Web 4.0 In 2023: What Does The Technology Have In Store?
As we dive deeper into 2023, the technology industry continues to evolve exponentially. Web 3.0 continues to revolutionise industries by enabling unique solutions. According to a 2021 report by Outlier Ventures, the number of Web 3.0 projects has grown by over 600 per cent since 2016. The numbers also make it clear that we're on the cusp of a new era: the age of Web 4.0. While it's difficult to predict precisely what the future will hold, several trends and developments suggest what the outlook for Web 4.0 could look like in the coming years.
Before diving deeper into what the future holds for Web 4.0, it is essential to understand what Web 4.0 is. While there is no consensus on a definition, Web 4.0 is generally seen as the next iteration of the internet, where artificial intelligence, machine learning, and other advanced technologies will be integrated into the fabric of the web. This will result in a more intelligent, personalised, and interactive web experience that will revolutionise how we interact with information.
One of the critical drivers of Web 4.0 will be the continued growth of artificial intelligence (AI) and machine learning (ML). The global artificial intelligence market size is expected to grow from USD 58.3 billion in 2021 to USD 309.6 billion by 2026 at a compound annual growth rate (CAGR) of 39.7 per cent. According to a 2021 survey by Gartner, 85 per cent of organisations have already implemented, are in the process of implementing, or are planning to implement AI in some form.
The global machine learning market size is also expected to grow from USD 8.5 billion in 2020 to USD 117.2 billion by 2027, at a compound annual growth rate (CAGR) of 43.8 per cent, with 58 per cent of organisations already using ML or planning to use it within the next few months. Since technologies like AI and ML can understand and process complex data faster as they become more sophisticated, they are expected to enable web applications to become more intelligent and adaptive, allowing them to provide more personalised experiences to users.
Another major trend that will shape the future of Web 4.0 is the growth of the Internet of Things (IoT). The global IoT market is projected to reach a valuation of USD 1.5 trillion by 2027, with an estimated 30 billion IoT devices worldwide by 2025. As more devices connect to the internet, there will be an explosion of data that must be processed and analysed. This will require more powerful and efficient computing systems, which will drive the development of new technologies and systems that can handle this influx of data.
One of the most exciting aspects of Web 4.0 is the potential for it to be more decentralised and democratised than previous iterations of the web. The rise of blockchain technology and decentralised applications (dApps) means there will be new opportunities for individuals and small businesses to participate in the web ecosystem without relying on large corporations or centralised platforms.
However, while being the harbinger of progress, Web 4.0 will also bring new challenges and concerns. One of the biggest challenges will be privacy and security. As the web becomes more intelligent and personalised, more data will be collected and analysed about users. This will require new safeguards and regulations to ensure user data is protected and not used for nefarious purposes. Web 4.0 may also have a profound impact on employment. As AI and machine learning become more advanced, there is a risk that they will replace human workers in many industries. This will require a concerted effort to retrain and reskill workers to ensure that they can adapt to the changing job market.
Nevertheless, the outlook for Web 4.0 in 2023 is one of excitement and potential. As new technologies emerge and evolve, we can expect a more intelligent, personalised, and decentralised web experience to revolutionise how we interact with information. However, we must also be aware of the challenges and concerns of this new era, including privacy, security, and employment. Nevertheless, Web 4.0 is set to bring about a significant shift in the way technology is being perceived.
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