Top 5 technologies that are powering India’s economic growth

While there’s a lot of innovation going on in India—and the rest of the world—some technologies are anticipated to be game-changers in 2023. 

For decades, technology has propelled the global economy. Nations are using technology in meaningful ways to develop sectors and create future cities. Now India is considered a knowledge powerhouse and has become the centre of global attraction. The exponential growth of technology has powered the nation’s economic growth too. 

While there’s a lot of innovation going on in India—and the rest of the world—some technologies are anticipated to be game-changers in 2023. 

Waking up to artificial intelligence 

Artificial intelligence is playing a prominent role in the fintech sector. Financial companies and banks have accelerated the adoption of artificial intelligence, experiencing improved productivity, increased profits and exceptional customer service. 

We expect generative artificial intelligence to become more powerful than ever. It has the potential to create personalized conversational systems for customers across industries. It also provides human experts the necessary financial insights that can help customers in more ways than one. Small businesses will be able to thrive on generative artificial intelligence to engage with customers and solve problems at great speed. As a matter of fact, generative AI has become more powerful and sophisticated, with the rise of chatbots and applications such as ChatGPT. However, generative AI has a long way to go before it can be widely used across industries where information provided is evaluative and critical. 

Web 3.0 will create a more interconnected world 

Being the third iteration of the Internet, Web 3.0 is touted to cause massive changes to the fintech world. Web 3.0 interconnects data in a decentralized way for personalized and delightful user experiences. Technologies such as blockchain, cryptocurrencies, non-fungible tokens and decentralized autonomous organizations help to advance the digital landscape and implement digital democracies. 

Web 3.0 will provide more control for users by giving ownership of data back through decentralization. As a result, building new web protocols and infrastructure allow developers to build apps with user control data. In 2023, we can expect companies to lay the groundwork to make Web 3.0 a reality. 

Quantum computing is on the rise 

Global companies are heading fast toward quantum computing because there is intensity and innovation in this space. Quantum computers are much more powerful in certain tasks such as investigating novel batter designs or discoveries of new drugs. 

There is another trend worth noticing about, which is quantum computing transforming cybersecurity. In the past few years, researchers have been working hard to develop quantum-safe encryption. One of the quantum computing predictions has become important to cryptography too. 

Despite all this—and everything discussed about rising technologies through the decades—the most important thing to keep in mind is the learnings. Companies around the world are exploring new opportunities and challenges along the way—especially with disruptive technologies. 

Data security will be a top priority 

While technology makes transformative changes, data privacy and security will become even more imperative. According to Gartner, 65 percent of the world population will have personalized data covered under modern privacy regulations in 2023. The stats imply that data security is top of mind for companies and it will grow exponentially in the coming years. 

As data privacy laws take effect globally, governments and companies are taking appropriate steps to protect their data. These efforts will be  critical because data will be analyzed and shared continuously giving rise to  new opportunities for privacy-enhancing technologies. New methods of having cryptography on data sets and transforming information will increase collaboration, analysis, and protective data sharing.

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The article was originally published by Times of India.