Over the last decade, emerging tech trends have completely transformed the way we work, love, and live. The emergence of COVID has aided the adoption of this new approach to life and work globally, creating a more favorable climate for technological advancements to flourish in Nigeria. This is evident in the unprecedented rise in remote employment opportunities across the nation and the adoption of fintech solutions even in remote markets. Individuals and corporate bodies are now more open to the adoption of emerging tech innivations.
The year 2023 would be no different, we will be seeing a lot more astounding developments in tech and innovation. Change cannot be avoided, therefore it’s important that we keep pace with the fast changes taking place around us and understand how it affects us as an individual and influences our lives and businesses. Hence, we would be sharing some of the tech trends that we think you should look out for the most in the year.
To begin with, 2023 will be a watershed moment for artificial intelligence (AI). AI is a field that combines computer science and enormous datasets to aid problem-solving. Machines are programmed to think and act like humans in order to solve problems more quickly. We can already observe this with the introduction of the supersmart ChatGPT by OpenAI.
Beyond chatbots, it is anticipated that by 2023, the wearable AI industry, which combines wearable gadgets with AI technology (smart watches, eyewear, and earwear), will reach 42.4 billion USD, which is nearly equal to Nigeria’s 2023 budget. This implies that there will be a significant increase in the number of AI-powered technologies and gadgets in our society. Since the applications of AI are nearly infinite, more human processes will embrace it, and more industries will use it, including manufacturing, health care, fitness, the arts, welfare, and security.
In addition to AI, there would be a rise in the use of Virtual Reality (VR) and Augmented Reality (AR) in technological developments during the year. While AR is an interactive experience that combines the real world and computer-generated content, VR completely replaces one’s ongoing perception of a real-world environment with a simulated one. Global tech powerhouses like Meta, Alphabet, Microsoft, and Sony are investing extensively in these technologies to support their growth for many years to come. The global AR and VR market is expected to reach 142.4 billion USD by 2023 and 1.4 billion people are expected to utilise AR on their phones during the year. An example of this is Google Maps AR.
We also expect to see a lot more attention turned toward sustainable technology. The year 2022 already saw some stakeholders emphasise the need for sustainable and environment-friendly tech innovation and in 2023, manufacturers would prioritise sustainability and their product development, service rendering, and other practices. Tech companies would also explore and develop more technological solutions to our existing environmental, social, and governmental issues.
The Telecommunications and Technology Sustainability Working Group (TTSWG), a coalition of stakeholders in the telecommunications and tech sector with a goal of driving sustainability within the sector, would be taking critical and strategic actions this year to promote sustainable tech innovations and sustainable practices as well within the industry in Nigeria.
Alternative Financial Technology is another emerging tech trend to look out for in Nigeria this year. Over the past few years, Fintech, aided by the expansion of mobile broadband coverage has continued to grow in leaps and bounds thanks in part to the rise of mobile broadband access. As the Nigeria Communications Commission (NCC) continues to give 5G licensing to communications providers, we anticipated a better network coverage across the country, hence promoting the adoption of these technological solutions.
The year is no doubt looking good with these tech trends. Additional exciting trends to keep an eye out for include 3D Printing, Quantum Computing, Big Tech, Blockchain, Internet of Things (IoT), and Datafication There will be a continued rise in tech innovations as long as humanity faces new challenges to surmount. In a time of global crises, technological advancements are a silver lining and percussors of a better way of living.