Trends in the technology space

The recent years witnessed a lot of advancements in the realm of technology. And much likely, there are more innovations to anticipate in the future.

Technology is clearly embedded in the day-to-day of many individuals and organizations. There are many advancing and emerging technology trends that could impact their lives, and here are a few of them.

Metaverse

Perhaps metaverse is one of the most heard terms in the tech space today. While the word ‘metaverse’ has been in existence since 1992 in Neal Stephenson’s novel Snow Crash, it has become a buzzword in the past year, especially with the rebranding of Facebook as Meta.

Various definitions are associated with the metaverse, one of which is that it is made up of extended reality (XR).

Accenture, in its Technology Vision 2022 report, considered metaverse as a continuum that extends a spectrum of digitally enhanced worlds, realities, and business models. And it is primed to transform life and business in the next decade. 

The vision of the metaverse is still being built. And it would not be fully realized until the next five to 10 years, Meta Philippines’ country director John Rubio mentioned during the BusinessWorld Virtual Economic Forum last May. But businesses are now urged to prepare for this future.

“This [metaverse] continuum is bringing the next major wave of digital change to enterprises, and leaders need to start making big leaps forward in how they think about their business — today,” Accenture said in the report.

5G connectivity

Although thoughts still vary on whether the fifth generation mobile technology (5G) has already reached mainstream now or just soon to be, its usage has increased since it came out around 2018.

Subscription penetration of 5G grew in the first quarter of 2022 with 70 million subscriptions added, according to Ericsson Mobility Report in June.

5G has also advanced in the Philippines. Ookla saw that 5G availability in the country nearly doubled in just a year, increasing to 18.1% in the first quarter of 2022 from 9.4% in the same quarter of 2021.

Smart took the lead in 5G availability with 25.5% in the first quarter, ahead of Globe’s 15.3%. In the same quarter, Smart recorded 1.6 million connected 5G unique devices on its network, more than triple of its 376,000 in the first quarter last year. Globe registered more than two million devices in its 5G network at the end of March this year.

Ericsson expected 5G subscriptions to exceed one billion by the end of 2022.

Blockchain

Blockchain, a distributed ledger technology (DLT) most known for its role in cryptocurrency, is deemed ready to revolutionize enterprises.

“Blockchain and DLT platforms have crossed the disillusionment trough of the hype cycle and are well on their way to driving real productivity,” said Deloitte in its Tech Trends 2022 report. “They are fundamentally changing the nature of doing business across organizational boundaries and helping companies reimagine how they make and manage identity, data, brand, provenance, professional certifications, copyrights, and other tangible and digital assets.”

Currently boosting blockchain and DLT platforms adoption among organizations beyond the financial services sector are technical developments and regulatory standards, especially in non-public networks and platforms, according to Deloitte.

Looking at Internet users, Finder’s Cryptocurrency Adoption Index August 2022 report showed that global crypto ownership is at 15%. The Philippines placed 10^th out of the selected 26 countries for crypto adoption with a 16% ownership rate.

Sustainability

Technological advancements could also be harnessed in working towards sustainability. And one of such instances is utilizing artificial intelligence (AI) for renewable energy. According to DAMO Academy, a global research initiative of Alibaba Group, in its Top Ten Technology Trends for 2022, there are certain challenges in adding renewables to the power grid. But leveraging AI could be pivotal to improving the efficiency and automation of electric power systems, which thus maximizes resource usage and stability. This then will be conducive to reaching carbon neutrality.

DAMO added that AI is projected to pave the way for incorporating renewable energy sources into the power grid in the next three years and help in the power grid’s safe, efficient, and reliable operation. — Chelsey Keith P. Ignacio