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The Future of Technology: Key Takeaways from the McKinsey Tech Trends Outlook 2022 Report

Lucija Babić, Content and Communications Specialist

The McKinsey Tech Trends Outlook 2022 report provides valuable insights into the state of the technology industry and the trends that are shaping its future. In this blog post, we will summarize some of the key findings from the report and what they mean for businesses.

Companies that are able to successfully implement main technologies will have a significant competitive advantage, while those that do not risk falling behind. Every company that wants to take advantage of these trends has to stay up to date with the latest technology trends and invest in the necessary resources either in-house or with a proven partner.

Technologies to be creative with

Advanced connectivity technologies such as 5G/6G cellular, wireless low-power networks, low-Earth-orbit satellites, and other technologies will unlock new potentials across industries and geographies. As a result, we will have higher quality of services and ecosystem efficiency will mature. The emergence of 5G networks is enabling new use cases for mobile and IoT devices, from autonomous vehicles to smart cities. That’s why businesses have to use IoT to improve efficiency, reduce costs, and create new business models while the emergence of 5G networks will enable new use cases and unlock new opportunities for innovation and growth.

AI and machine learning have the potential to transform many industries, but companies must invest in the right talent and infrastructure to realize the full benefits. The rise of AI and machine learning is driving growth and innovation in many areas, including cybersecurity, supply chain management, and customer experience. New intelligent applications will be able to automate, add or augment real-world business cases. As a result, leaders who adopt AI will have financial performance.

Cloud computing adoption is accelerating, with more companies moving their infrastructure and applications to the cloud to improve agility, scalability, and cost-effectiveness. Data latency will be better and data autonomy will be increased. In addition, we will have better real-time fleet tracking, remote asset management, smart construction and manufacturing, and better economies of scale. Cloud computing offers significant advantages, but companies must carefully manage their cloud strategies to avoid risks.

Immersive reality technologies are emerging both horizontally and vertically across industries. New immersive virtual environments will be created, virtual tours will enhance customer experience, underground assets and complex components for improved operational safety will be visualized. Moreover, more efficient product prototyping and test simulations will enable creation of real-life experiences no matter for physical location. It’s interesting that AI is one of the most important technologies driving digital transformation while many companies are still struggling to implement AI effectively. On the other hand, there is a shortage of skilled AI professionals while there is a paradox: new technologies should make AI more readily available.

Web3 technologies: digital assets and token, smart contacts and blockchain are enabling shift of authority and ownership to individuals. Blockchain technology is becoming more mainstream, with applications in finance, supply chain management, and digital identity. Every individual will be able to access, create, and own information and assets, globally, without intermediaries. As a result, applications will be developed with new tools and new infrastructure enabling seamlessly integration of customers’ digital identity across applications.

Cybersecurity is an ongoing challenge and remains a top priority for businesses, with the threat landscape continuing to evolve and become more sophisticated. Companies have to be proactive in managing risks and protecting their assets. Competitive advantage will be gained thanks to digital-trust technologies because cyberattacks and cyber regulations are accelerating.  Traditional, perimeter-based architecture has to become zero-trust architecture and therefore increase security and reduce potential risks. Digital trust technologies empower organizations to gain a competitive advantage by building, scaling, and maintaining the trust of stakeholders.

The next three years are capital 

In the course of history, usually, big things, that are beyond our control, make the turn. Same as the COVID-19 pandemic has accelerated the adoption of digital technologies in many industries, and this trend is set to continue. According to the report, 91% of executives surveyed believe that digital transformation will be a key driver of business growth in the next three years. This means that companies that have not yet embraced digital technologies will need to do so in order to remain competitive. Technology is a key driver of growth and innovation in today's economy, and businesses that embrace digital transformation will be better positioned to succeed. Some of technologies can be used to automate processes, improve customer experience, and gain insights from data. While other can be used to scale up quickly and reduce costs.

In short, the McKinsey Tech Trends Outlook 2022 report highlights the importance of digital transformation, AI, cybersecurity, cloud computing, and IoT in driving business growth in the next few years. It is expected to see the multiplying effect of “combinatorial innovation,” as different technologies come together in creative ways. But to be able to get the most from the technologies, knowledge is crucial so feel free to look for the right partner.

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