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  • Writer's pictureDonnovan Andrews

Research: McKinsey Technology Trends Outlook 2023 [PDF]

Updated: Sep 13, 2023





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Building the digital future and The AI revolution are two of the five categories of technology trends identified in the McKinsey Technology Trends Outlook 2023 report. The report provides scores for innovation and interest for each trend, as well as investment and adoption ratings. The following is a summary of the two sections:


Building the digital future and The AI revolution are two of the five categories of technology trends identified in the McKinsey Technology Trends Outlook 2023 report.


The report provides scores for innovation and interest for each trend, as well as investment and adoption ratings... the other categories available are "The AI revolution, Cutting-edge engineering, Building the digital future, A sustainable world, and Compute and connectivity frontiers.


The following is a summary of the two sections:


Building the digital future:

- Next-generation software development: This trend has shown significant growth in the number of jobs and has expanded use cases across industries.

- Trust architectures and digital identity: This trend has grown the most out of last year's 14 trends, increasing by nearly 50 percent as security, privacy, and resilience become increasingly critical across industries.

- Web3: This trend is a new decentralized internet that is being built on blockchain technology and has the potential to transform the way we interact with the internet.

- Cloud and edge computing: This trend has shown steady increases in innovation and continues to have expanded use cases across industries. More than 400 edge use cases across various industries have been identified, and edge computing is projected to win double-digit growth globally over the next five years.



The AI revolution:

- Applied AI: This trend has the highest innovation scores of all the trends studied and its investment score also ranks in the top five. McKinsey research estimates the potential economic value at stake from applied AI to be $17 trillion to $26 trillion.

- Industrializing machine learning: With AI capabilities, such as machine learning (ML), computer vision, and natural-language processing (NLP), companies in all industries can use data and derive insights to automate processes, add or augment capabilities, and make better decisions.

- Generative AI: This new entrant represents the next frontier of AI. Building upon existing technologies such as applied AI and industrializing machine learning, generative AI has high potential and applicability across most industries. Generative AI is poised to add as much as $4.4 trillion in economic value from a combination of specific use cases and more diffuse uses.

- Quantum technologies: Our updated analysis for 2023 shows that the four industries likely to see the earliest economic impact from quantum computing—automotive, chemicals, financial services, and life sciences—stand to potentially gain up to $1.3 trillion in value by 2035.



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