The best tech innovations we could see in 2022
Data science, artificial intelligence and analytics are changing the technology landscape as we know it. The pandemic has only accelerated this growth, which is only the beginning. One of the obvious paths to follow is the convergence of these different technologies to create more advanced solutions and applications.
The Ark Big Ideas 2022 report suggested some possible convergences and their specific applications. For example, a mix of robotics, battery technologies and artificial intelligence can be leveraged to reduce the cost of transport activities. Likewise, next-generation DNA sequencing, artificial intelligence, and gene therapies can together lead to better healthcare. At the same time, the convergence of application programming interfaces, social platforms and blockchain technology could help cut out the middleman and enable direct business collaboration between businesses and marketplaces. In a recent interview, NFT artist Sneha Chakraborty spoke about this exact phenomenon, stating that NFTs and blockchain allow the artist to deal directly with the buyer, saving the cost and hassle of having a middleman . These are not ambitious ideas for the future; the market is already witnessing this change.
The report, in addition to having a bullish prediction of the total business value of “disruptive innovation technologies” rising from $14 trillion in 2020 to $210 trillion in 2030, also identified several technologies that we might see in the future. Let’s take a look at the main innovations currently in the works, accompanying new technologies such as Web 3.0, Blockchain and the Metaverse.
Public blockchains: Blockchain technology has gained momentum in recent years, but most people are unaware of public and private blockchains, which are largely based on centralization. While blockchain is already popular, it is mostly public blockchain that will be the dominant source of technology. Future technologies, Web 3.0, Metaverse, are all decentralized, making blockchain decentralization an obvious future. This makes it more reliable, accessible and secure. Additionally, given the importance of ownership in Web 3.0 and the growing trend of holding collectibles via NFTs, decentralized and public blockchain allows individuals to realistically hold their assets in a secondary market. .
Digital wallets and DeFi: Digital wallets are becoming a technology of choice as they allow individuals the ease and speed of transactions at the touch of their device, without the need to take a single step to an actual bank. The Ark report claims that “billions of annual cash transactions will be digitized, presenting a data monetization opportunity roughly equivalent to that of Google Search.” Additionally, they also believe that digital wallets threaten the presence of traditional financial services institutions. Indeed, decentralized finance eliminates the central governance authority as an intermediary for transactions, as well as digital wallets. Ark found ether (ETH) to be the preferred collateral in DeFi with future potential to earn $123 trillion from the global money supply.
Editing genes: With AI collaborating with DNA sequencing and gene editing, the technologies could disrupt and improve the healthcare facilities we have today. The healthcare industry is still struggling to conduct advanced research to cure disease instead of just controlling symptoms. This convergence could allow that to happen. Ark expects the gene editing market cap to grow from $130 billion today to $1.1 trillion by 2026.
Multi-omics: Interactive omics includes biological analysis of different “omnes” including genome, proteome, transcriptome, epigenome and more. Researchers can translate their discoveries into real clinical solutions by leveraging AI, analytics, and software tools to unlock healthcare codes. Expecting it to grow at an annual rate of 22%, Ark foresees their applications in population health efforts, pQTL-DNA mutations, protein sequencing, and molecular diagnostics, among others.
Autonomous logistics: Companies like Waymo already offer self-driving ride-sharing services on select routes around the world. Although not yet fully developed, the service is followed by self-sustaining logistics. These include trucks, drones, rolling robots, cars, and many other vehicles operating autonomously to ensure easy logistics and delivery of goods. Autonomous vehicle technology is still in its infancy and the market for autonomous logistics today is almost nil. But Ark expects this market to reach $900 billion by 2030, with robotic grocery deliveries to reduce logistics costs by 6 times.
3D printing and robotics: The supply and manufacturing chain will also need to be strengthened, with logistics becoming self-sufficient. Ark supports 3D printing and adaptable robots to reduce supply chain footprint with features like digital inventory, waste reduction and production time reduction. Adaptive robots have in the past been labeled as the next big thing, given their ability to sense the environment and make related decisions. Ark expects this technology to scale at an annual rate of 56%.
Orbital aeronautics: The convergence of deep learning, sensors, 3D printing, mobile connectivity and robotics helps the aerospace industry reduce research and development costs, especially when launching satellites and rockets . Satellite launches were expensive, given their location in geostationary orbit (GEO) with low latency and therefore low broadband internet. But recent developments by companies like SpaceX, OneWeb and Amazon and their plans to launch low-cost satellites into low Earth orbit could enable seamless global coverage with low latency.
Additionally, they also save human time in initial mission design with design engineering assistants like Daphne. Ark predicts this will affect two major markets; satellite broadband which could reach $40 billion in global revenue over the next 5-10 years, and the hypersonic flight market which could reach $240 billion in annual revenue.
The technology and innovation market is full of new projects and initiatives. While 2022 hopes to find the solutions to complex long-term projects, it also comes with initiatives that can start from scratch and scale. While we can only predict which of them might succeed, with the onset of Web 3.0, the year only brings more and more potential for emerging technologies.