In times of uncertainty, innovation has the potential to change the stakes in people’s favor. From more sustainable solutions in nutrition or energy to the revolutionary application of neuroengineering, the technological trends that will shape 2023 are set to provide answers to the world’s major challenges. With the help of futurists and experts, BBVA Spark, the BBVA unit focused on helping high-growth companies, has selected five technologies that will have a decisive impact in the coming months.
Throughout 2022, the world is exploring the deep applications of the internet of things, marveling at the possibilities opened up by quantum technology and witnessing the unstoppable growth of business sectors such as proptech, edtech and HR tech. But some of the best trends for 2022 suffered major setbacks throughout the year, as in the case of the metaverse: one of its main players, Meta, fell into a crisis where the lig- on commitment to this trend is no stranger. . However, of course, there are many other companies that are working to reach their full potential that is yet to be tapped.
“Every major trend tends to go up and down,” explains robert altes, Global Head of BBVA Open Innovation. “You have reached a point where you are forcing too much disruptive change at the regulatory, social and monetary level; and then comes a correction.” David AlayonCEO and co-founder of the consulting firm specializing in social innovation, Innuba, also emphasizes the distance from hype to consolidation (which Gartner calls the hype cycle): “In the world of trends there is always a gap between to what’s new and shiny and what’s finally going to happen.”
It is also impossible to predict the evolution of technology without taking into account the socioeconomic and geopolitical context. In the special ‘The World Ahead 2023’, ‘The Economist’ identifies other types of trends for the coming year, such as high probability in a global economy, a result of inflation, the energy crisis or the impact of the conflict in Ukraine. “The trends that prevail are those that provide answers to major problems, such as sustainability or lack of food,” said. Isabel Fernandez PenuelasDirector of Futures Studies at the think tank The Futures Factory.
A year full of possibilities
Based on contemporary challenges, the pulse of the entrepreneurial ecosystem, investment flow and expert opinion, these are the trends for 2023 identified by BBVA Sparkan important ally to companies that determine the future:
Foodtech
Innovation in nutrition, food production and management is called for to respond to some of the major crises facing humanity, such as hunger—with up to 2 billion people expected to be in this situation by 2050- or the loss of natural resources (almost 90). % of deforestation resulting from agricultural expansion). The foodtech sector will become a trend, says Isabel F. Peñuelas of The Futures Factory, “because it responds to a real and urgent need: in November we surpassed the 8 billion mark”. Also, “foodtech is linked to a global movement related to food awareness and health,” explained David Alayón from Innuba. “In addition to the movement associated with plant-based food, we will see animal-based food solutions grown in the lab.”
Cleantech
“The entrepreneurial ecosystem is the protagonist of the sustainable revolution,” said Robert Altes of BBVA Open Innovation. “There are two megatrends, decarbonization and technological disruption, which has the potential to transform all industries.” Leading the change are cleantech startups, which use clean technologies and innovation to create a positive impact on the environment. From more efficient energy carriers to new fuels and the circular economy, there are many fields of action. “The electricity movement will be very strong, as well as many renewable energies that will become more important,” predicted Altes. With milestones such as the one recently announced by the US Department of Energy in the field of nuclear fusion (a process that for the first time generated more energy than was used at its start), or growing sectors such as production of green hydrogen, Clean innovation will undoubtedly be the talk of 2023.
“The entrepreneurial ecosystem is the protagonist of the sustainable revolution”
Deeptech
Deeptechs create solutions based on scientific research and technological advances such as deep learning (a branch of artificial intelligence), with practical applications that seek to address the most relevant social problem. These types of startups offer a double advantage, according to the US deeptech fund Draper Cygnus, the ability to create market value (of 424 billion euros in the aggregate in 2022) and to create a positive which is global change. For this reason, they are a very attractive option for venture capital investment. “AI has produced many energy optimization and improvements in the world of health care,” explained David Alayón of Innuba. Isabel F. Peñuelas, of The Futures Factory, presented another use case: “Machine learning has been applied to the discovery of new enzymes that break down plastic faster.”
Neurotechnology
“Thinking about what trend will amaze the world in 2023, I bet neuroscience and brain-machine interface,” said Isabel F. Peñuelas. And while Neuralink founder Elon Musk recently stated his intention to conduct the first human trials of neural implants within six months, there is still a long way to go to get approval from the health authority for this type of product. But Musk is far from the only entrepreneur working on new solutions to improve mental health, treat neurological diseases or repair brain injuries; and neuroscience is expected to reach a market value of US$ 41.4 billion in 2030. “This year we may see the first person with a chip implanted in the brain”, suggested Fernández Peñuelas.
Embedded finance
Continuing the revolution that has taken place in the financial sector for many years with open banking, Banking-as-a-Service and fintech, 2023 will see the rise of so-called embedded finance. Based on API (Application Programming Interfaces), they make it possible offers financial services directly through third party platforms. For Robert Altes, of BBVA Open Innovation, embedded finance “translates into a need to better serve and build customer loyalty”. Through smart devices and commercial applications commonly used by users, this ecosystem can integrate products “from a credit or debit card to digital payments, loans, insurance or investments,” explained Altes.
Innovation, an interconnected web
In this moment of technological effervescence, there are many other trends that we can talk about: gene editing, which has a great potential impact on the foodtech sector; blockchain, applied to cybersecurity (for example, to build secure digital identities that enable embedded finance), decentralized finance, Web3—an evolution of the Internet that promises to recover decentralization thanks to blockchain technology—, immersive experience, sectors such as legaltech (technology used in legal services) and others.
Adaptive artificial intelligence, superapps or digital immune systems are some of the most popular technological trends of the year that is about to begin, according to consulting firm Gartner. For Deloitte, robotics (increasingly autonomous and precise), spacetech to conquer space or biomolecular engineering are among the emerging technologies that will lead innovation in 2023.
But there is only one thing more difficult than predicting which trends will shape our future, and that is predicting the impact they will have. David Alayón, from Inuba, remembers the so-called law of Amara: “We prefer the short-term effects of new technology, while minimizing its long-term effects.” With endless possibilities to explore and unsuspected potentials, we can’t wait to see what innovation will bring in 2023.
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