With a near 90 per cent success rate in the past five years, GP Bullhound Technology Predictions has established a reputation for providing trusted insight into the global technology sector.
The predictions are based on their direct experience of working with the world’s leading entrepreneurs and cutting-edge technologies.
For 2023, GP Bullhound remains bullish on cloud and artificial intelligence, energy efficiency and electric vehicles.
The ESG movement is catalysing innovation in energy technology, HR tech is tackling the so-called ‘Great Reshuffle’, cutting-edge Natural Language Processing is revolutionising how we communicate with machines, and advancements in robotics are transforming infrastructure in all areas of life.
Here are GP Bullhound’s 10 tech predictions for 2023.
Prediction 1: Rise in Natural Language Processing (NLP)
NLP is structuring the unstructured human mind. There are now two content types: human-created pre-2020 and machine-created ‘synthetic’ thereafter.
A profound time for companies, those quick to adopt will gain a vital competitive edge and we look for still-high investment in a market enjoying a c30 per cent CAGR (compound annual growth rate)
Prediction 2: Rise of TikTok advertising
One of the most used apps worldwide, with one billion users and growing – c20% of internet users – TikTok is changing the landscape for brands and creators.
Despite its recent ad revenue forecast cut to $10bn ($12bn) for 2022, TikTok remains poised to take significant market share from incumbents like Facebook and YouTube, but US regulation looms.
Prediction 3: Growth in Connected TV Advertising
Advertisers must swiftly adapt to ad-blockers – ‘ad-blindness’ – and decreased consumer attention spans.
CTV (Connected TV Advertising) blends everything for marketers: brand building, targeted customer acquisition and sales, all with clear feedback for better ROI. Expect increased M&A for CTV-related services, data/analytics and tech providers.
Prediction 4: Surge in energy-saving sector
The ongoing energy crisis will galvanise consumer demand for home energy-saving systems, with market CAGR estimates as high as c19 per cent.
GP Bullhound expect electric vehicle demand to propel solid-state batteries to a new benchmark for quality energy storage, eventually replacing lithium-ion batteries.
Prediction 5: Tipping point of cybersecurity
In 2023 look for more consolidation with large providers providing full end-to-end solutions.
Expect smaller providers to expand offerings organically to meet increasing demand, but their profitability is key to watch as many rely on high salesforce expenses.
Prediction 6: Talent management building the future of the workplace
With remote/hybrid work, the ‘Great Reshuffle’, and inflationary forces, employee engagement is critical.
As a result the need for modern tools to streamline talent attraction, training, engagement, and retention will grow. As a result expect more market consolidation and development of powerful integrated platforms in 2023.
Prediction 7: Software driving sustainability
Climate tech funding represented more than a quarter of every venture dollar invested in 2022.
From 2023, GP Bullhound look for increased funding in technologies that employ environmentally-friendly practices to improve sustainability, as well as companies with resource-efficient supply chain processes.
Prediction 8: Robotics no longer sci-fi
Advanced cognitive capabilities will propel robot use cases across all sectors, increasingly replacing skilled workers in existing manufacturing and service jobs.
In 2023, expect increased M&A in a well-funded industry, separating successfully scaling robotic companies from innovator-only players.
Prediction 9: E-commerce, but make it social
Consumers will increasingly replace traditional e-commerce platforms with social media as their preferred point of sale; livestream shopping and group buying are the latest trends.
In 2023, GP Bullhound look for livestream shopping to enter the mainstream due to its high measurable ROI in a period of tightening advertising budgets.
Prediction 10: Semis rule the world
The market expects a major downturn in semicap equipment spend, but GP Bullhound expect the battle for tech leadership, tech sovereignty and structural demand shortage in trailing edge nodes to result in spend above market expectations in 2023.