It is often being discussed among tech enthusiasts which of those Top 10 growing technologies in 2023 will impact the world in most impactful way , so let’s explore this in detail:
The world has been through a lot of unpredictable circumstances over the past few years. Record-breaking inflation and disrupted supply chains are only the tips of the iceberg. Don’t forget how individuals, organizations, and governments had to steer their way around the pandemic of 2020. Needless to say, it was all a series of very unfortunate events forcing business leaders to adapt to the top ten growing technologies in 2023.
Research conducted by a prestigious body concluded that 8.2% of companies decreased, 9.2% rescheduled, and 6% canceled their budgeted capital expenditures due to the uncertainty brought on by the outbreak of a pandemic. These are indeed challenging times for entrepreneurs and business leaders as they find it increasingly hard to get back on their feet.
Yet, there’s a bright side to all of these adversities that should not be ignored if businesses wish to thrive in the upcoming years. It is time for companies to look forward to adapting to the multiple technology solutions being developed to help the world step into a new, digitalized era.
Familiarizing yourself with the top-growing technology trends of 2023 is a crucial step you must take to gear up to transform your business into a fully digitalized entity. You are likely to fall behind others if you don’t equip your organization with the key advances being made in the tech world.
Let’s start unveiling the top ten growing technologies in 2023, so you can prepare your business for the future;
Facebook recently rebranded to Meta, aligning its focus toward the creation of Metaverse. This exciting news definitely lit a fire, piquing everyone’s interest in a new kind of virtual reality. Metaverse is a virtual world where the entire network is based on the internet. It is a unique 3D space, allowing users to interact with computer-generated objects, other people, and newly created avatars.
You can use it for online gaming, training, education, business, and social networking. It offers users a vastly immersive experience where the possibilities of creation, interaction, and exploration are endless. Think of a virtual world that mirrors the real one, where you can do and be anything. Surely, it is a game-changer for businesses across the globe.
How can you access metaverse? Currently, there is no pre-defined method of accessing the metaverse as it is still in the development and experiment phase. While several platforms offer a similar experience of augmented and extended reality, you can’t access it through a unified portal yet.
Many tech companies have already started providing virtual reality experiences with virtual offices, gaming, shopping, and real estate. Here are a few examples of such platforms;
You can easily access this via a VR headset while navigating using motion-sensing controllers, eye movements, and voice controllers. The more advanced applications of the metaverse include shopping in virtual reality malls, watching a sports game in stadiums, or attending concerts. A lot of hi-tech companies are involved in the experimentation process to bring the metaverse into existence for the masses.
Breakthroughs are being made every day and many claim that we will be able to access the metaverse through our smartphones. It would be just like using the internet.
Buying Land In Metaverse
Here’s a great example of the opportunity metaverse presents for businesses. You can actually buy land in the virtual estate, which is already a thriving venture as many popular organizations and celebrities, including Samsung, own plots in the metaverse. They are likely to be developed into bigger projects for business purposes.
The first thing you need to do to buy land in the metaverse is own a cryptocurrency, such as Ethereum, Cardano, Tether, etc. Two of the most popular platforms for purchasing land are the Sandbox and Decentraland. You can easily buy land on any of these platforms. All transactions are executed through a transfer of NFTs, which require you to have a digital wallet, like Binance, Metamask, etc.
Another way of obtaining land in the metaverse for business reasons is by buying from third-party resellers, for example, nonfungible.com. A lot is uncertain for now, but rest assured that the metaverse is the next big thing that will reshape the business world in the coming years.
Short for crypto, this is a set of digital assets formed with cryptographic techniques that people can trade, buy, and sell. It is a virtual currency that can be circulated without any monetary authority or regulatory body, such as a central bank. One of the most famously used cryptocurrencies is Bitcoin.
So, how does it work? Cryptocurrency is endorsed by blockchain, which is a digital ledger used across a network of computers. What makes blockchain special is the fact that it allows people to execute crypto transactions with increased safety without the risks of alteration and hacks. It proves increasingly helpful in keeping virtual currencies secure and reliable as no one can delete or destroy any recorded information without the approval of the main network.
Blockchain plays a major role in keeping cryptocurrency safe from various fraudulent activities, such as making copies of holdings. Separate units of crypto are known as tokens, altcoins, or coins, depending on their usage. You can utilize this currency for buying goods or services, investing in financial products, playing games, or simply holding them for value.
Among the top ten growing technologies in 2023, cryptocurrency trading has gotten a lot of traction from all over the world as people continue to indulge in buying and selling crypto coins on a very large scale.
Now, let’s discuss the question you have been wondering about since the start. How can you buy crypto? There are multiple ways of purchasing cryptocurrency. The first thing you need to do is choose a crypto exchange or a broker. However, you must know the differences between the two before choosing one.
Selecting this option frees you of all the complications involved with buying crypto. These are easy-to-use interfaces that communicate with crypto exchanges on your behalf. They charge a fee for their services, but there are a few brokers who claim to be free of cost. However, a lot of people have raised concerns regarding such brokers who appear as free because they share traders’ activity data with other brokerage firms.
It is advisable to be wise while choosing a broker as you can face limitations when trying to move your crypto funds from a platform to a crypto wallet for extra security.
This is a platform connecting buyers and sellers of cryptocurrencies. Their interfaces are way more complex, and they offer advanced performance charts. Here, you have two options; either utilize user-friendly interfaces meant for beginners who don’t have a background in trading stocks or go with the standard trading platform. The latter is highly complex to use, so you will have to learn before making your first purchase to avoid unwanted mishaps.
Furthermore, make sure that the crypto exchange you choose allows the transfers of fiat currency, such as dollar and sterling, especially if it is your first time investing in cryptocurrency. There are exchanges that only trade on crypto, which means you would have to find another platform to buy the token first to begin trading on your preferred exchange.
Here are the next steps for buying crypto once you have selected an exchange or a broker;
1- Sign up & verify your account
2- Deposit cash for investment
3- Submit your cryptocurrency order
4- Opt for a storage method
There are a lot of ways your business can benefit if you introduce the use of cryptocurrency as a payment method. For instance, you can save transaction processing costs and expand within international markets. Moreover, it allows you to avoid excessive chargebacks while fulfilling the specific payment requirements of your clients.
3. Web 3.0
Web 3.0 is a modernized version of the internet, connecting data in a decentralized manner that enhances user experience in terms of higher personalization and speed. Like cryptocurrency, it also utilizes blockchain for the safety and security of user information. Web 3.0 uses the semantic web, artificial intelligence, and machine learning to improve your experience in the digital world.
The semantic web contributes to greater search optimization for the users as it is capable of interpreting and understanding the meaning and context behind the information on the internet. Internet searches will no longer depend on numbers or keywords. Thus, when a person looks for an answer to a question, it can lead them straight to the most accurate result.
Web 3.0 is based on a decentralized autonomous organization (DOA), which is an automated computer network organization model. Its control lies in the hands of the community members instead of the government or a financial body, and every transaction is stored on a blockchain.
This is an advanced version of the internet that allows users to own their data and sell it to advertisers as they want while maintaining privacy. Consequently, the users are going to get compensation for sharing their information. This also means that tech companies like Google or Facebook won’t be able to share your data anymore for monetary gain.
Web 3.0 is aimed at making searches on the World Wide Web efficient and effective. It is fully capable of processing complex sentences without taking any time. Let’s talk about the key characteristics of Web 3.0;
Decentralization: Web 3.0 finds information on the basis of its relevancy of content, meaning it can be stored in various locations. This is what contributes to its decentralization, unlike Web 2.0 in which computers have to look for information according to the HTTP web addresses, restricting them to be stored on a single server. Ultimately, this will eliminate the large databases of tech giants, like Google.
Web 3.0 generates information from numerous resourceful computing devices, including smartphones, automobiles, and sensors. As a result, users can maintain ownership and control over their data while effectively selling this information through decentralized data networks.
Machine Learning & AI:
Web 3.0 will enable computers to learn and understand information like humans. In addition to this, it is greatly inspired by machine learning which is going to help this highly advanced version of the web improve its accuracy by imitating the way humans learn and become better. This is a huge step toward incorporating artificial intelligence for maximum optimization.
Permissionless & Trustless:
The open-source software of Web 3.0 is going to make it permissionless and trustless, i.e, users can enter and interact on the network without an intermediary body and the approval of any authoritative figure. All applications will run on a combination of decentralized peer-to-peer networks or blockchains, making things more convenient for the users.
While Web 3.0 is expected to change the way the internet works in its entirety, there are going to be some drawbacks. For instance, it will become difficult to regulate information and enforce laws on the availability of information in different regions. Plus, it will make it a challenging task to handle misinformation and cybercrime.
Regardless, we are rapidly moving toward the introduction of Web 3.0, and it is expected to take over the digital world in the 2020s because of the advantages it adds to the utilization of the internet.
4. Industry Clouds
Here’s a cloud computing technology that is going to prove helpful for capital-intensive industries, including construction, mining, telecommunications, energy generation, manufacturing, and waste management. Industry clouds offer an infrastructure that enables the seamless transmission of data to the mobile or computer applications being used within a business.
It is no secret that industries across the world are introducing automation wherever possible within their operations to boost efficiency, reduce wastage, and optimize the entire workflow. Industrial cloud computing is going to expand the process of automation making it easier for machines and computers to communicate.
A company employing various types of capital, ranging from machines, computers, vehicles, pumping stations, controllers, plants, etc., becomes capable of enhancing the management of all assets. This ultimately leads to improving the entire operation, helping businesses to strategize and manage different tasks with increased efficiency.
You can equip your entire capital equipment with sensors that make it easier for them to transfer operational data among themselves and to their users. The availability of such vast amounts of information gives any business an edge over its competitor which has not yet adopted industrial clouds. Learning how to use the acquired data can help an entity plan, function, and comply in a much better way.
Cloud Computing Architecture:
So, what is the infrastructure of industrial clouds based on? The cloud computing architecture comprises software and systems with a wide range of components that are grouped into five parts.
The first part is the hardware layer which includes all the physical components of the cloud technology, such as computers, servers, storage units, and data centers. Needless to say, good hardware is integral to the effective functioning of industrial clouds.
It ensures that the entire system is going to work without malfunctioning, so ignoring it can rid your organization of reaping the benefits of adapting to cloud computing technology. Here are three main reasons to help you understand why hardware considerations need to be prioritized;
1- The cloud computing hardware is going to handle loads of data from your organization’s entire operation. Installing robust hardware ensures that the cloud computing technology would not fail while being able to handle and process the information as needed.
2- Imagine you want the computing power and machine learning of the industrial clouds to be at maximum levels. This makes it certain that you are going to need equally powerful hardware as compared to the instance where your requirement is only to manage a small backend business operation.
3- Investing in the right hardware allows you to achieve the desired results. Moreover, you need to take into account the cost efficiency of purchasing hardware for industrial clouds. You may need to update the infrastructure or replace some components in the future. Hence, deal with a cloud provider that can provide hardware stacks that meets your long-term financial viability. Building the cloud architecture on the wrong hardware can lead to substantial irrecoverable losses.
Using the proper hardware enhances the performance of your industrial clouds, allowing you to utilize the technology in the correct manner.
Moving on, the second part of cloud computing architecture is the virtualization layer. This is what connects the applications, hardware, and network virtually. It is the software that enables the physical computer hardware and all the linked devices to function collaboratively.
The virtualization layer is what harmonizes the entire cloud computing technology, allowing it to work extensively to collect, transfer, and utilize data in an effective manner. In addition to this, it is also responsible for making the entire cloud’s computing power accessible for the users.
Let’s talk about a few terms and concepts of virtualization technology as they are going to help you understand how the second layer of the architecture is used in multiple ways;
Hypervisor: Also called the cloud hypervisor, this is a component that makes it possible for the cloud technology’s hardware and memory resources to share and extract information across the entire virtual network.
Virtual Machine: This is responsible for accessing computing resources from the hypervisor installed directly onto the cloud hardware. It is like a virtualized computer that can perform multiple tasks, such as running operating systems, applications, and networks.
Container: As the name suggests, these are software packages that contain the elements capable of virtualizing the operating systems of the cloud and functioning anywhere. This means you can run it perfectly on a data center as well as a developer’s laptop without facing issues.
While virtual machines can virtualize the entire network of the cloud, including the hardware, the container can only manage software found within the operating system. Remember these concepts as we go on to discuss the types of virtualization in industrial clouds.
Now, let’s talk about how the cloud and virtualization are used;
Hardware Virtualization: This refers to the installation of a hypervisor directly on the hardware server, so it can control the computing resources while allocating them to virtual machines. It allows the operators to monitor the utilization of virtual machines in the cloud, manage workloads, and gather or read information.
Desktop Virtualization: It is also referred to as Virtual Desktop Infrastructure, which lets a user remotely install their operating system on a server. It increases user accessibility as they can virtually use their desktops and get inside the cloud from anywhere using mobiles, computers, and other physical devices.
Storage Virtualization: This one is particularly impressive, as it eliminates the need for businesses to invest in more hard disks to store larger amounts of data. Plus, storing data in multiple disks makes it difficult to manage and access specific information efficiently. With storage virtualization, multiple storage units are treated as a single data-storing system. No matter how many storage devices are there, you can access all of them through the virtualization layer.
Network Virtualization: This is what makes it possible for you to use and manage your entire cloud network as one entity. Apart from automating management, this type of virtualization removes all complications users face while handling more than one network. It promotes security and scalability, helping businesses that adopt industrial clouds to grow exponentially.
The third part of the cloud computing architecture is the platform layer. This provides resources and options to assist in the building of applications by using various service models of industrial cloud computing. Furthermore, it allows you to create, run, host, and test applications in a seamless manner.
Three different types of service models of the industrial clouds include;
1- IaaS (Infrastructure as a Service)
2- SaaS (Software as a Service)
3- PaaS (Platform as a Service)
You can learn more about these from the web to help understand how each service works and assists the users of the cloud. The platform layer enables third parties to integrate their software or apps in a cloud computing service without facing difficulty.
The fourth part is called the application layer, which is made of network-accessible apps and software. This part largely depends on the preceding layers of the entire cloud computing architecture to function well. It is the layer responsible for ensuring all applications are able to communicate with each other while being accessible from other networks and endpoint devices.
Lastly, the fifth part of the architecture is known as the client layer. It is also called the user layer since it is utilized to access the cloud with the help of network-connected smartphones, computers, and various devices. It is safe to say that each layer in the architecture is equally responsible for the efficient and seamless functioning of the cloud.
Introducing the use of cloud computing within your business operations is a crucial step to boosting efficiency. Many companies are already adopting cloud usage to handle and manage large amounts of information effectively. It makes your work practices a lot more flexible and automatically updates the entire workplace with time. Network expansion, better data management, unlimited storage, and reduced IT costs are a few of the many benefits you can avail by adapting to cloud technology.
5. Non-Fungible Tokens
Popularly known as NFTs, these are digital assets built from the same programming used for cryptocurrency, i.e., blockchain. Do you remember how cryptocurrencies took the world by storm, and everyone looked upon them as the ultimate replacement for fiat currency?
Similarly, non-fungible tokens are being introduced as a digital asset for collectibles and valuable artwork. What happens is that you purchase a digital artwork over the web, and in exchange receive a token to prove your ownership of that particular piece of valuable item.
Individuals often replace or trade one cryptocurrency for another. However, this is not the case with NFTs. As the term non-fungible token suggests, it cannot be traded or exchanged in the same manner as crypto because of its unique characteristics. Let’s look at the key features of NFTs to help you understand more;
Digital Asset: Non-fungible tokens are the talk of every town as they are going to change the art industry to a notable extent. These are digital assets portraying the ownership and authority of internet collectibles, including art pieces, games, music, etc. Whoever buys an NFT gets an authentic certificate as a source of representation created by using blockchain technology.
Buying: How can you buy an NFT? The transactions involving non-fungible tokens take place with the help of crypto. For instance, you can trade a Bitcoin to buy an NFT of your choice. There are multiple sites and apps you can use to make such transactions, including OpenSea, Coinbase, and more.
Free of Manipulation: That’s right, one cannot forge an NFT to indulge in fraudulent activities. This is because non-fungible tokens enjoy the same safety and security as crypto due to the underlying blockchain technology. No one can manipulate the existing NFTs either.
Non-fungible tokens are rapidly evolving, and people are getting acquainted with them pretty quickly. Japan, Singapore, the Philippines, and China are some of the biggest South Asian markets for NFTs. Their popularity is growing extremely fast because they are equally reliable, safe, and valuable.
How Are Non-Fungible Tokens Created?
It is time to take our discussion regarding NFTs further. How can you create an NFT of your own? The first step you need to take for making a non-fungible token is choose your content. As challenging as it may sound, it is not. Creators can choose anything of value to turn into an NFT. Here’s a list of examples to smoothen this decision-making for you;
- A photo
- An essay
- A video from a past event
- A digital painting
- Domain names
Literally, any digital thing could be an NFT in today’s modernized world. You have other creative options as well, such as crypto collectibles, a virtual land in the metaverse estate, avatars from video games, and even weapons. The sky is the limit.
A non-digital asset like an apartment in New York, a gold necklace, a pair of famous sneakers, and more can easily be turned and sold in the form of non-fungible tokens. Once you have decided on the content of NFT, the next decision is regarding its format.
The choice of format of the content chosen for NFT creation is completely up to the creator. After finalizing the format of the product, you are going to need to convert it into an adequate digital file type. For instance, texts are available in the form of a portable document format (PDF file), music as MP3, an image and video as portable network graphics (PNG) or graphics interchange format (GIF), video as MP4, and so on.
Creating & Minting NFTs
Minting is the term used for the process of making NFTs. However, before moving on to the actual procedure, it is vital to decide how many NFTs you want to make of your product. Many individuals create identical, yet exclusive copies of their non-fungible tokens with notable modifications in each. Make this decision beforehand as this number remains fixed after the creation of your NFT.
Minting is how you convert a digital item into an asset by using blockchain technology. Once an NFT is minted, you or anyone else cannot modify it in any way. This is what promotes the increased safety and security of non-fungible tokens.
Here is an explanation of the steps you need to take to mint an NFT successfully;
1- Get your hands on a PC or a MAC2- Access the website of the marketplace you have chosen to create your NFT. 3- Rest assured that all such sites follow blockchain technology.
4- Next, you have to sign in to your Crypto wallet account. Some examples of digital wallets you may consider choosing to include Metamask, WalletConnect, Phantom, and Coinbase. All of these are accessible on OpeaSea.io.
Once you have signed in, press the ‘Create’ button to start the process. This may be labeled as ‘Add New Item’ on some platforms.
5- Now, it is time to upload the high-quality version of your digital asset, along with a description for reference. Add the right details that convey everything about your NFT.
6- Finally, make sure to recheck everything before finalizing the creation process.
Before the minting process can begin, you need to pay a gas fee. It is compensation for the network validators as they are rendering their services to the blockchain. The gas fee is an incentive or a blockchain transaction fee for the service providers.
The gas limit refers to the maximum amount users have to pay to execute a transaction on blockchain technology.
The newly minted NFT will appear on your profile once the transaction is completed and approved. Now, you can easily trade NFT with those interested in exchange for crypto. Furthermore, you are able to track your non-fungible token after selling it. Hence, you can also buy it back by being completely aware of its movement from one buyer to another across the NFT platform.
Another amazing thing to note here is that there are many NFT technologies that ensure commission payments to the original creator of the digital asset every time it changes owners. As a creator, you can add a royalty clause while minting the NFT to build a great way of earning passive income for yourself after selling it.
Choosing the right NFT marketplace is a crucial decision you need to make before minting. Your selection largely depends on factors, such as the gas fee charged by platforms for blockchain transactions, types of blockchain, supported formats and standards, and accessibility.
Here are the different standards used for representing NFTs on the Ethereum blockchain;
ERC-721: The very first standard that portrayed a single digital asset.
ERC-1155: It promotes semi-fungibility, representing an entire class of digital assets.
ERC-998: According to this, NFTs can be fungible or non-fungible.
The purpose of mentioning these standards is to give you an idea of the flexibility offered by several platforms to the creators. Most of the NFT interfaces are based on Ethereum, but there are other non-Ethereum blockchain platforms.
As far as the comparison of various platforms is concerned, each one has benefits and advantages. For example, some marketplaces have restrictions on the file types you can use to create your NFT while others don’t.
Similarly, the gas fee at some marketplaces is way higher than others. These platforms also vary on the basis of their interfaces as some of them are user-friendly but others are more complicated to navigate.
OpenSea.io is an amazing non-curated NFT marketplace that only requires creators to register and pay a transaction fee to start minting. You can easily trade NFTs on OpenSea, track the progress, and watch the statistics. Moreover, it houses a wide range of valuable NTF collectibles that you can also buy for investment reasons. OpenSea offers users an efficient and effective way of minting a coin with a highly user-friendly interface.
Utilizing non-curated marketplaces is easier and saves you from a lot of hassle. Curated platforms demand creators to submit an application form while abiding by the strict selection criteria and then wait for approval which takes a lot of time. A few examples of such NFT marketplaces include Nifty Gateway and SuperRare.
Conduct thorough research before finalizing your decision about the marketplace. Go with the one that fully suits your unique requirements.
Setting Up Your Crypto Wallet
As we have discussed earlier, you need cryptocurrency to create and trade non-fungible tokens. Hence, you require a crypto wallet to gain access to the NFT marketplace to manage your balances and make transactions. It adds to the NFT platforms’ security because all user account data is stored on your crypto wallet instead of the marketplace website.
You can easily download any crypto wallet application on your smartphone, and link it with the NFT marketplace. Metamask is a commonly used digital wallet, which is supported across various NFT platforms for the user’s convenience. These wallets secure user information with measures like an email address, password, and a twelve-word access seed phrase.
While setting up your wallet, make sure to check that it supports the cryptocurrency you intend to use on blockchain-based platforms. An interesting thing to note here is that the gas fee varies according to how many people are trying to make transactions on the blockchain. Consequently, gas fees tend to be lower on weekends, giving an incentive to those who want to mint more than one NFT item.
It is important to understand the difference between minting several NFTs and double minting. The latter term means you are minting an NFT twice on a different platform. Although there are no restrictions to prevent a user from minting an NFT more than once and selling it as a new digital asset, users are advised against it. This is because it can devalue the NFT while damaging the creator’s credibility.
Once you have fully understood the intricate details, the time comes to download the crypto wallet app on your phone and computer. This gives you an easy way of buying crypto as well as turning it into real money as required.
You have two major ways of turning your crypto into traditional money. The first one refers to third-party exchanges, such as debit cards and ATMs. Next, you have the option of making peer-to-peer transactions via a crypto platform, which is a much faster method to receive cash against your crypto while staying anonymous. Rest assured that both these methods are completely safe to use without any risks of theft and fraud.
Promoting Your NFT
There are many ways for creators to promote their freshly minted NFTs, depending on the audience they want to target. One of the most favorable ways of advertising your digital asset is by building a solid reputation within the NFT community. You can do this by networking and collaborating with others. Promoting your NFT is all about creating significant hype around your creation.
You can indulge in online advertising, such as doing podcasts to discuss your NFT and sharing all the relevant information regarding it. Plus, you can publish your NFT in newspapers that are specific to crypto niches. Moreover, you have the option of promoting your NFT across social media websites.
Share the link to the NFT on your social media profile, and conduct Q&A sessions for those interested to know more information. You can also share the same link on the socials of your NFT marketplace to attract an audience effectively.
Discord, Twitter, and Telegram are some of the famously used social media apps by NFT creators to build a notable community in an efficient manner. Users can create their personal accounts, invite others to connect and make groups for like-minded individuals to boost awareness.
How you choose to build your community is your decision. What’s important to understand is that these people prove increasingly helpful in spreading the word about your NFT, buying from you, and being a constant source of support.
6. 3D Printing
When it comes to discussing the top ten growing technologies in 2023, 3D printing techniques cannot go unnoticed. 3D printing is one of the most popular technological trends employed by several industrial and biomedical sectors for making prototypes.
This is a modernized printing method that uses materials such as ceramics, resin, thermoplastics, and metals to make items. One of the major benefits of adopting 3D printing is that it does not lead to massive wastages of manufacturing materials, allowing businesses to save resources to a great extent.
Three different 3D printing technologies are as follows;
- Melting: It uses electron beams, electric arcs, and lasers for printing items by melting materials at high temperatures. This is a unique type of 3D printing technology that uses methods, like direct energy deposition and powder bed fusion.
- Sintering: Here’s another hi-tech way of making objects by heating metal or thermoplastic powders right before their melting point. It helps create high-resolution objects in a highly efficient manner.
- Stereolithography: This technology uses a guided light source, contacting the material selectively to make a solidified cross-section of items in thin layers.
3D printing can require seconds, a couple of hours, or days to complete its process, which largely depends on a number of factors. These include the quality and size of the object you want to make, along with your printing settings.
Types Of 3D Printing
There are multiple types of 3D printing that businesses can benefit from by using them to fulfill their needs. Let’s talk about them in detail to help you understand their processes and applications;
This is a modern 3D printing technique that delivers finished objects with incredible outcomes. SLA printers are capable of developing items with smooth surfaces, tight edges, and well-defined features. Such an incredible prototyping method pays attention to every detail provided by the 3D CAD information, producing finished objects within a couple of hours.
Due to its amazing precision, many industries find SLA printing useful. These include aviation, clinical, automobile, and so on. SLA printing creates each layer of your prototype separately by changing fluid photopolymers into 3D objects. Firstly, the printer transforms the plastic material into a semi-liquid state to create a layer by using a laser. What’s important to note here is that the laser is guided across the material by two filtering mirrors attached to the X-pivot and Y-axis.
SLA printer has a recoater sharp edge installed to spread all the layers of the item over its surface thoroughly. This print cycle continues till the printer finishes printing your 3D object. Lastly, the prototype undergoes a synthetic wash to remove extra material and deliver a fully refined item. Experts suggest putting the finished 3D product in a bright broiler to make it robust and stable.
Digital Light Process
In comparison to STEREOLITHOGRAPHY (SLA), Digital Light Process is a faster 3D printing technique. This results from its efficient procedure that involves creating the whole layer of the object at once by utilizing a project light source. A DLP machine does not trace each layer as precisely as an SLA printer, which ultimately hinders the accuracy of the final product.
You can use the DLP printing method to make jewelry molds, figurines, toys, dental molds, and other resin-design products. It is a relatively affordable 3D printing technique, allowing many businesses to utilize it without putting a strain on their budget. Using DLP machines to make bigger objects is not advisable.
Specific Laser Sintering
Specific laser sintering (SLS) is a unique powder bed printing tactic. It is commonly used in several fields to build 3D products and fulfill other requirements. For instance, you can make turbines, fans, and various aerodynamic components by employing selective laser sintering. The automotive sector also finds it useful for producing items for the interiors of vehicles. Similarly, it also has numerous applications in the medical, sports, and electrical industries.
The SLS machines start by sintering every layer of the cross-section and making a heated bed of nylon-based powder with a high-powered laser. There’s a roller that moves across the surface to evenly distribute every new layer after the previous one is completely fused. This process goes on until the 3D object is fully built. Now the entire powder bed goes to a breakout station for the removal of any residual material. The loose powder is removed by manual brushing followed, by bead blasting to finish the refining process. It is important to note that 3D items produced using SLS are more resilient to impacts and possess greater toughness.
Hyperscalers continue to play a major role in the digital transformation of businesses all over the globe. Studies suggest that by 2027, the hyperscaler data center market will reach a net worth of $60 billion.
As the dependency on digital means increases, so do the expectancies of users as they demand faster processing speeds and delivery times to successfully embrace scalability. It goes without saying that the traditional network infrastructure does not provide the stability and pace to cope with the rapid digital transformation. This is where hyperscalers prove worthwhile.
Hyperscaling is all about enhancing the performance of the vast servers connected within a network. Before hyperscalers, boosting performance meant improving the servers themselves with the help of better processors, efficient hard drives, or increased memory. Needless to say, all of this poses severe budgetary and technical restrictions, so vertical scaling can no longer solve the growing demand for fast data processing.
Furthermore, you can get the best processors, by coupling them with sufficiently spacious hard drives, but the demand for data processing is always fluctuating. Hence, vertical scaling which involves upgrading the hardware to manage scalable data can only prove helpful to some extent.
On the other hand, hyperscale computing is about scaling horizontally. This means that the capacity to handle large amounts of data is increased by sharing the workload across several devices or servers.
Hyperscale is a unique term in the computing world used for referring to a special server setup. These are scalable cloud computing systems, capable of adapting to fluctuating performance requirements in an efficient manner. Hyperscaling involves connecting a very large group of servers together in order to enhance the computing power of computers and other forms of IT systems.
Everything You Need To Know About Hyperscale Computing
As far as hyperscale is concerned, servers are connected horizontally. It is relatively easier to connect multiple servers in a network, while following network protocols to ensure smooth communication between all the devices.
The network of servers in a hyperscale environment has a computer called the load balancer, which plays a major role. It assesses the incoming data processing requests, manages the devices, and routes the workload to the servers with higher capacity. It is also responsible for monitoring how much data needs processing and which servers are free to handle the tasks. Plus, it turns the servers on or off as needed.
The load balancing feature in the hyperscale technology contributes to the effective interception of data, along with the efficient distribution of the workload across the proper servers. In addition to this, it makes the entire network of hyperscale computing highly reliable because it ensures the equal utilization of all resources, ultimately leading to more stable performance and faster processing speeds.
Studies suggest that many companies are unable to use more than 30% of the data available to them. This is because they are working with an unorganized system that spends most of the time making backups and handling customer data. It also makes it pretty challenging to find useful data from large databases.
Hyperscale computing aims to overcome such challenges to allow businesses worldwide to operate efficiently. Such a computing environment has a single point of contact between all the hardware and software. It eliminates the need for copying data and makes the implementation of security protocols relatively easier.
Needless to say, fast data processing speeds and effective database management can enable a business to leverage the right insights profitably. A company can discover new business opportunities, strategize to boost revenue, enhance operations, and hit new milestones efficiently.
What Are Hyperscalers?
Till now, we have discussed everything about hyperscale technology. You are aware that hyperscale computing refers to a network of servers managed by a load balancer that can handle large volumes of data without compromising the performance and speed of the system.
When it comes to hyperscalers, these are the operators of hyperscale technology. Hyperscalers are responsible for managing the data centers and offering scalable cloud computing services. Amazon was the first to provide hyperscaler services, entering the market in 2006. Amazon Web Services (AWS), a subsidiary of Amazon, provides a wide range of valuable data management services. It also sees to the optimization of data centers of Amazon globally. Today, it has a market share of 40%. Other big names in this industry are as follows;
- Azure, by Microsoft.
- Google Cloud Platform
Hyperscalers provide infrastructure as a service (IaaS) for organizations interested in adopting digitalized platforms. The physical infrastructure of hyperscale computing is provided by a hyperscaler whereas the end user takes care of the virtualized software framework.
8. Cybersecurity Mesh
Digitalization is accelerating more rapidly than ever. The demand for fast data processing services, cloud computing, and the expansion of hybrid workforces is increasing with each passing day. These trends mean that many valuable resources of various organizations are now functioning outside the traditional network infrastructure.
The increased rate of digital transformation and network expansion opens up a company to more complexities in terms of keeping its network safe and secure. An organization that has adapted to a remote work environment, virtual networks, and IoT technologies needs scalable and flexible security strategies.
This is where the cybersecurity mesh architecture proves increasingly valuable as it helps integrate a broad and automated approach to implement security protocols that are also feasible for an extensively distributed network of resources. The CSMA makes up for a security ecosystem that can effectively cope with hybrid multi-cloud architecture and other modular approaches.
A consolidated security architecture refers to a multilayered approach to cybersecurity, in which IT attack surfaces, including endpoint devices, cloud, IoT technologies, networks, etc., with the same threat prevention mechanisms and intelligence, are protected.
Another security tool commonly used across various online platforms is identity fabric. It is a deployment architecture that enables organizations to launch new profiles on their network or identify users quickly. Identity fabric is how we can use our personal information, such as username, email address, and password securely.
With cybersecurity mesh, every security tool works in correlation instead of separately while also being free to communicate with one another to exchange information in real time.
More About Cybersecurity Mesh Architecture
The cybersecurity mesh architecture promotes communication and interoperability between independent security controls. It is a uniquely designed approach that allows an organization to keep its infrastructure safe at every endpoint with integrated security policies.
With CSMA, you no longer depend on a single security service to protect your fully digitized enterprise. Instead, CSMA facilitates the creation of an environment where different security tools are able to collaborate to make a dynamic ecosystem for the safety of the entire network. It strengthens an organization’s security, making it far more adaptive and responsive to threats.
Furthermore, CSMA contributes to the means that enable cybersecurity technology to be maintained and integrated within an enterprise’s infrastructure without any issues. The effective harmonizing of various security controls points to the fact that you do not need to invest in situation-specific security measures anymore.
As a result, a company that resorts to cybersecurity mesh becomes capable of cutting down personnel and resource allocation costs. Freeing up technological and financial assets allow a company to divert them for other critical operations.
Let’s Discuss The Applications Of Cybersecurity Mesh
Cybersecurity mesh strengthens the overall security posture of a digitalized company. Introducing this technology in IT development gives a business an opportunity to work according to a consolidated and centralized security policy. Such modular systems can be easily implemented within multiple infrastructures to boost their efficiency and safety.
A company may have different security gaps in multiple areas within its network. For instance, an eCommerce store could be storing the credit card information of its prestigious clientele in unencrypted documents. Cybersecurity mesh can help such entities overcome vulnerabilities by utilizing current and new security protocols.
Cybersecurity mesh also enables an organization to prepare for the future. It provides a detailed security analysis of the network, along with plug-in application program interfaces with extensions and customization options. To sum it up, this newly developed technology offers businesses across the globe an option to protect their online platforms and vastly expanded networks with a comprehensive security package.
Layers Of Cybersecurity Mesh
Cybersecurity mesh comes with a lot of benefits for organizations. Startups can use this strategy to design and launch a completely distinctive network infrastructure. However, well-established entities may need to make alterations to their existing network architecture before adopting the use of cybersecurity mesh. Yes, it can be costly to change an organization’s infrastructure, but the long-term benefits make up for the monetary loss.
The four foundation layers of CSMA that equip an organization to adapt and respond to security challenges are as follows;
1- Security Intelligence & Analytics:
CSMA has the capability of gathering huge amounts of data from different security tools while utilizing them for threat analysis. It is also responsible for launching appropriate responses to fight off attacks and malicious activity. CSMA proves crucial for organizations in threat mitigation as well as improving the response time against an attack.
2- Consolidated Policy & Posture Management:
CSMA can effectively help independent security tools read and understand the centralized policy according to their unique configuration settings. This ultimately proves helpful in indicating the compliance risks and configuration faults within an organization’s digital infrastructure.
3- Distributed Identity Fabric:
CSMA offers decentralized identity management, giving complete control to users and computers within a network over their own personally identifiable information (PII). Moreover, it promotes identity proofing and directory services to store all the information regarding your organization safely.
4- Consolidated Dashboards:
CSMA gives a unified look into the entire ecosystem of cybersecurity mesh. It provides detailed analysis and information about the security threats, calling for the appropriate defensive measures to be taken at the right time. Consolidated dashboards in CSMA make it possible to extract data from any location and use it to analyze security issues.
Traditional security measures are not going to be enough in today’s rapidly evolving digital world. Hence, adapting to the cybersecurity mesh technology is the right way to move forward. It makes it far more efficient for companies to design and deploy scalable security models that can cope with such accelerated digitalization.
It is no secret that globalized organizations are beginning to automate different parts of their operations by implementing various automation tools and methodologies. Hyperautomation is the next big thing that businesses all over the world are rapidly adopting to attain optimum optimization, boost efficiency, and improve ROI by cutting costs.
What is hyperautomation? Hyperautomation provides an end-to-end automation toolkit that an entity can implement to automate its entire business operations, regardless of their complexities. With hyperautomation, it becomes possible for entrepreneurs to robotize and dehumanize all areas of their business and not just certain parts of it.
The tech used in the creation of the ecosystem of hyperautomation comprises artificial intelligence and machine learning. Technologies like optical character recognition (OCR) and natural language processing (NLP) contribute greatly to the hyperautomation toolchain aimed at assisting business processes efficiently.
Natural language processing enables the interaction between computers and human language. A few examples of how people use this technology on a daily basis include auto-completing, auto-correction, voice text messaging, Google Assistant, and more. NLP allows computers to contemplate words and phrases in the same manner as humans. Its potential to process vast amounts of data and language is a characteristic that makes it valuable for a lot more complex tasks than simply helping people text and tell Alexa to find directions to the nearest grocery store.
Hyperautomation combines machine learning technologies and automation tools to deliver cutting-edge performance. Another important factor to note here regarding hyperautomation is that it not only gives a set of packaged software and tools needed for automation but also establishes the rules and navigation principles throughout the entire business process.
From automating as many IT processes within a business as possible to helping managers make smart and intelligent decisions, hyperautomation proves highly valuable for today’s modernized and digitalized organizations. It promotes the use of event-driven software architecture, business process management, and integration platform as a service.
An extensive hyperautomation toolkit is fully equipped with tools that fuel the following procedures effectively;
This is another component of the hyperautomation toolchain that allows organizations to become more efficient. Process mining functions by extracting information from event logs to study business processes and visualize their variations in an attempt to find out the best possible method.
What makes processing mining different than task capture is that the former works to identify the whole operations within a business while the latter studies the steps involved in finishing each process. Process mining takes a broader approach to an enterprise but task capture records every employee’s actions at the desktop level.
Let’s talk about the steps involved in process mining ;
1- Data Ingestion: Process mining technology studies the event logs to find out how each process is completed. It picks up the digital footprints of every process in the business and reconstructs them to understand how things are done.
It identifies each process in the event log with the help of data, such as timestamps, case IDs, and activity. It can also have more detailed information depending on the event it is studying.
2- Process Discovery: After gathering all the required data, process mining moves forward by recreating each event in chronological order. It shows the different paths a process takes from the beginning to the end. Every unique path is known as a variant and those that do not follow the standards are referred to as deviations.
Process discovery gives you access to an explorable and interactive map to see the different variations. It allows you to see how your current process works and ways of improving it. You can make alterations to the processes wherever needed and figure out if the outcomes are favorable or not.
3- Process Analytics: This is where things get interesting as it helps you in understanding the major reasons behind the inefficiencies within your business operations. You can also quantify the impact of the lackings on your KPIs with the help of process analytics.
You can identify which resources are exhausted and overloaded. You can figure out the weakness of your system and ways for making improvements. Process analytics simply gives you a broad outlook of how your business could improve and work efficiently in multiple scenarios. How automation can help reduce cycle time? How each process is affecting business KPIs? You can easily answer such questions.
4- Process Benchmarking: This enables you to see how business performance is affected in different conditions. For instance, it can help you see how buying from one vendor helps improve the time taken to complete a purchase order. Process benchmarking helps you figure out the best ways of doing business. You can also see which teams and locations can assist in reaching the highest levels of efficiency and productivity.
5- Conformance Checking: This helps you see which processes are running according to your preference along with those that are deviating from the defined path. This gives you awareness of the processes that are skipping certain steps or falling behind in terms of time and resource utilization. Plus, it keeps on providing information on processes that start running optimally after improvements are made.
This enables a company to recognize and understand how individuals perform their tasks. It monitors the worker’s actions and records them in the form of data entry and clicks to find out the steps required to complete a certain job.
Apart from understanding the intricacies involved with every task, task capture also works to find out how processes can be improved for maximum efficiency and employee engagement. It also serves the purpose of figuring out which tasks do not need any manual work and help reduce unwanted errors.
With task capture, a recorder is installed on the employee’s desktop computer. It works by keeping track of all the interactions a user makes with their desktop, including keystrokes, mouse scrolls, etc. It keeps individual records of each task with screenshots and timestamps so one can easily review them without confusion.
For instance, a company wants to extract customer information from a previous invoice for email marketing. The desktop recorder will capture all the steps taken by a user to execute this task. From downloading the invoice and extracting useful data from it to entering it into the system for further use, task capture will take care of it all. Needless to say, this speeds up and adds a lot of convenience to business operations.
Task capture is also responsible for finding how a company can improve its task completion methods and make them more efficient. This is what plays a significant role in automating various jobs and helping retrain employees to perform better.
Process modeling refers to the graphical representation of all the workflows within an organization. It provides an end-to-end overview of each task by drawing out all the steps involved in a process. It proves increasingly helpful in enabling organizations to understand internal business procedures and ways for adding efficiency to them.
It turns out to be extremely valuable in business process management as it allows organizations to lay out their operations in an easy-to-understand visual representation.
RPA stands for ‘Robotic Process Automation.’ RPA is software that enables businesses to automate their workflow while freeing up employees for more important tasks. Organizations can create software robots that mirror human actions and work like them by implementing the use of the RPA platform.
From performing routine company audits to executing online transactions, RPA proves worthwhile for a company in many ways. It automates the repetitive processes within a company, allowing it to save a significant amount of time and money on operational costs.
Reporting & Analytics
This provides detailed insights into your automated business procedures. The monitoring and analytics features of the RPA platform and other tools of hyperautomutation help you measure the ROI of each process. You can also see which automated processes are engaged and when they prove useful. Moreover, hyperautomation allows you to see if any automated tasks are vulnerable to errors and security threats.
10. Super Apps
One of the top ten growing technologies in 2023 that businesses need to look out for is super apps. Introducing super apps into a company’s operations supports the creation of a streamlined and composable business ecosystem. Super apps aim to replace the need to have individual apps that take up excess memory by combining them all in a single platform.
A super app is an application with a set of unique characteristics that allows employees, partners, and customers to access separate apps as they want. Users can choose to activate different apps according to their needs and enjoy personalized experiences.
You do not have to download applications individually from the app store or any other marketplace. A super app is fully capable of recognizing the app you want to use and gives you access to it on the same user interface. Moreover, you can also remove the app from the interface after using it to fulfill your requirements.
Super apps are going to evolve in the future to support Internet of Things (IoT) technologies and virtual reality experiences, such as the metaverse.
What Are The Different Types Of Super App Platforms?
The two major types of super apps in use today are as follows;
Employee-Facing Super Apps
Enterprises that wish to interact and maintain a reliable relationship with their employees effectively utilize employee-facing super apps. B2E superapps serve as a one-stop solution for companies by allowing them to communicate with their employees in a seamless manner.
By implementing business-to-employee super apps, a company can optimize the onboarding process to a great extent. This feature is ideal for businesses that are operating with hybrid or remote workforces. Companies can easily hire personnel, regardless of their location.
Furthermore, employees can submit leaves of absence through these super apps and check their schedules. Enterprises can also build special B2E super apps that cater to the unique needs of each employee and offer fully personalized experiences according to their designation and role. Such internal-facing super apps can also help employees access their benefits easily without any difficulties.
Businesses can largely benefit by using an employee-facing super app because it helps cut down administration costs. These applications give quick access to information and boost employee engagement. Any manual work of HR teams can be easily automated and optimized with the implementation of a super app.
Business managers and employees can effectively collaborate by exchanging ideas through the super app. This ultimately improves the efficiency of an organization and speeds up the decision-making process as everyone is aware of the latest events due to the smooth sharing of information. Employers no longer need to dedicate time to conduct meetings via video calls with individual employees as everyone is connected on a super app.
Customer-Facing Super Apps
WeChat inspired the use of superapps as it enables users to communicate with friends purchase movie tickets, order a cab, book appointments with doctors, transfer money online, and a lot more. Today, many superapps, such as Paytm, have come into existence to provide people with a comprehensive user experience.
One of the biggest reasons behind the success of such applications is the convenience they offer to people. You do not need to download and jump from one app to another anymore when all applications are now accessible on a single multi-service platform.
Users can also use super apps for shopping purposes. They can easily browse products on their favorite eCommerce stores, place orders, make payments, track the delivery, and connect with the seller through a super app. One can even pay their insurance premiums and utility bills via a customer-facing super app. Users are also able to utilize social networking platforms and stream music via their super app.
More About Super Apps
Super apps aim to bring various apps on one platform. Experts suggest that the rapid adoption and evolvement of super apps are likely to enable developers to simply place their apps in a super app platform instead of the app store or other marketplaces. This also eliminates any competition between apps offering similar options to the users.
What makes the idea of super apps extremely successful in various parts of the world is that it houses all types of service applications under one roof. All the mini apps are shown on the interface as a list of icons. There are only a handful of super apps on the app store, but they are highly popular.
Currently, different regions have their specific super apps. Here are a few examples;
- Snapp in Iran
- Careem in the Middle East
- Grabb in South East Asia
- Rappi in Latin America
The use of these super apps is in full swing in their specific regions as people continue to popularly utilize them for various purposes. Grab operates in 8 countries that include Singapore, Vietnam, and Thailand. At the moment, it caters to up to 187 million users in over 350 cities. We expect to see a lot more super apps popping up in the future.
The key to success for super apps happens to be the increased localization to fit the needs of a particular region’s population. So, a super app that functions well in one country may not be of much use in another.
The Bottom Line
Digitalization is taking place all around us now more than ever. New technological advancements are made every day, so it is vital for entrepreneurs and forward-thinking leaders to stay aware of all the innovations.
Every startup wants to become to take over its industry and attract clients from different areas of the world. This calls for the appropriate recognition of the top ten growing technologies in 2023 while introducing them in business operations to maximize efficiency.
The right implementation of each technological advancement can help prospective customers to reach a business conveniently. It can optimize operations and the decision-making processes of an organization.
The conventional methods of conducting business and indulging in profitable activities are behind us. Today’s world is a digital one, and any enterprise that fails to acknowledge this fact is going to be overthrown by its competitors.
Whether you leverage the metaverse to give your customers an immersive user experience, introduce employee-facing super apps, implement crypto as a payment method, trade NFTs, or adopt Web 3.0, all of it is inevitable for an entity that wishes to dominate the international markets.
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