Arvin Patel is the Chief Licensing Officer – New Segments at Nokia.
As 2022 draws to a close, savvy companies are looking ahead to see how their business can stay ahead of ever-changing technology trends. Between the emerging metaverse and 5G technology becoming established in every facet of our society, it is critical that your business keeps pace with technological advancements.
I believe that when it comes to technology tools for business, if you don’t gamble, you can’t win. Here are a few technical areas that I think business people should keep an eye on and prepare for.
I think we can expect more cohesive products and services in 2023. Despite the cynics, I predict that the metaverse will become more accepted and companies across all industries will begin to integrate the platform into their strategies and operations. I bet we’ll soon see the world enter the metaverse in once unimaginable ways.
Watching your team’s game or buying your favorite clothing brands can be done from the comfort of your living room, but the metaverse takes the home experience to the next level, allowing you to become even more immersed.
For example, the Manchester City Club is virtual recreating the Etihad Stadium in the metaverse to allow fans to see the game from different viewpoints while still enjoying the stadium atmosphere. Other brands such as Nike and Gucci use Roblox as an online platform to allow customers to interact with them as entertainment and purchase products.
While large companies have already begun their journey into the metaverse, I think more business leaders need to take early advantage of the opportunities within this space and determine how best to promote their products or services in a new digital world.
My next prediction is that streaming platforms will continue to dominate the entertainment industry for movies and TV. A fortune Business insights report projected steady growth through 2029, when the market is expected to reach $1.690 billion.
I see streaming platforms as the place to be for advertising. Exploring advertising options on platforms like Hulu, Amazon Prime, or YouTube TV can help optimize your company’s digital marketing efforts. Companies from industries such as media, restaurant and bar, finance, technology, retail, food, and pharma make up Hulus highest numbers of ad purchases.
Samsung recently made a branded Hulu series called Exposure in which contestants compete in phone photography challenges. Using ideas like this as inspiration, business leaders need to develop inventive strategies to leverage streaming services’ advertising options.
The volume of data is predicted to be annual growth of 40%. While there is much to be gained from leveraging this data, its massive reliance and continued growth have drawn attention to the potential security risks.
In the year ahead, businesses and government officials must make cybersecurity a top priority to ensure we can protect important data in both the public and private sectors. In addition to investing in IoT and taking advantage of improved connectivity and benefit sharing, it is imperative that companies also invest in the proper security measures needed to protect against cyber threats.
Good companies move forward, but don’t leave their communities behind. Around the digital dividethe technology industry must work with Congress to address the limited access to digital tools that many Americans face.
Connectivity is the foundation for today’s education system, streaming, the metaverse and much more. Businesses need to prioritize things like broadband expansion and 5G adoption invest in the software and hardware necessary for the adoption of 5G, so that we can guarantee the fastest speeds and the best connection for everyday activities. A more connected world means more opportunities for digital users across the board. Companies benefit if they can get the most out of the technology.