We shine a light on the key trends that will shape the category in 2023 and subsequent years ahead.
With the no-code/low-code development philosophy gaining prominence all around the globe, the year 2023 will become a game changer in terms of its further adoption above and beyond the technology and allied sectors. The development philosophy that aligns itself with the emerging trend of reducing complexity and human dependence in business is likely to get aided by the widening adoption of AI, ML, and automation technologies in businesses cutting across product categories and service domains. The rollout of 5G technology, Metaverse platforms, Generative AI and data harmonization in Enterprises will lead to enhanced user experience in an enterprise’s value chain.
1. Widening Influence: The adoption of low-code platforms translates into faster innovations, enhanced agility, and higher productivity. The development philosophy requires minimal coding, meaning executives can build customer-centric apps and programs quickly. No wonder, a survey conducted by Statista found that firms using low-code increased their revenue by 58% while reducing the development time by 56%. Further, the research conducted by Gartner hints that much wider adoption of low-code by 2024 with 80% of the coding tests likely to be accomplished with the help of this development perspective.
2. Data Harmonization: The optimal use of data is one of the fundamental prerequisites for remaining agile amidst a fast-changing business environment. While most companies manage to collect the data successfully, they fail to leverage it for effective decision-making. This happens because the collection of the data in an organization typically results in data silos which are not accessible to entire organizations. These data sets are only accessible by concerned departments and worse, these don’t add up with other information systems of the firm. This lack of accessibility and unification keeps firms from realizing the full potential of data for achieving end goals. Thankfully, companies across the business spectrum have realized the harmful impacts of data silos and started putting efforts to harmonize the data for enhanced efficiency of decision-making. The year 2023 is likely to witness further efforts to achieve data unification by combining its disparate formats, dimensions, and columns across the departments and functional areas.
3. Adoption of 5G Standalone (SA): Compared to non-standalone (NSA) 5G networks that are built on existing layers of 4G, the 5G SA will offer companies hyperconnectivity and a myriad of possibilities to experiment in both enterprise and customer segments. 5G SA comes equipped with low latency and high data transfer which means firms can innovate fast, scale up swiftly, and bring business transformation with desired speed and agility. Experts predict that 5G SA capabilities will open new doors of innovation in various sectors including immersive media, robotic controls, virtual training, and cloud gaming among others.
4. Generative AI: The world is fast moving to embrace generative AI in a bid to accelerate process efficiencies and minimise the intervention of humans in art and creation. Underpinned by specifically designed algorithms, the machines equipped with Generative AI make use of existing text, images, audio, and video files to create new content. This creative process can be either partially or completely unsupervised and can bring an enormous amount of savings in time and effort. That said, integrating these capabilities into the company requires a substantial investment in the firm’s infrastructure. In the year 2023, we are likely to witness Generative AI sweeping segments such as media and entertainment, virtual reality, metaverse avatars, and NFTs among others.
5. Metaverse Expansion: Metaverse will remain at the epicentre of unfolding business opportunities in 2023. The network of digitally connected universes will grow in both scale and applications and bring a lot of opportunities for every stakeholder in the crypto ecosystem. The low-code capabilities will help the metaverse offer an expanded universe of applications with new investments likely to flow into digital properties, virtual training, and remotely connected healthcare services. Besides, metaverse will grow its use cases in the e-commerce industry, education segment, and travel and tourism to power the growth story of industries across the globe.
Source: DQ India
