for the next decade”, Forbes notes. Companies are already using metaverse technologies like AR and VR to conduct training and onboarding. According to Forbes, consulting giant Accenture has already created a metaverse environment called the Nth Floor. It features replicas of real-world Accenture offices, so new hires and current employees can carry out HR-related tasks without needing to be present in a physical office.
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