Top 15 Tech Trends In 2023

Published on October 25, 2023 at 7:23 am by Ali Hassan in Business, Industries, Lists, News, Tech

In this article, we will look at the top 15 tech trends in 2023. If you want to skip our detailed analysis of the global tech industry, you can go directly to the Top 5 Tech Trends in 2023.

Today, technology is everywhere and it is evolving every day. Companies are working on new technologies that bring more efficiency and effectiveness to products and services. The most in-demand and top tech trend in 2023 is Artificial Intelligence (AI). AI has huge potential and most of the industries are utilizing AI in different aspects. Interest in AI has increased threefold from 2021 to 2022, as per a report by McKinsey. Another tech trend that is making the buzz in 2023 is green technology. Governments and companies are focusing on minimizing their global carbon emission footprint. Overall, the top tech trends in 2023 are interlinked with each other due to the transfer of technologies across different industries.

Global Tech Market

In 2023 global tech spending is expected to reach $4.4 trillion, growing by 4.7% compared to 2022, as per a report by Forrester Research, Inc. (NASDAQ:FORR). The Middle East and Africa (MEA) and Asia Pacific (APAC) will have the fastest regional tech spend growth with 5.6% and 5.4% through 2024 and 2027, respectively. While North America and Europe will grow at 5.1% and 3.6% during the same period. Despite geopolitical issues, tight labor markets, and macroeconomic challenges, tech software and IT services will have 66% of global tech spend by 2027. Cloud application and platform services will be key to the increase in global tech spend. Forrester Research, Inc. (NASDAQ:FORR) projects the public cloud market to reach $1 trillion by 2026, taking almost a quarter of global tech spend.

In Africa, the Internet economy is expected to reach $180 billion by 2025, 5% higher than the continent’s GDP. Saudi Arabia’s government plans to spend $25 billion on tech, as per Forrester Research, Inc. (NASDAQ:FORR).

On October 23, Reuters reported that Saudi Arabia announced the launch of an annual Esports World Cup with the largest prize pool in esports history. Savvy Games Group, owned by Saudi Arabia’s Public Investment Fund, announced last year that it will invest around 142 billion riyals, or $37.8 billion, in transforming Saudi Arabia into a global gaming hub.

Similarly, in Asia Pacific, China will lead tech spending with a forecasted 7% annual growth rate from 2024 to 2027. While India’s domestic tech sector is expected to grow by 9.6% in 2023. The principal forecast analyst at Forrester Research, Inc. (NASDAQ:FORR), Michael O’Grady said:

“Over the next five years, we anticipate tech spend growth to increase even further globally. Factors including increased R&D investment in the Middle East and Africa, Asia Pacific, and North America; companies in APAC investing more in software and IT services; and accelerated cloud adoption in MEA and Europe will all continue to drive tech spending.”

Companies Shaping the Future Tech

Generative AI and Applied AI are the most sought-after segments of AI that have huge potential going forward. Quantum computing is going to create an economic impact on industries including automotive, financial services, chemicals, and life sciences. Quantum computing is potentially going to add $1.3 trillion in value to these industries by 2035, as per McKinsey’s technology analysis for 2023.

With the emergence of consumer generative AI programs like OpenAI’s ChatGPT and Alphabet Inc.’s (NASDAQ:GOOG) Google Bard, the generative AI market has huge potential ahead. According to Bloomberg Intelligence (BI) research, the AI market is expected to grow to $1.3 trillion over the next 10 years from $40 billion in 2022, reflecting a compound annual growth rate of 42%. On February 6, Alphabet Inc. (NASDAQ:GOOG) announced the launch of Bard and soon it saw the hype and was in competition with ChatGPT. Since then, Alphabet Inc. (NASDAQ:GOOG) has introduced a generative AI feature “Help Me Write” for Docs and Gmail. Google continues to add new features to Bard and enhance its capabilities as an AI tool. On September 19, Google announced the launch of Bard Extensions for its applications including Gmail, Docs, Maps, Drive, and YouTube, among others. Moreover, with the latest update from Bard on October 23, the AI tool now supports uploaded images as part of conversations. Alphabet Inc. (NASDAQ:GOOG) is thriving in the generative AI segment and holds massive potential to surmount other AI companies in the market.

Companies like Alphabet Inc. (NASDAQ:GOOG), Microsoft Corporation (NASDAQ:MSFT), NVIDIA Corporation (NASDAQ:NVDA), and Amazon.com, Inc. (NASDAQ:AMZN) are the biggest names that are progressing in cloud computing and AI. These companies are some of the top cloud computing companies in USA. Microsoft Corporation (NASDAQ:MSFT) is making major investments in the AI and cloud computing segment. On October 24, Microsoft Corporation (NASDAQ:MSFT) announced that it will invest A$5 billion in Australia over the next two years to expand its hyper-scale cloud computing and AI infrastructure. With this investment, Microsoft Corporation (NASDAQ:MSFT) is set to expand its local data center footprint from 20 sites to a total of 29 sites across Canberra, Melbourne, and Sydney.

NVIDIA Corporation (NASDAQ:NVDA) is another company that is advancing in cloud computing and AI. Some of the biggest tech companies are customers of NVIDIA Corporation’s (NASDAQ:NVDA) chips. On October 19, NVIDIA Corporation (NASDAQ:NVDA) announced that, along with Advanced Micro Devices, Inc. (NASDAQ:AMD), it is powering a new line of workstations to build and run AI applications. The new workstations will be carrying NVIDIA Corporation’s (NASDAQ:NVDA) RTX Ada Generation GPUs and Advanced Micro Devices, Inc.’s (NASDAQ:AMD) Ryzen Threadripper PRO 7000 WX-Series CPUs. Both chipmakers are advancing their technologies in AI computing to improve rendering and simulation capabilities for large-scale AI workflows.

New technologies trending in 2023 will have a bigger presence in the years to come. Governments and enterprises are investing massively in various in-demand technologies.

Top 15 Tech Trends in 2023

Our Methodology

To compile our list of the top 15 tech trends in 2023, we gathered data from McKinsey, Forbes, Whizlabs, and UNCTAD. We identified 15 trends that appeared in at least two sources.

Subsequently, we assessed the growth projection and market size for each trend. Due to limited market information available for tech trends in 2023, we relied on data from 2022 in the majority of cases. For the market projection and market size, we obtained our data from sources including MarketsandMarkets Research, Fortune Business Insights, and Precedence Research, Acumen Research and Consulting, IMARC Group, and Maximize Market Research.

We have ranked the top tech trends based on their growth projections, in ascending order. Here is the list of the top 15 tech trends in 2023.

Top 15 Tech Trends In 2023

15. Quantum Technologies

Growth projection (2030) = $6.52 Billion

Market size in 2023 = $928.8 Million

Quantum technologies provide an exponential improvement in computational performance and transform communication networks by solving high-end problems. Quantum technologies are bringing significant change in various industries including automotive, finance, chemicals, pharmaceuticals, and aerospace and defense. Quantum technologies remain one of the top tech trends in 2023.

According to Fortune Business Insights, the global quantum technologies market is expected to be valued at $928.8 million in 2023. The market is expected to reach $6.52 billion by 2030, growing at a compound annual growth rate of 32.1%.

Alphabet Inc. (NASDAQ:GOOG), Microsoft Corporation (NASDAQ:MSFT), and NVIDIA Corporation (NASDAQ:NVDA) are some of the leading Artificial Intelligence companies in USA that are investing big time in cloud computing and AI.

14. Web3

Growth projection (2032) = $81.90 Billion

Market size in 2022 = $2.2 Billion

With the evolution of blockchain technology and cryptocurrencies, Web3 has become a reality. Through Web3, the internet and blockchain technology are creating a new wave for consumers on the internet. Web3 has a promising future and remains a top tech trend in 2023.

According to Acumen Research and Consulting, the global Web3 market size was estimated at $2.2 billion in 2022. The market is expected to grow to $81.90 billion by 2032, at a compound annual growth rate of 44.5% from 2023 to 2032.

13. Green Technology

Growth projection (2032) = $89.18 Billion

Market size in 2022 = $13.76 Billion

One of the biggest debates today is the turning towards green technology. Governments and enterprises are working on limiting their carbon emissions to overcome climate issues. One of the top tech trends in 2023 is green technology.

According to Precedence Research, global green technology was estimated at $13.76 billion in 2022 and is expected to reach $89.18 billion by 2032, growing at a compound annual growth rate of 20.60%.

12. 3D Printing

Growth projection (2032) = $98.31 Billion

Market size in 2022 = $17.38 Billion

The use of 3D printing is increasing and this remains a top tech trend in 2023. This technology involves two components including digital twin technology and 3D printing. After engineers can design successful virtual models, they can now produce physical models and structures through 3D printing.

As per Precedence Research, the global 3D printing market was estimated at $17.38 billion in 2022 and is expected to reach $98.31 billion by 2032, growing at a compound annual growth rate of 18.92%.

11. Robotics

Growth projection (2028) = $102.4 Billion

Market size in 2022 = $39.2 Billion

Robotics will continue to be an in-demand technology in 2023 and the coming years. The use of robots across different fields remains in trend and now with improvement in AI, robotics is getting better than ever before.

IMARC Group valued the global robotics market at $39.2 billion in 2022. The market is projected to grow to $102.4 billion by 2028, at a compound annual growth rate of 17.58% from 2023 to 2028.

10. 5G

Growth projection (2030) = $348.76 Billion

Market size in 2023 = $25.69 Billion

5G is based on two components which include technology and infrastructure. 5G continues to be a top tech trend in 2023 after it got hype a few years ago. The use of 5G in telecommunications has changed the dynamics of the industry.

According to Fortune Business Insights, the global 5G technology market is expected to be valued at $25.69 billion in 2023. The market is expected to grow to $348.76 billion by 2030, at a compound annual growth rate of 45.2% from 2023 to 2030.

9. Cybersecurity

Growth projection (2030) = $424.97 Billion

Market size in 2023 = $172.32 Billion

With the increasing risks of online security, cybersecurity remains to be one of the fastest-growing technologies. Cybersecurity is key in stopping online attacks and saving sensitive data for organizations, governments, agencies, and individuals. Cybersecurity ranks among the top tech trends in 2023.

According to Fortune Business Insights, the global cybersecurity market is estimated to be valued at $172.32 billion in 2023. The market is expected to reach $424.97 billion by 2030, growing at a compound annual growth rate of 13.8% from 2023 to 2030.

8. Bioengineering Technology

Growth projection (2029) = $538.56 Billion

Market size in 2022 = $239.1 Billion

Bioengineering technology involves the combination of biology and technology to find alternative processing methods in various sectors including healthcare, food and agriculture, sustainability, and energy and material. Bioengineering technology has huge potential and ranks among the top tech trends in 2023.

Maximize Market Research valued the global bioengineering technology market at $239.1 billion in 2022 and expects the market to grow to $538.56 by 2029, at a compound annual growth rate of 12.3% from 2023 to 2029.

7. Blockchain

Growth projection (2030) = $674.41 Billion

Market size in 2023 = $8.89 Billion

Blockchain continues to remain a top tech trend in 2023. Blockchain has evolved the digital finance industry with decentralized finance and banking through cryptocurrencies.

As per Precedence Research, the global blockchain market is expected to be valued at $8.89 billion in 2023. The market is projected to reach $674.41 billion by 2030.

6. Space Technology

Growth projection (2029) = $700.28 Billion

Market size in 2022 = $433.25 Billion

Space technology has been a center of attraction for governments with missions across different planets and initiatives to improve the satellite infrastructure. Space vehicles are rising in demand due to increasing space missions.

Space technology ranks among the top tech trends in 2023. Maximize Market Research valued the global space technology market at $433.25 billion in 2022 and expects the market to grow to $700.28 by 2029, at a compound annual growth rate of 7.1% from 2023 to 2029.

Companies that are making major progress in AI and cloud computing include Alphabet Inc. (NASDAQ:GOOG), Microsoft Corporation (NASDAQ:MSFT), and NVIDIA Corporation (NASDAQ:NVDA).

Click to continue reading and see the Top 5 Tech Trends in 2023.