Top 10 Technology Trends in 2024 | GreyB

According to a report from Bain & Company, technology has entered its post-globalization era. Recovering from yesteryear’s global economic recession, businesses are rethinking their methods and long-term goals to become more resilient to future economic shocks.

The global economic outlook for 2024 is uncertain. Over half of chief economists anticipate the global economy to weaken this year. Keeping up with new technology trends will help CXOs and leaders build newer strategies for business growth.

This report has insights on five major technology trends emerging in 2024 and beyond.

1. Generative AI

To no one’s surprise, generative AI will be a massively influential trend for various industries in 2024. Alongside obvious outlets such as customer service, enterprises use generative AI tools to develop code from natural language descriptions and autonomously maintain that code across different platforms.

A recent report from Deloitte reveals that 62% of the business and technology leaders among the 2,800 surveyed reported excitement as a top sentiment with regard to generative AI. 79% also said they expect generative AI to substantially transform their organization and industry over the next three years, and 31% believe it can happen within one year.

Aside from increasing productivity and easing workloads through intelligent automation, generative AI can also help tackle highly niche problems. Many startups are creating AI solutions in agriculture, such as detecting microbial pests infecting crops and suggesting automated remedies to help rural farming communities.

In industries like construction and heavy machinery, this technology can be used to simulate realistic scenarios for workforce training without exposing them to actual risks. Autonomous vehicle makers use the same application to generate potential accident simulations to train the vehicle’s self-driving function safely.

The chemical industry uses this technology to create new cosmetic formulations and optimize production processes. The textile industry also benefits from such operational enhancements and understands changing customer preferences using AI to create new designs.

Generative AI is here to stay, and every facet of the market is adopting it in some manner and to varying levels of sophistication. Some are only experimenting with its chatbot support functions, while others use it to revamp their supply chain.

2. Quantum Computing

Quantum computing is no longer merely a technical buzzword. Although not a new concept, the recent improvements in quantum hardware and algorithmic efficiency bring it closer to wider adoption in 2024.

Several sectors, such as banks, healthcare, transportation, and energy & power, already use quantum computing to varying extents. Industry giants like JPMorgan Chase, Goldman Sachs, and Barclays use quantum computers from Honeywell, IBM, etc., to secure accounts and make better investing decisions for portfolio optimization.

In the defense sector, ColdQuanta, a quantum atomics company, was chosen by the Defense Advanced Research Projects Agency (DARPA) to build a scalable, cold-atom-based quantum computing hardware and software platform capable of tackling real-world challenges.

Quantum computing allows a variety of innovative use cases for providers and health plans in the healthcare business, such as speeding diagnostics, customized medicine, and optimizing pricing. The sector is particularly interested in quantum-enhanced machine learning techniques.

Energy giants like ExxonMobil and British Petroleum (BP) use this technology to optimize their power systems, perform more predictive environmental modeling, and extremely precise quantum chemistry simulations to develop new materials for more effective carbon capture.

Chemical leaders, like Mitsubishi Chemical Corporation, use quantum computers to speed the discovery and development of new chemical systems and materials. Quantum computing can potentially increase profit margins in the chemical industry by discovering optimal feed-stock routing, refining, and product-to-market combinations.

Market research suggests that 2024 will see increased global collaboration in quantum research, accelerating its development and refinement.

3. 5G Connectivity

5G network services picked up speed last year. Ericsson estimates that nearly one in every five mobile network subscriptions globally was a 5G subscription by the end of 2023. Furthermore, 5G services accounted for approximately 35% of operators’ overall revenue that year.

5G will significantly benefit enterprises relying on IoT and connected systems with ultra-low latency, private deployment options, and superior bandwidth capacity. 5G can accommodate ten times more devices than 4G on a single network. Furthermore, the new advancements in network slicing can also make 5G more affordable for mid-sized companies.

The healthcare industry uses 5G for fast, reliable health data measurement, always-on device connectivity, and efficient data management. 5G is being tested to assist in robot-enabled care, too. Automotive giants like Toyota, Volkswagen, and General Motors are researching 5G and applying for patents to enable connectivity features on their vehicle-to-everything (V2X) systems.

Here’s a detailed report on the 5G patent landscape, which will reveal who owns the core patents that influence the entire industry. And here are the companies leading the charge in new 5G innovation in enterprise and public deployments.

4. Extended Reality (VR/AR/XR)

With advancements in processing power, 2024 will be a monumental year for extended reality applications and devices. Highly anticipated products, like Apple’s Vision Pro, are expected to bring a significant surge of interest in the AR/VR space.

Manufacturing companies are using AR smart glasses, like those from Vuzix, to speed up production, increase compliance with protocols, and reduce training times by providing hands-free instructional support to workers.

AR is making its way into sports as well. Vuzix Labs makes Smart Swim, a wearable AR device for swimmers that fits into all swim goggles. It provides them with workout status and swim performance information to help the athletes reach optimum performance without interruption.

In healthcare, AR apps like MEVIS Surgery provide highly detailed AR-powered healthcare delivery content for learners. Furthermore, virtual reality exposure therapy (VRET) is being extensively used to treat patients with PTSD.

There are plenty of startups making metaverse the new frontier of VR applications for virtual meetings and collaborative activities. These will only trend upward throughout this year, moving forward.

5. Edge Computing

Enterprises will leverage the emerging edge-as-a-service (EaaS) business model to scale their resources without investing in costly infrastructure in 2024. EaaS can open new possibilities for companies in asset recovery, predictive analysis, edge device management, tracking, and software & operation automation.

This year will witness increasing integrations between edge and cloud computing that combine edge systems’ lower latency and the cloud’s flexibility. These integrated applications can efficiently support various Internet of Things (IoT) projects, autonomous vehicles, and smart cities.

Among the top ten edge computing pioneers who will maintain their lead in 2024 through R&D and IP.

6. Climate Tech Emerges as a Driving Force

The urgency of climate change demands innovative solutions, and in 2024, climate tech will take center stage as a critical trend.

From renewable energy innovations to carbon capture and storage solutions, we’ll see significant investments and advancements in climate technologies.

The world faces an ecological crisis, with rising temperatures, extreme weather events, and sea level rise threatening our planet and future generations. Climate tech offers a beacon of hope, providing tools to combat these challenges head-on.

Technological ingenuity will be crucial in mitigating the environmental impact of human activity and building a more sustainable future.

The transition to a low-carbon economy creates new jobs, drives innovation, and fosters sustainable economic growth.

7. Smart Healthcare

Technology is transforming healthcare, making it more personalized, efficient, and accessible.

Wearable devices and sensors will provide real-time health data, while AI-powered tools will aid in diagnosis, treatment planning, and drug discovery.

Telemedicine is exploding, providing virtual consultations that remove geographical barriers and offer convenient access to specialists. Remote patient monitoring empowers individuals to manage chronic conditions at home, reducing hospital stays and improving disease management.

Telemedicine will continue to expand, making specialist healthcare more readily available and democratizing access to quality care.

Further, it increases efficiency with streamlined processes, remote consultations, and data-driven insights that can optimize healthcare resource allocation and improve system efficiency.

8. Cybersecurity

Cybersecurity Mesh has emerged as a critical trend in the wake of increasing digital threats and the distributed nature of modern computing. As cyberattacks become more sophisticated, a more integrated and flexible approach to cybersecurity is necessary.

The cybersecurity mesh architecture provides a scalable, flexible, and reliable approach to securing all touchpoints in an organization’s digital infrastructure, emphasizing the protection of individual assets rather than the perimeter alone.

9. Web3.0

Web 3.0, characterized by decentralization and user ownership, is rapidly becoming a major trend in 2024. This shift empowers individuals, removes dependence on centralized platforms, and fosters transparency and fairness.

From social media platforms where users own their content to marketplaces governed by the community, Decentralized Apps (dApps) offer alternatives to traditional models, challenging established giants.

Expect innovative applications in areas like finance, governance, and social media, challenging established models and fostering a more equitable digital landscape.

Artists, musicians, and other creators can leverage Web 3.0 to directly monetize their work and engage with fans, bypassing intermediaries and reclaiming control.

The open and permissionless nature of Web 3.0 encourages entrepreneurship and fosters the development of novel solutions and applications.

10. Urban Air Mobility

Urban air mobility can make a paradigm shift in transportation, potentially revolutionizing how we move within cities. UAM offers a bypass for congested ground transportation, potentially easing traffic flow and saving commuters time. Moreover, reaching remote areas or overcoming geographical barriers becomes easier.

Countries are actively crafting frameworks for UAM, with initial approvals paving the way for commercialization.

Regulatory greenlights, technological advancements, and infrastructure development are laying the groundwork for initial use cases like medical emergencies, high-end tourism, and cargo delivery.

Further, with diverse players, from established giants like Airbus to agile startups, the UAM landscape is bustling with innovation and competition.

It opens doors for new economic opportunities for industries like tourism, cargo delivery, and urban planning, creating new jobs and economic growth.

Conclusion

Though the list of emerging trends in 2024 is quite long, the above ten are the most notable across all industries in the global market. Business leaders can gain many more insights through a specific landscape analysis to understand their position and plan the next steps.

We have an extensive collection of R&D resources on various innovations happening across industries. You can explore them all here.