Innovation is a continuous process. Every year, we see new changes and developments
being made to improve upon the current technology we possess. This year we have seen many
improvements ranging from technology that has improved the daily lives of the common people
to technology that helps soldiers in Ukraine fight off against a formidable threat. While
technology has made significant strides this year, there were some failures that will hopefully be
improved upon in 2023.
Ups:
● Introduction of the metaverse: As people continue to show interest in immersive
technologies like AR and VR, global giants like Microsoft and Meta have shown interest
playing a huge role in driving a new technological trend and have invested heavily in the
metaverse. Metaverse may be seen as a technology that is only useful for gamers who
like playing on virtual world platforms, but it’s also useful for businesses. Anything that
can be done in the physical world can also be done in the metaverse more efficiently and
at a lower cost. Large companies like Atari have built workspaces on virtual platforms.
● Mainstreaming of Virtual Reality: In 2021, the global market for AR & VR was worth
more than 30 billion dollars. Now, it’s worth around 40 billion dollars. VR technology has
gotten much better now than it was when introduced. Initially, people were concerned
about graphics quality and resolution. Technological improvements have changed that.
People are now aware of the practical applications and potential of VR which is
translating into rising popularity.
● Electric vehicles focusing on mass markets: When people think of EV, the first thing
that comes to mind would be Tesla. For a very long time, Tesla was the only luxury
electric vehicle available in the market. Now other car companies like Mercedes and
BMW are joining the race as they plan to electrify their fleet of vehicles for everyday
customers. The biggest concern most consumers have with regards to purchasing electric
vehicles are range and high initial cost. The automobile industry seems to be addressing
these issues head on as companies like Hyundai and Chevrolet manufacture vehicles that
are around $30,000-$40,000 and have at least a 250 mile range.
● Ecosystem for unified internet of things: In recent years, we have seen devices like
smart watches, smart refrigerators, and smart lights use the Internet of Things which
enables people to do things with minimal effort. Unified, connected devices would make
life easier. Amazon introduced cross-compatibility in Alexa to collaborate with other
voice assistants to allow the user to decide which voice assistant controls their smart
device. This would be very useful because a user who has smart windows installed in
their house can connect it to their Amazon air quality monitor to notify them of any gas
leaks.
● Advanced connectivity: Interest in advanced connectivity, especially in 5G/6G has risen
significantly. Innovation has been incremental. The latest connectivity technologies
power networks with more data, higher spectrum efficiency, and wider geographic
coverage. These improvements have increased user productivity and enhanced user
productivity. Advanced connectivity has become a critical technology for all industries.
The faster relay of data will see the rise of automation in processes.
● Bioengineering: This year has seen a breakthrough in biology, combined with innovation
in digital technology. Bioengineering is creating an impact in the consumer goods,
agriculture and food, and chemical sectors.
● Industrialization of machine learning: Many companies have adopted the
industrialization of ML for a growing number of applications. By creating an
interoperable stack of technical tools for automating ML and scaling up its use,
organizations are able to realize its full potential and are also able to transition from pilot
projects to viable business projects. The industrialization of ML has managed to create
the most impact in industries where accelerating production of ML applications yields a
competitive advantage.
● Improvement in space technologies: There has been a significant development in space
technologies over the past five to ten years and that is the reduction of costs. These
reductions have led to shifts in system architectures. The use of space technologies and
remote-sensing analytics is substantial today. Over the past four years, investments in
space technologies have quadrupled to $12 billion. Applications for space technologies
are most relevant in telecommunications so that connectivity can be provided to planes
and remote areas. Another application is in aerospace and defense through which
enhanced satellite imagery can be used to achieve security and intelligence objectives.
● Integration of cloud and edge computing: Cloud and edge computing have become
core technologies for many digital solutions as it’s able to fulfill needs for low latency in
real-time systems such as warehouse automation. Edge resources are seeing more use in
mobile applications such as vehicles.
Downs:
● Shutting down of Google Stadia: Google stadia was set to revolutionize gaming by
allowing access to games anywhere and anytime without any downloads or installs.
Unfortunately, the results did not match the expectations. In October 2022, Google made
an announcement that it would shut down its Stadia cloud gaming service and refund its
players. The service faced many problems such as lags, crashes, and disconnects which
made it unplayable. It also had a limited selection of games which greatly disappointed
gamers and tech enthusiasts. Google Stadia has become one of the biggest tech flops of
2022.
● Elon Musk’s takeover of twitter: In October 2022, Elon Musk took control of twitter. It
was expected by many that under his leadership, twitter would enter a new era of
prosperity and efficiency. However, many missteps were taken leading to a disaster.
Firstly, Musk offered paid verification on the platform leading to many people
impersonating famous personalities and large organizations. The reinstatement of many
controversial accounts has led to issues with content moderation. A major misstep Musk
has taken is laying off half of the Twitter staff who are actually needed to keep operations
running. Musk’s ambitious plans will be remembered as one of the biggest tech failures
of 2022.
● Bankruptcies and crashes in the crypto market: The crypto market has faced a wild
year filled with bankruptcies, crashes, and market instability. The first major shock came
when Terra Luna/USD crashed in which all of its value was wiped out. The coin was seen
as an emerging asset class but ended up leading to widespread market instability. The
second major flop of 2022 is the FTX bankruptcy which is one of the biggest exchanges
for digital currencies. However, a sudden liquidity crisis led to a sell-off of assets and a
massive decrease in trading volumes. These events have taught an important lesson for
investors: nothing is guaranteed in highly-volatile markets and caution must be exercised
when investing in digital currencies.
● Increase in price of monthly subscriptions: Inflation was a very common buzzword
this year and it has impacted many people in the form of rising prices for many
commodities such as gas and food. But one such commodity that hasn’t made headlines
are monthly subscriptions. The monthly subscription for YouTube premium rose $5 to
$23. Disney plus raised its monthly fees and Apple boosted the prices for its services
such as Apple Music and Apple TV. These increases were inevitable and has caused
people to be smarter about deciding which movie and TV franchises they really want to
watch.
● No resolution of the chip shortage issue: The ripple effect of the pandemic was one of
the biggest contributors in the slowdown of semiconductor production. Unfortunately, we
are heavily reliant on just a few suppliers to produce the major component that powers up
every digital device on this planet. Intel came up with a plan to restore chip
manufacturing in the US and made heavy investments, but the company faced a major
roadblock when its profits fell significantly and it was predicted that its full-year sales
would be lower. Intel’s ambition to make the US a self-sufficient chip manufacturer
would take years to become a reality.
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Intelligence. In a hybrid cloud world where managing applications is complicated,
Cogent possesses the modern capabilities for integrating innovation, efficiency,
and resiliency into bolstering your enterprise application strategy.