As we approach 2024, the fast pace of technological advancement continues to reshape our world. Each year marks the evolution of existing technologies and the birth of new technologies that disrupt the economic landscape. This year, we witnessed the rapid growth of artificial intelligence, propelled by ChatGPT. In less than three months after its launch, ChatGPT recorded 100 million users. For businesses, there is the need for an effective digital transformation strategy to adapt to these tech trends.
In this ever-changing digital landscape, technology trends will emerge as innovation continues to be at the forefront. 2024 is not immune to this development. Therefore, we have compiled the top 5 tech trends you should look out for in 2024.
Artificial Intelligence
There was an undeniable explosion of artificial intelligence in 2023. Every sector, business, and individual has become a beneficiary of the innovations in artificial intelligence and machine learning algorithms. According to Grand View Research, the artificial intelligence market is projected to grow at a CAGR of 37.3% from 2023 to 2030. Evidently, the future of technology in 2024 will continue this trajectory with even more advanced and specialized AI applications. Two specific areas of AI – Generative AI and Conversational AI – are expected to see significant expansion and refinement.
In 2023, organizations saw the potential of Generative AI, such as ChatGPT, in producing original content, including text and images. Generative AI is applied in various industries; in healthcare, it is used to enhance patient experiences and analyze large data sets. In supply chain optimization, Generative AI is used to identify patterns and trends and forecast future insights. In 2024, Generative AI is set to become even more sophisticated, enhancing its capabilities in automating complex creative processes, thereby saving time and resources.
Conversational AI, on the other hand, is making a profound impact in the e-commerce, healthcare, and banking sectors. This technology, which powers chatbots and virtual assistants, is becoming increasingly adept at understanding and responding to human speech in a more natural way. In the healthcare industry, this has remarkable implications. Conversational AI can assist in transcribing patient experiences and encounters. Gartner reports that the use of conversational AI by enterprise organizations will increase by 40%, up from 5% in 2020.
In 2024, we will see great advancement in natural language processing and machine learning, which will enhance organizations' processes and streamline workflows to be more efficient.
Cybersecurity Growth
In 2023, various cybersecurity attacks and breaches across healthcare, universities, and transportation sectors were a stark reminder of the growing cyber threat landscape. Although the rate of attacks has gradually slowed down as companies implement necessary measures, there is still an urgent need to invest heavily in advanced security technologies to protect companies from emerging threats.
A 2024 tech trend will include the growing importance of Internet of Things (IoT) security, particularly due to the expanding network of connected devices. There will be growth and development of more robust, standardized security protocols for the IoT devices. The aim is to secure the vast and diverse IoT ecosystem, which is often seen as a vulnerable entry point for cybercriminals.
In 2023, about 72% of businesses experienced ransomware attacks, highlighting the widespread nature of this threat. Cybersecurity Ventures reported that the global annual cost of cybercrime is predicted to reach a staggering $10.5 trillion by 2025. This indicates a significant increase from previous years, reflecting the frequency of cyberattacks.
With this technology trend, organizations should strengthen their cybersecurity investments and enforce effective strategies. In collaboration with this, companies should focus on building a culture of security awareness among their employees. This includes regular training on recognizing and preventing cyber threats, alongside the adoption of best practices in data management and network security.
Green Coding
Another IT trend that we foresee in 2024 is sustainable coding. Green coding, also known as sustainable coding, is the practice of developing software applications with minimal environmental impact and energy consumption. It includes coding for efficiency, reducing computational power and energy consumed by servers and data centers. Many technology companies are seeking ways to ensure sustainability while innovating. This ranges from the manufacturing of software products to building software applications. For example, Meta has committed to reaching net zero emissions by 2030, and IBM is working towards reducing its pollution and minimizing climate risks, aiming for net zero greenhouse gas emissions by 2030.
One of the major technology investments companies have prioritized is reducing their carbon footprint by adopting eco-friendly software engineering practices, and this is becoming a major conversation for software engineering teams and CIOs.
Companies are increasingly considering the entire lifecycle of their software products, from design to disposal. As a matter of fact, 75% of consumers are more likely to purchase a sustainable product, with about 71% of consumers searching for sustainable products.
As a major tech trend in 2024, this will influence all areas of the software development team. For software engineers, this means a shift in mindset – from merely focusing on functionality and user experience to also considering the environmental impact of their code. For CTOs and senior leads, there will be the need to constantly research and develop strategies on how the development team can adopt more eco-friendly practices throughout the product development lifecycle.
As this trend gains momentum, we can expect to see more innovations in software development that align with environmental sustainability goals.
Read more: Green Coding: How Sustainable Software Engineering Is Combating Climate Change
Software Development in 2024
The year 2024 is anticipated to be significant for the growth of software development, driven by several key factors. Firstly, the increasing adoption of advanced technologies such as AI, machine learning, and cloud computing is creating new possibilities and complexities in software development. This trend allows developers to constantly innovate and evolve their skills.
Many organizations require expert machine learning (ML) and artificial intelligence engineers who understand the industry and can deliver high value quickly. The demand for ML/AI engineers is set to increase by 40%40% from 2023 to 2027. Besides ML/AI engineers, the desire for software developers and DevOps engineers will continue to rise. In fact, the U.S. Bureau of Labor StatisticsU.S. Bureau of Labor Statistics expects a 26% growth in the demand for software developers in the next 10 years. To reduce the talent shortage and lengthy recruitment times, forward-thinking companies will opt for staff augmentation services and partner with software development vendors.
The importance of mobile app developmentmobile app development is also expected to continue its upward trajectory. With the ubiquity of smartphones and the growing reliance on mobile applications for everyday tasks, there is a consistent demand for mobile developers who can create engaging, intuitive, and reliable apps.
Also, many software development teams will seek more ways to leverage AI in their process, either through code generation, testing, bug fixing to enhance productivity and reduce the time to market for software products.
The growth of software development in 2024 will be shaped by a blend of technological advancements, market demands, and a shift towards more sustainable and efficient development practices to enhance customer experience.
Industry Cloud Platforms
In 2024, industry cloud platforms are set to grow rapidly, marking a significant shift in how businesses approach cloud computing. These platforms differ from traditional cloud services by offering specialized solutions tailored to specific industries, such as healthcare, finance, manufacturing, and retail. This trend is driven by the need to address unique industry challenges and requirements, such as regulatory compliance and operational efficiencies.
One of the key benefits of these platforms is their ability to provide businesses with customized applications that are pre-configured to meet industry-specific needs. This level of customization enables companies to utilize cloud technology more effectively, fostering innovation and improving operational efficiency. For example, in healthcare, these platforms can enhance patient data management and support telemedicine initiatives. In manufacturing, they can streamline supply chain management and enable predictive maintenance.
The increasing volume of data generated by businesses is another factor fueling the growth of industry cloud platforms. Equipped with advanced analytics capabilities, these platforms empower companies to gain deeper insights into their operations, customer behavior, and market trends. Such data-driven approaches are crucial for informed decision-making and maintaining a competitive edge.
Incorporating emerging technologies like AI, IoT, and blockchain, these platforms are becoming more sophisticated, broadening their capabilities and applications. The integration of these technologies allows for more innovative solutions, such as AI-driven data analysis and IoT-enabled monitoring.
With cloud platforms, companies can now scale up or down according to business demands. This flexibility is essential in today's dynamic business environment. The projection of the 2024 tech trend towards industry cloud platforms is also a reflection of the broader push for digital transformation across all sectors. Businesses are increasingly looking to modernize their IT infrastructure, and these platforms offer effective methods to improve digital transformation while addressing the specific challenges of each industry.
The growth of industry cloud platforms in 2024 is indicative of a move towards more personalized, efficient, and industry-specific cloud solutions.
Conclusion
2024 is just right around the corner and it's clear that these top tech trends will significantly shape organizational processes and software products. The emergence of Industry Cloud Platforms, coupled with advancements in AI, particularly in Generative and Conversational AI, is set to redefine the tech landscape. Additionally, the increasing focus on cybersecurity, software development, and green coding practices will drive innovation and demand a more agile and responsive approach from businesses. At Devsu, we have mastered the art of helping companies build quality software solutions and providing the right tech talent to augment in-house development teams. Let's help you boost your software projects in 2024, while you focus on your core business objectives. Contact us today!