The technology industry had a tumultuous year during the 12 calendar months of 2022, with ups and downs for stakeholders.
On the one hand, the industry has experienced consistent and significant growth and innovation, with companies introducing new products and services that have transformed the way we live and work, with far-reaching impact on medicine, engineering, education , finances, transportation, etc. .
On the other hand, the industry has also faced a number of challenges, including regulatory scrutiny, privacy concerns, and the lingering impact of the COVID-19 pandemic that is still shaping the scope of things nearly two years after it was launched. the supposed elimination of most of the countries of the world.
More than ever before, 2022 showed the world that there was an urgent need to address the challenges brought on by the pandemic, such as supply chain disruptions, hybrid workforce issues, and fluctuating IT needs, as well as the increasingly urgent need to address climate change.
Meanwhile, Deloitte (London-based professional services network) in its 2022 tech industry outlook noted that emerging realities around the world demand the need for “organizations to refocus and retrain their workforces to optimize remote work capabilities and make the most of advanced technologies such as AI.”
Quite simply, 2022 was a year of progress and challenges for the technology industry, and stakeholders will no doubt be looking to see how these trends will continue to shape the industry in the coming year.
Before we can draw any conclusions, first, let’s take a look at the top trends that defined the tech industry and kept journalists busy all year long.
Main trends of the technology industry in 2022
In April, what initially started as an internal and interpersonal fight became an outright concern of the tech industry. Flutterwave founder Gbenga Agboola had become a subject in an ugly and exhaustive narrative piece that sought to uncover unprofessional “anomalies” occurring in one of Africa’s unicorns.
The accusations leveled at Agboola included sexual abuse, commitment, breach of employee agreement, public deceit, among others.
Within 24 hours of publication, the news spread like wildfire and was followed with more surprises and shock as the parties involved took turns defending their interests. Flutterwave was severely hit, and it took a while for the flaming mess to die down from the glare of the crowd.
In the heat of the storm, David Hundeyin also accused the entire Nigerian industry of playing the silent card. He argued that the industry fell silent given that the founder was an investor or partner in almost every big name in the industry, including TechCabal through Big Cabal Media; bridge card; Evolve Credit; Flash; Green Africa and many others.
Watch this video of the Gbenga Agboola slush fund @Berrywood_Cap detailing every new company in which he has a significant financial interest, and understanding why the entirety of Tech NG has gone temporarily deaf, blind and dumb to the Flutterwave scandal.
He owns EVERYONE. pic.twitter.com/bO38sNwsjr
—David Hundeyin (@DavidHundeyin) April 28, 2022
In some quarters, there were fears that the scandal would determine VC’s temper on funding. But eight months later, however, the reality remains to the contrary, as more Nigerian startups closed various levels of funding, especially from foreign venture capital.
This #Flutterwave The issue should not have any impact on the resilience of the Nigerian startup ecosystem. It is a company, not an ecosystem, scandal. There have been several similar scandals in the US and Europe, but it did not shake the confidence of venture capitalists in these regions. https://t.co/I96Adcosdm
— Kofi Yeboah (@kofiemeritus) April 12, 2022
2. Crypto Clash
Crypto started the year on such a promising note that almost everyone bought into it. And, when the CBN pushed for its ban, the main Nigerian bank was insulted.
If you have a good memory, there is an expression that cryptocurrency enthusiasts use when predicting the rise in value of many digital currencies: “To the moon!”
However, it is true that, at first, much of crypto skimmed the stratosphere in early 2022, when hype was astronomically high. Months later, unfortunately, she sank and crashed to Earth.
ALSO READ: Tech Tips: How to Select a Strong Password to Avoid Cyber Attacks
At the end of 2022, the value of Bitcoin, for example, is about a quarter of what it was a year ago. Not to mention the issues that led to the bankruptcy of cryptocurrency exchange FTX, and how the CEO, Sam Bankman-Fried, is under arrest for multiple investigations into the matter.
Crypto was revealed to be the scam it always was in 2022.
It was a “fix” that did not solve any of the problems that plague the banking industry and simply added its own burden.
— Homo Deus (@La_J0lz) December 30, 2022
3. Layoff spree
There may be a link between the eventual layoff the tech industry received in 2022 and the collapse of cryptocurrencies. Some analysts have blamed multiple crypto investments gone wrong.
The last time there were layoffs of this magnitude was during the pandemic when companies had to lose weight to face the new realities.
This time, Twitter, Meta, Tesla, Shopify, Microsoft, Amazon, Netflix, Nexford University, and a host of other crypto firms have cut staff.
Layoff contagion spreads from tech to everywhere else https://t.co/8RzjrRSfNI pic.twitter.com/0tXkoSFpTv
-Forbes (@Forbes) December 27, 2022
We can only hope that things will improve in 2023.
4. AI Rising
Artificial intelligence (AI) has experienced significant growth over the past decade, with advances in machine learning and natural language processing leading to the development of a wide range of applications.
In 2022, growth took many steps. We saw applications ranging from virtual assistants and chatbots that can understand and respond to human language, to self-driving cars and intelligent robots that can perform tasks and make decisions on their own.
Near the end of 2022, content creators discovered ChatGPT. With the app alone, some writers may lose their job in years to come, as copy and short articles can be generated with ChatGPT and its variants.
In addition to the growth of AI in consumer applications, the technology is also being used in various industries to improve efficiency and productivity. We can only expect more from the AI.
5. Big Tech Lawsuits
Another highlight of 2022 is the demands of the industry. From the United States to France to China, nearly every major country has sued one big tech or another.
The year exposed some of the unknown atrocities that are occurring in the tech space in the name of advertising and cookie compromise.
Facebook, Twitter, Google have had to deal with paying some kind of fine to remove their names from the bad records.
If anything has been constant and consistent throughout 2022 in the tech space, it’s the propensity to fundraise.
This year, quite encouraging, both male and female founders benefited from VC findings surveys.
Without exaggeration, not a day went by without a report on funding.
7. Product launch
Between news and commentary, we also saw new products and new companies launch into the space to play and compete.
The world has been inundated with everything as a service (XaaS). These releases were part of 2022.
There have been many high-profile acquisitions in the technology industry over the years, with some of the most notable examples including Facebook’s acquisition of WhatsApp, Microsoft’s acquisition of LinkedIn, and the acquisition of Nest by Google.
In 2022, the biggest acquisition was Tesla boss Elon Musk’s takeover of Twitter. It started as a joke in April and became a reality that the world is still dealing with in October.
As usual, this acquisition is expected to allow Musk to expand his business reach and capabilities, which is also expected to generate significant financial benefits for the American billionaire.
The tech industry has had an up-and-down year for stakeholders. On the bright side, the industry has seen significant growth and innovation, with companies introducing new products and services that have transformed the way we live and work. For now, we can only hope that 2023 brings us beautiful memories to look back on when 2024 rolls around.
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