McKinsey’s technology trends for 2023

NEW DELHI: Lately, in 2023, there has been a resurgence of enthusiasm in people around the development of technology and its potential to uplift businesses and catalyze processes. In this process, generative AI is occupying center stage currently and is primarily responsible for this technological renaissance. This can further develop sustainable and inclusive growth which can then solve global complex challenges.

Amongst the new and notable trends, Generative AI is a trend that has made a loud entrance and has already proven how transformative it can be for businesses. It represents the frontier of AI and builds upon technologies such as applied AI and machine learning. According to McKinsey Technology Council, “Generative AI is poised to add as much as $4.4 trillion in economic value.” The report also mentions that trust architectures and digital identity grew the most out of last year’s 14 trends, increasing by nearly 50 percent. Investments in other trends such as applied AI, advanced connectivity, and cloud and edge have declined. Since these technologies have applications in most industries their mainstream adoption will continue to grow.