Innovations on the Horizon: A look at 11 game-changing tech trends in 2023
Technology is like a never-ending roller-coaster. The world may have slowed down during the pandemic, but technology kept going. In fact, it progressed even faster.
So, what’s next on the horizon? A lot! 2023 has many exciting things in store for tech enthusiasts. CB Insights, a market intelligence platform, recently released a report titled ‘11 Tech Trends to Watch Closely in 2023’.
Let’s take a look at an overview of the report:
Imagine a world where age was truly just a number. The imagination can now become a reality with innovations in key areas like cellular reprogramming, regenerative medicine, and drug discovery. Such advances in AI and quantum computing that increase longevity will help many elderly people live a long life. 2023 will witness an upsurge in such advances.
- The secret invasion of super apps
Super apps are all-in-one platforms that bundle services like messaging, payments, shopping, gaming, and food delivery. They are becoming increasingly popular globally. Companies like Microsoft, Amazon, Google, and Apple are turning to super apps to expand their consumer reach and drive new revenue streams.
- Fintech’s rapid regeneration
Fintech is expanding into new business lines, product features and targeting a B2B client base. For example, Klarna is moving from being a pure financial partner to an end-to-end commerce tool. Nubank is expanding into insurance, investments, and crypto trading. Fintechs are now seeking a more stable client base.
- Bots in the house
Tech leaders and startups alike are exploring how robots can operate safely in the home — both as helpful cleaning aids and as empathetic companions. Recently, Amazon, Google, and Dyson have made notable moves in the consumer robotics space. In 2023, expect to see more house bots.
- Virtual power plants
Virtual power plants (cloud-based distributed power plants) are becoming popular. Demand for renewable energy increases, grid stability concerns escalate, and communities contend with surging energy prices. As a result, VPP investment will accelerate in 2023. Also, as more people electrify their homes and invest in electric vehicles, VPPs will become easier to implement on a large scale.
- Healthcare’s invisibility trick
Ambient health monitoring will go beyond standard remote patient monitoring. Google recently acquired Sound Life Sciences, which offers an FDA-cleared smartphone app that monitors breathing. Meanwhile Sensi.AI, a remote care monitoring platform focuses on senior care. However, the success of health monitoring tech will rely heavily on the underlying IoT infrastructure.
- Smell goes digital
The digitization of smell has seen many recent advances — from predicting flavors to detecting hazardous materials. Google’s AI team used machine learning to map molecules to perceive smells. Meanwhile, some startups are building electronic noses that analyze patients’ breath to detect disease. In 2023, watch for analytics platforms to become more powerful.
- Femtech turns to menopause
A growing cohort of startups is specifically catering to women going through menopause by making remote menopause care more accessible.
- The bio-based materials boom
Companies are transforming substances derived from natural sources like mushrooms and seaweed. Notable innovations include seaweed-based food packaging, edible bubbles, edible drinking straw, seaweed-based fabric. Expect to see mushroom and seaweed based products becoming more commonplace in 2023.
- India’s tech ascent
VCs are betting on India in the hope of capitalizing on the startup ecosystem’s next big period of growth. In 2023, watch for big-name VCs like Sequoia and Accel to develop their investment in the country. Furthermore, the government will encourage the wave by ramping up investment and R&D.
- Regenerative agritech takes root
Fashion brands and food giants now want regenerative agriculture to slash their emissions. In 2023, investments in startups offering tech-driven tools that support regenerative agriculture will rise. These include technologies like computer vision, supply chain management platforms, and geospatial imaging.
As we can see, the world of technology continues to advance at an unprecedented pace. The 11 tech trends highlighted in the CB Insights report offer a glimpse into exciting possibilities that await us in 2023.
These trends represent a broad range of sectors that are ripe for disruption and transformation. The question is, how will we harness these new technologies to create a better future for all? Will we prioritize sustainability, inclusivity, and ethical considerations in our technological advancements?
These are important questions that we must grapple with as we continue on this never-ending rollercoaster of technological progress. What do you think?