Technology is evolving at a fast pace. Given the rapid rate of progress, it has become difficult but important to understand just how these advancements are affecting our lives.
Many of these technologies have sky-high potential for advancing society but of course, not every single of them has been able to fully realize its potential. After all, actualization is a difficult feat.
So, let’s take a look at the most-promising technologies and how well they have delivered on their promises.
1. Artificial Intelligence (AI)
AI, without a doubt, has achieved the most among the most technological advancements. It has simply taken the world by storm.
Ever since the launch of ChatGPT in 2021, which reached 1 million users in just five days, AI usage and applications have exploded across sectors — from healthcare diagnostics and smart assistants in homes, cars, and homes to navigation, cybersecurity, personalized recommendations, and much more.
AI refers to machines’ ability to think, learn, and perform tasks much like humans. Here, machine learning algorithms, which allow computers to learn and adapt, and natural language processing (NLP), which enable machines to read, understand, and interpret human language, have revolutionized how we interact with technology.
Thanks to automation, reduced operational time and human error, greater business insight, enhanced productivity, and better customer service, 22% firms are aggressively pursuing AI integration while 33% are engaged in a limited capacity, while the rest are currently exploring the tech. The AI market size is expected to grow from around $200 bln in 2023 to half a trillion dollars at the end of this decade, with the US and China leading this race.
Still, concerns surrounding privacy risks, bias, greater unemployment, and wealth inequality need to be addressed to ensure AI development remains inclusive and beneficial for most segments of society. In the world of AI, OpenAI is leading with its generative AI models, while Nvidia (NVDA -3.66%) dominates the AI hardware space with its GPUs.
NVIDIA Corporation (NVDA -3.66%)
In fiscal 2023, Nvidia’s total revenue was roughly $26.97 billion, indicating a slight increase over the prior year. However, Nvidia’s data center and gaming segments saw robust demand, which supported the company’s performance even as other segments encountered difficulties.
2. HealthTech
Digital health is becoming the new norm thanks to the global majority now owning a smartphone. Besides the rising mobile phone penetration and increasing digitalization, the COVID-19 pandemic accelerated the adoption of telehealth.
The technology covered under HealthTech includes wearables, AI-powered diagnostics, electronic health records, and telehealth, which are improving healthcare access, delivery, and outcomes for the masses. They further allow for better efficiency, improved communication, and more personalized patient care.
By boosting hospital and administrative productivity and providing new insights into medicines and treatments, HealthTech carries the potential to transform the $2 trillion healthcare industry which is weighed down by red tape and costs. Being integrated into every step of the healthcare experience, the technology itself is expected to surpass $500 billion by 2025.
Meanwhile, funding in this sector has grown from a mere billion dollars in 2010 to $22 bln in 2020 with the US being the leader. According to Statista, there has been a stable increase in the acceptance and adoption rate of telemedicine services among Americans over the last five years.
In terms of challenges, it is currently facing interoperability, uneven access across regions, and privacy issues. As for companies leading the space, Teladoc Health (TDOC -3.49%) is known for expanding access to virtual healthcare.
Google’s Fitbit (GOOG +0.74%), meanwhile, is a wearable technology providing real-time health monitoring.
Click here to learn how your smartphone will soon be able to work as a glucometer.
3. BioTech
Biotechnology, which involves the use of biological systems and organisms to develop products and technologies, plays a crucial role in health, agriculture, and environmental sustainability. This technology has delivered on its promise by introducing groundbreaking therapies like gene editing and CAR-T cell therapy.
The biggest realization of BioTech was seen with COVID-19 vaccines. CRISPR-based treatments are also nearing their commercialization. However, the high cost of development and regulatory hurdles continue to limit the reach of promising treatments to the masses.
With a market size as big as $1.37 trillion in 2022 and further expected to reach $3.88 trillion by 2030, Biotech has major societal implications. Health-related applications currently account for just over half of the biotechnology market. The US currently leads in biotech patent development, followed by the EU and China, with the majority of them being related to medical and industrial applications.
In BioTech, Moderna (MRNA -4.34%) is known for its mRNA-based Covid-19 vaccine. CRISPR Therapeutics (CRSP -2.98%), on the other hand, is leading in gene-editing technology. Then there is Ginkgo Bioworks, which specializes in synthetic biology, while Illumina dominates the genome sequencing market.
Click here for a list of the five best biotech stocks.
4. Computing
The fact that our smartphones are becoming thinner and faster, thanks to the miniaturization of microprocessors, is a testament to just how much computing tech has accomplished. It has actually become an intrinsic part of our daily lives, so much so that we are now dependent on our smart devices, which will only increase as we march towards a more digitally connected world.
This industry deals with the development and use of not just computer systems but also hardware, software, and networks to process information. It encompasses advancements in data analytics, cloud computing, quantum computing, and semiconductor technology, which are reshaping industries like AI, electronics, and cybersecurity while revolutionizing the way data is managed and utilized across various applications.
With data becoming an integral part of the modern world, especially with the advent of AI and the need for more efficient electronics continuing to rise, advances in computing power and storage will allow for even more significant leaps in the future.
The cloud computing market alone is expected to exceed $2.3 trillion by the end of this decade, which makes sense given that it has become ubiquitous in both personal and enterprise applications. Quantum computing, meanwhile, is still nascent and facing the problem of talent shortage, though it was still valued at over $700 mln in 2022. Notably, computing technologies are starting to reach performance bottlenecks, leading to research into new materials and techniques.
IBM (IBM -0.78%) is currently leading advancements in cloud computing and quantum computing, much like Google. NVIDIA, on the other hand, is a critical player in AI/ML hardware (GPUs) and supercomputing.
5. Energy
The demand for energy is rising fast amidst growing concerns about fossil fuel depletion and climate change. This has the energy industry focusing on generating energy from renewable resources such as solar, wind, hydroelectric, and geothermal sources, which can provide sustainable, clean energy solutions to meet global power demands. Besides emitting fewer or no greenhouse gasses, renewable energy sources also improve air quality, lower cost, provide flexibility, create jobs, and increase energy independence and security.
According to the International Renewable Energy Agency’s (IRENA) latest report, global renewable power generation capacity reached a new high of 3,870 gigawatts (GW) in 2023. The unprecedented addition of 473 GW in renewable energy capacity was led by Asia, contributing 69% (326 GW) to this increase with China in the lead.
Among the renewable sources, solar energy dominated the sector with solar photovoltaics (PV) contributing 73% of the growth. With a 13% increase, wind energy came in second with bioenergy and geothermal energy seeing only modest increases. Overall, renewable power generation accounted for a record 30% of the world’s electricity last year.
Commitment to net-zero emissions and shift to wind, solar, and hydropower has the global renewable energy market projected to surpass $2 trillion by 2030.
While a significant year for renewable energy growth, challenges remain in terms of intermittency of sources, scaling of infrastructure, and storage solutions, which, according to COP28 President Dr Sultan Al Jaber:
“(Calls for) increasing collaboration between governments, the private sector, multilateral organizations, and civil society.”
NextEra Energy (NEE +0.88%) is the largest renewable energy producer globally. Tesla (TSLA -1.38%), too, is among the leading companies when it comes to solar energy solutions and battery storage.
6. Transportation
In the transportation industry, electric vehicles (EV) and autonomous driving technology are two of the biggest innovations that are transforming traditional transportation models to enhance efficiency and reduce environmental impact.
The EV market alone is expected to exceed $800 billion by 2027 while the global autonomous or self-driving vehicle market size is projected to grow to 2,752.80 billion by 2033. McKinsey estimates autonomous driving could create up to $400 billion in revenue.
Electric vehicles’ adoption has grown significantly, with almost 14 million EVs sold in 2023, bringing the total number of such vehicles on the road to 40 million and their share of total vehicle sales to 18%. This has been thanks to offering benefits like reduced traffic congestion and reduced emissions. Transportation actually accounts for about 23% of global energy-related greenhouse gas emissions, with road transport making up 72% of that. So, in order to combat climate change, governments worldwide have introduced stringent emissions limits for passenger cars while supporting EV adoption.
Autonomous vehicles meanwhile offer the advantage of reduced accidents, better traffic management, and improved driver assistance by utilizing sensors and AI. As per Statista, about 31 million cars globally in 2019 had some level of automation, which is to exceed 54 million in 2024.
For now, infrastructure continues to remain the biggest challenge in addition to range anxiety for EVs and safety concerns for autonomous driving. Then there are factors like battery technology and regulatory frameworks affecting the technology’s widespread adoption.
Tesla is currently the leading force in both the EV market and advancing autonomous driving. Alphabet’s Waymo is also involved in self-driving technology, while China’s BYD is a major EV and battery manufacturer.
Click here for a list of top EV stocks to invest in.
7. Robotics
We live in an autonomous age, with robotics transforming various industries today, including manufacturing, logistics, and healthcare. However, it hasn’t yet fully penetrated consumer markets to become a part of our daily lives. This industry pertains to the design and use of robots to perform tasks autonomously or semi-autonomously to enhance efficiency, precision, and safety across various applications.
Robots hold immense promise in enhancing productivity by performing repetitive tasks continuously with high accuracy and without getting bored, freeing up human workers to focus on more important tasks.
With these benefits, the global robotics market is expected to surpass $100 billion by 2030. Already, there are more than 3.4 million industrial robots in use worldwide with 46,106 units installed just in 2023. The majority of robots are deployed in Asia at a whopping 70%, which is followed by Europe at 17%.
Concerns, however, remain about job displacement and ethical considerations, while high costs and complex integration have been the factors keeping robotics from fully realizing its potential.
Boston Dynamics is currently developing advanced robotics for industrial, military, and commercial applications. Fanuc, meanwhile, is a leader in industrial automation. AI darling NVIDIA is also involved in AI-based robots and autonomous machines through its Isaac robot simulation platform.
Click here for a list of the best robotics companies.
8. Agriculture
This industry combines genetic engineering with advanced technologies to enhance food production, efficiency, and sustainability. Precision agriculture, which uses data and technology for optimal farming practices, and genetically modified organisms (GMOs), which involve altering plant genetics, in particular, hold great promise for increased productivity and profitability.
These two advancements can help farmers achieve better resource management, improve soil health by reducing pesticide usage, increase crop yield and quality by targeting specific field areas, and reduce environmental impact.
Drones and sensors are the most adopted precision farming technologies, while GPS-based systems are being used widely in large-scale farming. So far, this sector has achieved mixed results, with high costs, environmental impacts, and low consumer acceptance, affecting further progress. There are also concerns about the potential health risks of genetically modified food.
Still, the market for these technologies is expected to grow between $20 bn to $40 bln in the coming years. The likes of John Deere (DE -0.22%) are currently involved in developing precision agriculture technology and integrating it into farming equipment.
Bayer (Monsanto) and Corteva Agriscience (CTVA -1.38%) both focus on crop protection, while Indigo Agriculture innovates in microbiology and data to optimize crop performance.
9. AR & VR
Augmented Reality (AR) and Virtual Reality (VR) are two popular immersive technologies that were all the rage a few years ago. While development is still ongoing, the hype has died down since then, and mainstream adoption is nowhere to be seen. While AR’s mass adoption has been slow, VR continues to have a niche in gaming.
However, it can’t be denied that AR and VR have promising applications in fitness, gaming, education, entertainment, tourism, and training. Despite the slower-than-expected growth, the sector is projected to rise to $62 bln in the next five years. According to PWC, both these technologies actually have the potential to deliver a $1.87 trillion (£1.4 trillion) boost to the global economy by the end of this decade, with AR accounting for the majority of it.
With an aim to replicate and enhance real-world environments with digital elements, AR overlays digital information onto the physical world while VR creates fully immersive virtual worlds. For AR and VR to actually see mass adoption, the technology needs to be cost-effective and address the issues of limited content, usability, and bulky headsets.
Currently, Meta (previously Facebook) (META +0.7%) is a major player in this sector.
Recently, the company introduced the new Quest 3S headset and unveiled Orion as “the most advanced glasses” that weigh less than 100 grams, have no wires, and use a “wrist-based neural interface” to send signals from your brain to the device.
Click here for a list of top AR & VR stocks.
10. NanoTech
Nanotechnology has created a lot of buzz in the scientific landscape. However, its progress has also been slower than anticipated. For now, the technology has shown potential in medicine, electronics, and materials. The thing is, the adoption of nanotechnology has been more research-driven, and there aren’t many actual practical consumer applications of it.
This is because this technology deals with manipulating matter on a really small, atomic scale to create materials with unique properties. So, while it has allowed for advancements in medicine and materials science, challenges arise in terms of complexity, expensive manufacturing processes, and long development timelines.
But the fact that nanotechnology can help with improving energy efficiency, make manufacturing better and cheaper, make medical innovations that can prevent and treat diseases, boost aircraft performance, and provide superior protection coatings, means time will tell just how it evolves.
The market size of nanotechnology is expected to reach $332.73 billion by 2030. Here, Nanosys is a name that is focused on nanomaterials for quantum dot displays while Applied Materials (AMAT -2.4%) develops nanotechnology-based solutions for semiconductors and advanced displays.
Click here for a list of top nanotechnology stocks.
11. Material Science
Material science is a field that is all about the discovery and development of new materials with specific properties, driving innovation in electronics, healthcare, aerospace, quantum computing, robotics, and other industries.
For instance, the new nanoplatelet-growing method could improve electronics efficiency and lower costs. Then, there’s electrochromic coating, which will also make HVAC systems more energy-efficient by dynamically controlling light and heat. Nano stitching, on the other hand, could lead to next-generation vehicles with improved strength, durability, and weight reduction, pushing transportation technology.
While unique materials with remarkable properties hold the key to innovations in various fields, they are targeted to specific applications, and both their development and adoption can be slow and expensive. For instance, graphene is a new material that promises breakthroughs in electronics and energy storage but only has a market value of $0.19 billion in 2023.
Now, if we look at prominent players in the sector, Dow (DOW -0.15%) is innovating in plastics and chemicals.
BASF is also a major name in the material science space, with its focused being on advanced materials for automotive and construction. Meanwhile, 3M (MMM +0.31%) is known for innovations in adhesives, films, and coatings.
12. 3D Printing
3D printing or additive manufacturing is all about building three-dimensional objects by putting on layers of materials using digital models. This technology is revolutionizing manufacturing by enabling rapid prototyping, customization, and efficient use of materials across various industries.
By manufacturing parts within hours, 3D printing speeds up the prototyping process. Not only is it faster but also cost-effective to produce custom-made complex objects. It even minimizes waste which makes it sustainable. The fact that the design files are available digitally, 3D printing allows for on-demand printing. From being used to create prosthetic limbs, casts for broken bones, and printing organs to making dental implants, footwear, plastic parts with complex geometries for cars, and even food, 3D printing has some exciting and valuable use cases.
The recent success of SpaceCAL’s microgravity 3D printing on Virgin Galactic 07 (SPCE -4.26%) highlights the potential for off-Earth production. Similarly, Vapor-induced 3D printing creates complex structures with improved control, expanding real-world applications. In healthcare, the 3D printing of functional brain tissue marks a significant medical breakthrough that could improve neurology treatments and research.
However, while 3D printing has applications in manufacturing, healthcare, automotive, construction, and consumer products, it hasn’t reached the level of adoption that was once predicted. This is due to high costs, material limitations, and speed constraints.
The global 3D printing market is expected to grow from $17.5 billion in 2024 to $37.4 billion by 2029, with North America leading this growth. In 2021, 2.2 million 3D printers were shipped globally, which is projected to increase to over 21.5 million by 2030. Stratasys is currently among the leading companies in industrial-grade 3D printing technology along with 3D Systems and Desktop Metal, which develops solutions for production across industries.
Click here to learn all about investing in 3D printing stocks.
Final Thoughts
In conclusion, the advancement of disruptive technologies and industries is clearly transforming society and pushing the boundaries of what is possible. While some, like AI and HealthTech, have already made substantial impacts, others, such as AR/VR and robotics, are still on the brink of realizing their full potential.
Each of these sectors brings unique opportunities and challenges. So, as we continue to innovate and address the issues hindering progress, the potential of these technologies will continue to be realized better in order to shape our future.
