29 Nov 2023
Navigating the Future: Top 10 Tech Trends That Will Define 2024 | Optimum Consultancy Services

Navigating the Future: Top 10 Tech Trends That Will Define 2024 | Optimum Consultancy Services

What will the technology environment look like in 2024? Embark on a journey into the future as we delve into the top 10 tech trends set to define 2024. From the rapid evolution of artificial intelligence to the growing importance of sustainability, these trends promise to reshape the technological landscape. Join us in deciphering the intricate yet impactful tech developments that await us in 2024.

#1 – Generative AI

After years of research and exploration, 2023 saw incredible breakthroughs in the field of artificial intelligence. Due to the accessibility of free-to-use AI models like ChatGPT and early adoption of AI by major tech players like Google GitHub, the myriad of potential use cases for artificial intelligence has become increasingly enticing to the general public, sparking the imaginations of user bases across an unprecedented variety of industries.

The dawn of generative AI is upon us, marking a paradigm shift in how machines learn and create. 2023 put these revolutionary tools in the hands of users, and 2024 will see the trend continue as businesses begin to push the limits of the AI toolkit, exploring the integration of generative AI and building and refining their processes around the new possibilities it presents.

#2 – Datafication

Contrary to the austere impression of control and certainty given by a crisp, well-defined graph or a concisely written risk/benefit analysis, business has always been messy. The driving force behind any economic shift or market upheaval is human behavior, which is inherently changeable and difficult to forecast—subject to unnumerable external factors. On the micro-level, it may be impossible to consistently and accurately predict the decisions made by a single consumer or the daily ebb and flow in productivity of a single employee. From a higher vantage point and with a broad enough scope, however, patterns begin to emerge. With thoughtful analysis, these patterns give companies invaluable insight that allows them to make informed decisions rather than waiting to react to inevitable external change.

The key to all of this is datafication—a term introduced by Kenneth Cukier and Victor Mayer-Schöenberger in 2013, which they defined as a process that “aims to transform most aspects of a business into quantifiable data that can be tracked, monitored, and analyzed”. While 2023 saw an increased focus on the methodology and ethical implications of data collection, 2024 is set to bring a return to the fundamental questions behind the data itself—from the sea of data available, what matters most and how can that information be best leveraged by each business to drive strategic decisions?

Data is the new currency, and 2024 heralds the era of datafication.

#3 – Robotic Process Automation

While advances in artificial intelligence took the spotlight in the tech world in 2023, robotic process automation (RPA) has quietly advanced alongside its more sensational cousin. RPA presents opportunities for businesses to lighten the load of tedious manual work by automating standard processes, thus simultaneously increasing the efficiency of their workforces and eliminating the element of human error.

The increase in availability of low-code/no-code tools in 2023 has made robotic process automation accessible for businesses without a dedicated technical team. With the concurrent evolution and adoption of AI, 2024 will see the convergence of the two as more advanced AI models become increasingly able to bridge the gap in automation with their enhanced ability to organize and structure data such that an RPA will be able to receive and process it independently. This co-evolution and the lowered barriers to adoption will open countless doors for businesses in 2024 to streamline their operations, enhance productivity, and pave the way for a future where routine tasks are fully automated.

#4 – Edge Computing

Across every industry, the 21st century has seen an exponential and consistent increase in reliance upon technology. Gone are the days of file cabinets with a hefty folder of financial data for each fiscal year; the rise of remote work and vast array of cloud-based tools available have made virtual data storage and processing an inevitability for most businesses. As a result of this rapid growth, the load on servers has increased.

To combat latency and avoid resultant delays, 2023 has seen a rise in the usage of edge computing—a distributed computing framework that allows remote devices to process data at the “edge” of the network, identifying and immediately transmitting only the most important data. Relevant advances in the field of cyber security and an increase in cost-consciousness among business owners signal that edge computing will continue to be significant to the tech world in 2024, allowing business owners to reduce their IT costs while also ensuring faster response times for all company devices, regardless of location.

#5 – Enterprise Blockchain

Brought into the public sphere of awareness with the rise of interest in cryptocurrency, blockchain technology has since been adopted by and adapted to a variety of other uses in the business world. Enterprise blockchain provides benefits such as increased privacy and reduced transaction speed. With cyberattacks on the rise and data security under increased scrutiny, the evolution of blockchain technology is likely to become increasingly attractive to companies as a cost-saving measure that offers additional data safety and increased transparency to business transactions while also reducing the vulnerability of sensitive information by decentralizing its storage.

#6 – Focus on Sustainability

The composition of the average consumer base is changing, and the priorities of companies and consumers alike are shifting greener with each passing year. According to the Harvard Business Review, a clear and demonstrable focus on sustainability in all sectors of business has been proven to increase trust in a company from both its consumers and its employees. And as they say, “trust drives behavior and, ultimately, business outcomes”.

This trend is another that has increased steadily with each passing year, and the coming year will prove no different in that regard. Companies who prioritize sustainability in their business practices and are transparent regarding those efforts will continue to reap the benefits in 2024.

#7 – Quantum Computing

Quantum computing has been on an increasing trajectory of advancement throughout 2023; tech giants and startups alike have invested substantial resources into the resource and development of the field, and this ongoing investment has resulted in discoveries that will pave the way for increasingly capable quantum computers. As humanity turns its attention to increasingly complex problems, technology needs will continue to outpace classical CPU and GPU cores. As research continues to advance, we can expect to see more focus on the possibilities presented by quantum computing in 2024.

#8 – Augmented and Virtual Reality

When augmented and virtual reality initially hit the markets at an attainable price point, their accessibility coincided with the abrupt rise of remote work. Naturally, the first instinct of many companies was to seize upon the possibility of remote community—replicating the face-to-face collaboration of an office environment from the comfort of each employee or board member’s home. As the technology behind AR and VR has advanced and become more reliable, however, additional use cases have emerged.

In 2023, trial and adoption of AR and VR technology in industries such as medical technology, education, and manufacturing have been more widespread and have yielded increasingly promising results. With the first tentative steps into this new field already taken, 2024 promises an increase in exploration and ultimately adoption of augmented and virtual reality.

#9 – Advanced Cybersecurity Measures

As previously stated in this post, data is the new currency and companies are responsible for safeguarding a vast array of different pieces of data—their own proprietary research and development, their own business and marketing plans, the personal and financial information of their employees and consumers, and countless other valuable targets for cyber criminals. The cyber arms race has continued to escalate in 2023, with nearly 1,000 incidents and more than 5 billion records breached before the year has even closed.

2024 will bring further advances in cybersecurity, likely with an increased focus on mobile cyber security and enhancements to existing tools such as multi-factor authentication. Increased access to and adoption of AI will create new possibilities, both for cyber criminals and in the field of cyber security. Keeping valuable data safe will continue to be a top tech priority in 2024.

#10—Low-Code/No-Code Platforms

With more and more work being done in the virtual space and an ever-evolving selection of tools available to automate, organize, and standardize the daily work of employees, the need for tech skills has steadily spread and increased across all industries. It is not always feasible for every business to have a dedicated tech team, however, and in previous years this presented a barrier to access for tools like robotic process automation and AI. The rise in popularity of low-code/no-code platforms was 2023’s solution for this problem.

Low-code/no-code platforms are the middle ground between purchasing a pre-built product with limited customization options and hiring a custom applications developer to build a solution from the ground-up. These platforms provide users with an intuitive interface and comprehensive, versatile toolkit with a lower barrier for entry; they require either minimal coding (low-code) or no coding at all (no-code), which means that businesses can tailor-make and ultimately maintain their own solutions in-house even without a dedicated tech team. The platforms and tools available are constantly being upgraded as technology advances, so in 2024 we can expect to see low-code and no-code platforms continue to empower businesses to roll features like AI and advanced RPA into their own applications.

Navigating the tech landscape in 2024

As we step into 2024, the future is not a distant horizon but a present reality shaped by these emerging tech trends. Embrace innovation, secure your data, and position your business at the forefront of technological advancement. The future belongs to the bold—lead the way into this transformative era.

2024 technology trends navigating the tech landscape through technological advancement | optimum consultancy services