It is unclear what Microsoft will be announcing at the event as no schedule has been posted yet, but as XDA points out, based on previous Build events, we’ll probably see a keynote given by Microsoft’s CEO Satya Nadella, followed by various technical sessions where Microsoft will cover changes they’ll be making to its services like Windows, Azure, and so on.
However, keep in mind that the Build conference is typically software focused, similar to Apple’s WWDC, meaning that if you were hoping to see new products announced like maybe follow ups to Microsoft’s own Surface tablets, laptops, and smartphones, you might be disappointed (it is possible, but don’t get your hopes up).
Also, the event will be held virtually so if you were hoping to attend in person, it doesn’t look like that will be the case this year (perhaps next year). As a result of the pandemic, many companies are choosing to host their events virtually as pre-recorded sessions, and since the pandemic isn’t quite over yet, Microsoft’s decision for the Build 2022 event doesn’t really come as a surprise.