10 Startup Technologies You Should Be Aware of in 2023

The post-pandemic world has brought many economic challenges, affecting the startup ecosystem worldwide. According to the 2022 State of Venture Report by CB Insights, the total venture funding funneled towards startups in 2022 stood at $415.1 billion, dropping by 35% compared to 2021.?

On the other hand, the pandemic has also created new opportunities for startups. With the shift towards remote work and increased demand for online services, startups in eCommerce, telehealth, and virtual event spaces have seen increased growth and investment.

In this environment, it is important for startups to recognize the market demands and adapt promptly, so they can stay relevant and keep growing. Many startups are already adapting to the new reality and are implementing innovative technologies. As the world recovers from the pandemic, startups will likely continue to play a critical role in driving innovation and economic growth.

These are the startup technologies we can expect to be big in 2023.

AI in FinTech

AI in FinTech refers to using artificial intelligence to augment, streamline, digitize, or disrupt conventional financial processes. When empowered by AI, FinTech allows businesses to deliver investments tailored to customers’ personal goals while improving their overall experience by harnessing intelligent bots and machine learning to create greater operational efficiency. The rapid AI adaptation of the financial sector can be attributed to the keen interest of businesses to revitalize existing portfolios with novel and considerably transformative offerings leading to enhanced efficiency, precision levels, and prompt query resolution.

Big Data in Industry 4.0?

Big Data is a field that consists of large and complex data sets, along with the processes and methods used to analyze and extract actionable insights from them. The processing of large data sets brings actionable insights to diverse industrial sectors. The increased volume of data emitted by enterprises and organizations has created various use cases for Big Data processing technologies, including demand forecasting, machine floor optimization, preventive maintenance, product development, and supply chain optimization.

Metaverse

The metaverse represents a 3D virtual reality space in which users can interact with a computer-generated environment and other network users. It provides a simulated digital environment that utilizes augmented reality (AR) and virtual reality (VR) combined with social media concepts to create a virtual space that mimics the real world and supports rich inter-user interactions. Some concepts for the metaverse often include the blockchain, another emerging technology that is seeing increasing implementation in existing industries and even creating new markets.

Blockchain

Blockchain is a decentralized and distributed network of digital ledgers that facilitates recording transactions and tracking assets in a business network, using a sequence of blocks to record transactions or digital interactions. Popularized with the rise of cryptocurrencies, the blockchain delivers immediate and completely transparent information between nodes with high security in place. Distributed ledger technology is programmable, distributed, secure, immutable, anonymous, unanimous, and time-stamped.

5G Technology

5G is a cellular network technology utilized for telecommunications , specifically for mobile devices and wireless communication. It refers to the fifth generation of wireless technology characterized by higher speed, lower latency, and greater bandwidth than its predecessor, the 4G LTE networks. Providing up to 100 times faster connectivity than 4G, 5G is emerging as a disruptive technology, indicating unprecedented potential and applicability across many verticals. Its advantage lies in fast data transfer, lower latency, and the capacity to connect more smart devices and sensors simultaneously.

Quantum Computing

Quantum computing is based on the laws of quantum physics, which allow quantum particles to move forward and backward in time and be present at two positions simultaneously. Quantum computers perform calculations based on the probability of an outcome, which differs significantly from binary calculations performed by conventional computers. Quantum computing uses an object’s quantum states (superposition, interference, and entanglement) to produce quantum bits or qubits analogous to the bits used in classical computing. They can exist in a third state in addition to one and zero, called “superposition,” and simultaneously represent one and zero.

3D Printing in Construction

3D printing in construction is used to fabricate construction elements or entire objects by depositing concrete, polymer, metal, or other materials to build an object layer by layer. It can minimize human errors that lead to health and safety risks. In addition, 3D printing can also significantly lower costs due to requiring less material than traditional construction methods and relying on automated machinery, reducing the need for human laborers. The reduced requirement for materials also decreases waste and enables the use of recycled materials.

Energy Storage Systems

An еnergy storage system (ESS) encompasses methods and technologies for storing surplus energy during peak production periods and discharging it during peak consumption periods, thus enhancing and optimizing the overall network performance. ESSs have gained momentum across energy engineering due to the intermittency of renewable energy sources , as the stored energy can be used upon need. There are diverse energy storage system types that differ in terms of location, technology, demand, capacity, and investment costs.

Edge Computing

Edge computing refers to a computing architecture that uses microprocessors, embedded systems, and wireless communication to push computing and data storage at close proximity to the network or as close to the originating source as possible (the edge). The proximity of computing processes to data sources such as IoT devices, local servers, and sensors enables faster response times, reduced latency, reduced data transmission costs, and more comprehensive data analysis.

Drones in Agriculture

Agricultural drones are Uncrewed Aerial Vehicles (UAVs) used predominantly for yield optimization and monitoring crop growth and production . The key benefits of implementing drones in agriculture stem from their ability to quickly survey vast farmlands and collect and analyze data in real time. This information enables farmers to anticipate variables they cannot influence and move towards better adaptation and optimization. Their implementation is expected to result in increased crop yields, reduced expenses, and better use of available resources.?