AI and what else? Top technology trends for business in 2024 | AI in business #44

This is no revelation: in the coming year of 2024, technology will again play a key role in shaping business. But while advances in AI are the most visible and ubiquitous, they are just one of the technology trends that will affect the way companies operate in 2024. So let’s consider what other technologies deserve the attention of entrepreneurs. What technology trends are likely to shape the near future of business?

Advanced automation and AI as a technology trends

Artificial intelligence is already assisting businesses in many areas. Systems based on machine learning can carry out conversations with customers, make accurate recommendations in online stores analyze data and predict future events. New solutions like Midjourney and DALL-E 3 can also generate images based on natural language descriptions.

AI will become even more sophisticated in 2024. According to the “Technology Trends Outlook 2023” report by analysts at McKinsey, generative artificial intelligence has already contributed $4.4 trillion in economic value. This is all thanks to a combination of visible and impactful applications and more inconspicuous ones, such as helping to create draft versions of emails, which greatly increase productivity in companies. Already, 25% of surveyed executives attribute more than 5% of their companies’ operating profit to the use of AI. In 2024, these metrics are expected to rise.

Source: DALL-E 3, prompt: Marta M. Kania (https://www.linkedin.com/in/martamatyldakania/)

AI is thus no longer limited to theory; it is becoming a real business driver. According to the McKinsey Global Survey, AI adoption is growing rapidly globally, with 40% of companies set to increase spending on AI-based solutions due to the growth of generative AI. They are using it to automate a variety of tasks, from customer data analysis to supply chain management. A great example of the business application of AI is Amazon, which uses robots in warehouse management. The machines intelligently sort and move goods in ways optimized by AI algorithms. Banks, meanwhile, are using AI to predict market trends.

Companies in 2024 that want to follow technology trends should identify areas where AI can bring specific business benefits and develop a strategy for its implementation. At the same time, they must keep in mind ethical issues and build trust in the technology. Only the responsible handling of AI will bring lasting benefits.>

Big Data analytics

Big data analytics technologies allow companies to extract valuable information from large data sets. Companies use them to make data-driven decisions, identify trends and create new products and services. They collect and process data from:

• the Internet of Things (IoT) – that is, devices and vehicles equipped with the latest technology, which is itself one of the more interesting technological trends,
• Social media – which we use on smartphones, computers and smart devices, and
• other, distributed data sources, such as websites, apps or opinion portals.

The increasing availability of data will give companies in 2024 enormous opportunities, but will also pose new challenges in processing, interpreting and protecting it. In other words, investment in the informed implementation of data science will be key.

Source: DALL-E 3, prompt: Marta M. Kania (https://www.linkedin.com/in/martamatyldakania/)

Either way, the growing ability to store and process huge data sets is opening up new analytical perspectives. Big data combined with artificial intelligence makes it possible to generate accurate forecasts and recommendations for business while cloud technologies (cloud storage and computing) empower even smaller companies to keep up with technological trends and afford to effectively collect and analyze customer data from various sources. It’s certain that in 2024 companies will need to expand their competence in data analysis to compete effectively.

Development of cybersecurity in technology trends

In the digital age, companies need to protect their data and systems from increasingly sophisticated cyberattacks. That’s why IT security will continue to be a priority technology trend in 2024. It’s not just about security software, but also about implementing thoughtful processes, employee training and risk management.

Gartner’s “Top Strategic Technology Trends 2024” report presents the concept of Continuous Thread Exposure Management (CTEM), which combines diagonalizing, detecting and predicting cyber threats, as well as penetration testing, where security testers take on the role of attackers and try to break through security. It enables continuous security improvement by prioritizing the protection of a company’s critical data and looking at security from a potential attacker’s point of view.

Source: Gartner (https://www.gartner.com/en/information-technology/insights/top-technology-trends)

According to McKinsey’s research, only 10% of companies have advanced cybersecurity mechanisms such as AI and machine learning used to detect and prevent cyber threats. The rest have big gaps to make up. For companies, therefore, a zero-trust architecture (ZTA) approach will be key, i.e., the assumption that a company’s digital security is inherently at risk, so it requires making informed decisions about to whom and how a company’s digital assets are shared.

Implementing the Internet of Things (IoT)

The Internet of Things, a network of connected devices that communicate without human intervention, is finding increasing use in business. Sensors and smart machines allow the collection of data, automation of processes and increased productivity. Companies are implementing them in, among other things:

• factories,
• magazines,
• agriculture and
• transports

However, as the McKinsey report “Technology Trends Outlook 2023” points out, this trend is part of a broader landscape of advanced connectivity solutions. This means that the development and deployment of the Internet of Things in business is closely linked to the adoption of solutions that enable high-speed connectivity. Since rapid transmission of large amounts of data is necessary for the smooth operation of IoT, development is essential:

• 5G/6G for mobile connections,
• Wi-Fi 6 and 7, also known as industrial Wi-Fi,
• satellite connections, and
• fiber optic connections.

The rise of quantum computing

In 2022, IBM unveiled the Osprey quantum computer with 433 qubits – the largest such machine in the world. Google, meanwhile, demonstrated in 2023 a new technique for connecting cubits that can significantly reduce computational errors. The technique uses so-called “optics on a chip” to combine cubits more precisely. Google’s new computer is 241 million times faster than the machine unveiled in 2019. These advances show that in 2024 the path to commercial applications of quantum computers will be significantly shortened. And quantum computing is becoming one of the important technology trends of the coming year.

Quantum computing, while still in development, promises a breakthrough in solving complex problems. This means not only the ability to create weather models to respond to the challenges of climate change but also to solve the most complex business problems in industries:

• pharmaceutical – such as developing new drugs or conducting genetic research,
• chemical – creating new materials with the required properties,
• finance – related to the movements of global stock markets, or
• automotive.

For example, Quantum Computing Inc (QCi) met a complex design challenge from an automotive OEM company in a record six minutes! The challenge was to optimize the vehicle’s 3854 sensors to detect obstacles in a variety of driving scenarios at a minimal cost of operation.

Source: DALL-E 3, prompt: Marta M. Kania (https://www.linkedin.com/in/martamatyldakania/)

Quantum computers can perform some calculations up to millions of times faster than classical computers. Although their widespread application is still a distant future, companies such as Daimler are already testing the ability to simulate the behavior of complex systems, for example, to design Mercedes car batteries, on prototypes of quantum computers.

Sustainability and green technologies in technology trends

Companies are increasingly focusing on sustainability, using technologies that help reduce carbon emissions in the atmosphere. For example, Zipline, a next-generation logistics platform powered by a fleet of autonomous electric drones, estimates it can make deliveries seven times faster than traditional vehicles while emitting 97% fewer emissions.

Source: Zipline (www.flyzipline.com)

In the face of climate change and growing environmental awareness, companies must bet on sustainable business and green technologies. The main technology trends in this area for the coming years are:

• renewable energy sources,
• electromobility,
• closed loop economy.

The International Labor Organization (ILO) predicts that the “green transition” could generate 24 million new jobs by 2030. Implementing solutions to reduce CO2 emissions will therefore not only be a matter of responsibility but also a business opportunity.

Metaverse

The metaverse, a combination of virtual and augmented reality with physical reality, is opening up new opportunities for online interaction and collaboration. According to McKinsey, the value of the metaverse market could reach as much as $5 trillion in 2030. More and more companies are testing metaverse applications, particularly for:

• training – both in acquiring soft skills and, for example, operating machinery in a hazardous environment,
• conduct remote meetings – including those that require collaboration on improving the product present in the form of a digital twin,
• in marketing – as a new and very promising channel of communication with customers and clients.

Source: Nike (www.nike.com)

For example, the Nike brand has created the Nikeland world in the metaverse, where virtual products can be purchased. Other companies are adopting the metaverse to simulate business or manufacturing processes. In 2024, the metaverse will become more mature, and the first pilot projects should yield tangible results.

Technology trends 2024 – summary

In the year 2024, we will definitely witness the next stage in the evolution of technological trends that will impact various business sectors. From AI to sustainability, these changes will shape the future and offer new opportunities for entrepreneurs.

Still, achieving success will not depend solely on having the latest technological tools, but on the ability to apply them strategically. Companies that can adapt and integrate these innovations into their business models will be leaders in their industries. It is worth noting that artificial intelligence makes technology no longer just a tool to achieve business goals, but becomes a partner in their creation.

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