With yet another year approaching, it’s time to look ahead and spot the tech innovations that will be changing our lives. From quantum computing to generative AI, we’re poised for a sea of technological breakthroughs.
Here are the top technology trends that will shape the business opportunities in 2024 and beyond.
Generative AI
If you’ve interacted with ChatGPT or Bard, you’ve personally experienced generative AI in action. Generative AI uses techniques like neural networks to produce human-like content. Generative AI has other applications for businesses including the use of the technology to create custom chatbots that would offer personalized recommendations to customers, answer queries, handle administrative tasks, and more.
Gartner predicts that 40% of enterprise applications will embed conversational AI in 2024. The quality and size of the datasets used to train an AI-based chatbot builder directly influences its performance.
Extended Reality
Extended Reality (XR) is an umbrella term that covers various forms of computer-altered reality, including Augmented Reality (AR), Virtual Reality (VR), and Mixed Reality (MR). AR technology adds digital elements to the real world, while VR creates entirely virtual environments. MR is where digital and real-world elements are intertwined such that they interact with each other in real-time. These technologies enhance user experiences while also improving training and business processes.
In the construction industry, for example, architects and engineers can immerse themselves in VR models of buildings to identify design flaws. Construction workers, meanwhile, can use AR to visualize building plans and blueprints on-site to ensure accurate and efficient construction.
Robotic Process Automation (RPA)
RPA bots are the tireless assistants of the digital age. With the ability to mimic human actions and handle a wide range of tasks, RPA bots are revolutionizing the way businesses operate. Many organizations have already embraced RPA to bridge the gap between legacy systems and process unstructured data. With the market size projected to reach $11 billion by 2027, RPA is poised to continue gaining traction in the coming years.
For instance, banks use RPA to automate loan data processing, onboard customers, process credit card applications, and more. In the insurance industry, RPA is employed for tasks such as document retrieval, direct bill, policy renewals, and a variety of other processes.
Cyber Security
In 2023, we witnessed a surge in deepfake social engineering attacks. These disconcertingly convincing attacks potentially trick unsuspecting individuals into divulging sensitive information or taking detrimental actions. As the number of connected devices continues to grow, advanced AI and machine learning techniques will continue to be used by both attackers and defenders.
According to a recent report, by 2027, 50% of Chief Information Security Officers (CISOs) are expected to integrate human-centric design practices into their cybersecurity programs to minimize disruptions. This trend of CISOs adopting human-centric cybersecurity practices reflects the growing necessity for cyber resilience. Building a robust cyber resilience strategy can help companies be compliance-ready, ensuring both protection and productivity.
Internet of Things (IoT) and Edge Computing
IoT, or Internet of Things, devices have already gained popularity with products like smartwatches and home automation systems. The rollout of 5G networks and Edge Computing is expected to make IoT devices work better for real-time monitoring, predictive maintenance, and immersive experiences. Projections show 50 billion IoT devices will be in use globally by 2030. The exponential IoT growth will create opportunities in sectors like healthcare, agriculture, transportation, and manufacturing.
Quantum Computing
While traditional computers use bits (0s and 1s) for processing, quantum computers use quantum bits, or qubits, to perform many calculations at once. Quantum computing completes tasks that are too complex for traditional computers, like simulating molecular structures for drug discovery or creating new forms of encryption.
In 2024, it’s expected that quantum computers will become more practical and accessible for commercial use, with advances in error correction, scalability, and the development of quantum algorithms. The technology is still in the early stages, but investment and research in quantum computing are growing, indicating a promising future.
Sustainable Technology
The increased acceleration of climate change and the need for a sustainable future has led to governments, businesses, and consumers to prioritize sustainability. Industries such as energy, transportation, manufacturing, agriculture, and construction are adapting sustainable practices, leading to regulatory changes and market demand for green technologies.
The benefits of sustainable technologies are vast, ranging from cost savings from energy efficiency, compliance with regulations, improved brand reputation, and meeting the growing consumer demand for sustainable practices. Of course, additional long-term benefits include preserving ecosystems, reducing pollution, and ensuring the availability of resources for future generations.
Datafication
Datafication is the process of transforming various aspects of our daily lives into data-driven digital formats. This transformation involves converting information, especially that which is traditionally non-digital, into data that computers can process. Datafication turns many aspects of our work and social activities into quantifiable data points that can be tracked, analyzed, and optimized.
Datafication is gaining popularity because of the increased capabilities in data processing and AI, the proliferation of IoT devices, and the greater availability of big data tools. As businesses seek to make more informed decisions, the demand for data has grown, and so has the ability to collect and analyze it.
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