Top 2023 Technology Trends in Singapore
In wake of the recent pandemic, companies all across the globe were forced to implement and devise new technological trends to either keep their business from crumbling or to make the most of the Covid 19 situation. The blog discusses some of the crucial technological trends that businesses across Singapore should keep an eye out for in 2023.
Singapore is the capital of technological innovation in Asia. According to the Global Innovation Index 2020 (published by WIPO, INSEAD & Cornell University), Singapore is among the top ten countries in the world when it comes to innovation. It is ranked at number 8, with the Republic of Korea following not far behind at number 10. Only two Asian countries made it to the top 10, and Singapore has been a common name to be included at the top in the GII rankings.
In Singapore, the need for Digital Transformation among businesses, especially SME’s has become an imminent need of the hour. While most companies already have the basic processes of Digital transformation in place, others are embracing it as we speak. The top technological trends that companies in Singapore should be prepared for in 2023 have been discussed below.
Technological innovations are recreating the way we think, organize, and strategize. Technological trends can be used to revolutionize work-places and their operations. The trends mentioned below will have a huge impact on companies not only in Singapore, but all across the world as they learn to embrace them.
Core Revival
The top 2023 technology trends in Singapore are focused on revamping the legacy systems of any corporation, which includes software, hardware, networking or operating systems that a firm continuously puts to use in order to reduce costs. Legacy systems are usually kept in use because they often form the core of an enterprise’s processes. However, since these are old, most legacy systems cannot be upgraded or made more secure. Since these are core systems, it is important for companies to keep them safe from security breaches and other breakdowns. Core revival refers to the modernization of legacy enterprise systems which involves moving a system from an industry-specific platform to a secure cloud-based one. To many, this can be costly but companies in Singapore have been overcoming this hurdle by outsourcing or shifting their legacy values to powerful platforms which allow for less coding by businesses. It won’t be long before this trend becomes common and businesses start to reap more benefits and add more value to their core systems.
Blockchain
Singapore has been ranked as the fourth top global leader in the field of blockchain technology. The Singapore Blockchain Ecosystem Report 2020 states that Singapore is one of the leading nations in terms of adoption and development of blockchain technology. While different kinds of data can be stored in a blockchain, its most common use is that of being an online ledger of transactions. If a business wants to run multiple trade operations on their system, it will be very convenient for them to use a centralized system. However, this can make it vulnerable to hacking attacks by third parties. A decentralized system, however, allows all parties to have full control over their information, something that not only makes it more secure but also more transparent compared with a centralized system.
In 2023, Blockchain technology will emerge as the top technological trend for Singapore. The reason for this is due to the blockchain being resistant to hacking and fraud, thus making it a more secure system when compared with traditional methods of data management. Enterprises should implement blockchain technology more often to safeguard their business processes and make them more efficient.
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Artificial Intelligence & Hyper automation
Artificial intelligence involves the use of smart machines to imitate human thought and behaviour. According to a news release published by Accenture in 2017, the use of AI in Singapore can generate a gross value of nearly 215 billion USD by 2035. Business services, manufacturing, and financial services will reap the highest benefits by employing AI processes and machines into their framework. A total of 11 industry sectors will profit immensely if AI is used in their digital transformation plans. Education, Health & Social Services, IT, Transportation are some other industry sectors that follow close behind the top 3 mentioned earlier. With the prominent possibilities of growth that AI possesses, the country has already launched a program: AI SG (AI Singapore) with funding of upto 150 million USD to accelerate, cooperte, and boost AI’s capabilities in the country’s economy.
Artificial intelligence, machine learning and automation are quickly becoming the tools of the future, as companies look to automate increasingly complex tasks in order to grow their businesses. The Government has invested heavily in AI and hyper-automation programs, which has led to the rise of 2 specific industries that are experiencing huge growths in Singapore. Technology trends are here to stay, it is important for companies in Singapore to prepare themselves for the future. Join us to understand the top 2023 technology trends in Singapore!
The use of advanced technologies like AI and ML (machine learning) to automate processes on a large scale that are more impactful than the traditional modes of automation refers to Hyper automation. It involves the application of multiple tools like RPA (robotic process automation), intelligent business management softwares, and others to lessen human involvement in technical and physical tasks, and also assist in quick decision making. These changes are already surfacing in everyday industry sectors like healthcare and education, and their popularity is only going to grow in 2023.
Distributed Cloud
A distributed cloud system is one in which each node (server) is independent but grouped together so that they provide data to an application as and when required. Distributed cloud computing is a new way of handling computing services, where you can move certain processes from your own premises to centralized clouds, such as AWS or GCP. The most common use cases for distributed cloud computing include- infrastructural development, process outsourcing, and data privacy protection.
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