The laws of physics will limit our technological growth someday. For instance, faster than light travel is not possible, since the laws of physics simply don't allow it. Time travel is also not possible, because time is actually an illusion created by motion. There is no "filmstrip" to rewind to. The only thing we really have to look forward to is the gradual destruction of our ecosystem via pollutants, or the cataclysmic meltdown of a fusion or antimatter power plant some time in the future.
"Will there come a point where technology can no longer evolve any further."
This implies infinite time (from now till the end of the universe. It will not stop evolving 500 years from now). I mean, once we (or some other species) has gone to every galaxy, found every species, become omniscient/omnipotent/Gods. At that point, in theory, it will stop evolving. There will come a time when everything has been developed, but it won't be any time soon (soon meaning from now to 500 billion years from now)
Think about this. Once Time travel exists, from a Time-traveler's perspective, everything has the potential to exist at that moment, soooo technically nothing new will be happening because everything will always be happening. Process is relative.
This is assuming time travel will exist, I guess, which is an entirely different debate.
Considering the idea that some may believe technology will reach its peak, the fact that it can always be altered in some way will be applicable. For a simple example for the common reader, take for instance a phone. It seems as if a phone can only go as far it currently has, but anything from colors of a phone or the shape of a phone can always be changed. The could be considered as one of the small forms of technology, but the real technology would be finding new ways to produce this phone. Therefore, ultimately there will always be a way to evolve technology.
Technology can't stop evolving, because there will always be a need for newer technology. Whether it's based on the supply and demand model of economics, or because new technology is needed to break a stalemate in war, overall, it can never stop. Something has to be changed, even if it is a minor change.
I remember reading an article that stated, back in the late 1800's, there was a proposal in the U.S. Congress to do away with the patent office, because everything that could be invented had been invented. That was, of course, not true. There are always new innovations and discoveries being made.
Many devices are ever-changing and being improved. Often, a device purchased recently can easily become outdated in a matter of months. There is a very high demand for the newer and improved model of many different devices and electronics, and an almost insatiable hunger to have better now or soon. In the medical field, newer technology is always improving both the people's quality of health and the medical profession's ability to correctly diagnose and treat medical issues.
Let us assume that computer chip size hits a maximum circuit density, based on electron interference. Computing speed can further improve with streamlined designs, simplified user interfaces, and simpler code. When nuclear power production is maximized with fusion, the heat regeneration piping efficiency can still be improved, safety increased and shielding rearranged, to provider greater protection, at less cost. When the technological advancements hit a peak, its efficiency can be improved and its complexity reduced. Those are still evolutions and improvements in design, even when new technologies are impossible.
I believe that technological evolution will continue, as long as humans are around to develop it. The advancements that we have already seen are only the tip of the iceberg when you consider that IBM made Watson this past year.
Everyday our technological capabilities expand exponentially. There will always be a need for increased technology. As we advance ourselves and our civilization there will come a time when we are on the verge of great breakthroughs time and time again. Each new discovery leads to more and more discovery.
There will never come a time when technology will cease to evolve. There are far to many direction for technology to evolve that we will never see them all. The expansion of technology in many directions will ensure it never stops doing so. There are products not yet thought of and new technology to expand and improve coming out every day. There will never be a shortage of human ideas.
Technology will never reach a point where it can no longer evolve because of the very nature of technology. Older technology assists in developing newer technology. The history of computers is an example. The first computers were powered by vacuum tubes. The next generation were powered by transistors. The following generation were powered by silicon chips. Silicon chips shrank in size but grew in power. Then multiple core silicon chips were developed, and all this happened in a period of less than 70 years.
To say that there will come a time when technology can no longer evolve would just be human arrogance. The assumption that we know everything already is too much for me to accept. There will always be those who have the drive to change things, make things faster, make them better, or just plain make them different. People may say technology can never go any further, however, there will always be those who will try their best to prove them wrong.
Sometimes it is hard to imagine what the next step in technology will be, but no matter what should happen, there will always be a next step. There is always someone trying to come up with that next awesome thing because it is human nature to try to keep on improving on what we already have. It is the thought of "faster, better, stronger" that keeps people moving technology forward.
Technology, by nature, will always be evolving and improving and while innovations may seem to plateau from time to time, more advances, some incremental and some astounding leaps and bounds, are always made. There will always be room for improvement in regards to efficiency, though improvements in size will possibly be finite.
We cannot see the future clearly. Not even Steven Hawking would claim he could see what new ideas physics might produce. Sometimes, technology evolves slowly, like the span of generations between learning to start a fire and the industrial revolution. Sometimes, technology evolves very quickly, like the present time. But as long as there is some thinking entity, there will be new technology. Of course, if there is no thinking entity (including artificial intelligence), then this question is moot.