Tech trends

Tech Drivers
 

Technological innovation doesn't happen in a vacuum. Significant shifts are happening right now to trigger change, ranging from the need for sustainable energy, the availability of wireless or broadband connectivity, technology in medicine, the use of robots for labour, AI, and electric everything.
 

Here are a few other global trends to note:

• There is an overall increase in average life expectancy, meaning the ratio of retirees to workers is widening.
• Our concern over the control over personal information and where it sits and who sells it.
• Wanting sustainable energy sources (green computing) to solve climate change. 
• Reduced job security in a global market economy, where employees can work from anywhere.
• Use of big data and analytics and the reduction in cost.
• Alternative distribution chains, where manufacturers sell directly to consumers, drop shipping and the growth of third-party marketplaces (think Amazon and Trade Me).
• Crowdsourcing and open sourcing of development, allowing smaller businesses to get into the big tech space.
• Retailers using augmented reality and immersive to entertain customers with video-game-like experiences to then buy products without being in-store.
• Virtual currencies (Bitcoin).
• 3-D or 4-D printing with next-generation materials to create products or spare parts.
   

According to entrepreneur and futurist Peter Diamandis, we'll experience more progress in 2022 than in the past 100 years combined, as technology reshapes health, materials sciences, energy and transportation.

McKinsey tech trends index
 

Consultancy firm McKinsey's latest top trends in tech survey describes how during the pandemic, technology lowered the barriers to digital disruption, enabling rapid, technology-driven change. Consider all the people who now work from home, using Teams, Zoom and other apps to connect and communicate virtually. Then think about all the consumers switching to buying online. 

Cybercrime 
 

Unfortunately, as consumers and businesses move online, thieves and hackers will continue to evolve their tactics. It will worsen if crypto currencies get into common usage, with an increase in stealing coins from investors, crypto investing-related scams and stolen passwords.
 

Cybercriminals are taking advantage of cryptocurrency when their victims pay off ransomware attacks with crypto, because cryptocurrency transactions don't involve intermediaries like banks and do not carry personally identifying information. As a result, hackers can extort millions of dollars while remaining anonymous.

Hybrid working

More people are choosing to split their working week between home and the office, and technology enables people to work where and when they want. Employees also want to choose for themselves how they balance their lives. This mobility allows businesses to find diverse, previously untapped talent with expanded accessibility, helping their employees be productive and support their evolving expectations.

Attracting top talent is getting harder
 

Smaller businesses find it more difficult to recruit tech talent, and owners will need to think beyond compensation as the only driving factor. Those that possess skills in demand are increasingly motivated by culture (who they work with), flexible working, diversity and maybe equity, your environmental, social and governance strategy, if you invest in innovation, and the training opportunities offered.

The metaverse
 

It sounds like a sci-fi movie, but the creation of a virtual world is gaining traction. This 'metaverse' is made up of 3D virtual worlds focused on social connections, enabled by virtual and augmented reality headsets. This extended reality will blur the lines between physical and digital life, with people using their avatar (digital persona) to buy. Retailers will use the metaverse to sell actual products to your digital self, by trying on clothes digitally. The low cost of development and huge user base (everyone online), means it’s increasingly available to all businesses. 
 

This new business channel (D2A or Direct to Avatar) gives businesses the ability to run events, fashion shows, demonstrations, open digital storefronts, offer interactive experiences and buy virtual land. It's certainly a trend worth keeping an eye on

Artificial Intelligence (AI) and robotics
 

AI continues to trend because of its efficiency in image and speech recognition, navigation apps, smartphone personal assistants, ride-sharing apps etc. It will also be used to analyse insights to predict demand for services like hospitals to make better decisions about resource allocation and to detect patterns of customer behaviour.

In summary
 

We'd recommend you keep connected with the many tech events and sources of information and support, such as attending Techweek, a nationwide series of events, showcasing and celebrating New Zealand innovation. If you miss one, then diarise for next year and keep up to date with Techweek’s news.
 

If you're looking for more information, New Zealand Trade and Enterprise has a great news, events and resources search tool where you can filter what you’re seeking by content type, topic, market and sectors.