As we travel through the technological landscape, we've journeyed through the ebbs and flows of emerging technologies—from the blockchain frenzy to the crypto craze, NFT mania, and the Metaverse, we've navigated the twists and turns, reaching the cutting-edge of AI in 2023. But as technology propels us towards 2024 and beyond, we find ourselves at another precipice. What's next? Here, we will unveil eight signposts that show where the technology industry is headed. Tread slowly!
Signpost 1: Generative AI - A Beacon of Efficiency
2023 was the year when generative AI took its first tentative steps into the mainstream. But in 2024, we believe the world will wholeheartedly embrace its transformative potential. Imagine a world where AI liberates us from the shackles of menial chores and manual tasks. Need a financial report transformed into a captivating PowerPoint presentation? A few prompts, and AI does it. Seeking to craft engaging social media content? With a simple click, AI generates five different posts. The rise of generative AI promises a future where we channel our energies into creative and strategic pursuits, leaving the drudgery behind.
Signpost 2: Apple's "Vision Pro" - The Intersection of Reality and Digital
It would be interesting to see what will happen after Apple officially launches the "Vision Pro" early next year. While its consumer use cases are evident, like entertainment or productivity purposes, what's truly intriguing is its potential for industrial adoption. Think of immersive training scenarios for astronauts or safety training at automotive giants like Audi and BMW. For a deep dive into this topic, check out our blog here! Do you think "Vision Pro" will deliver on its promises?
Signpost 3: Sustainable Technology - The Route to a Circular Economy
Sustainability remains a critical focus in 2024, with nations and corporations doubling down on net-zero commitments. We may see more circular economy principles integrated into product design, where the product after being used, gets repurposed. For example, ChopValue repurposes used chopsticks to make yoga blocks and home decor items, giving them a second life.
Carbon capture technology may also see more adoption as it captures carbon dioxide emissions from industrial processes, preventing them from entering the atmosphere and contributing to global warming. Developers and users of sustainable tech face the task of ethical material sourcing, addressing infrastructure demands from changing consumer habits, and tackling the issue of greenwashing—superficial eco-efforts for PR gain.
Signpost 4: Cyber Resilience - The Shield Against Cyber Threats
Cyber threats loom large as one in two businesses fell victim to successful cyberattacks in the past three years. By 2024, the cost of these attacks is projected to exceed $10 trillion. Cyber resilience should be one of the critical focuses of technology companies, encompassing prevention, detection, and recovery measures. From automated AI and machine learning defenses to robust cybersecurity frameworks, organizations must adapt to the evolving threat landscape.
Signpost 5: Quantum Computing - The Quantum Leap
Quantum Computing may become the next buzzword after AI, and its potential applications are boundless. Quantum computers leverage the peculiar properties of quantum physics, enabling simultaneous calculations that defy the limits of classical computers. In 2024, we expect quantum computing's prowess to be harnessed in fields that heavily rely on computing power like drug discovery, genome sequencing, material science, and climate change mitigation. For example, IonQ uses quantum computing to reduce the time required to develop life-saving medications drastically.
Signpost 6: Social Media Platforms - The X Factor:
The world of social media is in a state of flux. After Musk took over Twitter (now X), the user experience is still being tested, and the company has big plans for AI, payments, banking, and commerce. New features like creator profit sharing, long-form content, and contextual information for tweets have been added, but it remains to be seen if these updates will attract more users. TikTok's growth has slowed down due to bans in certain countries, while Facebook is preparing for a decrease in media spending as the recession takes hold. With all these changes, we may see a shift in leadership in the social media industry. What do you think would happen?
Signpost 7: Freemium Tech - The Path Through Economic Uncertainty
The looming recession prompts organizations to reassess their tech stacks. In 2024, the adoption of cost-effective freemium tech solutions surges. Initiatives like the Charity Digital Exchange offer valuable software and hardware donations, enabling charities and organizations to enhance operational efficiency while minimizing costs. The shift from paid to free software models becomes increasingly common as companies strive to weather the economic storm. For example, transitioning from using Shutterstock to Pexels for stock images, Monday.com to Trello for project management, or paid CRM to free Hubspot.
Signpost 8: Blockchain - The Bridge to Trust
Blockchain faces a daunting mission in 2024: rebuilding public trust after several setbacks. The FTX crash and the depreciation of NFT values have cast a shadow over the blockchain and crypto industry, delaying mass adoption until possibly 2030. The key to redemption lies in blockchain becoming more than a gimmick. Pioneers like The World News and Decentralized News Network leverage blockchain's transparency to combat misinformation. The gaming industry provides another avenue for blockchain's resurgence, offering real utility to the public and reshaping industries for a brighter future.
Wrapping It Up
Let's not let the changes and possibilities of the future pass us by. As businesses, we should embrace these trends and use them to our advantage. Now is the time to get excited and seize this opportunity to pave the way for a brighter future. Let's make the most of the technology available and create a better world for everyone.