Putting The 2024 Key Technology Trends In Context

First, deep tech requires deep trust

As to the most recent research from IBM, trust is an invaluable resource for all forms of technology. With the increasing integration of technology and people, we need to exercise caution when deciding whom to trust. It’s true that trust is now a crucial distinction in business.

The survey also notes that 81% of executives in the C-suite believe that security, confidence, and trust are brand attributes that genuinely differentiate their company. Although leaders understand the value of trust, they find it difficult to establish and maintain. CEO confidence in their company’s capacity to correctly and fully report the data security and privacy requirements of stakeholders is just 55%.

1. Generative AI takes center stage and moves from theory to practice

Technology Magazine demonstrates through expert interviews that although GenAI has spurred wildly imaginative notions about how it could change business and society, there aren’t many practical, large-scale GenAI initiatives. The first wave of GenAI enterprise initiatives will mature by 2024, revealing significant aspects of the technology that were not previously known in its early stages.

According to Gartner, by 2024, integrated conversational AI will be used in 40% of commercial applications, up 35% from 2020. In 2024, as this tendency continues to increase, businesses will need to quickly adjust to the enormous potential of AI.

Nashtech further highlights the significance of utilizing generative AI in our daily lives based on these facts. As businesses get ready for the new year, the emphasis is on producing real business results and return on investment rather than merely using AI. Among the use cases are:

• Improved customer services and support: By using AI-driven chatbots, companies can serve consumers instantly, respond to frequently asked questions, carry out simple tasks, and route difficult inquiries to human agents, all of which improve customer support.
• Effective document processing: By allowing human agents to focus more on their primary duties and important tasks, the intelligent assistant can enhance operational efficiency by retrieving business documents, indexing their content, and handling a variety of tasks like downloading, storing, reviewing, and analyzing documents.
• Enhanced supply chain and logistics: Companies may use AI to plan capacity based on trends analyzed, optimize routes using analytics, forecast stock and storage levels, and manage inventory.

2. Cybersecurity goes from being a high priority to becoming a must

Exclaimer reports that in 2023, cybersecurity breaches occurred in a variety of businesses, including internet software and hotels. According to tech trends for 2024, businesses must spend money on cutting-edge security solutions to safeguard their assets.

Cybersecurity Ventures projects that the cost of cybercrime will increase from $3 trillion in 2015 to $10.5 trillion by 2025. This concerning increase highlights the urgent and constant threat that cybercrime poses.

According to an Accenture analysis, in 2021, the average cost of a cybercrime event was $13 million. By 2024, experts estimate that this cost will rise by 15%, underscoring the importance of implementing robust cybersecurity measures.

Accenture further suggests that the best course of action is to secure the organization’s digital core by implementing these doable technological measures, based on extensive studies conducted among CEOs:

• Set security as a top priority and encourage security by design: Support leadership initiatives to develop and put into practice flexible security plans that can react quickly to lessen the effect of assaults.
• Adopt a zero-trust strategy: This tactical approach spearheads the change of the digital core while also redefining traditional security paradigms and acting as a catalyst for resilience building.
• Give importance to establishing digital trust: Customers are willing to walk away from businesses that don’t align with their own values, demonstrating how important trust is to them. Once new tech gets widely used, be ready for continuous change.
• Safely embrace emerging technologies: As they go forward with embracing and putting into practice emerging technologies, devote more funds to their cybersecurity budget.

3. Quantum computing advances science fiction and takes a step toward reality

In 2024, quantum computing is a quickly developing technological innovation that promises to completely transform the field. McKinsey estimates that by 2035, the value of quantum computing might be close to $1.3 trillion.

Globant predicts that a large number of businesses will begin to comprehend the potential effects of quantum computing on their operations, but very few will really take action. Applications in domains rich in data and computation, including finance and medical research, are probably going to be the first to show interest and make investments, if they haven’t already.

Moreover, large corporations, startups, governments, and the media are all becoming increasingly interested in quantum computing. The market for quantum computing, estimated to be worth $866 million in 2023, is projected to increase at a compound annual growth rate (CAGR) of 38.3% from 2023 to 2028, reaching $4,375 million.

Businesses have already started offering commercial quantum computing cloud services, including Alibaba, Baidu, Amazon, IBM, Google, and Microsoft. For instance, IBM has created significant projects in this area in collaboration with Quantinuum, EY, the University of Chicago, and the University of Tokyo.

Conclusion

As we conclude our exploration of the key tech trends in 2024, the overarching theme is clear: adaptation is non-negotiable. Businesses that embrace AI, fortify their digital defenses, and explore the potential of quantum computing are not merely surviving, they are thriving in a landscape defined by innovation. The trends of today are the foundations of tomorrow’s successes, and businesses must act urgently to secure their place in the tech frontier of 2024 and beyond. The journey to technological excellence awaits those who dare to embark on it, so contact us to win together!