Technology evolves continually. A few years ago, the focus of software development trends was primarily on apps and mobile applications. However, this year, the spotlight has shifted to cloud computing and AI. Looking ahead, in the next five years, we can anticipate the emergence of exciting new trends in the ever-evolving tech landscape.
Let’s take a look at 4 latest technologies that will influence the software industry in 2023: AI-first software
According to the International Data Corporation (IDC), global AI spending will exceed $300 billion by 2026. And according to Gartner, by the end of 2024, 75% of organizations will transition from piloting to operating AI. The latest trend is not about integrating AI into existing software but about designing AI-based software aiding Financial Software Development compainies, as AI becomes the starting point for software design. Relying on technologies like deep learning, speech recognition or machine vision, it can benefit businesses in many ways:
In medicine, AI analyzes medical records, genetic data, and lab results to predict disease or identify more promising treatments.
AI is enhancing service levels in various ways. For instance, it aids in scheduling doctor appointments with virtual healthcare assistants and leverages facial recognition and emotion identification software to boost marketing and sales efforts. These advancements contribute to fostering a genuinely customer-centric approach.
In manufacturing, IoT devices transmit data to AI-driven programs, thereby elevating production efficiency and forecasting machinery malfunctions. Likewise, in agriculture, AI plays a crucial role by aiding in plant analysis and weed detection, ultimately optimizing agricultural processes.
Blockchain facilitates intermediary-free money and data transfers, ensuring immutable and transparent records. The core process involves encrypting data, sequentially chaining it with other entries, and distributing it across the network’s computers rather than centralizing it on a single server.
Furthermore, blockchain enables the direct transfer of money and information, maintaining immutable and transparent records. It encrypts data, links it chronologically to other entries, and distributes it across networked computer systems, eliminating the need for a centralized server. Consequently, many industries, including retail, manufacturing, healthcare, and the public sector, are embracing blockchain beyond finance. Notably, the market is projected to generate $20 billion in annual revenue by the end of 2024, underscoring its capacity to enhance data security.
Decentralized data storage, achieved through encryption and replication across all system computers, safeguards sensitive information like credit history, medical records, and industrial IoT data. It effectively prevents fraud attacks, requiring consent from all system members for any modifications.
The blockchain facilitates the creation of contracts that auto-execute upon meeting all terms. For instance, products ship only after blockchain-verified payments, ensuring contract integrity and transparency. Consequently, this technology enables businesses to replace paper-based processes with distributed ledgers, ultimately enhancing transaction transparency and accountability for all parties involved.
Low-code development involves building apps through an intuitive interface without writing code. Developers in Web & Mobile App Development Firm In India drag and drop pre-built components, while the code is automatically generated and can be modified as needed.
Initially, low-code development primarily served specific software types (e.g., CRM) via as-a-service platforms. However, today, versatile low-code platforms have expanded to enable application creation for various purposes.
Gartner predicts that low-code platforms will be used in more than 65% of software development projects by 2024. This can be explained by the opportunities that low-code development opens up for startups. businesses, small businesses and enterprises:
Low-code apps take significantly less time to build than manual coding apps, helping to meet tight deadlines imposed by a competitive market environment.
Low-code platforms reduce costs compared to custom software development. This is especially useful for developing a cheaper MVP to see if a business idea is worth the extra investment.
Including the lack of UX resources
Low-code platforms offer integrated UI frameworks with pre-built components and utilities, empowering users without extensive UX expertise to create user-friendly applications effortlessly.
PWAs are web apps that operate similarly to mobile apps, all without requiring a download. Notably, according to Google, since the start of 2021, PWA installations have surged by an impressive 270%. This increasing popularity can be attributed to two significant benefits:
PWA works 2-3 times faster than responsive and mobile web pages, displays content even offline, and it is resilient against crashes during intense server load.
PWAs offer an alternative to native apps, seamlessly adapting to all screen sizes and mobile platforms. Furthermore, their cost-effectiveness becomes apparent in their ability to provide both a website and an app for the cost equivalent to that of a single website.