It is very important to consider what the main technical and business trends will be in the coming year. This helps startup founders, corporate executives and investors know which trends may influence their business decisions.
Let’s look at the 10 emerging trends for 2024.
Trend 1: Generative A.I
We expect generative artificial intelligence (A.I.) to be one of the most interesting technological innovations in 2024. Gartner projects A.I. will generate 10% of all data by 2025 – making 2024 a big growth year.
Recent developments in the sector include the launch of OpenAI’s ChatGPT in late 2022. Strong earnings from Nvidia fueled a surge in investor interest in A.I. generating and the company’s stock price rose dramatically. In 2023, tech corporations focused on generative A.I. have significantly outperformed the broader market.
Microsoft, Nvidia, IBM, AMD, Google, Meta, Amazon, Alibaba, Baidu, ServiceNow, Intuit, Adobe and Salesforce are some of the major public companies that have made great strides in this space. Startups such as OpenAI, Hugging Face, Anthropic, Cohere, AlphaSense, Gong, Jasper, C3 AI, DeepMind, Databricks, Synthesis AI, Stability AI, Lightricks, Glean and Inflection are the leading new companies in this field.
Technological breakthroughs have the potential to bring sweeping changes to the economy. In fact, Goldman Sachs reports that generative A.I could increase global gross domestic product by 7% in the next 10 years, having a huge impact in business and society.
Trend 2: Sustainable Technology
Another key trend in 2024 will be the next evolution of sustainable technology. This includes clean technology, green technology and climate technology. As one of Gartner’s top strategic technology trends for 2024, sustainable technology is a framework for digital solutions that drive environmental, social and governance (ESG) outcomes.
Harvard Business Review reports that saving the earth from ecological catastrophe is a $12 trillion opportunity. Looking at the Sustainable Development Goals in 2024, sectors expected to be at the top include waste recycling, electric vehicles, sustainable home and business construction, green and clean energy, green agricultural technology and carbon capture.
Trend 3: Cyber Security
Research suggests that 1 in 2 businesses have been the victim of a successful cyber attack in the past three years. Cybersecurity Ventures expects the cost of cybercrime to reach $10.5 trillion by 2025, showing the extent of this problem for businesses.
In the face of this rapidly growing threat, technology solutions designed to strengthen defenses and give us a fighting chance are high on every organization’s must-have list. Cyber threats are becoming more sophisticated, so the competition to bring new solutions using new technologies like A.I. in the market is intensifying.
We will likely see the emergence of strict cyber security regulations across the globe. As governments and major entities intervene more than ever, companies will have to navigate a complex maze of regulations in their efforts to strengthen their defense mechanisms. 2024 will be a year in which technological advances in cyber security will be deeply intertwined with regulatory, human and A.I.-driven perspectives.
Trend 4: Quantum Computing
Quantum computing has long been the subject of science fiction, and in 2024 it will become a reality. This emerging technology has the potential to transform computing as we know it, enabling us to solve complex problems at a speed and scale previously unimaginable. According to Fortune Business Insights, the quantum computing market is projected to grow from $928.8 million in 2023 to $6.5 billion by 2030, with a CAGR of 32.1 % during the forecast period.
Trend 5: Automation
Looking to 2024, industrial automation will continue to grow and innovate, driven by the convergence of the Internet of Things (IoT), edge computing, A.I, machine learning and 5G/6G. In 2024, we can expect more predictive maintenance, real-time monitoring, connected shop floors, automated inventory control, real-time data analysis for logistics optimization, and demand forecasting with A.I. algorithms. . Artificial intelligence, robotics, optimized logistics, simplified transportation and workflow automation will reduce timelines as well as costs. Innovations in supply chain management technologies, such as paperless shipping documents, will speed up the flow of goods and lower costs.
UiPath, Salesforce, ServiceNow, Cognizant, DocuSign and SAP are some of the major companies that have contributed to workplace and business automation. We believe that this dominance will continue in 2024.
Trend 6: Web 3.0 and the Metaverse
In 2024, Web 3.0 will gain further traction, paving the way for new technologies, especially the metaverse and other virtual worlds built for gaming, social interaction, and business. Web 3.0 will drive rapid adoption of the metaverse across businesses as users demand a more personalized and rewarding online experience.
In 2024, the digital frontiers of the metaverse, virtual reality (VR), and augmented reality (AR) are poised for transformative advances. Driven by advanced and affordable headsets, the VR and AR sectors are set to expand; meanwhile, the metaverse, a shared virtual collective space, is expected to redefine digital interactions.
Trend 7: Autonomous Vehicles
Autonomous vehicles, one of the most exciting emerging technologies, are set to further transform transportation in 2024. By eliminating the need for human drivers, autonomous vehicles have the potential to improve safety, reduce traffic congestion, and increase mobility for millions of people.
In 2024, we expect to see autonomous vehicles further advance in sensor technology, machine learning and connectivity. This will enable vehicles to navigate complex environments and interact with other vehicles and infrastructure in real time, paving the way for a future where driving is no longer the norm.
One of the most promising applications of autonomous vehicles is in the field of mobility services. By providing on-demand transportation that is safe, efficient, and cost-effective, autonomous vehicles can help improve accessibility and mobility for people currently underserved by traditional transportation systems.
Companies leading global technology in this sector include Tesla, Rivian, Zoox, May Mobility, Momenta, Pony.ai, General Motors, Nvidia and Waymo (acquired by Google).
Trend 8: Development of 5G and 6G network technology
During 2024, 5G and 6G network technology is expected to evolve and change the business landscape. A key factor is that the revised IEEE standard is expected in May 2024. It will provide device manufacturers with design specifications to regulate interoperability and performance. It is important to note that 6G is not yet a working technology. While some vendors are investing in the next-generation wireless standard, industry specifications for 6G-enabled products remain years away.
But 5G networks are enabling faster and more reliable connections. These are the latest generation of wireless technology, offering faster speeds, lower latency and more reliable connections than in the past. With the ability to handle massive amounts of data at lightning-fast speeds, 5G networks have the potential to revolutionize the way we use technology.
Trend 9: Biotechnology
Biotechnology is an emerging field that combines biology and technology to create new products and processes that improve our lives. From healthcare to agriculture, biotechnology has the potential to revolutionize industries and solve some of the world’s greatest challenges. In 2024, we can expect biotechnology to become even more advanced, in areas such as gene editing, synthetic biology and personalized medicine.
We expect several areas of biotechnology to grow in 2024, including personalized medicine, gene editing and Crispr diagnostics, machine learning and A.I., stem cell technology, tissue engineering and bioprinting, big data and research medicines.
In addition to healthcare, biotechnology can transform industries such as agriculture and energy by developing new crops and fuels that are more efficient and sustainable. It is clear that biotechnology will become an increasingly important technological trend, offering new solutions to some of the world’s greatest challenges.
Trend 10: Human-Machine Interaction
Many experts believe that human-machine interaction (HMI) is redefining people’s relationship with technology. It is an emerging field that aims to create more intuitive and natural ways for people to interact with technology.
By combining advances in A.I., machine learning and robotics, HMI has the potential to transform the way we use technology and improve our daily lives. In 2024, we can expect HMI to become even more advanced, in areas such as natural language processing, gesture recognition, and brain-computer interactions. This will enable HMI to become more natural and smooth, providing more intuitive and responsive user experiences.
What is expected next?
We recommend that startups, corporations and investors focus on these emerging trends in the coming year. It will be interesting for us to see what happens next and how these trends will affect our short and long term business decisions.
Ideally, understanding these will help us make our respective businesses more successful than ever.