Written by Amit Luthra
2023 proved to be a pivotal year in the world of technology, witnessing the dynamic emergence of various technologies. From the rapid expansion of 5G to groundbreaking advances in AI, cloud computing, edge computing, AR/VR, and more, the scope of technology has evolved tremendously.by IDC CIO Technology Handbook Survey, an overwhelming 97% of Indian companies have announced their intention to implement or integrate AI into their business operations within the next 12 months. Many organizations and CIOs in India are keen to adopt AI, but are still in the early stages of planning. Deriving value from AI investments requires intensive analysis. Once CIOs have identified the key areas where AI can have the greatest impact, they are expected to move from deliberation to decision-making.
As 2023 draws to a close, let’s take a closer look at the key technology trends that have played a pivotal role in reshaping the industry throughout the year.
- Fusion of 5G and edge computing: 5G deployment in India has not only crossed 100 million mark but also comes with challenges such as infrastructure costs and security concerns. To address these challenges, enterprises are increasingly turning to edge computing to leverage real-time data processing for predictive analytics, optimizing bandwidth, and improving user experience.
- LLMs that support GenAI: Large-scale language models (LLMs) are essential to GenAI and help businesses enhance natural language understanding, content generation, and improve customer interactions. However, with concerns about biased output and unintended consequences, responsible use of LLM is paramount to maintaining user trust.
- Metaverse development: The concept of metaverse is gaining traction with Indian businesses, especially startups exploring AR, VR, and NFTs to create immersive shopping experiences. According to a report by PwC, 63% of Indian companies plan to fully integrate it into their organizational activities within a year. As digital technology continues to evolve, more businesses will adopt his Metaverse to stay ahead and offer innovative shopping experiences to their customers.
Organizations have kept pace with the evolving digital landscape, but to continue this momentum, IT leaders and chief executive officers (CXOs) must prepare for the next technology trends that will make up 2024. .
- Edge AI: Edge AI will merge with IoT, prioritize privacy, and leverage 5G to revolutionize industries like healthcare, manufacturing, and retail. This enables real-time diagnostics, predictive maintenance, and personalized customer experiences. In self-driving cars and smart cities, edge AI is driving rapid in-vehicle decision-making and enhancing public safety through real-time analytics, signaling a paradigm shift across sectors.
- Hybrid AI: Organizations need a fully integrated system to deploy customized generative AI applications and bring AI-powered computing from the edge to the cloud.
- Cyber insurance: Rising cyber threats have led organizations to prioritize cybersecurity, with reports showing that 60% of Indian CISOs are seeking increased cybersecurity insurance coverage. deloitte report.
- Augmented Reality (XR): Businesses can use Extended Reality (XR) to enhance their metaverse presence by creating virtual showrooms, immersive training, virtual events, collaborative workspaces, and 3D data visualization.
- Data masking: With the rise in cyber threats, the demand for data masking software is expected to increase significantly. The Indian government recently introduced Aadhaar card masking due to heightened privacy concerns. Companies across a variety of industries can benefit from data masking. For example, in the healthcare sector, patient records are anonymized for compliant research, and in the retail industry, customer identities are protected for analytics. For financial institutions, sensitive data is protected during testing, ensuring secure development.
- Hybrid cloud data management solution: As enterprises adopt new technologies, advanced data management solutions that provide cloud-native architectures to solve complex data challenges in the hybrid and AI era are critical.
- Enterprise AI: With increasing adoption, enterprise AI will stand out as a prominent technology trend that leverages artificial intelligence within an organization’s framework to extract relevant information, integrate assessments, and suggest secure solutions. .
- Focus on sustainability framework: Organizations will shift their focus to building sustainability frameworks and strategies and integrating environmental management systems to reduce environmental impact and improve operational efficiency.
Last but not least, the synergies achieved through purpose-built AI devices will be crucial in ushering in an era of technological transformation. Comprehensive AI readiness is required to ensure seamless communication and application of algorithms across an organization’s devices and infrastructure. As we approach the start of a new year, it is imperative that organizations wholeheartedly embrace these emerging technologies to stay competitive and relevant. Having a proactive attitude toward technology trends is critical to navigating the dynamic currents of the business environment and ensuring that you not only survive but thrive in the ever-evolving digital realm.
(The author is Amit Luthra, MD, Lenovo ISG, India; the views expressed in this article are his own)