2024 tech and business trends — what does the new year have in store?
A new year brings exciting new trends across tech and business. What’s new? Let’s find out!
In today’s newsletter:
Tech and Business Trends for 2024
Here are some business and tech trends we’re expecting in the year ahead.
?? Economic Outlook
A new year always brings excitement in some areas and anxiety in others. One area we’re all concerned about is the economy. What changes can we expect to see in 2024, for better and for worse?
Well, crucially, the economy looks likely to stay slow as the global struggle to recover from pandemic-induced losses continues. According to Reuters, the World Bank recently warned that global growth will remain slow for the third consecutive year.?
According to the World Bank’s Global Economic Prospects report, global GDP is expected to grow by 2.4% in 2024. That’s less than the 2.6%, 3.0%, and 6.2% growth in 2023, 2022, and 2021, respectively.?
?? Consumer spending
In line with those predictions, US consumers are expected to spend less and save more in 2024. That comes after spending increased slightly in 2023’s final quarter, with 0.2% growth recorded in October and a 0.7% gain in September.?
However, Reuters suggests that fears over a potential recession in early 2024 may leave consumers less likely to spend and more likely to grow their savings instead.?
?? Inflation easing
As prices in the US dropped for the first time in over three years in November, the annual inflation increase sank below 3%. That shift improved expectations for a Federal Reserve cut in interest rates in March 2024, and inflation looks set to continue easing in the coming year.?
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??? Consumer trend
Here’s a quick breakdown of expected consumer trends for 2024:?
?? Blockchain tech and cryptocurrency
Blockchain technology and cryptocurrency have gained more mainstream acceptance in the past few years. This area of tech will continue to evolve in exciting ways in 2024.?
Real-world asset tokenization
One example is the ongoing tokenization of assets, which we covered in detail here. There are two main types of tokenization: blockchain and non-blockchain.?
Blockchain tokenization is better suited to assets requiring high auditability and trust. Non-blockchain tokenization is more straightforward and cost-effective for assets that don’t require the same degree of security.?
In 2024, more real-world assets will likely become tokenized and represented as digital tokens on a blockchain or similar type of digital ledger. These may include physical artworks (not just digital artwork), real estate, and virtually anything else with value.?
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Blockchain gaming market growth
The global blockchain gaming market looks likely to keep growing — and could even be worth $614 billion by 2030. The most rapidly expanding category in this market is role-playing games (RPGs), primarily due to the importance of character customization assets.?
These include special weapons, outfits, accessories, and even different characters themselves. Players may be willing to spend big bucks to secure the hottest, most powerful gear.?
CBDCs, Mastercard, and Wallet Express
Central bank digital currencies (CBDCs) will become more prevalent in 2024 and beyond. Major financial organizations, including Mastercard, are exploring CBDCs, bringing the concept to the masses.?
For example, Mastercard has been participating in a CBDC pilot project with the Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Centre (DFCRC) to assess possible use cases in Australia.?
Mastercard has also collaborated with Samsung for Wallet Express, a program that enables banks and card issuers to expand digital wallet solutions efficiently.??
?? Augmented and virtual reality has become even more mainstream
Augmented reality (AR) and virtual reality (VR) are set to reach more people than ever this year. New and updated AR/VR devices (like Apple’s Vision Pro and Meta’s Meta Quest 3/Meta Quest Pro) will likely bring AR, VR, and mixed reality to a much larger user base in 2024.?
These devices have the potential to expand what people believe AR and VR can do. For example, the Meta Quest 3 will include PianoVision, a mixed-reality app created to help users develop their piano-playing skills. Users can practice on a real piano/keyboard or a virtual one, showcasing unique real-life use cases for mixed reality technologies.??
With this increase in AR and mixed reality technologies, companies should look to build web AR experiences that users can access across different devices. Creating web-based AR experiences will promote more widespread accessibility and engagement, whether the software is used for gaming, business, or social purposes.?
What are your predictions for 2024? Leave a comment below and let us know!
?? What’s new on the Cheesecake Labs Blog
Have you seen our recent blog posts?
?? Cheesecake Labs excels with triple Clutch awards
Clutch, the leading marketplace of B2B service providers, recognized Cheesecake Labs as a 2023 Clutch Champion, a Top-Rated Business Service Provider, and Number 29 on the Clutch 1000 list for 2023!
Clutch Champions is Clutch’s latest award, presented to the top 10% of Clutch Global winners. Companies included in the list of Clutch Champions are celebrated for the outstanding results they deliver and their industry expertise.?
We’re so proud of these honors and thankful for our clients and partners who helped us earn them!
?? Introducing the Stellar Lumens (XLM) Cost Estimator tool
Written by Fifo Zatti - Principal Blockchain Engineer at Cheesecake Labs
Cheesecake Labs’ partnership with the Stellar Development Foundation (SDF) has given us the insights to introduce a new tool for blockchain project cost estimation.
The Stellar Lumens (XLM) Cost Estimator is starting life as a spreadsheet with added capabilities coded to cover custom configurations, real-time projections, user-friendly design, and future-proofing — all while helping businesses and developers estimate the costs involved in potential blockchain projects.
? Our latest 5-star review
"Cheesecake understood the goal of the project very quickly and required minimal feedback throughout the life of the project. The deliverables were buttoned up and transparent which gave us comfort throughout the proces."
A recent 5-star Clutch review, from a US-based class action law firm showcases Cheesecake Labs’ commitment to outstanding results.?
Our experts designed the UI/UX for the law firm’s mobile app. We also provided development for the Android and iOS launch, a CMS, and a landing page. All of which were crucial to a positive user experience.?
The client praised our communications, our ability to understand the objectives quickly, and the minimal level of feedback required. Check out the full review on Clutch to find out more.
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