Technology continues to be a primary stimulus for change in the world. Any technological advancement enables organizations from any sector to increase productivity, develop new products and offerings and help improve human welfare. Executives may make better plans speculating how businesses can employ them and comprehending the variables influencing innovation and acceptance. It is difficult to predict how technological trends will pan out. Still, executives may make better plans by estimating how organizations can utilize technology by considering the variables influencing innovation and acceptance.

The rate of transformation in the technology sector has always been sharp. According to McKinsey & Company, we'll experience more technological progress in the coming decade than in the preceding 100 years. In the hypercompetitive, rapidly changing industry, emerging technologies can most potentially disrupt a broad cross-section of markets.

Most emerging technologies

• Metaverse: Metaverse is a collaborative virtual 3D shared space created by converging virtually enhanced physical and digital reality. McKinsey research shows that the Metaverse has the potential to generate up to $5 trillion in value by 2030.
• Web3: Web3 is a new stack of technologies for developing decentralized web applications that enable users to control their identity and data. Gartner predicted that by 2024, 25% of enterprises would use centralized services wrapped around decentralized Web 3.0 applications.
• Generative AI: GenAI refers to a category of AI algorithms that generate new outputs based on already-attained data. Pitchbook predicts a 32% CAGR for GenAI for enterprises that will reach $98.1 billion by 2026.
• Digital twin: A digital twin is a digital replicant of an invention, physical object, process or ecosystem. IDC forecasts that 70% of manufacturers will use 'digital twins' to conduct simulations and scenario evaluations, reducing equipment failures by 30%.
• Quantum computing: Quantum computers – unimaginably fast computers capable of solving seemingly unsolvable problems – will make our current state-of-the-art technology appear out of the Stone Age. McKinsey predicts quantum computing alone –one of three main areas of emerging quantum technology –could account for nearly $1.3 trillion in value by 2035.
• Blockchain and distributed ledger: Blockchain is an ultra-secure data storage, authentication and protection technique that has revolutionized numerous business elements. According to Fortune Business Insights, the global blockchain market size will reach $163.83 billion in 2029, at a CAGR of 56.3% during the forecast period.
• Superapp: Superapp is a composite mobile app built as a platform to deliver modular micro apps that users can activate for personalized app experiences. Gartner expects more than 50% of the global population to be active users of multiple superapps daily by 2027.
• Digitally extended realities: Encompassing virtual, augmented and mixed reality, this trend highlights the move towards initiating beyond immersive digital experiences. According to BCG, the current market value for AR, VR and MR is around $30.7 billion and the market size worldwide will rise to $300 billion by 2024.

Building the world of tomorrow with next-gen technologies

There is continuous work and progress in next-gen technologies as they offer significant benefits. And these benefits substantially impact our day-to-day lives and the operations of countless industries. With that said, here are ways in which technology is both essential and immensely beneficial:

• Added efficiency: Organizations struggle to maximize their output while reducing the inputs. With the help of next-gen technologies, repetitive and redundant tasks take the least time or effort while ensuring desired output.
• Better decision-making: With emerging technologies, it has become easier than ever to handle large volumes of data and make crucial business decisions based on its insights.
• Time-saving: Since machines are relatively faster than humans, specific tasks that may require an incredible amount of manual work and attention to detail can be easily accomplished with the help of next-gen technologies. This also ensures improved accuracy.
• Increased innovation: Innovation helps organizations step up, stand out and ease the operations for employees and people. This underlines the importance of technology in making innovations, which has a large-scale benefit.
• Competitive advantage: Time and again, technology also serves as a USP or something that sets the enterprise apart from others in the eyes of potential clients. With access to enhanced technologies, enterprises can generate better offerings, eventually increasing their sales.

The magnitude and significance of next-gen technologies are enormous. To understand the enormity, let's explore the illustration.

Generative AI affects the automotive, aerospace, life sciences, semiconductor and energy industries by creating entirely new materials pursuing explicit physical properties. The process, known as inverse design, defines the desired properties and identifies materials likely to exhibit those properties, eliminating the need for a change to find suitable materials. For example, the result is to see materials that are more magnetically attracted, conductive or have significant conduction than those presently used in energy and transportation — or for use cases where materials need to be rust-resistant.

Hybrid cloud as the foundation for enabling next-gen technologies

While the cloud revolution has been going on for more than 20 years now , the next generation of cloud, which offers capabilities like serverless computing and hybrid cloud computing, makes it simpler for developers to modify software functions independently, speeding up the release pace and doing it more effectively. Enterprises can consequently serve consumers and launch products with a more agile approach. The cloud landscape continues to evolve with revolutionary trends like GenAI, the multicloud model and Infrastructure as Code (IaC).

Hybrid cloud speeds up design, build and ramp-up. It shortens time to market when companies have robust DevOps processes and groups of software developers who customize and deploy software for operations that support the business. The hybrid cloud's global infrastructure lets companies instantly scale next-gen technologies to reach new customers, geographies and channels. Finally, digital-first enterprises leverage the cloud to quickly adapt new technologies and innovate while embracing digital capabilities as a competitive advantage to start and grow businesses.

The hybrid cloud environment, implemented as part of a cohesive and comprehensive strategy, can increase the scope and impact of new technologies because it allows organizations to customize and scale tools such as GenAI to existing operations. Hybrid cloud provides a platform and infrastructure for next-gen technologies to build upon.

Rising technologies that help enterprises cooperate in real-time with their clients, such as chatbots and digital twins, count on cloud infrastructure and platform services to meet extending demands for compute and storage power. For example, GenAI is supported by large language models (LLMs), which require robust and highly scalable computing capabilities to process data in real time. The cloud offers the perfect solution and platform. It is no coincidence that cloud hyperscalers are the key players in the generative AI race.

Different industries expect to see other extraordinary benefits from the cloud. Nevertheless, numerous use cases provide opportunities to unlock value across sectors, as the following examples show:

• An oil and gas company employing automated forecasting through quantum computing to automate supply-and-demand modeling and reduce the need for manual analysis.
• An insurance carrier was accelerating the capture of billions of dollars in new revenues by moving systems to the cloud and securing them with blockchains.

Conclusion

Undoubtedly, understanding and then leveraging next-gen technologies is a game-changer and the next ample opportunity for businesses. Enterprises should recognize the opportunity and employ a hybrid cloud to solve their most challenging problems. Hybrid cloud service gives companies access to technological capabilities previously accessible to large enterprises only. Organizations must assess their needs and goals for using the next-gen technologies and determine the best way to deploy and integrate these technologies into an organization's workflow and business processes with the help of a robust hybrid cloud strategy.

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