| Introduction | From refining and expanding the use of artificial intelligence to balancing the need for innovation with tight budgets, there are multiple emerging technology trends that businesses need to understand. Here are the technology trends that will dominate 2024, and how businesses can prepare now. |
There is no doubt that the dominant technology trends in 2023 will focus on artificial intelligence, and more specifically, generative artificial intelligence. Looking ahead, as we enter the final quarter of 2023, industry experts say that artificial intelligence will continue to be a dominant trend in 2024, but it is not the only technology-related opportunity or challenge that enterprises can expect in the coming months.
From refining and expanding the use of artificial intelligence to balancing the need for innovation with tight budgets, there are multiple emerging technology trends that businesses need to understand. Here are the technology trends that will dominate 2024, and how businesses can prepare now.
1. Solve potential power grid instability problems
Grid instability is an underestimated risk. The entire tech industry needs electricity. As more demands are placed on the grid, more failures will occur. Businesses need to start preparing now to become more energy efficient and self-reliant in 2024. Business continuity plans for 2024 should probably include power redundancy considerations.
2. Reduce technical debt
Enterprises need to address the increasing complexity of their technology stacks. Complexity increases costs and security risks and inhibits innovation because maintaining legacy systems requires more resources. Instead, businesses need to adopt newer technologies to coordinate business processes across systems and reduce technical debt by identifying ways to integrate systems and applications.
3. Combine artificial intelligence and machine learning
Investing in digital transformation is a technology trend that will remain relevant in 2024. Generative AI is top of mind right now, which could be the catalyst for leaders to start thinking about integrating broader AI and machine learning technologies into their businesses. Businesses that leverage AI technology have the potential to experience significant growth in the coming years.
4. Prepare the team for AI integration
Businesses must focus on the human side of AI integration. Clearly communicating the AI strategy and prioritizing employee success and well-being is key. Investing in skills development and reskilling, as well as embracing flexibility and honesty, builds trust. This approach ensures business success by retaining and advancing talent in the competitive AI-driven era.
5. Ensure the use of artificial intelligence is ethical
Looking ahead to 2024, it’s clear that artificial intelligence will continue to revolutionize the way we approach technology and security. Businesses can prepare by educating developers to leverage AI responsibly and ethically. Considerations include ensuring control of corporate intellectual property when using publicly available large language models, ensuring that code written by AI is accurate and secure, and using trained AI to fix security flaws in code.
6. Chief Information Officers (CIOs) should pay attention to finance
One trend we will see in 2024 is that CIOs will act more like CFOs. A prudent CIO will invest time and effort into optimizing their technology stack to eliminate waste, reduce costs and increase efficiency, and do so without impacting productivity or bogging down the organization. Technology, especially software optimization, will be an ongoing initiative.
7. Prioritize repeatability and scalability
In early 2024, many businesses will be taking a closer look at their budgets. What might have been enough in previous years is no longer valid. Modern enterprises will prioritize repeatability and scalability of data products over flash and one-off insights. Plan for tough economic times and show that you can stay modern without breaking the bank.
8. Accelerate digital transformation
In 2024, digital transformation is expected to accelerate again. We are getting used to the current on-demand economy and the apps we use in our personal lives, which increases our need for consumer-grade technology in the workplace. More innovation will help organizations meet employee needs and streamline operations to recruit and retain employees amid labor shortages.
9. Browse and shop with voice search
In the coming years, we will see more people using voice search to browse and shop. Get ready for the continued emergence of voice technology that allows users to search using their voice instead of keywords. Therefore, it is recommended to add schema markup to the website, including FAQs and conversational writing in blog posts, so that the website is more likely to be selected as the answer.
10. Merge customer-centric marketing and privacy
In 2024, two key trends will intersect: AI-driven, customer-centric marketing and a privacy-first world. Breakthrough solutions will emerge through innovative “anonymous” paradigms in data-driven marketing. AI-powered behavioral models will be seamlessly coordinated with accuracy while respecting individual customer data boundaries. Aggressively delving into this dual-power approach will lead to the best results.
11. Adopt DeFi
Entering the fourth quarter of 2023, the rise of decentralized finance in mainstream applications cannot be ignored. As blockchain develops and user adoption continues to increase, DeFi will redefine banking, lending, and insurance. It is critical for forward-thinking businesses to grasp the complexity and potential of DeFi now in order to stay ahead of the transformative financial landscape of 2024.
12. Embed financial workflows into products
In 2024, companies must start embedding financial workflows into their core products. In the vast majority of B2B and B2C enterprises, including banks, financial workflow forms an absolutely integral part of the system. No business is truly a business if it cannot collect, transfer, and disburse funds while retaining customers. As regulations continue to improve, drag-and-drop financial infrastructure is key.
13. Integrated brain-computer interface
The integration of neurotechnology into a variety of applications through brain-computer interfaces is rapidly advancing, opening the door to new possibilities in healthcare, entertainment, and more. Companies should start exploring how brain-computer interfaces can improve insights and interactions by leveraging brainwave data to enhance user experiences, create innovative products, and potentially revolutionize industries.
14. Use data to generate artificial intelligence
The biggest challenge businesses face when implementing a holistic approach to generating artificial intelligence is data. These models require real-time data from across business functions to unlock value. While many enterprises have piloted generative AI tools, few have begun the data governance and data migration efforts necessary to achieve their long-term generative AI goals.
15. Implement governance and security of artificial intelligence and LLM
The governance and security of artificial intelligence and large language models will become a hot business topic. For example, if the LLM was used to build an HR bot to answer employee questions, there would need to be filters and security measures in place to prevent certain employees from accessing information that an HR representative would never provide them with. So, how do you make sure the robot knows how much your employees and their CEOs are saving in their 401(k)? That’s where the innovations we’ll see in 2024 will be.
16. Protect data access and permissions
It’s no secret that identity is at the forefront of cybersecurity concerns. But by the end of 2023, increasing cybersecurity threats will lead to more action at the smallest level. Enterprises must focus on identity management and find new ways to ensure that access to their proprietary data and the privileges associated with it are proactively protected.
17. Harness the power of 5G
The expansion of 5G networks will pave the way for the development of numerous new technologies and services, as well as the evolution of existing ones. Businesses should be paying attention to the myriad opportunities in the development of IoT devices, digital twins, smart cities, and communications technologies.
18. Fusion of physics, generation and virtual reality
In the fourth quarter of 2023, enterprises should prepare for the transformative trends of generative artificial intelligence and metaverse integration. Enterprises must start laying the foundation for immersive digital environments that blend physical, generative and virtual reality. This trend requires investments in augmented reality, virtual reality, extended reality and generative technologies.
19. Harness quantum computing
Businesses should prepare for quantum computing trends in 2024, which have the potential to transform industries by solving challenging problems faster. Early research into quantum algorithms and collaboration can provide a competitive advantage and lead to breakthroughs and improvements in various fields.
20. Get ready for emotional AI
In the final months of 2023, businesses should start preparing for the rise of emotional AI in customer interactions. EAI will soon go beyond text and speech recognition to recognize customer emotions through subtle cues. Being prepared for this means knowing how to do it in an ethical way, ensuring that emotional engagement enhances the user experience without raising privacy concerns.