Today's technology is evolving very fast; however, technology trends and new technologies are not only evolving but are changing.
2024 marks an important milestone in technology, with a convergence of technological innovation, ethical considerations, and changing business needs expected to reshape the foundations of how we understand and use data. The digital-driven world is undergoing a profound transformation.
As the year ends, it is time to check our top 6 tech trends to watch In 2024.
1. Generative-AI
Generative artificial intelligence may seem obvious to start with, but it has
become arguably the most influential technology.
We have only seen its first steps, and 2024 will be when we start seeing its full potential. Additionally, we are likely to see a focus on democratising knowledge and training across business roles and functions, as well as technology areas.
Generative AI is a cutting-edge technology that revolutionises industries by enabling machines to create content similar to what humans create. It covers a wide range of applications, from text creation to image synthesis to music composition. One of its greatest strengths is that it can easily learn patterns and structures from existing data and then use the accumulated knowledge to generate new ones.
Generative AI raises potential and ethical dilemmas. Despite its ability to encourage creativity and facilitate problem-solving, there are also concerns about content creation, privacy violations, and potential abuse. As a result, experts and policymakers are actively working to find a path that balances AI innovation with effective regulation.
2. Quantum Computing
Quantum computing is a form of computing that takes advantage of 'quantum phenomena such as superposition and entanglement'. It is a technology that has the potential to optimise investment strategies and encryption or discover new products in unseen timeframes.
The significant differentiating factor of this trend is that quantum computers are much faster than regular computers, which is why large organisations such as Microsoft, AWS, and Google are putting a lot of effort into this field.
This cutting-edge field of computer science and physics that leverages the principles of quantum mechanics helps organisations across industries with certain types of calculations far more efficiently than classical computers.
Although in its stage, quantum computing holds immense potential for tackling complex challenges in data analytics. We can expect a rise, in testing and research in this field and a lot of industries, such as medicine development.
3. Smart(er) Devices
Artificial intelligence plays a vital role in making our world smarter and smoother. It’s not just about simulating humans, we go one step further to make our lives stress-free and easier. With data scientists working on AI-powered home robots, home appliances, work devices, wearables, and more, these smarter devices and apps are here to stay in 2024 and beyond!
By integrating data from transactions and external sources, smart applications can provide insights into the applications business users are already using and add predictions or recommendations through artificial intelligence, allowing applications to be tailored to users, resulting in better results and data-driven decision-making.
4. Datafication
Data is no longer just a resource, but an integral part of industry and society. Is one of the most valuable assets for an organisation, if used right it can be the differentiating factor against the competition and a key to making more effective business decisions with a significant impact on the organisation’s success.
So, Datafication is the modification of human tasks into data-driven technology, such as smartphones to office applications, which need to be stored correctly and securely.
A Data-Driven strategy helps organisations create a new customer experience, accelerate operations, and capitalise on new market opportunities, as well as the agility to adapt when the unexpected happens.
5. Artificial Intelligence (AI) and Machine Learning
AI has already received a lot of attention over the last decade, but it continues to be one of the hot topics of new technology trends due to its remarkable effects on how we live, work and play. It is already known for its superiority in image and speech recognition, navigation applications, personal assistants, smartphones, applications and much more. ML, the subset of AI, is also being deployed in all industries.
In the coming years, we expect to see these tools provide organisations with an increasingly accurate picture of their target audience that they wouldn't be able to see with human analysis alone. They can see detailed preferences and behaviours, as well as predictions for future business outcomes, analyse interactions to determine connections and underlying insights, help predict demand for services such as hospitals, allowing to make better decisions about the use of resources, and detect changes in customer behaviour patterns, analysing data in almost real-time, generating revenue and enhancing personalised experiences.
Organisations are using AI/ML to automate processing, filtering, cleaning, analyse big data and create actionable insights faster than ever.
AI solutions can automate around 70% of all data processing work and 64% of data collection work. ML can automatically identify patterns in data, make predictions, and create decision-making algorithms.
These automated solutions are a valuable asset in big data because nearly 40% of organisations say they are not confident they will be able to handle the flux of big data of the future.
In 2024, the responsible use of data and ensuring the transparency and fairness of AI-based algorithms will be fundamental. With the growing reliance on AI and machine learning, it is essential to address biases and uphold ethical standards.
6. Cybersecurity
It's difficult to say that cybersecurity, data privacy and data security are trending topics, as they have always been popular, but they are evolving just like other technologies, and because the threats are constantly new.
With the sudden popularity of generative AI and the increase in data collection, organisations are questioning how to use their data, whether to use it and how to use it safely. Most of them will take the safe route, choosing to be more restrictive with data rather than risk fines. However, being too restrictive will hamper their ability to act quickly and generate revenue from the data.
As cyberattacks and data breaches continue to be a concern, organisations will need to strengthen their data governance frameworks, not only protecting sensitive data but also ensuring that data is used in compliance with privacy regulations, such as GDPR. Organisations will invest in strong security measures, advanced encryption and access control to protect their data.
Cybersecurity is no longer just a priority, but an absolute necessity. IT leaders must take a pragmatic, systemic approach to continually adjust cybersecurity optimisation priorities. This is best achieved through basic steps such as using encrypted services, training and raising employee awareness, conducting testing, creating and updating protocols and software, and validating compliance and governance.
According to Gartner, by 2025, 60% of organisations will use cybersecurity risk as a primary determinant in conducting business transactions and engagements with third parties.
That wraps up our list of the top six trends.
To navigate this complex and exciting landscape, organisations must delve into the transformative trends that will define 2024 and beyond. Organisations across industries are already realising the tangible business benefits of these trends, such as increased efficiency, accelerated insights and better customer targeting.
Whether you are looking for a specific innovative model to optimise your business or you want to implement a complete digital transformation, at Passio Consulting, we are always attentive to new technological trends. We offer a wide range of solutions for all types of businesses and can help you find the one that best suits your needs.