12 April 2024
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Tech Trends 2024 (Image by Entrepreneur)

Keeping up with tech industry trends is the only way to tap into a power that will keep your business, career, and life on the edge. 

Let’s realize how technology acts as a catalyst, transforming how we work, communicate, and solve problems. 

Technology zapping every sector – from finance to education – with efficiency, creativity, and speed. 

For your businesses, keeping up with these trends means you can adopt new methods, improve efficiency, and offer better solutions to their customers. 

For individuals in the industry, staying informed about tech industry trends is crucial for career growth. 

Yes, staying up to date is a great way to open doors to new opportunities and develop skills that are in demand. 

So let’s take a look at the latest tech trends, with insights from Forbes’ Bernard Marr. We’ll mix his expert view with our take on the business and IT scene in 2023

We’re going to show you why Marr’s views are spot-on for 2024. In doing so, we hope that this article will equip you with the tools, the power, and illuminate your path to success. 

Next Tech Trend of 2024

These days, technical skills can adapt to just about anything. In any field, from marketing to medicine, knowing the most important trends will give you new tools to solve problems. With that in mind, here are five key tech trends making waves in 2024. 

1. Democratized and Generative AI

Traditionally, AI has been in the realm of big tech companies with vast resources. 

However, democratized AI shifts this paradigm, making AI tools and technologies accessible to a broader range of users, including small businesses and individual developers. 

Generative AI powers small businesses to create personalized customer experiences, farmers to analyze real-time crop data, and doctors to diagnose diseases using AI-powered tools. 

This is possible due to advancements in cloud computing, open-source software, and user-friendly AI platforms. 

This generative AI trend is underpinned by several key factors and predictions. 

Deloitte’s 2024 Technology, Media, and Telecommunications Predictions report highlights that nearly all enterprise software companies are expected to embed generative AI in some of their products by 2024. 

This widespread integration into enterprise software is a clear indicator of AI becoming more accessible and usable across different business sectors. 

The next key factor is sales of AI chips. In particular, those specializing in generative AI have seen a dramatic increase, indicating a growing market. 

So, according to the prediction of Deloitte’s 2024 Technology, Media, and Telecommunications, AI chip sales could surpass $50 billion globally, with software revenue potentially reaching a $10 billion run rate. 

This growth reflects the expanding role of AI in various industries and the increasing demand for AI-powered solutions​. 

It’s also interesting to note that more than 70% of companies are experimenting with generative AI, but less than 20% are willing to increase their current spending on it. 

This suggests that while interest in AI is high, businesses are still assessing its value and return on investment​​. 

Additionally, large cloud companies are projected to allocate 3%–13% of their 2024 capital expenditures to generative AI, demonstrating significant investment in this technology​. 

When AI tools are more accessible, it encourages experimentation and creative solutions across various sectors. 

This leads to a surge in AI-driven solutions in healthcare, finance, education, and more, tailored to specific needs rather than one-size-fits-all products from tech giants. 

Therefore, democratized AI in 2024 is a shift toward a more inclusive, innovative future where the benefits of AI are not limited to a few, but are available to many, fostering a more equitable tech landscape. 

2. Phygital Convergence in Extended Reality (XR)  – VR, AR, and MR

Remember that awkward phase when virtual pets felt too “fake” and augmented reality glasses looked like something out of a dystopian movie? 

Well, Extended Reality (XR), encompassing Virtual Reality (VR), Augmented Reality (AR), and Mixed Reality (MR), is emerging as a transformative tech trend in 2024. 

XR isn’t just about virtual vacations or Pokemon hunting. It’s about phygital convergence, where the physical and digital seamlessly blend, creating enhanced experiences in every aspect of our lives. 

This phygital convergence trend is highlighted by significant developments and growing adoption across various industries. 

In 2023, the XR industry witnessed a paradigm shift with the rise of MR, marking a new era of immersive technology. 

This was notably demonstrated by the launch of Apple’s Vision Pro and Meta Quest 3 headsets, indicating a growing focus on MR applications. 

Key players like Apple, Meta, Samsung, Qualcomm, and Google have made significant contributions to MR technology. 

These developments, including anticipated releases and collaborations, suggest an industry-wide emphasis on MR, pointing towards a future enriched with mixed reality applications. 

The reality of MR has stimulated innovation, particularly in gaming and user experience design. 

Major game studios are releasing immersive titles that take advantage of MR technology to deliver previously unimaginable experiences. 

This innovation is not just conceptual, but is being realized with the latest hardware advancements. 

The reality of MR has stimulated innovation, particularly in gaming and user experience design. 

Major game studios are releasing immersive titles that take advantage of MR technology to deliver previously unimagined experiences. 

In addition, the potential of MR extends to education and training, where XR experiences can significantly enhance learning and skill acquisition. 

The XR immersive approach is expected to transform these sectors by providing realistic simulations and interactive experiences beyond traditional methods. 

And the good news is, beyond entertainment and education, MR is impacting industries like aerospace, healthcare, and retail. 

For instance, Boeing employs MR for training, maintenance, and operational efficiency. 

So, yes, phygital convergence in XR significantly changes how technology is integrated into our daily and professional lives. 

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Tech Industry Trends (Image by 3DS)

3. The Sustainable Technology

Sustainable technology is an opportunity to build a sustainable future and secure your career in a thriving new market. 

This trend is driven by a global push towards more environmentally friendly and sustainable solutions in technology. 

A survey by McKinsey & Company reveals that 60% of consumers are willing to pay more for sustainable products, signaling a massive shift in consumer preferences. 

So, in the future, green tech is no longer a small segment but a booming industry. 

We’ll be using renewable energy in creative ways, like solar panels that work in the rain, wind turbines that harmonize with nature, and algae that could power our vehicles. 

The circular economy is another big player, turning waste into new, valuable products-think old clothes reborn as fresh fabrics and trash given a glamorous makeover. 

And then there’s climate tech: using AI-powered satellites to keep an eye on our forests, predict natural disasters before they happen, and capture carbon emissions. 

And we can be optimistic that in 2024, government, business, and research collaborations will accelerate the development and adoption of green technologies, foster a culture of shared innovation, and create a more sustainable future. 

4. Cyber Resilience

Cyber resilience is not just firewalls, but proactive defenses, adaptive systems, and shared responsibility. 

And yes, there is a rapidly growing market for resilient cybersecurity solutions out there. 

However, companies must consider the return on investment for cybersecurity technologies and focus on solutions that provide tangible value against emerging threats. 

So, economic factors and innovative tactics by threat actors are driving the need for optimized cybersecurity investments. 

We’ve got ongoing issues like misconfigurations and unpatched vulnerabilities that are still causing headaches. 

And, with IoT devices set to shoot past 75 billion by 2025, as per Statista, the risk landscape is growing. 

Phishing’s another big issue – a lot of organizations have been hit by it. That means it’s time to rethink security training and invest in robust security technology. 

Moving forward, we’ve got to lean into advanced AI and machine learning in our security strategies, keep up with legal stuff, and focus on securing IoT and remote work. 

Investing in next-gen firewalls and stuff like intrusion detection systems is the way to go.

So, to wrap it up, cyber resilience in 2024 is about staying one step ahead, investing smart, and proactively safeguarding our ever-connected world. 

5. Quantum Computing

Quantum computing is a massive leap from classical computing. But, please, don’t get lost in the technical jargon. 

Now think of it this way: regular computers use bits, either 0 or 1, like light switches. Quantum computers use qubits, which can be 0, 1, or both at the same time. 

And, this tech has seen remarkable progress, especially in hardware, with breakthroughs in qubit counts and gate fidelities. 

Some experts believe we’ll see the first clear demonstrations of quantum advantage in 2024, particularly in computational chemistry, with implications for sectors such as pharmaceuticals and materials engineering. 

This breakthrough is expected to attract significant investments and further integrate AI with quantum computing, enhancing generative models. 

Quantum sensors are another exciting development. These sensors will see broader applications, including smart infrastructure, and are on track for FDA certification. 

Quantum-proof security is also gaining attention, with standards and regulations becoming more defined, which is crucial as quantum technology evolves. 

Companies like Google, IBM, and Quantinuum are leading the charge, focusing on error correction and making quantum computing more suitable for datacenter use. 

And maybe, partnerships between countries in quantum technology are strengthening. This collaboration is set to boost growth in the quantum sector, with mergers and acquisitions creating more robust quantum companies. ​ 

Conclusion

As we navigate the rapidly evolving tech landscape of 2024, it’s important to stay informed and adaptable. 

The tech industry is experiencing significant shifts, from advances in AI to sustainable solutions to quantum leaps in computing. 

These trends are not just changes, they are opportunities. Embracing and understanding them is key to staying ahead and thriving in the dynamic world of technology. 

So get ready to explore, learn, and innovate with these trends and be ready to lead the way into the future of the technology industry.

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