The report reveals top 13 emerging Tech Trends, Concepts, and Initiatives such as Businesses in 2023 will be focussing on Big Data and AI-Driven Automation which have proven use cases, while few will be pursuing strategies around the Metaverse.
Endava has launched a new report titled ‘Emerging Tech Unpacked’. The research sought to understand businesses’ familiarity with 13 pivotal concepts (including AI, Digital Ecosystems, ESG, Web3, Phygital, Digital Twins and Telematics), the level of relevance these have to the organisations’ line of business, and the current state of strategy around adoption and implementation.
The key takeaway from the report is that against the backdrop of a challenging global economic environment, businesses are veering away from the hype-cycle which has been so influential in purchase decisions over the last decade. Instead, companies are carefully vetting technology based on its relevant use cases, agility, and applications. Not surprisingly, Big Data (75%), Predictive Analytics (72%) and AI-driven Automation (71%) were the three technologies showing the highest rates of adoption, given their proven ability to drive strategic impact.
The report, which surveyed decision makers from nearly 700 organisations, also showed that distrust in over-hyped technologies continues; while the Metaverse was cited as one of the most recognised emerging trends, 30% of organisations lack any form of strategy for including it in their operations, and half of those said it was because the technology is irrelevant to their business. Less scepticism is shown to Web3 with nearly a third (27%) of respondents having implemented a strategy and three in ten businesses (30%) in the process of doing so. Building digital ecosystems and microservices are also validated trends for businesses looking to invest in building strategic frameworks, with 33% of respondents planning to incorporate these services in some way.
Speaking on the research, John Cotterell, CEO, Endava said, “By now, everyone is aware of the global economic forecast, but what’s interesting is how different businesses are readying themselves to weather the storm. While there’s a renewed scepticism of ‘over-hyped’ technologies, it’s important to not lose sight of the big picture, and companies are now sitting up to take note of where they can and should invest their resources.”
“Technologies like the Metaverse, digital twins and Web3 may not seem like they’re particularly relevant, but this is often because they’re misunderstood. While it’s necessary to be sensible with investments; we’ve seen time and time again what can happen if businesses rely on aging infrastructure and the gains made by being an early adopter of some of these more innovative technologies and practices. Working in a fast-paced industry means having to keep up with the ever evolving nature of tech stacks; digital transformation projects are no longer fit for purpose. Instead, businesses are now looking to invest in more agile and bespoke solutions that meet the challenges of today as well as the future.”
Adding to this, Nick Curran, Head – Endava Middle East and North Africa, Endava said, “Organisations in the UAE and the wider Middle East region have consistently demonstrated their eagerness to embrace the very latest innovations. But at the current pace of digital advancement, the abundance of emerging technologies presents an intimidating landscape for business leaders. Our report serves to guide these digital pioneers in selecting the ‘right technologies’ that will enable them to implement impactful use cases that drive tangible business outcomes and give them a decisive competitive edge.”
