Five Tech Trends for 2024 that Every CXO Should Know About

In my final blog of 2023, I’d like to look ahead to the top tech trends for 2024. Some of the technologies I’ve covered this year – like generative AI, cyber resilience, and sustainable technology – are sure to remain hot topics going forward. So, companies looking to fuel innovation and respond to customer needs will need to integrate these into their business plans.

But other technologies are also gaining traction. As I see it, there are five major tech trends that CXOs should keep an eye on in 2024: industry cloud platforms, intelligent applications, software platform engineering, quantum computing, and machine customers. Let’s take a closer look at each of these.

Industry Cloud Platforms: Made-to-Measure Support for Sector-Specific Needs

Tailored to the unique needs of particular industries, industry cloud platforms go far beyond traditional generic cloud services. Supported by a catalog of industry-specific packaged business capabilities, these platforms are modular and composable, enabling companies to enhance the adaptability of their processes and applications.

Solutions of this kind build on three familiar elements: software as a service (SaaS), platform as a service (PaaS), and infrastructure as a service (IaaS). The power of industry cloud platforms comes from combining these tried-and-trusted elements with a set of innovative technologies and approaches.

Intelligent Applications: Making the User Experience Even More Personal

Software applications are now pivotal not only in business, but also in our day-to-day lives. Intelligent applications take conventional apps a decisive step further. Augmented by artificial intelligence (AI) and drawing on data from transactions and external sources, these smart apps can make relevant and useful predictions, creating adaptive, personalized user experiences.

This is achieved by bringing together various AI components – ranging from machine learning (ML), big data analytics, and natural language processing (NLP) to deep learning and robotics. While the intelligent application performs its tasks, these technologies enable it to learn the contextual, behavioral, and emotional patterns of users. Well-known examples of this tech in action include Siri, Alexa, and Microsoft’s Seeing AI.

Software Platform Engineering: Faster Development, Shorter Time to Value

Our third trend for 2024 relates to software development. Software platform engineering is an emerging approach designed to accelerate delivery of applications – and reduce the time it takes for them to deliver business value.

This is how it works: A specialized product team is tasked with developing and supporting an engineering platform. This platform is geared to easing the work of software engineers and other IT professionals. It does this through a combination of standardized, reusable tools and services, together with connectivity to infrastructure systems.

The goal here is a frictionless, self-service experience for developers, delivering the capabilities that they and others need to create valuable software while minimizing associated overhead.

Quantum Computing: Taking Established Tech to the Next Level

Our fourth trend is based on a tech that’s by no means new, but whose importance is steadily increasing as it evolves – quantum computing. In fact, the significance of this technology is now so great that companies who play a pioneering role with it stand to reap considerable benefits.

Quantum computers use elements of quantum physics such as entablement and superposition to perform vast numbers of calculations simultaneously, boosting computing capacity and speed. The increasing importance of quantum computing comes from its use in conjunction with AI systems. This winning combination enables applications in fields that call for considerable computing power – such as fraud detection, risk management, and high-frequency trading.

AI systems that use quantum computing can detect complex patterns and correlations in mountains of data faster and more effectively than is possible with conventional technologies. The result? Better predictions and decisions, greatly benefiting fast-moving, data-intensive industries like the financial sector.

Machine Customers: Unclouded Judgment/Streamlined Purchasing

Because of the many and varied factors involved, purchasing decisions can pose tricky challenges. One major issue is the human factor, which can introduce unnecessary and unhelpful emotion into the process. That’s where machine customers come in. These hyper-logical nonhuman players can autonomously conduct negotiations and purchase goods and services – keeping a clear head all the while.

Some ways in which machine customers increase efficiency in purchasing include opting for substitutable products that are sourced closer to the buyer, cutting shipping costs. What’s more, they can calculate whether value-added products that initially appear more expensive are actually cheaper in the long run.

If this sounds like borderline sci-fi, it’s worth noting that major players like Amazon, HP, Tesla, Bosch, Siemens, Kenmore and Sub-Zero are already active in this space. And machine customers have implications beyond the purchasing department; as the tech gains ground, sales professionals will have to study machine behavior to optimally align their strategies with nonhuman buyers’ preferences.

The Upshot for CXOs?

So, what does this mean for executives? In 2024, CXOs will have to focus firmly on dynamic technology trends – especially those driven by AI. To hone their companies’ competitive edge and innovativeness, they must make understanding tech advances and integrating them into their business top priorities.

To stay ahead of the field, decision-makers must be quick to embrace these trends. They must ensure that their knowledge is constantly up to date. And they must implement promising technologies strategically – to drive growth, enhance customer experiences, and streamline operations.

Season’s Greetings

As 2023 draws to a close, I’d like to thank you, the readers of this blog, for all of the valuable feedback you’ve provided this year. In 2024, I intend to continue spotlighting the very latest tech trends – both in this blog and at speaker events. In the meantime, I wish you and your loved ones a relaxing and peaceful holiday season.