In a world where technologies are gaining the most traction, what are the most important trends that cannot be ignored? Which technology trends firms and leaders must embrace to continue digital acceleration? We have identified the 11 most important trends for competitive advantage and technological investments in order to answer these questions.
The technologies that we have mentioned aren't the coolest or most cutting-edge technologies. However, they are the ones that attract the most startup capital. Technology will govern our life as the use of social, mobile, and cloud grows. The business ecosystem is disrupted by the rapid user expectations to interact in real-time. These modern developments have a significant impact on how we address business concerns. These new technologies have the inherent ability to improve business, change profitable margin, and transform your business.
Top 14 Emerging Technology Trends in 2024:
1. Dominance of Generative AI
Generative AI has proven to be a defining trend in 2024, which is driving innovation. It's capability of content generation and text to images has revolutionized the approach towards creativity and problem solving. According to recent stats from Forrester, 90% of organizations are expected to overhaul their systems to fully benefit from GenAI, ensuring seamless integration and advanced performance.
In 2024, Adaptive AI will change technology. These intelligent systems can easily tackle even the most complex tasks. Whether improving scalability, enhancing performance, or managing data security, Adaptive AI is the way forward for many industries.
Chatbots powered by Adaptive AI is already revolutionizing customer experiences across manufacturing, finance, education, healthcare, and administration sectors and playing a vital role in improving overall business performance. So, watch Adaptive AI if you want to stay ahead of the curve in 2024.
Example: - ChatGPT, AI technologies like ChatGPT are used in various applications and industries, including customer service, virtual assistants, content generation, language translation, and more. These AI systems have the potential to automate tasks, streamline processes, and provide personalized experiences in a wide range of domains.
2. Intelligent Applications
Intelligent applications use machine learning algorithms to learn from data user interactions and patterns to adapt their functions and improve their performance without explicit programming for each scenario. With historical data analysis intelligent apps can predict future outcomes, help in decision-making process, forecast trends, and personalize user experiences.
Example: - CRM systems are the perfect example of datafication at work. Using datafication customer interactions, including purchase history and support interactions, organizations can make informed decisions to take their business to the next level.
3. Large Language Models (LLM)
In 2025, 50% of digital work is estimated to be automated through apps using these language models. As LLM-based solutions gain momentum, businesses have come to think of them as thinking machines. Language models are highly popular among organizations working in retail, e-commerce, marketing, education, finance, and healthcare. Large language models (LLMs) are revolutionizing various industries by offering real-time updates on regulatory changes, detecting fraudulent financial activities, and providing personalized financial advice. In healthcare, they enhance patient care through efficient clinical documentation, accurate diagnostics, and interactive patient assistance. Moreover, LLMs are transforming marketing through content creation, personalized campaigns, and sentiment analysis, driving engagement and insights into customer behavior.
Example - Autonomous workplace assistances (AWAs) are infused with Large-language-model capabilities, these digital co-workers are expected to be utilized in 10% of operational processes for SMBs and Enterprises to streamline tasks and foster an efficient workplace as per Forrester.
4. Navigating the Ethical Concerns and Risks of AI
As AI becomes more integrated into our daily lives, ethical and societal concerns emerge. Issues around privacy, bias, and accountability will need to be addressed, and organizations and regulators will collaborate to establish frameworks that ensure responsible AI use.
As AI technology evolves, governance and accountability emerge as crucial elements for its ethical application and regulatory compliance. The dual-edged sword of AI-generated code can uncover vulnerabilities and introduce security flaws, potentially leading to breaches. Applications built on generative AI platforms, such as ChatGPT, face intense regulatory scrutiny, particularly regarding the handling of personally identifiable information (PII). Forrester predicts that these applications might incur higher fines compared to entities like OpenAI due to the added vulnerabilities from third-party technologies and a lack of sufficient resources and expertise to manage these risks effectively. This scenario underscores the imperative for companies to enhance their third-party risk management strategies to navigate AI's complex ethical and regulatory landscape.
5. Hyperscalers in the Digital Age
Hyperscale data centers stand out for their ability to network vast numbers of servers, achieving unparalleled scalability primarily for cloud computing and big data purposes. These data centers, crucial components of the digital infrastructure, are characterized by their agile architecture that effortlessly adapts to fluctuating demands, seamlessly allocating tasks across storage, processing, and network resources. This hyperscale functionality is integral to a cohesive network of data centers designed for exponential scalability.
Example- Leading the charge in this innovative landscape are industry giants such as Amazon Web Services, Microsoft, and Google, who have set the standard for hyperscale computing capabilities.
6. Quantum Computing
Quantum computing is an emerging technology focused on developing computer technology with quantum theory. It uses quantum bits or qubits.
In 2024, IBM will have a new EU quantum data center in Ehningen, Germany, bringing local quantum resources to Europe. It will have easier information processing tasks and it will be cost-effective as per a study by Gartner.
Example - The Goldman Sachs Group, Inc. a worldwide investment bank and financial services corporation uses quantum computing to have a big influence on financial services. Traditional computers would take an age to accomplish computations that quantum computers will solve in a fraction of the time. It will boost the technology's ability to outperform traditional computers for financial applications in the future.
7. The Emergence of Industry-Cloud Platform
As emerging technologies transform companies, the industrial revolution is here, and it comes in the form of Industrial Clouds - the latest emerging technology. These cloud computing systems are customized to meet the specific needs of industrial and manufacturing environments. Industrial clouds are revolutionizing the manufacturing industry with the power to optimize operational efficiency, perform real-time data analysis, improve asset management, boost collaboration, and enhance scalability.
Imagine a cloud-based Manufacturing Execution System that manages and monitors real-time production processes in factories, leading to increased efficiency, productivity, and easy remote access to the system.
8. Digital Sovereignty and Impact on Cloud Providers
Digital sovereignty will continue to shape the cloud computing landscape in 2024. With a growing emphasis on data localization and privacy, hyperscalers will face increased scrutiny and regulatory challenges. This trend underscores the ongoing negotiation between global expansion and local compliance.
Digital sovereignty is increasingly becoming a critical concern for governments worldwide, leading to initiatives aimed at controlling digital assets within geographical boundaries. Cloud users must ensure their data complies with these laws, as failure to do so falls under their jurisdiction, not the cloud providers'. This necessitates organizations to integrate data sovereignty into their governance initiatives when deploying cloud-based applications, requiring them to align their business strategies with various regional regulations. Initiatives like DORA and GAIA-X exemplify the strides being made towards establishing environments where data is not only shared securely but also controlled by the users, ensuring digital sovereignty.
9. Cybersecurity Prioritization
The importance of cybersecurity continues to escalate as digital transformations deepen. Protecting digital assets against increasingly sophisticated threats is a top priority for businesses, requiring ongoing investment in advanced security technologies and practices.
As cyber threats evolve, Continuous Threat Exposure Management (CTEM) becomes critical. This proactive approach to cybersecurity focuses on identifying and addressing vulnerabilities in real-time, reducing the window of opportunity for cyber attacks and enhancing overall security posture.
10. Sustainable Tech
Consumers are increasingly becoming conscious of the impact of technology on the environment, demanding products and services that are more energy-efficient and backed by sustainable technologies. So get ready to witness a revolutionary technology trend – Sustainable Tech, that will transform how companies operate and cater to consumer demands.
The spotlight will be on supply chain transparency as companies strive to showcase their dedication to sustainability.
Example - One such game-changing technology is the LED (Light Emitting Diode), shaking up the lighting industry with its eco-friendliness, durability, and energy efficiency. Unlike incandescent and fluorescent bulbs, LEDs are a shining example of sustainable technology, the demand for which will only move northwards.
11. Datafication
Picture this: A world where data is not just a bunch of random numbers and figures but a valuable asset that can shape the future of businesses. Datafication is the new buzzword that's taking the world by storm in 2023. This cutting-edge technology is all about turning information and data into insights that can be used to drive innovation, boost efficiency, and enhance business performance.
With the influx of data from various sources and advanced data processing and storage technologies, datafication is the future of decision-making.
Example - CRM systems are the perfect example of datafication at work. Using datafication customer interactions, including purchase history and support interactions, organizations can make informed decisions to take their business to the next level.
12. IoT
We can't forget that IoT (Internet of Things) continues to be a trending technology that has gained significant momentum in recent years. It refers to the network of interconnected physical devices, vehicles, appliances, and other objects embedded with sensors, software, and network connectivity that enables them to collect and exchange data.
IoT has found applications in numerous industries, including manufacturing, healthcare, agriculture, transportation, and smart cities(Source UPgrad).
Example:- Ecobee offers smart thermostats that use IoT capabilities to optimize energy usage and enhance comfort. These thermostats can learn your heating and cooling preferences, adjust temperature settings automatically based on occupancy, and can be controlled remotely through smartphone apps or voice assistants.
13. Robotic Process Automation (RPA)
Robotic process automation (RPA) is used to build, deploy, and manage software robots that have human like actions. Just like people, software robots can navigate systems, screen, identify and extract data, and perform a wide range of defined actions. Software robots are faster and more consistently, which is an important emerging technology.
Example: - Walmart’s back-office applications needed automation capabilities such as Robotic Process Automation (RPA) for day-to-day office tasks such as digitizing documents. RPA systems use rule-based automation to automate internal service processes.
14. AI Automation
AI automation represents a transformative leap in how businesses optimize operations, decision-making, and customer experiences. By harnessing artificial intelligence, organizations can automate complex processes, analyze vast datasets with unprecedented speed and accuracy, and predict outcomes to make informed decisions. This not only increases efficiency and reduces costs but also unlocks new opportunities for innovation and personalized services. AI automation is revolutionizing industries by enabling smarter, adaptive, and more efficient systems, thereby shaping the future of work and redefining human-machine collaboration.
Conclusion
As we look ahead to 2024, it's clear that emerging technologies are poised to revolutionize industries and society. Organizations must be agile and adaptable to stay ahead of the curve, embracing these new trends to remain competitive. That's where Clarion Technologies comes in. We understand the importance of keeping up with emerging technologies and can help you take your business to the next level. Don't hesitate to contact us to hire developers or learn more about our unique software and app development services.
