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Technology trends 2024: A glimpse into the future

Technology trends 2024: A glimpse into the future

Tech trends

2023 is coming to a close so it’s that time of the year where we look ahead to the future to see what is on our technology horizon.  

Digital transformation is a journey, not a destination, and 2024 is poised to be another promising chapter, continuing the breakthrough trends we have seen in 2023 and marking transformative innovations that shape the future of how we work, live and interact with the digital landscape.  

Let’s delve into the unfolding technology trends 2024 to explore what companies should focus on in the new year.  

Generative AI - Not just a one-off hype

Generative AI, a branch of AI that creates new content, has been a game-changer for both businesses and consumers in 2023. This technology is not new, but it became widely popular in 2023. As the new year is coming soon, generative AI will remain one of the most influential technology trends in 2024. 

Leveraging generative AI in our daily lives 

Gartner predicts that by 2024, the use of embedded conversational AI in enterprise applications will reach 40%, which is an increase of 35% since 2020. As this trend grows, businesses will have to adapt fast in 2024 to the immense potential of AI. As companies gear up for the new year, the focus isn’t just as simple as adopting AI, but how to yield tangible business outcomes and ROI. A few use cases are: 

  • Enhanced customer services and support: The implementation of AI-driven chatbots, such as NashTech’s BonBon, can help businesses provide instant assistance to their customers, answer FAQs, execute basic tasks and direct complex queries to human agents, thus enhancing customer support.  
  • Efficient document processing: The intelligent assistant can access business documents, index the content and perform multiple tasks such as downloading documents, storing files, and reviewing and analysing documents so that human agents can have more time on core responsibilities and critical tasks, thus increasing operational efficiency.  
  • Optimised logistics and supply chain management: Businesses can utilise AI to manage their inventory, predict stock and storage levels, optimise routes using analytics and plan capacity based on analysed patterns. 

Instead of worrying about AI dominating, displacing, or harming humans, businesses should embrace AI as a beneficial ally, not a hostile enemy. 

To explore more how generative AI can transform your business, read our latest eBook. 

Tackling privacy and compliance concerns

AI has many benefits, but to progress responsibly, businesses will reevaluate their relationship with this technology in 2024, especially as privacy and compliance issues increase. In our 25th Digital Leadership Report, while regulating AI is the top concern (41%) for generative AI implementation, more than a third of digital leaders are concerned about data privacy as an issue for implementing this technology.  

To address this issue federated learning will again take centre stage in 2024. Federated learning is a distributed learning technique that enables multiple users to collaboratively train a machine learning model without sharing their private data. The model is trained on each user’s device, and the updated model parameters are sent to a central server for aggregation. This approach is particularly crucial in sectors like healthcare and finance, where sensitive data must be protected.  

Also, governments from countries around the world have been intensifying efforts to develop legislation and regulations on AI technology usage. In the coming years, it is foreseeable that AI will be regulated, fully or to some extent. For instance, in the EU, the use of AI will be regulated by the AI Act, which is still under discussion and negotiations at the time of writing. 

The rise of quantum computing

Quantum computing is a rapidly emerging technology trend in 2024 that is set to revolutionise the technology landscape. According to McKinsey, it is predicted that quantum computing could account for nearly $1.3 trillion in value by 2035. 

In our Digital Leadership Report, quantum computing seems to be sparking interest with just over one in ten digital leaders actively considering its use, and more than 100 respondents, mainly in the technology and banking sectors, are currently implementing a project. Much of the current excitement in quantum computing involves ‘quantum-as-a-service’, known in short as QaaS. 

Use cases of quantum computing

As classical computers face limitations in solving complex problems, quantum computing harnesses the laws of quantum mechanics to process information in entirely new ways.  

For sure, quantum computing is not going to change every job that we use computers for, but this paradigm shift promises unprecedented computational power, enabling breakthroughs in computational-heavy fields like cryptography, meteorology, drug discovery and optimisation problems such as traffic flow through large cities.  

A few use cases include: 

  • Pharmaceuticals: In R&D, for example, new drugs take an average of more than ten years to reach the market after discovery. Quantum computing could make R&D dramatically faster, more targeted and more precise by making target identification, drug design and toxicity testing less dependent on trial and error and therefore more efficient. A faster R&D timeline could get products to the right patients quicker, improving more patients’ quality of life.  
  • Automotive: Quantum computing can transform the automotive industry by improving various aspects, including R&D, design, supply chain management, production, and traffic management. It could be applied to reduce costs associated with the manufacturing process, streamline operations, and optimise complex multi-robot processes such as welding, glueing and painting. 
  • Finance: Quantum computing’s specific use cases for financial services can relate to targeting and prediction, trading optimisation and risk profiling. For example, in risk assessment where multiple variables are required to be analysed simultaneously – a challenging task for traditional computers because of their linear processing capabilities – quantum computing can help reduce computation time, accelerate the process and enhance accuracy. 

Sustainable tech solutions take centre stage

In 2024, sustainable technology will continue to take centre stage as countries and companies continue to work on achieving net-zero commitments. As climate change concerns intensify, the shift towards sustainable technology is evident in the development of renewable energy solutions, green data centres and carbon-neutral practices. Today, more eco-friendly and sustainable methods are among the rising technology trends 2024. 

Technology giants are embracing green technology making significant strides towards sustainability and net-zero commitments. For instance, Apple has planned to make all of its products carbon neutral by 2030 while Google has set a goal of achieving net-zero emissions across all their operations and value chain by 2030, supported by an ambitious clean energy goal to operate its offices and data centres on 24/7 carbon-free energy. 

Businesses are demanding technological innovations that not only provide cutting-edge functionality but also minimise environmental impact. This trend reflects a growing awareness of the role technology could play in addressing global challenges and fostering a more sustainable future. 

The role of technology in achieving sustainability

Technology plays a paradoxical role in the history of climate change: as both a problem and solution. Data centres and cloud services are power-hungry and emissions from end-user devices are even worse.  

Despite this, technology has a massive part to play in delivering sustainability. Nearly half (47%) of our surveyed respondents in the Digital Leadership Report recognised that technology is crucial to sustainability and has an extensive role to play. 

A few trends that are coming its way include: 

  • The use of alternative and renewable energy such as solar and wind power. Other alternatives, such as geothermal and tidal energy, have yet to be deployed at scale
  • The rise of electric and hydrogen-powered vehicles to reduce automotive emissions
  • Leveraging carbon capture technologies that seek to remove and sequester greenhouse gases. The technology helps separate CO2 emissions from the process and then transports the compressed CO2 to a suitable geological location for storage
  • Using AI-powered tools, intelligent technologies and analytics to help optimise operations and adopt greener logistics practices
  • Adopting eco-friendly products and solutions as customers continue to become more environmentally conscious. According to a Deloitte’s finding, one in ten consumers will make a purchase decision based on the data showing companies’ efforts in fighting climate change and standing for sustainability. This not only enhances the brand image but also fosters customer loyalty. 

Our thoughts

As we reflect on the emerging technology landscape, it becomes evident that we are standing on the cusp of a transformative era. The convergence of the technology trends 2024 opens doors to possibilities that were once confined to the realms of science fiction. These trends paint a picture of a future where innovations in technology not only push the boundaries of what is possible but also address pressing global challenges. 

As we move forward, the year 2024 is not just a milestone in technological progress; it is a testament to our ability to innovate responsibly and shape a future that benefits humanity as a whole. 

To learn more about the NashTech approach, contact us to discuss how we can help prepare your business for the year ahead! 

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