In the ever-evolving world of technology, staying ahead of the curve is crucial for businesses to thrive. As we approach 2024, it's important to track and analyze emerging trends that will shape the future of industry. From artificial intelligence (AI) to sustainable technology, these trends have the potential to transform the way we live, work, and connect.
Let's explore the top trends that are poised to make a significant impact in 2024.
1. Generative AI
Generative AI, also known as GenAI, is making waves in the tech industry. Thanks to the prevalence of cloud computing and open-source technology, GenAI is becoming increasingly accessible on a global scale. Enterprises are leveraging pretrained models and AI-enabled applications to drive innovation and efficiency. By 2026, it is predicted that over 80% of businesses will have integrated GenAI into their operations, democratizing knowledge and skills in the process.The applications of GenAI are far-reaching. In healthcare, it can facilitate predictive analytics and personalized medicine. In finance, it is transforming investment strategies and risk management. The automation enabled by GenAI is streamlining processes across industries, boosting productivity and accuracy. As businesses embrace GenAI, they must also address the challenges of AI trust, risk, and security management (AI TRiSM) to ensure the responsible and ethical use of these technologies.
2. Datafication
Datafication refers to the process of turning various aspects of life into digital data for analysis and informed decision-making. It's about capturing and quantifying previously non-digital activities, behaviors, and even physical objects, transforming them into structured data that can be used by computers and algorithms.The vast amount of data generated through datafication provides valuable training material for AI and machine learning models, leading to more powerful and accurate applications in various fields. By analyzing individual data from different sources, businesses and services can personalize experiences and offerings, tailoring them to specific preferences and needs. Datafication allows for continuous monitoring and analysis of processes, enabling optimization, predictive maintenance, and even automation in various sectors like healthcare, transportation, and manufacturing. With access to comprehensive data sets, decision-making across industries can become more informed and evidence-based, leading to better outcomes.
3. I-Apps
Intelligent applications (I-Apps) can autonomously adapt and respond based on learned experiences, improving efficiency and user experiences. As the talent landscape shifts and CIOs prioritize attracting and retaining talent, intelligent applications become a valuable asset. By leveraging AI technologies, businesses can bridge the talent gap and enhance workforce capabilities.Intelligent applications have wide-ranging features across industries. In healthcare, they can improve patient care and treatment outcomes. In customer service, they can provide personalized and dynamic experiences. By embracing intelligent applications, businesses can unlock new opportunities and stay ahead in a rapidly evolving market.
4. No Code Solutions
No-code solutions are tools and platforms that allow people to build software applications without writing any traditional code. This means anyone, regardless of their technical background, can create apps, websites, workflows, and other digital solutions simply by dragging and dropping pre-built components, configuring settings, and connecting with existing services.No-code solutions can empower healthcare professionals to create user-friendly patient portals for appointment booking, health record access, and communication. In Retail, they can be utilized to design and create custom e-commerce platforms and online stores, enhancing customer experience. BFSI can create loan applications and customer onboarding platforms, develop internal risk management and compliance tools, and build customer-facing financial planning and budgeting tools seamlessly through no-code solutions.
5. Machine Customers
Machine customers, also known as "custobots," are non-human economic actors that can autonomously negotiate and purchase goods and services. Unlike traditional automated systems, machine customers do not strictly follow predefined rules; they can make decisions based on a variety of factors and can adapt their behavior over time. With the rise of connected products and the Internet of Things, machine customers are becoming increasingly prevalent. By 2028, it is estimated that there will be 15 billion connected products capable of behaving as customers, driving trillions in revenue.Organizations must adapt to this new reality by facilitating the interaction between custobots and their products or services. This may involve creating new custobots or integrating existing ones into their business strategies. By embracing machine customers, businesses can tap into new revenue streams and stay competitive in the digital marketplace.
6. Sustainable Technology
As concerns about environmental impact and energy consumption grow, sustainable technology emerges as a critical trend for businesses. This framework of digital solutions enables organizations to achieve long-term ecological balance and support human rights. Sustainable technology encompasses various technologies, including AI, cryptocurrency, and cloud computing.By adopting sustainable technology, organizations can ensure that their IT infrastructure is efficient, circular, and environmentally friendly. This shift towards sustainability is not only an ethical choice but also a strategic one. By 2027, it is predicted that 25% of CIOs will have their personal compensation linked to the impact of sustainable technology.
7. Augmented-Connected Workforce Strategy
To scale talent and optimize human resources, businesses are turning to the augmented-connected workforce (ACWF) strategy. ACWF leverages intelligent applications and workforce analytics to support employee well-being, skill development, and business results. By providing context and guidance, ACWF enables employees to work more efficiently and effectively.CIOs are recognizing the value of ACWF initiatives, with predictions that by 2027, at least 25% of them will leverage these strategies to reduce time to competency for key roles. The ACWF approach aligns with the changing nature of work and the need for continuous learning and adaptation. As businesses invest in ACWF, they can unlock the full potential of their workforce and drive positive stakeholder impact.
8. Internet of Things (IoT)
Internet of Things (IoT) continues to be prominent and a transformative force revolutionizing various sectors of the ICT landscape. IoT involves connecting everyday devices and objects to the internet, enabling them to collect and exchange data for smarter and more efficient operations. In 2024, the IoT landscape is anticipated to witness widespread adoption, driven by advancements in connectivity, security, and data processing capabilities.The integration of IoT in industries like healthcare, manufacturing, agriculture is facilitating data-driven decision-making, predictive maintenance, and operational optimization. In healthcare, IoT devices are enhancing patient monitoring and healthcare management systems. In manufacturing, IoT enables the creation of smart factories, improving production efficiency through real-time monitoring of equipment and processes. The agriculture sector benefits from IoT-driven precision farming, optimizing resource usage and crop yields. Overall, the advancements in IoT technology contribute to the creation of more interconnected, intelligent, and responsive systems across various industries, shaping the digital landscape in 2024.
9. Breach and Attack Simulation (BAS)
Breach and Attack Simulation is a cybersecurity practice where simulated cyberattacks are run against enterprises’ systems and networks to identify vulnerabilities and weaknesses before they can be exploited by real attackers. BAS is an important tool for organizations to improve their cybersecurity posture and stay ahead of evolving threats. It's not a one-time solution, but rather an ongoing process that should be integrated into overall security strategy.Simulating cyberattacks helps identify vulnerabilities in healthcare systems that could expose patient medical records, financial information, and other sensitive data. By simulating targeted attacks on industrial control systems and intellectual property databases, manufacturers can identify and address weaknesses before their trade secrets are exposed. BAS can be used to test software for vulnerabilities and ensure that patches and updates effectively address identified security risks.
10. Quantum Computing
Quantum computing is a cutting-edge technology that has the potential to revolutionize various industries. By harnessing the principles of quantum mechanics, quantum computers can solve complex problems exponentially faster than classical computers. This has significant implications for fields such as drug discovery, cryptography, and optimization.While quantum computing is still in its early stages, it is gaining momentum. Investments in quantum computing research and development are increasing, and advancements are being made in hardware and software. Businesses that embrace quantum computing can gain a competitive edge and unlock new possibilities in their respective industries.
In conclusion, the emerging technology trends offer exciting opportunities for businesses across various sectors. From democratized generative AI to quantum computing, these trends are reshaping the way we work, connect, and innovate. By embracing these trends and leveraging the power of technology, businesses can stay ahead of the competition and thrive in an ever evolving digital world.
