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  • Writer's pictureSaurabh Pangarkar

Navigating the Future: Must-Know Technology Trends for 2024

Updated: Dec 27, 2023



As we head into 2024, the technology landscape is transforming and evolving in ever-new exciting ways. We can expect novel innovations and breakthroughs with technologies like AI and Quantum Computing changing the very paradigm within which technology operates. Let us take a detailed look at what 2024 holds out for us in the technology space.



Breakout Technologies to Look Out for in 2024


1. Generative AI                                    




1. Generative AI

Generative AI is all set to profoundly impact multiple industries in 2024. It is looking at becoming an important and inalienable part of almost all enterprise software in the coming year. These offerings will range from free ones to those charging $50 a month. It is predicted that enterprise software companies will witness a very impressive $10 billion revenue hike by the end of the year.



Exciting developments to look forward to in AI:

  • Bigger and Better -  With ChatGPT 5 expected anytime, one can look forward to the launch of newer and better Generative AI models in 2024.

  • Generative Design - Come 2024, we can expect to witness an incremental increase in the use of Generative AI to design physical products and services. Generative AI is the moniker for a new bunch of tools that empower designers to enter or input their requirements and materials and receive blueprints in return.

  • Generative Video - With video being the preferred media format these days, the ability of generative video tools to help create slick and sophisticated video content at very low prices will make it exceedingly popular in 2024.

  • Generative Audio - AI-generated audio and speech are expected to become commonplace in 2024 with the tools in question becoming increasingly adept at simulating human speech.

  • Multi-Modal AI - Unlike now when Generative AI tools can largely express a single mode of expression which could be text, visuals, or speech, there is going to be a move towards multi-modal Generative AI that will be able to comprehend images and respond to voice commands by talking back to us in the time ahead.

  • Autonomous Generative AI - The advent of autonomous Generative AI capable of operating autonomously on their own and possessing the ability to generate and respond to prompts on their own is expected to be a game changer in 2024.


2. Quantum Computing

Quantum computers are excellent at accurate and very realistic testing and prototyping, helping lower the cost of prototyping and leading to much better designs. Quantum computing helps achieve spectacular results in the realms of cryptography, drug discovery, research and development, and optimization. The year 2024 can see its increasing deployment and integration in the technological infrastructure across the industries. There are several uses that businesses can find for Quantum Computing, such as:

  • Supply Chain Optimization

  • Improved Customer Service

  • Product Development

  • Enhanced Database Efficiency

  • Securing Data

  • Machine Learning

  • Weather Forecasting

  • Autonomous Transportation



3. Sustainable Technology

According to Gartner, organizations investing in sustainable technology could experience enhanced operational resilience and financial performance even as they discuss new paths to growth. They further predict that within three years, 50% of CIOs will witness a linkage between their performance metrics and the sustainability of the IT organization in question.

Incorporating and implementing sustainable technology is expected to be amongst the most prominent technology trends in 2024. Specifically, it would look to focus on the following areas,

  • Minimizing the reliance on non-renewable resources and turning to renewable ones.

  • Endeavoring to fully adopt carbon-neutral technology.

  • Moving to a closed-loop supply chain that encourages recycling.

  • Consolidating computer resources.

  • Leveraging technology to solve sustainability problems.

  • Turning to more sustainable suppliers.


4. IoT and 5G

IoT or the Internet of Things will continue to dominate the telecommunication space in 2024. This is especially true in light of the advances in 5G and edge computing, which are expected to lead to a spike in the number of IoT applications in 2024. With IoT, businesses can carry out real-time data collection, optimize operations, conduct predictive maintenance, and enhance customer experiences.

As we move towards 2024, there is going to be an increasing premium on agility and automation fuelled by AI as that helps businesses compete effectively. The emerging 5G networks provide the ideal way to enable the high degree of connectivity required for such innovations. 5G helps businesses do well by providing better insights, optimal application performance, and the ability to put in place extremely rapid transaction settlements.


5. Phygital Convergence


The convergence between the digital world and the physical world with the help of technologies like VR (Virtual Reality) and AR (Augmented Reality) that empower immersive internet to tear down barriers between the two worlds is creating a whole new way of working and conducting business. This is evident all around us with the growing popularity of platforms like Teams, Slack, and Zoom.  We are witnessing the growing concept of life-like digital replication or representation of real-world systems, processes, and objects.

For instance, medical science can express the essence of life as a digital code and use that to transform and rebuild it in the real world to engineer drugs that help eradicate serious diseases. The coming year shall see the convergence between the physical and the digital that is much more widespread and prevalent.


6. Simplification of IT Infrastructure

Another emerging technology trend that will carry forward into 2024 is the simplification of IT infrastructure as a means to usher in automation efficiencies. IT leaders around the world are expected to do more with less. Among the things that will drive this concept are the optimization of cloud infrastructure, the implementation of cloud principles on-premise,  the deployment of all new application architecture requiring novel infrastructure as well and the highest priority to skills growth. The idea behind this is to simplify infrastructure with the view to diminishing complexity and enhancing agility. Using automation driven by AI and low-code platforms is the best way of accomplishing this. 


According to the G2 2023 Software Buyer Behavior study, 82% of buyers feel that it is important that the software they purchase can integrate with their existing tools. Furthermore, 84% would rather buy one tool that addresses many issues, rather than having to buy many such tools. Moreover, 78% of the buyers would like to purchase complementary products from a single vendor rather than have to deal with many of them. This trend is expected to gather pace in 2024.


7. Cyber Security

Staying ahead of ever-evolving cybersecurity threats is going to be of paramount importance in 2024.



  • AI-Powered Threat Detection - AI is going to be at the forefront of the fight against new-age cyber threats in the year 2024. AI-powered threat detection systems deploy machine learning algorithms to analyze very large amounts of data to zero in on potential threats in a proactive manner.

  • Quantum Resistant Cryptography - The expected rise in the adoption of quantum computing in 2024 shall necessitate the adoption of quantum-proof cryptography. This will require an upgradation of cryptographic systems enabling them to stand up to the threat emanating from quantum computing.

  • Zero Trust Architecture - We have reached a stage where no entity, whether inside or outside the network can be deemed trustworthy. One can expect more and more organizations to adopt Zero Trust architecture incorporating both ongoing or continuous verification and least privileged access.

  • Fighting Ransomware - Going forward into 2024, we can expect organizations to put a premium on building ransomware-resistant architecture. They would be required to deploy a multi-dimensional strategy that would involve regular data backups, training employees to recognize phishing activity, and the implementation of sophisticated endpoint security. A nimble and fast response to ransomware incidents facilitating a speedy recovery and rehabilitation will also have to be put in place.

Did you know?

1. Quantum computing could transform the drug discovery process by simulating complex molecular interactions, resulting in faster and more efficient development of new medicines.

2. Brain-computer interfaces (BCIs) could be widely used in 2024, enabling direct communication between our thoughts and devices.

3. The metaverse could transcend gaming and entertainment in 2024, and be deployed for work collaboration, virtual healthcare consultations, and education.

4. Cybersecurity threats can be countered with the help of AI-Powered Threat Detection, Quantum Resistant Cryptography, and Zero Trust Architecture.

5. Sustainable energy solutions in the shape of energy-efficient microgrids and advanced solar panels could see significant deployment in 2024, helping expedite the transition toward renewable energy sources.


Sources 



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