The ever-evolving landscape of technology continues to shape our world in remarkable ways. As we venture full steam ahead into 2024, several pivotal technology trends emerge, each one playing a crucial role in driving innovation and growth across a wide variety of industries. Below, we explore some of these transformative trends and why they are at the forefront of the globe’s futuristic tech trends.
1. Investment and growth in tech trends
Despite a year-over-year tightening in tech investments, the sector remains robust with strong potential for future growth. In 2022, the combined investment in tech trends exceeded a trillion dollars, demonstrating a staunch, continued faith in their value potential; consequently, key areas like trust architectures, digital identity, and bioengineering are witnessing steady increases in innovation, with edge computing expected to experience double-digit growth globally over the next five years. Quantum computing, although still in its infancy, shows significant potential, especially in industries like automotive, chemicals, financial services, and life sciences, with an anticipated value gain of up to $1.3 trillion by 2035.
2. The rise of digital transformation
Despite the undeniable scope of global economic uncertainties we continue to witness, digital transformation remains a priority, especially for business leaders and those at the helm of industry progress. The KPMG Global Tech Report 2023 highlights that embracing technology across business facets is crucial for productivity gains; this commitment to technological advancement is evident even in uncertain economic climates, indicating a rock-solid belief in the transformative power of technology.
3. Navigating economic and global challenges
The technology sector, while flourishing during the pandemic, now faces new challenges including supply chain disruptions, workforce dynamics, and macroeconomic uncertainties. Deloitte’s 2024 Technology Industry Outlook suggests that tech companies must focus on increasing margins and revenues, leveraging intelligent automation, modernizing infrastructures, and considering strategic mergers and acquisitions; additionally, adapting to new regulations – especially those related to climate change and social impacts – is becoming increasingly important for tech companies.
4. Generative AI: A game changer
AI enjoyed a magnificent ‘rocket to stardom’ during 2023, and 2024 will inevitably, once again, be its year; generative AI, in particular, saw nothing short of a monumental breakthrough. Organizations that excel in AI, attributing at least 20% of their EBIT (Earnings Before Interest and Taxes) to AI use, are investing heavily in both generative AI and traditional AI capabilities; these high-performing organizations are leveraging AI for product and service development, risk and supply chain management, and even creating new AI-based products to further drive progress and profits. Interestingly, these companies are focusing less on cost reduction and more on creating new businesses or enhancing the value of existing offerings through AI-based features.
5. The talent gap in technology
A critical challenge in realizing the full potential of these tech trends is the talent gap; there’s a significant disparity between the demand for skilled professionals in tech trends and the available talent pool. Companies are, therefore, strongly advised to stay abreast of talent market shifts and develop strong value propositions to attract and retain top tech talent; this includes adjusting roles or upskilling individuals to meet specific job requirements. The focus is shifting towards automation technologies, which are expected to transform 20 to 30 percent of job functions in the coming decade.
6. Datafication: Turning the world into data
Datafication – a term coined to describe the transformation of social action into online quantified data – is becoming another significant trend within the technological landscape. Datafication is a process that involves converting various aspects of our lives, such as social interactions, preferences, movements, and activities, into data that can be tracked, analyzed, and leveraged for various purposes – very ‘big brother’, and extremely big business.
The concept of datafication is, admittedly, not entirely new; still, its implications are becoming increasingly profound in the digital era. As more aspects of life are digitized, the amount of data generated by individuals and organizations is growing at an exponential rate; this massive data influx, often referred to as “Big Data,” offers up unprecedented opportunities for insights and innovation.
7. Digital trust: The cornerstone of modern technology
Digital trust has emerged as a fundamental aspect of today’s technological landscape. Digital trust refers to the confidence users have in the ability of systems, organizations, and devices to securely manage, store, and process data; as technology becomes increasingly integrated into every facet of life, establishing and maintaining digital trust is becoming ever more crucial.
These trends indicate a dynamic and rapidly evolving tech landscape, and businesses and individuals alike must adapt and innovate to stay relevant in this exciting era of technological advancement. The emphasis on digital transformation, AI, and talent development underscores the importance of strategic planning and investment in technology for long-term success and growth.