3 tech tailwinds to watch in 2022
The exciting new technologies shaping individuals, organizations, and the global economy in 2022
by Nico Arango, design strategist
2022 arrived with cautious hope for a better future. Last month, propelland attended the Consumer Electronics Show virtually so we could survey the emerging technology landscape and advise our clients who may be curious about these spaces but may not know where to focus their efforts. In this article I’ll describe what we learned from CES and how it dovetails with what our colleagues, clients, and partners are seeing across the world.
We’ve identified 3 key technology tailwinds that will shape individuals, organizations, and the global economy in 2022: the coming world of “Web 3.0,” the increasing application of AI as a force multiplier across all industries, and the long-awaited deployment of 5G networks.
In the short article below, we share what excites us about each tailwind, offer some deeper context, and provide practical examples for innovators to consider while evaluating these technologies.
Tailwind #1: Web 3.0
What excites us:
Web 3.0 has been described as the third incarnation of the internet, based on blockchain technology and “distributed ledgers” that validate ownership and transactions without a centralized authority.
For Web 2.0 companies, success meant offering a free service, mining customer data, selling more ads, and keeping users engaged. Web 3.0 has the potential to shift us away from that “attention economy” towards a “relationship economy” that has users’ interests at its heart. The decentralization of Web 3.0 could empower creators and users as never before by enabling them to own shares of the platforms they rely on and giving them a say in how they are governed.
Further context:
While Web 3.0 boosters are excited about this newly introduced parity, critics like Jack Dorsey and Elon Musk fear that blockchain entrepreneurs and venture capitalists are simply writing new rules according to their own interests. As Dorsey tweeted, “You don’t own Web 3.0. The VCs and their LPs do. It will never escape their incentives. It’s ultimately a centralized entity with a different label.” Alexis Goldstein, Financial Policy Director at the think tank Open Markets, stated to Congress in late 2021, “While cryptocurrency industry insiders promote the ‘democratized’ benefits of digital assets, crypto concentrations of money and power match or surpass those in traditional financial markets.”
Practical examples to consider:
Firms like Walmart are leveraging blockchain’s inherent traceability to follow the flow of pork through their Chinese supply chain and authenticate transactions between vendors. IBM also applied blockchain to payment authentication by developing a conduit, which they’ve named IBM Blockchain World Wire, that allows for banks to clear and settle cross-border payments almost immediately.
Tailwind #2: AI
What excites us:
DeepMind recently announced that it has developed an AI coding program called AlphaCode that was found to be at least as good as an average human programmer, based on testing challenges run by a competitive coding platform. AlphaCode is a step toward “problem-solving AI” that is capable of independently working on challenges that only humans can do today.
In 2022 AI will continue to proliferate in every corner of tech and commerce, from the mundane to the complex. CES showcased a new series of home robots from Labrador Systems, which are designed to do one thing extremely well: help people with mobility constraints move objects around their houses.
AI’s advancements today cannot be discussed without mentioning the continued maturation of computer vision technology. Computer vision enables machines to better understand the world around them, acting as a force multiplier in industries like manufacturing, retail, and especially in healthcare, where it is improving medicine through AI-assisted surgery and accelerated drug and vaccine development.
Further context:
Public opinion and regulations could limit the application of AI in areas that put safety and privacy at risk. The EU drafted several AI regulations that aim to enforce “Human-Centric Artificial Intelligence,” mandating core AI principles of fairness, data minimization, accountability, transparency, non-discrimination, and explainability. The most significant control proposes to tighten law enforcement’s use of biometric recognition technologies in publicly accessible spaces in order to prevent mass surveillance. There will continue to be pushback on AI algorithms, especially when they tap into consumer data regarding interests, beliefs, habits, and temperament.
Practical examples to consider:
A good model to follow could be John Deere, whose executives realized they were uniquely positioned to transform how farmers used their equipment. They launched their “smart industrial” strategy that leverages AI to help farmers provide individualized crop care at scale. The strategy created new products like fully automated drone sprayers, tractors, and harvest machines that use computer vision to monitor individual kernels to analyze grain quality while the machine is harvesting in real-time. These services increased farmers’ yields and helped reduce the usage of chemicals by 70%, a win for farmers and the environment.
Tech giants are leveraging AI differently, seeking to create new use cases and improve targeting in digital spaces for advertisers. In one example, recent patent filings by Facebook (Meta) revealed that the company is looking at how to leverage computer vision to collect biometric data at scale in order to sell virtual ad space in the metaverse.
Tailwind #3: 5G
What excites us:
The increased availability of 5G, or the fifth generation of broadband cellular networks, will provide the connective tissue for the exchange of digital information in ways we can scarcely imagine today. According to McKinsey, implementing faster connections in mobility, healthcare, manufacturing, and retail could increase global GDP by $1.2 to $2 trillion by 2030. This growth will come primarily from advancements in autonomous driving and “Industry 4.0,” of which 5G is a cornerstone technology.
Unlike its predecessors, 5G connects desktops, mobile devices, machines, and objects. Widespread deployment will enable breakthroughs across multiple sectors leading to the digitization of manufacturing through wireless control of tools and machines, decentralized energy delivery, and remote patient monitoring. The increasing number of 5G subscribers and demand for service will spur increased availability, resulting in high-quality video streaming from anywhere in the future. This will provide media and entertainment companies with new opportunities in content creation, user experience (particularly in the mobile gaming sector), and IP monetization.
Further context:
A key roadblock for 5G is that pandemic-disrupted supply chains cannot keep up with massive demand for semiconductor chips. Increased 5G deployment could extend the global chip shortage by several years because it requires chips with similar node sizes as those used in cars.
Even so, 5G availability will continue to grow, allowing digital media to dominate our lives even more than it does currently. While this is great news for tech firms, what are the implications for consumers? Greater connectivity could mean more disinformation, divisive memes, screen addiction, and mass surveillance. At a time when many of us are spending time isolated at home, the ethical design of our digital platforms is important to keep in mind.
Practical examples to consider:
Ericsson built a “smart factory” in Texas that integrates 5G and IoT technology to reduce its carbon emissions by 97% when compared to similar buildings in its class. In Shanghai, a railway station is using 5G for automated detection of station incidents and passenger flow optimization by integrating its network with IoT sensors.
On the consumer front, Apple’s bold step in resetting the privacy landscape last year has flipped the script on companies that depend on mobile advertising revenue, forcing Facebook and others to fundamentally rethink their core businesses. A new ethic of privacy combined with 5G is enabling a vibrant and potentially lucrative landscape of creative content. As Protocol puts it, content is still king: “You can hardly tune in to an earnings call without a CEO talking about how they’re building tools for creators, helping creators monetize, giving creators new ways to make content. Why? Because creators bring audiences more reliably and cheaply than any other mechanism.”
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Are you inspired by what these tech tailwinds could do for your business and your customers? Get in touch with us — we’d love to chat!
