10 Emerging Technologies in 2023 You Must Know
Technology has the power to change the way we work and how businesses operate. In this hyper-connected world, we rely on technology to communicate and collaborate with each other to improve business processes and efficiency.
The impact of emerging technologies has enabled us to improve the way we approach business operations. For instance, working remotely has become the preferred working style of many employees due to the convenience of cloud computing and virtualisation. In fact, 41% of Singaporean employees prefer to work from home rather than receive a bigger bonus.1 This shows how leveraging technology for remote work can cause workers to reassess their priorities.
Also, by keeping up to date with emerging technologies, individuals can identify and leverage new opportunities in their respective industries. As we move further into the year, there are several emerging technologies worth paying attention to for their potential to transform various fields.
1. Cryptocurrency
Cash and debit cards might become irrelevant in the future as cryptocurrency slowly stabilises in the market. Cryptocurrency has had its ups and downs throughout the years, with questions posed as to its legitimacy. For example, the value of Dogecoin plummeted because it was deemed a “meme coin” with no actual use cases.2
However, despite its high risk, the Singapore government believes that cryptocurrency possesses immense potential to transform the future of finance. This is reflected in their decision to allow crypto service providers, like Luno and Zilliqa Capital, to operate fully regulated cryptocurrency services in Singapore.3 And, the Monetary Authority of Singapore has mandated that crypto companies that wish to operate in Singapore must be licensed locally, even if they are operating worldwide.4
2. Quantum Computing
Quantum computing stems from the development of computer technology that relies on the principles of quantum theory. It’s more powerful than any modern computer and can be used to solve complex problems through faster data analysis.
Quantum computing can be used in multiple industries like healthcare, business, finance, supply chain management, and even cybersecurity. The Singapore government launched the Quantum Engineering Programme to promote the use of quantum tech in solving real-world problems and developing safe communication technology to combat cyber threats.5
As we become more reliant on technology and cyberspace, it’s important to make full use of the resources available to tackle issues like vaccine development or customer relationship management. Learning to use quantum computing is among our best shots at advancing the digital landscapes in various industries.
3. Cloud Infrastructure
Cloud computing has been around for ages, but the COVID-19 pandemic maximised its utilisation. During the pandemic, businesses were forced to digitalise their operations. It was during this time that the use of cloud infrastructure, such as Google Drive and Dropbox, skyrocketed.
Today, cloud infrastructure is a must-have for every industry, especially businesses and schools. Its ability to provide seamless integration, accessibility and on-the-go connectivity is worth the investment.
To promote the use of cloud infrastructure, the Singapore government developed the Government Commercial Cloud with plans to pump SGD1 billion, out of an ICT budget of SGD3.8 billion, into creating more systems for it.6
4. Extended Reality
Extended reality is a combination of virtual reality (VR) and augmented reality (AR) that’s already being used worldwide. In Singapore, extended reality is used to predict how rising sea levels and climate change will affect the country.
To do this, a walking tour called "Adapting Waterfronts: Postcards from the Future, Singapore 2122" was created to give participants a view of what the future could look like. The tour employed the use of AR and Singapore’s archival pictures to encompass a blend of the past and present.
3-D AR elements could be interacted with through the use of a smartphone camera and the Adobe Aero app, allowing participants to immerse themselves in a 7.5km walk along Singapore’s historical shoreline.7 This is one example of how extended reality can enhance knowledge and encourage better practices in education and beyond.
5. Blockchain
Blockchain in Singapore has been gaining significant attention in recent years due to its potential to transform various industries. At its core, blockchain is a decentralised, digital ledger that records transactions across a network of computers.
Blockchain has numerous applications, including but not limited to, supply chain management, financial services, healthcare, and real estate. In the financial industry, blockchain can provide faster and more secure transactions, reduce fraud, and eliminate intermediaries.
The uses and benefits of blockchain are endless, and as the technology continues to mature and develop, it has the potential to transform industries and the way we conduct transactions.
6. 5G
Singapore has been a leader in the adoption and deployment of 5G technology, with several major telecommunications companies rolling out 5G networks across the city-state. The power of 5G technology lies in its ability to provide reliable and high-speed connectivity, which is essential for emerging technologies like the Internet of Things (IoT), artificial intelligence, and machine learning, among others.
The Singapore government has also identified 5G technology as a key enabler for emerging technologies, which facilitate the creation of a more connected and digital society. Government initiatives have seen the allocation of significant resources to support the long-term development and deployment of 5G technology, including funding for research and development, spectrum allocation, and infrastructure development.8
As 5G technology continues to evolve and become more widespread, it has the potential to transform the way people live and work in Singapore and beyond.9
7. Metaverse
Ever since Mark Zuckerberg, CEO of Facebook, announced that Facebook was rebranding to Meta and had plans to expand the metaverse, the tech world had been buzzing about it. Though the metaverse has run into its fair share of challenges since its more hopeful early days, it is hard to completely write off the potential and vision in this technology.
People have come to understand the term “metaverse” as part of the virtual world. However, the metaverse goes beyond that because its accessibility does not rely just on VR and AR devices, but also computers, mobile phones, and gaming consoles.
This type of rich virtual landscape allows companies and employees the opportunity to work remotely in an immersive environment that mirrors reality. It has the potential to give people a sense of presence, and promotes richer, natural interactions that feel real, despite being digital.10
8. Biotechnology
As a strategic area for economic growth and scientific advancement, Singapore has been actively investing in biotechnology. The government has established several institutions to promote the research, development, and commercialisation of biotech innovations, including the Biomedical Sciences Institutes and the Agency for Science, Technology and Research (ASTAR).11
The application of biotechnology in healthcare, for example, has led to the development of novel drug therapies, vaccines, and diagnostic tools, improving the quality of care and outcomes for patients. As biotechnology continues to advance, it is expected to drive innovation and growth in Singapore's economy, creating new industries and job opportunities.
9. Renewable Energy
Renewable energy is a critical emerging technology that has the potential to transform the global energy landscape. As the world seeks to reduce greenhouse gas emissions and mitigate the impact of climate change, renewable energy sources are becoming increasingly important.
The benefits of renewable energy are numerous, including lower carbon emissions, improved energy security, and cost-effectiveness. While the adoption of renewable energy sources is growing, there are still challenges to be addressed, including grid integration, storage, and infrastructure. The development and deployment of renewable energy technologies will require collaboration among governments, the private sector, and other stakeholders to ensure the future of sustainable energy.
10. Advanced Robotics
Advanced robotics is a rapidly evolving field that is transforming industries and creating new opportunities for innovation and growth. By leveraging the latest advances in artificial intelligence, machine learning, and sensor technologies, robots can perform tasks autonomously or with minimal human intervention, improving efficiency and safety.
The applications of advanced robotics are vast, but there are also ethical, legal, and regulatory considerations that need to be addressed, including concerns around job displacement, safety, and privacy. As advanced robotics continues to evolve, it will be critical to ensure that it is used responsibly and ethically, while also promoting innovation and growth in the field.
Staying up to date and mastering emerging technologies can be crucial for career advancement in today's fast-paced and ever-changing job market. It is essential to invest in learning and upskilling to stay relevant and competitive in one's field.
As the pace of technological change continues to accelerate, it is important to embrace a lifelong learning mindset and stay agile in your career path by continuously acquiring new skills and knowledge in emerging technologies.
For professionals looking to stay ahead of the curve in emerging technologies, the Emerging Technologies module, offered either as a core module or elective module in all SIM E-Learning programmes, is a valuable resource, providing you with a solid foundation in the latest technologies and their applications in various industries.
Speak to our Student Advisors to learn more about our fully online postgraduate programmes today.
References
2 https://www.analyticsinsight.net/dogecoin-cant-be-a-good-investment-option/
6 https://www.tech.gov.sg/media/media-releases/2022-06-10-government-fy22-ict-spending
8 https://www.imda.gov.sg/how-we-can-help/5g-innovation
9 https://www.singtel.com/business/articles/the-future-is-5g
10 https://www.theverge.com/22588022/mark-zuckerberg-facebook-ceo-metaverse-interview
