After the Covid-19 pandemic, the world's reliance on technology hasn't slowed down at all. In reality, as indicated by increased investment in emerging technologies, the faster digitalization and innovation seen during the epidemic have only continued. The effect of the pandemic and the digital transition will continue in 2023 too. New technologies will continue to change our lives and the way we work, creating tremendous opportunities for businesses around the world. While considering this, let's take a look at the technology investment sectors to keep an eye on in the upcoming year.
According to GlobalData's 2023 TMT Predictions, the artificial intelligence (AI) business will be worth $93 billion in 2023, an increase of 12% from 2022. So naturally, one of the most anticipated emerging technologies is artificial intelligence (AI), which has the potential to dramatically advance and speed up a variety of other technologies, such as robots, quantum computing, and the internet of things (IoT). 57% of respondents to a tech mood survey conducted by GlobalData in the third fiscal quarter of 2022 believed that AI would fulfill all of its promises.
According to GlobalData, the global cloud computing market will be worth $734 billion by the end of 2023, up 15% from 2022. Businesses will keep outsourcing their IT infrastructure to the cloud in order to save money and have more flexibility. Along with its growing significance for business operations, cloud computing will be a key enabler of upcoming technologies like robotics and the Internet of Things (IoT), which require constant access to vast amounts of data.
Although cybersecurity may not seem like cutting-edge technology, it is advancing at least as fast as other trending technologies. This is partly due to the constant emergence of new threats. Malicious hackers trying to gain unauthorized access to data will not give up quickly and will continue to find ways to evade even the strictest protection measures. Cybersecurity will continue to be a popular technology as cybersecurity will continue to provide us solid protection against hackers.
GlobalData predicts that the worldwide cybersecurity market will expand from $125.5 billion in 2020 to $198 billion in 2025, with a 9.5% compound annual growth rate (CAGR), but cyber professionals are nearing breaking point. With escalating cybercrime, a growing need for cybersecurity workers, and ongoing skill shortages; the upcoming year will be difficult. As assaults get more sophisticated, cybersecurity experts will adopt a zero-trust stance toward external data in the coming year. AI will be used more frequently in the fight against cyberattacks, along with harsher recommendations on paying ransoms.
People all across the world are becoming increasingly interested in the metaverse. Let's admit it; we all are interested. From telecommunication companies to the trendiest fashion brands; you'll find a lot of shops in the world of metaverse.
The global metaverse market is anticipated to expand at a compound annual growth rate (CAGR) of 39.4% from 2022 to 2030, according to Grand View Research. Many people are taking advantage of the expanding market to explore the limitless opportunities that the virtual world can provide, from gaming to socializing. Let's keep up with the trends that will rule this quickly expanding tech sector in 2023 together!
According to GlobalData, the worldwide enterprise IoT market will reach $650 billion in 2023, with $315 billion coming from smart cities and $335 billion from the industrial internet. Despite the need for businesses to focus their IoT spending on the devices that offer the best returns on investment due to the current economic climate, the market will continue to develop in 2023. In 2023, the three different consumer IoT markets (connected house, connected car, and wearable technology) will account for 27% of worldwide IoT revenue.
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