Technology and entrepreneurship go hand in hand nowadays. It’s almost impossible to run a successful company without embracing tech, and this modus vivendi does not show signs of stopping soon. IT spending is forecasted to increase by 8% between 2023 and 2024, reaching approximately $5 trillion. This indicates that organizations are still bullish on investing in emerging technologies to drive growth.
However, technology constantly evolves. What is useful now may be outdated in the next two years. That said, staying updated on the latest tech trends is crucial to remaining competitive, innovating effectively, and adapting to changing market demands.
Check the infographic below to explore 2024 tech trends and how they shape the business landscape. From artificial intelligence and automation, understanding these trends is vital to staying ahead.
10 2024 Tech Trends All Entrepreneurs Should Know
1. The battle between AI-aided cyberattacks and AI-assisted cybersecurity
While artificial intelligence helps boost productivity and streamline processes, it has also led to more advanced cyber threats.
Cybercriminals can use generative AI and large language models to make phishing emails, messages, and even calls that closely mimic legitimate communications. AI-driven cyberattacks are becoming harder to detect due to the diminishing indicators of deception, such as misspellings, grammar errors, and lack of cultural context.
It’s crucial to adopt robust cybersecurity measures and remain vigilant to mitigate the risks these sophisticated AI-aided cyber threats pose, and the solution is AI itself. Generative AI can help cybersecurity professionals enhance threat detection, analysis, and response capabilities. It also allows users to quickly synthesize and contextualize vast data sets into actionable intelligence.
This advancement will transform how organizations deal with cyber threats while reducing workloads and bridging the talent gap.
2. The rising demand for AI transparency
Given AI’s risks, there has been a widespread call for transparency using explainable AI frameworks. The global explainable AI market was worth $5.10 billion in 2022 and may reach $24.58 billion by 2030.
Essentially, the technology provides understandable explanations for their decisions and actions. In business, explainable AI can help you enhance trust and accountability among stakeholders and support your decision-making processes.
Besides that, a study shows that 72% of respondents want to know a company’s AI policies before purchasing. These benefits are crucial if you rely on AI to empower your daily operations.
3. The quest for a truly 5G world
Real-time communication and seamless connectivity are essential. One technology supporting these requirements is 5G, with its unprecedented speeds, low latency, and increased network capacity. It’s perfect for promptly addressing customer inquiries, connecting to different devices and networks, and boosting internal productivity.
Because of the technology’s efficiency, 5G subscriptions will likely increase from 1.5 billion in 2023 to 4.6 billion in 2028. With this growth, you’ll benefit from improved productivity and more innovation opportunities. Embracing 5G can also make you competitive in an increasingly connected global marketplace.
4. The growth of robotic process automation (RPA)
Running a business involves repetitive tasks like managing inventory, processing invoices, and addressing customer inquiries. However, this monotonous work can lead to human errors, responsible for 74% of data breaches.
RPA is popular in business since it addresses this very problem. It helps streamline workflows, reduce costs, and accelerate processes across various industries. As the market expands at a compound annual growth rate of 39.9%, leveraging RPA can help you prepare for long-term success in a dynamic business landscape.
5. The surge of platform engineering projects
Platform engineering involves creating tools and systems that make it easier for developers to build and run software applications. Businesses use it to streamline the development process, save time and resources, and ensure consistency and reliability across projects.
By 2026, 80% of software engineering firms will form platform engineering teams to share tools and services for creating apps. This approach can improve collaboration between software developers and operators, ultimately enhancing efficiency and effectiveness in software development.
6. The increasing utilization of edge computing
Instead of relying on centralized data centers, which sometimes experience network congestion and security vulnerabilities, many businesses now use edge computing to achieve faster response times and improve reliability for applications and services. This technology involves processing data closer to where it’s generated to reduce latency.
Say you run a hospital and handle thousands of patient data daily. Instead of sending this information to a third-party cloud service, edge computing will process the data directly within your database where it’s stored. This way, you maintain data privacy and security.
Because of its importance in business, the global edge computing market will likely reach $317 billion by 2026.
7. The breakthrough in quantum computing
While the technology remains theoretical, IT companies are leading the pack in quantum computing. For instance, IBM invented a quantum computer to improve error correction that fights against decoherence. Meanwhile, Microsoft provides access to quantum hardware, simulators, and tools for testing quantum algorithms to see what the technology can do.
Down the line, quantum computing can potentially accelerate research and development, optimize supply chains, and enhance cybersecurity. The global market is poised to reach $4.3 billion by 2028, showing that businesses are investing in this transformative technology to gain a competitive edge and drive innovation in a wide range of industries.
8. The proliferation of IoT-enabled devices
While the Internet of Things isn’t new, it remains an essential tool in business today, so much so that the IoT market is expected to see a 12.57% growth rate and reach a volume of $2.2 trillion by 2028.
The technology helps optimize supply chains, make patient data easily accessible, and identify problems in the smart grid. It even has an extension called industrial IoT (IIoT), which focuses on machine-to-machine communication and machine learning support industrial sectors and applications.
Amazon and Cisco are among the tech companies shaping the IIoT market. Amazon offers AWS IoT, a managed cloud platform enabling seamless and secure communication between connected devices and cloud applications, while Cisco provides software that delivers IoT data to relevant applications promptly.
9. The accelerating adoption of digital twins
This technology involves creating virtual replicas of physical objects or systems and pairing them with live data to study and improve how they work. As of 2022, the global digital twin market is worth $9.8 billion, likely increasing by 34.4% until 2032.
Why are digital twins so valuable? For one, they speed up the time it takes to bring products to market. They enable quick iterations and optimizations of product designs faster than physical testing. Additionally, they help identify design flaws early in the manufacturing process through simulation, improving product quality.
10. The continued focus on sustainable tech and green computing
With many consumers switching to sustainable options, it’s no surprise that the tech world is following suit. Between 2022 and 2030, the worldwide green technology and sustainability market is expected to grow substantially from $13.76 billion to nearly $62 billion.
Sustainable technology or green computing involves developing and using environmentally friendly technologies and practices to minimize environmental impact and promote sustainability.
Tech companies like HP, Intel, Meta, and NVIDIA are currently applying this approach and aiming to shift to renewable energy completely to reduce their carbon footprint in the next few years.
Stay Ahead in Tech with the Right Team
The tech world is constantly evolving, which is why it’s normal for tech companies to aim for exponential growth. Staying abreast of the 2024 tech trends above is essential to truly stand out. Equally vital is having a competent IT team with advanced skills and knowledge to adapt to industry changes. On that end, Manila Recruitment can help you out.
We’re a recruitment agency in the Philippines that specializes in providing the talent needed to drive your business to success. We can take care of your offshore software development needs so you can focus on growth opportunities.
Contact us for assistance with finding your ideal IT team.
