What are the top emerging technology trends dominating 2024?
2024 marks a new year, and with the new year we look to embark on growing technologies (beware, some are terrifyingly true!) this year and the impact they have had on a variety of industries.
In this blog, ClimbUK touches on the brightest technologies that innovators, entrepreneurs and thought leaders should be aware of. Before we delve into every technology here is our prediction for the biggest technology trends that will flourish in 2024:
Generative-AI
Smart Devices
Quantum Computing
Virtual Reality and AR (Augmented Reality)
5G
Digital Trust
1. Gen-AI (ChatGPT, Google's Gemini)
There is no doubt that Generative AI (or Artificial Intelligence) is all the craze right now. With OpenAI's tool GPT-4 and Google's tool Gemini there seems to be an arms race for who comes on top in the Generative-AI race.
This could be quite worrying to people who work in industries where AI is heavily discussed. Nasdaq stated that Generative AI agents could expose up to 300 million full-time jobs!
The rise of automation and factoring in the cost of living crisis has been a popular choice for many businesses, with Deloitte mentioning that there has been a 30% adoption of Gen-AI, it seems that businesses are getting onboard.
People will soon come to realise the potential Generative-AI brings, and how it helps everyday life with improved efficiency and productivity. While regulation is still an ongoing process, especially in Europe people will soon to come to realise that AI allows you to focus on being more creative and streamlining your work.
2. Smart Devices (IoT)
IoT, or Internet of Things has become increasingly popular over the years. In a large ongoing study by Mordor Intelligence, IoT has seemingly taken over 35% of manufacturers and the industry looks to grow to 27 billion by 2025 and 50 billion by 3030! But why is that? Let's look into a few factors.
Cost Reduction
IoT components including sensors, connectivity modules etc are becoming increasingly cheaper so it becomes a viable solution for many businesses to implement at a wider scale.
IoT is thriving in wide-scale industries
McKinsey & Company stated that in large settings such as manufacturing and healthcare, IoT will benefit massively from with a potential of 26% by 3030 so it seems that it's becoming even increasingly popular amongst B2B companies who want to streamline their processes.
3. Quantum Computing
One of the most exciting emerging technology trends to look out for in 2024 is quantum computing. Quantum computers harness the power of quantum mechanics to perform calculations at speeds and efficiencies that far surpass traditional computers. Looking at Glimpse, Quantum Computing has grown over 18% in the past year
As quantum computing technology continues to advance and become more accessible, businesses will need to adapt to this new computing paradigm to stay competitive. Investing in quantum computing research and development could provide companies with a significant edge in the market and open up new opportunities for innovation and growth.
In 2024, we can expect to see more companies exploring the potential of quantum computing and incorporating it into their operations. As this technology becomes more mainstream.
4. VR and AR (Virtual Reality / Augmented Reality)
Virtual Reality and Augmented Reality in 2024 feels like a catch-all terminology but they both have something in common: a new way to immerse yourself. The newly-launched Apple Vision Pro is a testament that big brands are now investing in new and innovative to experience life. Sony already has B2C VR covered with their PlaystationVR 2, but just last month they debuted a new, creation focused VR&AR device aimed squarely at the B2B market.
AR allows you to create immersive and interactive real-life experiences in a completely new way of visualisation. The way we learn, shop, digest entertainment and navigate is changing - and it's time companies begin to adjust and pivot!
For educational purposes, Augmented Reality / Virtual Reality is an attractive consideration for B2B companies too, even though massive DTC (direct-to-consumer) brands like Apple are taking the storm. Think of hospital training - there are many ways you can use augmented reality in this context:
Patient Education
Surgical Assistance
5. 5G Technology
According to the telecommunications company, Ericsson 5G network subscriptions will reach 4.4 billion by the end of 2027 and it's no doubt that 5G is becoming even more important in markets such as IoT with 5G driving a potential $483 billion by 2027
For companies who invest heavily in tech, 5G is an area where there is massive growth potential. If you work in Manufacturing for example, with the low-latency 5G boasts this helps with sensors and other robotic control systems in factories. What does this help? Improved workflows, processes and better data through the capacity increase vs 4G allows for more real-time adjustment to your business.
6. Digital Trust
Digital trust has been one of the biggest crazes since the explosion of generative AI. A survey by ISACA found that 77% of respondents are afraid of misinformation when it comes to AI which can pose real-life threats to everyday society.
With the recent innovation of Sora, OpenAI's new innovative text-to-video model, questions may definitely be raised on the potential use of the model. Possible scenarios where AI are 'deepfaking' videos that can be largely spread on social media creating fake hysteria. It leaves a big asterisk around AI which people are becoming more aware of.
But what are some ways tohow can we combat this?
Focus on using AI responsibly
Using generative AI needs to be ethical. If you work in an industry where there areis a ton of datasets, efforts need to be donethere needs to be an effort to protect this data to avoid any potential harm.
Mitigate misinformation as much as you can
If you are in an industry where data can be scrutinised - let's think of publishers or news, adding in fingerprint techniques such as reader policies, and misinformation flagging can help build more digital trust.
Digital Trust is an obstacle many companies need to overcome, it's even resulting in many publishers turning away from using and collaborating with AI, it's definitely an area of digital to keep our eyes peeled open for.