This decade (2020-2030) is the decade of technovation. And as technology continues to advance and the business landscape shifts, it’s important for business owners to stay informed about the latest trends and developments. 

Here, we will explore 12 key concepts that business owners should be familiar with in 2023.

These are the technology concepts that are revolutionizing the business world. Staying aware of these will help you:

1. Leverage the right technology in the right way for your business
2. Ensure that you are able to pitch in your two cents in social and business circles when the discussion happens. 

Read on.

NFTs are a digital asset class that is unique and cannot be replaced by another identical item. They are stored on a blockchain. (Blockchain is a digital ledger that records every transaction made with the asset.) 

NFTs can be used to represent digital art, collectibles, and other forms of digital content. The use case of NFTs is broad, from digital art to ticketing, gaming, and digital ownership of real-world assets.

The NFT marketplace is expected to be worth US$3,546.00m in 2023. And the market is expected to grow at a CAGR of 22.82% between 2023 to 2027.

With this recent surge in the NFT market, it’s important for you, as a business owner, to understand this technology and consider how it could be used in your niche. 

ChatGPT is a large language model developed by OpenAI. It is trained on a vast amount of text data and is able to generate human-like responses to text prompts. The model is capable of performing various language tasks such as language translation, text summarization, and text completion, among others.

ChatGPT is widely used in natural language processing and conversational AI applications. It can be used to power chatbots, virtual assistants, and other conversational interfaces. 

By understanding the capabilities of ChatGPT, businesses can leverage the technology to improve customer service, automate repetitive tasks, and gain insights from customer interactions.

Cryptocurrency is a digital currency that uses cryptography for security.

The virtual currency operates independently of a central bank and is decentralized. This means that transactions are recorded on a public ledger (called blockchain)

The most popular cryptocurrency in the market today is Bitcoin. Ethereum is another well-known cryptocurrency and so is Dogecoin, which was popularized by Elon Musk’s interest in it.

However, there are thousands of other cryptocurrencies in the market too.

It is projected that revenue in the Cryptocurrency segment will reach $42.69 billion in 2023.

This shows the growing popularity of cryptocurrencies and the potential for businesses to accept them as a form of payment.

Business owners should start by understanding the benefits of cryptocurrency and its underlying technology. This will help them explore new potential payment options and also tap into new markets.

Cloud computing refers to the delivery of computing services, such as storage, processing, and software, over the internet. This technology allows businesses to access and manage their data and applications remotely, without the need for expensive on-premises infrastructure.

The global cloud computing market is projected to grow from $371.4 billion in 2020 to $832.1 billion by 2025. 

Business owners should understand the benefits of cloud computing and its potential for their business. The benefits include scalability, cost-effectiveness, and improved security. Based on that, you can explore how it can be used to improve operations and drive growth for your organization. 

Quantum computing is a technology that uses the principles of quantum mechanics to perform calculations. It is expected to have the potential to solve complex problems that are currently infeasible for traditional computers.

The global quantum computing market is projected to exceed $5274.9 Mn by 2030, growing at a compound annual growth rate of roughly 31.21% between 2022 and 2030.

The potential of quantum computing lies primarily in driving innovation and gaining a competitive edge in their industry.

Edge computing refers to the process of performing data processing and analysis at the edge of a network, rather than in a centralized location. This technology allows for faster data processing and improved efficiency. This is because data can be analyzed closer to the source.

The global edge computing market is like to reach $111.4 billion by 2028. That makes it clear that others will be leveraging edge computing for its benefits, such as improved performance and reduced latency. And you should make sure you do it too. 

Robotic Process Automation (RPA) refers to the use of software robots to automate repetitive and mundane tasks. This technology can be used in various industries, such as finance, healthcare, and customer service, to improve efficiency, reduce errors, and save costs.

The global RPA market is expected to grow at a CAGR of 38.2% between 2022 to 2030.

Thus, the business benefits of RPA, such as improved efficiency and cost savings should be explored by decision-makers in all niches.

A smart grid refers to the use of advanced technology to improve the efficiency, reliability, and security of the electric power system. This technology can be used to integrate renewable energy sources, reduce energy consumption, and improve grid management.

The global smart grid market is expected to reach $16.9 billion by 2027, growing at a CAGR of 10.5% during the forecast period. Business owners should understand the potential of smart grid technology to improve energy efficiency and explore how it can be used to reduce costs and improve operations.

Spatial computing refers to the use of technology to create immersive, 3D experiences that can be interacted with in the physical world. This technology can be used in various applications such as gaming, education, and architecture and is expected to revolutionize the way we interact with the digital world.

The global spatial computing market is expected to reach $544.6 billion by 2032. 

And business owners should understand the potential of spatial computing to enhance customer experiences, improve training and education, and drive innovation in their industry.

Neuromorphic computing is an emerging technology that mimics the neural structure and function of the human brain to perform complex computations. This technology is expected to revolutionize the field of artificial intelligence and machine learning and can be used in various applications such as robotics, autonomous systems, and cognitive computing.

The global neuromorphic computing market is projected to grow at a CAGR of 89.1% and reach $550,593 thousand by 2026.

Business owners can leverage the potential of neuromorphic computing to revolutionize artificial intelligence and machine learning. It can further be used to explore how it can be used to improve their operations and drive innovation.

With that, it is a wrap on the latest technology concepts that business owners need to be aware of in 2023.

If you are excited to leverage any of these technologies for your business, it is best to engage with a dedicated product engineering partner who can offer bespoke services.

Check out this quick guide for selecting a technology partner in 2023 here or directly get in touch with the experts at SynergyTop for a no-obligation initial consultation.