02 March 2023

In a recent Moody’s Analytics innovation survey, 5900+ respondents from 91 countries across various industries were asked about the technologies they believe will have the most impact on their businesses in 2023 and beyond.

The results of the survey show that cloud, AI/ML, and datafication are the top three technologies customers believe will have the most impact, consistent across sectors. Meanwhile, decentralized finance, quantum computing, and VR were identified as technologies that are further out in the time horizon but are still seen as important and impactful in the coming years.

Cloud migration remains a key priority for most companies, with predictions that 80% of IT hosting will be allocated to the cloud. According to Statista, this share reached 30% in 2015 and has expanded year-on-year as companies increasingly shift their resources into cloud environments to improve security and reliability along with advance business agility. The continued growth of access to data and interest in generative AI is driving the compound annual growth rate of the AI market, predicted to grow around 20% yearly. Of course, AI and machine learning (ML) are not panaceas, but those technologies are no longer only the domain of data scientists and rather increasingly embedded within a wide range of processes throughout an organization. On the other hand, quantum computing is expected to grow annually by 30% with an emphasis on cybersecurity, optimization, and training on quantum finance.

Blockchain and VR/Quantum/Metaverse were identified as the fourth and fifth most impactful technologies, respectively. The metaverse is less impactful across sectors, but scores higher for commercial real estate with the potential for new ways of remote working, customer engagement, and even corporate events. Blockchain was specifically mentioned in the context of product sourcing, and according to a report from Moody’s Investor Services, expanding blockchain technology development brings new revenue streams for software and technology companies and first-mover industry leaders, which also helps some companies diversify revenue sources by selling blockchain authenticated digital products.