And businesses that never imagined embracing digital transformation now rely on technology and automation for their day-to-day operations.

In simple words, everything is becoming digitized, and the impacts of emerging technology trends are evident in today’s world.

This blog will share five of such emerging technology trends that are happening right now and will possibly dominate 2023. From wearable technologies to mega-million dollar NFTs and AI-powered software, here’s our pick for the top five emerging technology trends you should keep track of as an entrepreneur in 2023.

Metaverse

Metaverse is among those trends that present endless opportunities for investors and entrepreneurs. The global Metaverse market was valued above $200 billion in the previous year and has been forecasted to reach $13 trillion by 2023.

Companies like Microsoft, Unity, Google, NVidia, Meta, Epic Games, etc., are all taking a keen interest in making Metaverse a success by investing billions of dollars and collaborating with other tech companies regardless of competition. It is like ISS, where countries like USA and Russia, who are furtively at war with each other, have kept their differences aside for the greater good.

Smart glasses, VR headsets, large-scale industrial cameras, gloves, and motion sensors are some examples that aid in developing this virtual reality. As an entrepreneur, investing in Metaverse and XR technology should be ideal if you are a Metaverse enthusiast and have a passion for all things digital.

AI & Risk Management

Risk management has experienced massive growth in the last couple of years. Food and supply chain companies that suffered unbearable losses due to the pandemic now understand how crucial it is to invest in top-notch risk management software.

And not only in food and supply chain industries, but logistics, healthcare, pharmaceutical, cosmetics, and several other industries can be seen investing heavily in risk management. Thus, AI-powered intelligent risk management tools are now highly in-demand worldwide.

AI-powered risk management tools are also entering the stock and crypto markets. Thousands of individuals and multinational companies leverage artificially intelligent systems to understand patterns and determine possibilities to make revenues using these tools.

Although the global market for risk management service providers is estimated at $7 billion, the future is bright, and future forecasts show high growth. As this technology becomes mainstream, the market size will eventually rise to over $100 billion in the upcoming years.

Wearables

Fitness trackers and wearables are not only among the emerging technology trends but also in the limelight for fashion accessories that compliments outfits. The wearable global market stands at the all-time highest $187 billion and is expected to reach a whopping $392.4 billion in valuation by 2030.

Apple, Samsung, Xiaomi, and other popular smartphone brands are investing heavily in making state-of-the-art wearable products that elevate aesthetic appeal and help keep track of health and fitness. Wearable devices like Fitbit, Apple Watch Series 6, and Garmin Descent have constantly remained in the headlines as the most exclusive wearable products of 2022.

As an entrepreneur, you can partner with popular athletes, celebrities, and fitness models and hire a reputable company that offers wearable app development services to fuel your wearable app developers in San Francisco startup and become a part of this mega billion-dollar industry.

NFTs

People are making millions just by trading NFTs these days. With NFTs like Crypto Punk, The Merge, etc., being sold for millions of dollars, artists and digital creators have started paying close attention to the industry.

Famous hip-hop artists and even mega-billion dollars brands like Nike are now launching their own NFT series, and thousands of new creators and traders are entering this giant market of non-fungible digital art.

As an entrepreneur, you can launch your own NFT digital art series that can include photos, artwork, paintings, music, videos, game characters, skins, and even essay and creative writing.

If you have financial stability and capital investment, you can start your own NFT marketplace. You can draw digital creators and artists to use your platform by lowering the commission transaction fees – enabling creators to avoid lucrative fees and become loyal customers.

Even if you don’t have enough capital to plan and develop an NFT marketplace from scratch, you can duplicate or clone any existing platform and customize it according to your features and functionalities.

Ecommerce

I know it can be surprising to see ecommerce in this list. However, the drastic change in consumer behavior and skyrocketing demands for high-quality online products justify mentioning ecommerce here.

The global ecommerce market stands at over $5 trillion in valuation. That’s more than the sum total of the market valuation of the above-mentioned technology trends.

There are hundreds of credible website design companies in New Jersey, offering high-quality ecommerce website stores for small to mid-sized businesses and making millions in revenue. Despite having a target audience with limited buying potential, investing in the ecommerce industry is fruitful due to the high volume of people seeking to start their stores.

As an entrepreneur, you can partner with a website design company in New Jersey or build your own team from scratch if you want to secure entire stakes in the business. Even if you don’t have strong capital, you can hire remote developers or freelancers and convert them to full-time once the revenue starts flowing.

Wrapping Up

Seeing the evolution of technology trends in 2022, we can expect that 2023 will be even more exciting. Especially with the pandemic long gone and businesses eager to invest in expanding their operations.

The year 2023 is just around the corner, bringing in countless entrepreneurial opportunities to invest and build a multi-million dollar business. You can build your business around the technology trends mentioned in this blog, depending on what industry do you belong to and how much capital you can arrange to invest in your idea.

For instance, if you have a creative mind but lack financial stability, you can start creating and selling NFTs. Or if the money is not an issue, you can penetrate the risk management software industry that has the lowest competition as of now and quickly establish a monopoly in that domain.