10 Tech Trends for 2022

The Covid-19 pandemic continues to accelerate the emergence and adoption of disruptive technologies for both consumers and businesses. In 2022 we are likely to see the next stage of newer tech trends like blockchain and EVs. The listed trends will have an impact on all facets of business and life by driving digitization and enhancing efficiency, which in turn will provide even better conditions for future growth.

?Here are my top 10 tech trends for 2022:

1. Metaverse

This network of 3D focused virtual worlds has become the talk of the tech world after Facebook introduced Meta and Microsoft’s acquisition of Activision Blizzard and shows how companies are betting big on this opportunity. The metaverse offers an immersive experience for customers, not just in gaming and social media but also areas like entertainment (e.g., Disney recently patented its “virtual world simulator”) and fashion (e.g. Gucci partnered with Roblox to release Gucci Garden, a unique and interactive virtual exhibit offering a complete experience to customers). However, this is only the beginning for the metaverse as our virtual and real lives become more seamlessly intertwined. We will also see this through AR/VR/haptic suits as hardware continues to evolve to "trick" our senses into believing we are in a virtual world.

2. Sustainable Solutions

Climate change is no more just a problem of the future and escalating numbers of extreme events like tornados, melting glaciers, and increasing sea levels, should make it pretty clear that it's already a problem. The business world has begun moving towards sustainable choices across areas such as renewable energy, electric vehicles, water treatment and recycling. Large tech companies have also started integrating eco-friendly practices in their operations e.g. green supply chains, efficient warehouses etc. Even fintechs are evolving to be sustainability accelerators by allowing equal access to capital. And as income is moving to a younger generation these new consumers are voting with their dollars, making sustainable practices a requirement.

?3. Blockchain and DLT as building blocks

When you think “Blockchain”, crypto comes to mind. But, it can offer a lot more, from securing, sharing and using data for public and private organizations; auditing; voting; NFTs; supply chain tracking and more. It's clear there are many benefits beyond the purely financial use cases. According to PwC, blockchain and distributed ledger technology have the potential to increase global GDP by $1.76tn over the next decade. Payments and financial services can leverage blockchain to realize a $433bn opportunity.

Source: The New York Times

4. Mainstreaming crypto and digital money?

Cryptocurrency and digital money deserve separate attention as their own trend. Even central banks and large institutions are creating their own Central Bank Digital Currencies (although it's a corporate version of crypto), and many are investing in popular cryptocurrencies too. Countries like China, Switzerland, Nigeria, and most recently India have announced their own digital currencies, as digital money takes centre stage. We are going to see higher and higher adoption rates of both.?And I feel that China's one belt:one road initiative might be the perfect "corridor" for distributing their CBDC.

5. Less Focus on Silicon Valley

No doubt, Silicon Valley has been the hotbed of digital disruption, but the influx of financiers to support the ecosystem and the wealth of tech founders has pushed up real estate costs and lessened the "disruptive vibe" thereby encouraging startups to shift to other centres. Austin and Miami, for example, have been a focus for crypto tech firms. The Greater Bay Area in China has been generating hugely successful tech companies; India is seeing the rise of growing number of unicorns: Europe also has its own tech hubs in London and Berlin for example and Asia is seeing new burgeoning hubs of innovation. Cities are making it a priority to attract capital and talent, both crucial to retaining these disruptive enterprises and the wealth that they can generate, both directly and indirectly.

6. Remote Working

In many countries we are seeing companies return to the office. However, after 2 years of Covid, hybrid working is here to stay. A recent Gallup survey said that 9 out of 10 people wanted to continue working from home to some extent. The focus will now be on how leaders balance wellness and work, learning and collaboration, especially in situations that require closed systems for security reasons.

Source: Gallup

7. 2-Party Competition Moving to Multiparty Global Tech Competition

Gone are the times when the biggies controlled everything. With organizations across the world adopting technology at a never-seen-before pace and smaller firms offering breakthrough solutions, legacy companies are struggling to adapt to tech-led growth models and the demands of a digital age such as AI, Data, Cloud, Connectivity, 5G, and security. Say hello to disruptive tech companies changing the world!?

Source: Visual Capitalist

8. Bioscience

Bioscience has been making quantum leaps in innovations that touch our lives, literally. Gene editing could be at the forefront of these advancements. For example, CRISPR (clustered regularly interspaced short palindromic repeats - think genetic scissors that can cut out the bad genes) has the potential to target and wipe out some genetic diseases. Biotechs like Biogen have already partnered with companies working on furthering this technology. And look at Covid, the speed at which the global scientific community came together to develop viable vaccines, as well as testing, was incredible and will bring in more capital to support other breakout technologies, knowing that massive disruption is achievable and that timelines can be compressed.?

9. Electric Vehicles

Electric vehicles are everywhere—and the numbers are only rising. Not just limited to passenger vehicles like Tesla and Prius, all major carmakers are focusing their efforts on readying an EV fleet - from scooters to pick-up trucks, from Ford to BMW. Many more brands are expected to enter the fray, all in the name of sustainability but really comes back to point 2 about consumers voting with their green dollars.?Then again - should we be focusing on the ultimate in self driving, eco vehicles - buses and trains?

?Source: PV Magazine

10.? Shutting Off

Too much of anything is unhealthy. Technology is great for efficiency and entertainment but? the pandemic has limited a lot of the other things we might have spent our time on before and we’re seeing the adverse effects of extended exposure to screens and digital media. More and more I am aware of people undertaking a digital detox, just to take a step back from the relentless assault of information, access and demands, and the effect it has on our mental health.

Conclusion

From metaverse to crypto, we are seeing dramatic leaps in new areas of tech. Some are whole new ways of living for us all while others are more about the environment they create to support new innovations.?

However, underlying this all I expect that there will also be an increasing focus on self-care, conscious consumption, and sustainability in the years to come.