Jan 18, 2023

6 Product Development Trends to Watch in 2023

6 Product Development Trends to Watch in 2023

Today, we have a jam-packed article to kickstart 2023 with a bang. We will cover all the bases of product development trends you will see in the coming year.

Let's begin with getting to know a bit about product development and its aspects. Product development incorporates the stages of a product, from ideation, development, and finally, releasing the product into the market and maintenance.

To run any business CTOs, developers, and business owners need to be well-versed in product development and know how to make this process more efficient and effective.
With respect to this, you also need to follow the latest trends so you and your team are in sync with them and have the best outcome for your and your client's product.

If you look at the best product development agencies, you will find this practice common among them. So let's get into the latest product development trends in 2023, so you can implement them and move your business forward in 2023.

Trend 1: Low-Code & No-Code Development:

Low-code and no-code development trends will likely become more popular in the next few years. This trend is driven by the need for faster product development, which can be achieved through pre-built components, templates, and automation tools.

"The global no-code low-code platform market is forecast to amount to $65 billion U.S. dollars by 2027."
No Code Platforms:

As evident from the name, these platforms don't require coding; users can create apps with the help of a graphic user interface.

Low-Code Platforms:

To use these platforms, the users must be developers. The platforms help users to create apps quicker with the help of graphic interfaces, and they can add code whenever they want to customize the app.

People often get confused about the difference between the two; therefore, you can take a look at the table below for further clarification:

Trend 2: Remote/Hybrid Model

After the mandate of Covid-19 to work remotely, companies started bringing their employees back to the office. Post Covid 56% of the employees stated they prefer to work a few days at home and some at office days. This will help them achieve a balance between work and home life. Post-pandemic, it has also been stated that businesses have done better and maintained their goals with the remote model.

"Three in 10 employees working remotely say they are extremely likely to seek another job if their company eliminates remote work." Gallup

Therefore, one of the trends in product development is the hybrid work model. This will help make product development smoother and increase the team's productivity. Any product development aims to provide clients with an innovative product. You can only do that if your team is in sync and motivated.

Trend 3:Increase in Cybersecurity:

Malicious software development is rising, and product development trends are changing to keep up. Unfortunately, as technology advances, so do the capabilities of malicious actors.

"Malware threats attacking Android phones increased by 263%."Reported by Helpnetsecurity.

Ransomware is the most common threat amongst businesses and has hit as the black plague. There has been an increase in Ransomware attacks of 435% over 2019.

Therefore, cybersecurity tools are urgently needed to protect businesses from getting trapped. Organizations seek ways to protect their data and systems from malicious cyber threats. New technologies are being developed to detect and prevent ransomware attacks and mitigate their effects if they occur.

Common Industries by Ransomware in Q3 2020
Ransomware Attack Vectors

Trend 4: Personalized Products

According to research conducted by Deloitte, 20% of customers will pay extra to get their products personalized.
The one-size-fits-all or one-product-fits-all isn't applicable anymore because customers want a product that fits their specific needs.
The point of any business is to fulfill their customer's demands, and their demand is a personalized product. Therefore this step has been added to the product development cycle; for example, the beauty industry customizes its products to the customer's beauty needs.

"Using a CDP is necessary whenever an organization is trying to consistently do customer personalization at scale across multiple channels."DX Abobe

To collect data from customers to provide them with the perfect product, companies use customer data platforms(CDP). With the right tools, you can translate thousands of data points into valuable insights.

When the company has all its data in a centralized database, it can analyze it quickly and make critical decisions without feeling overwhelmed.

Trend 5: Automation

Automation has become vital to every company's product development process. With the help of automation, you can free up your customers' time and provide a product that has reduced errors. Teams are often juggling tedious tasks such as managing vendor invoices and tracking down information or rewriting documents.

If these tasks aren't automated, scaling the company becomes difficult due to the overburdened operational expenses. But this can be minimized with the help of automation, and you can put your valued talent to good use.

You can use a couple of tools to automate your business, such as:

Databox: This tool analyzes your company's metrics, daily trends, and performance. You can monitor your company's performance daily and visualize the data for the best results.

Salesforce: This is an automation tool for managing potential customers' leads and marketing strategy. "Tableau analytics sends an automated notice when a significant or atypical trend or a new service issue is detected."

Trend 6: Increased emphasis on Digital Optimization

With the help of Digital Optimization, you can introduce new, more effective tools to execute physical product development. For instance, you can add CAD and 3D printing for rapid prototyping to boost the product development process. You can also add tools such as automation, machine learning, AI, cloud, etc.

For example, with the help of AI and automation, you can use digital twins to gather information on your product and test it more accurately. This data gathering will help you create an improved version of the product.

To monitor the data of any business, organizations are now using applied observability.

"Applied observability is the applied use of observable data in a highly orchestrated and integrated approach across business functions, applications, and infrastructure and operations teams." Gartner

The data artifacts from applied observability enable companies & organizations to make intelligent and competitive decisions. According to Gartner, 70% of organizations will use applied observability by 2026.

This data type is successful because it is based on actual numbers, not emotions or obligations. This is why it gives an advantage to the organization using it to tackle their competition and make their decisions quicker.

In Conclusion:

Coming to an end, we have discussed the top 5 trends for product development that will be seen in 2023. You should look into applying these trends to your business or pitch them to the one you work for.

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