Technology trends are constantly reshaping the world we live in.
After all, the tech industry is one of the fastest-growing landscapes in the world, particularly in today’s age of digital transformation. Every year, we discover new ways to leverage technology for a variety of use cases, from healing the sick to boosting team productivity and performance in the office.
As a result, countless industry analysts and experts frequently share their predictions on what might influence our lives in the years ahead. McKinsey has its “Technology Trends Outlook” report, Gartner comments on the movers and shakers in various sub-sections of technology. Even Deloitte publishes an annual “tech trends report”.
While it’s impossible to know for certain what the future of tech might hold, we can use our knowledge of the patterns emerging in the world today to predict what may come tomorrow.
Here’s our behind-the-scenes guide to the technology trends businesses will need to prepare for as we head into 2024.
1. Sustainable Initiatives Enter the Mainstream
Sustainability in the technology landscape isn’t a new concept. However, in recent years, companies have begun to discover the true business benefits of “ESG” initiatives and sustainable practices. As of 2023, more than 90% of S&P 500 companies were publishing regular ESG reports. What’s more, new guidelines are constantly being introduced to help drive a sustainable future.
In 2024, building a sustainable business won’t just be something companies do to differentiate themselves from their competitors, or align with consumer values, it will be an essential process. Countries and corporations are rapidly working towards net-zero commitments, and business leaders may risk fines, loss of funding, and customer turnover if they fail to keep up.
By the end of 2024, every business will need a plan for how they’re going to cut their emissions, store data more efficiently, and eliminate waste in the tech space. Fortunately, new innovations are already emerging to support companies in their sustainable initiatives, from green cloud computing services to analytical and tracking tools capable of monitoring energy consumption.
2. Innovators Invest in Green Technology
As demand for sustainability continues to increase, so too will the focus on “green tech”. Becoming truly sustainable will require companies to commit to more than just recycling old equipment, or using natural power (such as solar panels) to operate data centers.
Many organizations will also need to rethink the types of products they purchase, the materials they use, and how they’re designed to reduce waste. More energy efficient hardware will enter the marketplace in the years to come, along with new solutions designed to help companies get more out of their investments. For instance, Google has already introduced its “ChromeOS Flex” solution, to allow companies to modernize old devices with a new operating system.
Going forward, we may also see progress in the development of decentralized power grids, ensuring individual companies can access, store, and use energy, even if the main grid isn’t available. As new guidelines emerge asking companies to demonstrate their green initiatives, we’ll also see more consumers and B2B buyers becoming alert to the presence of “greenwashing” and it’s impact on the wider industry.
3. Businesses Go All-In on AI
Artificial intelligence has appeared on lists of “technology trends” for the last several years. It’s no surprise, when you consider how quickly the industry is evolving, with new algorithms and sub-segments emerging all the time. For instance, in 2023, generative AI solutions like ChatGPT burst into the mainstream, and virtually every tech vendor started producing more powerful bots with LLMs.
In 2024, the chances are that AI systems will only become more intelligent, particularly as open-source models evolve, and developers discover new ways of training algorithms. While some professionals are still nervous about the concept of AI stealing their jobs or taking over the world, many business leaders are recognizing the clear values that leading AI solutions can deliver.
For instance, generative AI is having a direct impact on everything from productivity to internal communication strategies, boosting the performance of businesses in every industry. Used properly, these tools will give every staff member access to their own super-smart personal assistant, capable of serving them 24/7 in virtually any task.
What’s more, as AI takes over more menial tasks in the workplace, from researching, to scheduling and managing projects, human beings will find they have more time to hone their skills. Human beings will be able to focus more on original thinking, being creative, and building relationships with other people, while AI takes over the “busy work” most of us would rather avoid.
4. Phygital Experiences Evolve
The term “Phygital” has only recently begun making its way into the technology landscape, as the lines between digital and physical landscapes become increasingly blurry. Not so long ago, extended reality, and concepts like the metaverse were little more than a science fiction daydream. Now, they’re quickly becoming common parts of our everyday lives.
Since the pandemic in particular, we’ve all begun spending more of our time in digital domains, creating avatars for virtual environments, collaborating remotely through Slack and Zoom, and connecting with loved ones through virtual and augmented reality. Across industries, the rise of “phygital” experiences is already making waves.
Companies are creating digital twins to optimize processes, accelerate development strategies, and even collect and analyze data faster than ever before. Advances in AI, extended reality, and metaverse experiences will continue to bring the real and virtual worlds closer together as we move forward.
This could lead to a future where we all move in and out of digital realities and personas on a daily basis. We may not be far from aa world where customer interactions, everyday collaborations, and business innovations all take place in hand-crafted “phygital” worlds.
5. Increasing Focus on Cyber Resilience
As the digital landscape continues to blend with the physical world, the demand for true cyber resilience will only increase. Research tells us that one in every two businesses have been victims of successful cyberattacks in the last 3 years alone. What’s more, the financial impact of these attacks is growing, expected tor each around $10 trillion by the end of 2024.
Staying robust and resilient in this landscape will require business leaders to invest in more intuitive, intelligent tools for cyber security. Companies will need to not only purchase the best software for mitigating malware, phishing threats, and ransomware, they’ll also need to ensure they have business continuity and disaster recovery strategies in place when disasters do happen.
The automation of cyber defense strategies, and the rise of AI-driven tools for monitoring and detecting attacks is helping to drive technology trends in the security space forward. Already, biometric tools are emerging to assist with securing digital identities. AI and machine learning solutions can rapidly detect potential intruders and suspicious activities in seconds.
However, as the methods we use to protect ourselves from cyber attacks become more sophisticated, there’s little doubt that criminals will follow suit. The years ahead are likely to involve a lot of rapid innovation, evolution, and transformation.
6. Quantum Computing Delivers Tangible Benefits
While fans of transforming technology trends have been buzzing about quantum computing for a while now, we’re still waiting for the concept to enter the mainstream. In 2024, there’s a good chance we’ll start to see more tangible benefits from innovations in quantum computing, particularly as market leaders like Google, Meta, Microsoft, and Amazon continue to work on next-level solutions.
Quantum computers can carry out huge numbers of calculations simultaneously, harnessing various elements of quantum physics. This means these devices can operate using “qubits” which exist in multiple states simultaneously. Financial services and banks are already experimenting with using quantum solutions to enhance the power of AI systems developed to minimize fraud and risk.
However, as we move into 2024, we should see new use cases emerging, particularly in various computing-heavy fields, such as medical drug development, meteorology, cryptography, and genome sequencing. Quantum computing could even help to create the sustainability strategies we use in the years to come, to reduce the impact we, as a race, have on our planet.
7. Autonomous Systems Continue to Evolve
Finally, experts in technology trends have been discussing the potential benefits of autonomous systems for some time now. By 2030, analysts say the market for autonomous vehicles alone will reach $2.3 trillion. However, it’s not just automotive companies like Tesla that believe autonomous solutions will positively impact the world. Many market leaders across different industries feel AI-driven automated tools could transform the future forever.
Autonomous systems could help with tracking energy consumption and reducing carbon emissions on a global scale. They could assist agricultural experts in growing food for the masses, creating new opportunities to tackle world hunger. Autonomous systems could even help to improve business and team productivity.
For instance, British online supermarket, Ocado is already using autonomous robots in its warehouses to sort, lift, and transport groceries. This helps to accelerate deliveries, and even reduce fuel waste, by ensuring items are organized into efficient packages for delivery.
Technology Trends: Looking Forward
While it’s difficult to know what the future of the ever-evolving technology landscape might hold, the trends above are likely to play a role in the world of tomorrow. As we move into 2024, we can expect to see more intelligent, sustainable, and efficient technology taking over the business landscape.
Companies of all sizes, from every industry, will need to be prepared not only for a change in the technology they use, but also for a transformation in business initiatives. Digital transformation success in the years to come will be measured not just by how intuitive new tech solutions are, but how effective they can be at helping businesses to reach their goals, while protecting the planet.
