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Tech Industry Outlook for 2023

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The coronavirus pandemic significantly impacted the tech industry for the past few years. Although the use of technology increased in many areas, such as videoconferencing platforms, it also decreased in other areas, such as the Internet of Things (IoT).

Understanding the tech industry outlook for 2023 provides insight into how your industry and company may be affected. This lets you strategically plan and hire employees in line with your expectations.

Learn about the tech industry outlook for 2023 and how your company may be impacted.

Internet of Things

IoT Analytics estimates there will be 30 billion IoT device connections by 2025. This averages out to be four IoT devices per person.

International Data Corporation’s 2020 Worldwide Internet of Things Spending Guide estimates global IoT spending will attain a compound annual growth rate of 11.3% during the 2020 to 2024 forecast period. This data indicates the steadily growing use of IoT.

IoT devices are popular in the form of connected lights, smart refrigerators, and other items in smart homes. Smart glass, activity trackers, and other wearable technologies also use IoT applications. Urban safety monitoring, traffic and waste management, and water distribution in smart cities use IoT technologies as well.

Security is the top concern for IoT-connected devices. Hacks, data breaches, information leakage, and other attacks are common. Because IoT-connected devices do not come with security features, these features must be added.

5G Networks

5G networks offer faster transmission speed than almost all home broadband. As a result, what used to be done only through computers can now be done with smart devices.

IoT devices can interconnect more smoothly using 5G networks than 4G networks. Also, 5G networks let drones, autonomous cars, and smart cities carry out more complex operations than 4G networks.

Currently, 5G networks are available only in certain countries and areas. Also, greater bandwidth means less coverage and more signal drops. Additional cells must be built to support the network’s high speed. Plus, the networks may be unable to penetrate walls and other materials.

Chatbots

Chatbots simulate conversations with humans. These bots use artificial intelligence (AI), machine learning (ML), and natural language processing (NLP) to provide customer service for companies.

Chatbots are being used by more businesses than before. These bots serve as responsive, intelligent, conversational agents. They significantly decrease the amount of time and money spent on answering questions and filling customer requests.

Chatbot development is impacted by developments in NLP. As a result, customers may become frustrated when chatbots give limited or repetitive answers.

Chatbots with robust and complex functionalities are costly. Therefore, companies may not have the budget to use them as customer service tools.

The IT Labor Market Will Be Tight

If you need help hiring tech professionals, include RightStone in your process. Find out more today.

IT Job Security

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The latest IT trends are changing the way companies and consumers interact. This elevates sales, marketing, and ways of conducting business.

These IT trends also are creating job opportunities for technologists. As a result, you have more employment choices than before.

Discover some of the latest IT trends and how they create IT job security.

Internet of Things

The Internet of Things (IoT) is the belief that all tech-enabled devices can connect to the internet and each other to blend the physical and digital worlds. This increases opportunities for consumers to engage with products. The data can be used to maximize the results of marketing campaigns and user experiences.

IoT is changing the way business is conducted and the models used to do so. For instance, pay-per-use models are increasing in popularity as additional customer data becomes available. The growth of IoT increases the IT jobs related to it.

Machine Learning

More computers are able to analyze data and track patterns to facilitate learning. For instance, social media platforms use machine learning to analyze users’ likes, shares, and comments to see how users connect with the members of their networks. The platforms use this information to show users content from their closest connections.

Machine learning lets companies more effectively do business with customers. The technology helps businesses interact with customers to better anticipate and meet customers’ needs. The increasing need for machine learning means ongoing job opportunities for technologists.

Virtual Reality

Ongoing improvements in the hardware and programming of virtual reality technology impact almost every industry. In addition to its use in video games, virtual reality lets companies more effectively engage with customers.

Increased customer engagement maximizes sales and marketing campaigns. It also promotes learning, especially in educational organizations. All of these developments increase the number of IT jobs in the market.

Touch Commerce

Blending touchscreen technology and one-click shopping lets consumers purchase products from their mobile devices. Consumers link their payment information to their accounts so they can purchase virtually anything.

The increase in touch commerce increases sales related to this technology. It also creates new jobs for technologists.

Cognitive Technology

Natural language processing and speech recognition are examples of cognitive technology. These technologies are used to automate tasks previously done by people. Examples include certain accounting and analytics tasks.

Automated analysis of user data is especially beneficial for software companies wanting to scale. Staying current on cognitive technology in a given industry opens up a range of opportunities for IT professionals.

Ready for a New IT Job?

Partner with RightStone to land your next IT job. Visit our job board or submit your information today.

Why Customer Service Still Matters in a Technical World

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In today’s world, it’s not uncommon for the entire customer journey to happen solely online. From discovery to purchase to service, there’s nothing you can’t do with just your website. They particularly love the option to connect via live chat, which has a customer service satisfaction rating of 73% compared to just 44% for chats over the phone.

As a business owner, you see these channels and you spot ways to save money and maybe win over a new customer demographic. But you shouldn’t be too quick to adopt a bot: human customer service is as important today as it is now.

Are you reconfiguring your customer service strategy? Read this before you go any further.

Only Humans Can Empathize Like Humans

No one has ever hung up the phone after chatting to an automated system and said, “I’m so glad I got to talk to that voice recording.” It’s never happened. You can only have neutral experiences with a non-human.

Whether you’re considering a chatbot or an automated phone system, it’s important to remember that there are many situations where these technologies are suitable. The nuances of language and tone can mean a lot for the customer experience, and your bot can’t pivot when a customer feels frustrated.

Yes, these technologies have a role to play in the way customers get service, but they need to be deployed carefully.

You’ll Miss Out on Valuable Insights

Automating your customer service seems like a win-win: it’s cheaper for you, frees up your team’s time, and helps customers get speedy results. While your program will offer you some helpful data, you’ll miss out on the kind of insights that only human-to-human communication can provide.

For example, data from a bot might tell you that a system isn’t working. But will it be able to tell you why? Only if it’s spoonfed the information by the customer and programmed to ask.

Technology Amplifies Customer Service

Ultimately, your technology won’t replace your customer service. Instead, new tech should amplify it. Technology provides new ways to provide superior service, but remember that the point of customer service isn’t busywork: it’s a huge part of your engagement strategy.

Go ahead and automate the rote tasks that eat up staff’s time, but make sure you keep a human at the other end of the line. Your customers will miss them when they’re gone!

At RightStone, we understand that the human connection is more important than ever, especially in our technology-focused world. Get in touch to learn how we can connect you with qualified workers, who provide the customer-focus you need to grow your business.