Top Five Emerging Technologies and Their Use Cases for 2023
- Jan 10, 2023
We’ve benefited from the rapid advances in technology in recent years, as these developments enable us to improve and develop new products and services. With the world becoming increasingly connected, staying on top of the latest technological trends is essential. In this article, we will discuss the top five emerging technologies for 2023 and their use cases:
- Artificial intelligence (AI) and machine learning (ML);
- Blockchain and Web3 technology;
- Intelligent automation and robotic process automation (RPA);
- Internet of things (IoT); and
- Quantum computing.
Artificial Intelligence and Machine Learning
AI and ML are the first technologies on the list and are two technologies becoming increasingly crucial in our daily lives. AI is a computer's ability to imitate human behavior, and machine learning is a subset of AI that improves the accuracy of predictions. They are already in use in a variety of fields, notably health care, finance, and transportation. These technologies can be used to automate tasks, make predictions, and analyze data, among other applications.
AI and ML technologies are expected to see significant growth and development in the coming years, with a wide range of emerging use cases in various industries. Some of the most important emerging use cases for AI and machine learning in 2023 are likely to include the following:
- Finance: AI and ML technologies can be used to analyze financial data, identify patterns and trends, and assist with decision-making. They can also be used to improve fraud detection and risk management and automate tasks such as data entry and reconciliation.
- Health care: AI and ML technologies can be used to analyze medical data and images, identify patterns and trends, and assist with diagnosis and treatment planning. Other uses include improving patient monitoring and care and automating scheduling and record-keeping tasks.
- Supply chain management: AI and ML technologies can be used to optimize logistics and transportation and to improve inventory management and forecasting. These technologies can also be used to automate tasks such as tracking orders and managing supplier relationships.
- Customer service and support: AI and ML technologies can help organizations improve customer service teams' efficiency and effectiveness by automating routine tasks such as answering frequently asked questions and routing customer inquiries to the appropriate department.
- Predictive maintenance: AI and ML technologies can also be used to analyze data from sensors and other sources to predict when equipment is likely to fail, enabling proactive maintenance and reducing the risk of downtime.
Blockchain and Web3
Blockchain technology is a decentralized, secure way of storing and processing data that is being increasingly adopted.. Blockchain and Web3 technologies have the potential to revolutionize a wide range of industries; in the next few years, we can expect to see an increasing number of innovative use cases emerge. Here are a few examples of how blockchain and Web3 can be used:
- Supply chain management: Blockchain technology can be used to track the movement of goods through the supply chain, improving transparency and accountability. This can be especially useful in the food industry, where traceability is critical to maintaining food safety and quality.
- Health care: Blockchain technology can be used to securely store and manage patient data, enabling health care providers to access and share information more efficiently and securely. This could help to improve the quality of care and reduce the risk of errors.
- Identity verification: Web3 technologies like decentralized identity systems can be used to verify the identity of individuals and organizations in a secure and decentralized manner. This can be particularly useful for enabling online transactions and for verifying identities in areas where traditional identification systems may be lacking.
- Voting: Web3 technologies like decentralized autonomous organizations (DAOs) can be used to enable secure and transparent online voting systems, making it easier for individuals to participate in democratic processes.
Intelligent Automation and Robotic Process Automation
The next technology on our list is RPA and intelligent automation. It is difficult to predict what the emerging use cases for RPA and intelligent automation will be in 2023, as technology is constantly evolving and new applications are being developed. However, based on current trends and the increasing adoption of RPA in various industries, it is likely that the following areas will see significant growth:
- Customer service and support: RPA and intelligent automation can help organizations automate routine tasks such as answering frequently asked questions, routing customer inquiries to the appropriate department, and gathering customer feedback. This can help improve the efficiency and effectiveness of customer service teams and free up time for more complex tasks.
- Supply chain and logistics: RPA and intelligent automation can automate tasks related to the movement of goods and materials, such as tracking orders, managing inventory, and scheduling deliveries, enhancing the efficiency and accuracy of supply chain operations and reducing the risk of errors.
- Human Resources (HR): Intelligent automation and RPA can be used to schedule interviews, process employee onboarding documents, and handle employee benefit inquiries, enabling the HR teams to focus on more strategic tasks.
- Financial services: RPA and Intelligent Automation can be used to automate tasks such as data entry, reconciliation, and fraud detection in the financial industry, helping improve the accuracy and efficiency of financial processes and reduce the risk of errors.
- Health care: RPA and Intelligent Automation can be used to automate tasks such as scheduling appointments, processing insurance claims, and managing patient records. This can help health care providers to be more efficient and improve the quality of patient care.
Internet of Things (IoT)
Next on the list is internet of things (IoT). The IoT refers to the network of connected devices that can communicate with each other and exchange data. This technology is being used to improve efficiency, automation, and decision-making in many industries. As IoT technologies are rapidly growing and transforming many industries and sectors, there are several top emerging use cases:
- Smart cities: IoT technologies can be used to build smart cities that are more efficient, sustainable, and livable. This could involve the deployment of sensors and other IoT devices to monitor and manage various city systems, such as transportation, energy, and water.
- Predictive maintenance: IoT devices can be used to monitor and track the performance of industrial equipment, enabling companies to predict when maintenance is required and prevent costly downtime.
- Environmental monitoring: IoT devices can be used to monitor and track environmental conditions, such as air and water quality, and alert authorities to potential problems.
- Health care: IoT technologies can be used to monitor and manage patient health, enabling remote patient care and improving the efficiency of the healthcare system. This could involve the use of wearable devices, smart home systems, and other IoT technologies.
Quantum computing is a type of computing that uses quantum-mechanical phenomena to perform operations on data. This technology can solve problems that are currently too complex for classical computers. It is being explored in fields such as drug discovery and financial modeling. Here are the top potential use cases for quantum computing in 2023:
- Drug discovery and development: Quantum computing can be used to perform simulations of chemical reactions and protein folding, which are critical for drug discovery and development. This could help to accelerate the process of bringing new drugs to market, potentially leading to significant improvements in health care.
- Financial modeling and analysis: Quantum computers can be used to perform complex financial simulations and risk analyses, which could help financial institutions make more informed investment decisions.
- Machine learning: Quantum computers can be used to train machine learning models faster and more accurately, potentially leading to significant improvements in artificial intelligence and related fields.
- Cybersecurity: Quantum computers can break classical cryptographic algorithms, which is potentially useful for cybersecurity applications such as password cracking and data decryption. However, quantum computers may also be used to develop new, quantum-resistant cryptographic algorithms that can secure data against attacks from quantum computers.
Overall, these emerging technologies can transform a wide range of industries and significantly impact the way we live and work. The potential uses for these emerging technologies are vast, and as these technologies continue to mature, we can expect to see even more innovative and transformative use cases emerge. These technologies will expand next year as more companies adopt these solutions to automate a wide range of business processes and improve efficiency.
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Jason Juliano is a Director within EisnerAmper Digital with over 25 years expertise as a technology and risk management executive in information technology.
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