Tracking innovation in the field of progress will be useful for startup founders, company executives and investors, helping them understand what trends may influence their decisions.
Next year is expected to see significant progress in the development of new technologies that will have a strong impact on areas such as cybersecurity, green energy, medicine, transportation services and others.
1. Generative AI
Experts believe that generative artificial intelligence (AI) will be one of the key areas of technological innovation in 2024. AI is predicted to generate 10% of all data by 2025, indicating its intensive development in 2024. Recently, the American startup OpenAI released the ChatGPT language model in late 2022, which also contributed to the development of this field.
Nvidia’s increased revenues have attracted a lot of investor interest in generative AI, which has led to a sharp rise in the company’s stock price. In 2023, generative AI companies have shown significant growth compared to the market average.
Microsoft, Nvidia, IBM, AMD, Google, Meta (banned in the Russian Federation), Amazon, Alibaba, Baidu, ServiceNow, Intuit, Adobe, and Salesforce are leaders in the development of generative AI. Startups such as OpenAI, Hugging Face, Anthropic, Cohere, AlphaSense, Gong, Jasper, C3 AI, DeepMind, Databricks, Synthesis AI, Stability AI, Lightricks, Glean, and Inflection are also actively involved in this field.
Experts recommend closely monitoring the development of generative artificial intelligence, as its technological breakthroughs can lead to radical changes in the economy. According to forecasts by investment bank Goldman Sachs, generative AI can increase global GDP by 7% over the next 10 years, having a serious impact on business and society.
2. Eco-technologies
An important trend in 2024 will be the evolution of renewable technologies. This includes clean technologies and those related to climate.
Gartner, a company specializing in information technology markets, names green technologies as one of the top strategic trends for 2024. It is predicted that by 2027, 25% of the work of CIOs will be related to “green” developments.
Harvard Business Review reports that saving the Earth from environmental disaster could create $12 trillion in business opportunities. This is due to the 17 big goals and 169 related targets set by the United Nations in the area of sustainable development. Implementing these plans could open up market opportunities in several sectors, which confirms the ambitious goals.
Leading industries in clean technology development in 2024 are expected to include waste recycling, electric vehicles, renewable housing and commercial construction, green energy, green agriculture, and carbon capture.
Google, Apple, Meta (banned in the Russian Federation) and Amazon are all actively working on projects aimed at improving the environmental performance of businesses. The initiatives of companies like Nestlé and Unilever are impressive, especially in the area of environmental protection. For example, over the past 10 years, Unilever has tripled its market capitalization and has become a carbon-neutral company.
Other companies such as Patagonia, Cisco, Microsoft, Adidas, Autodesk, Schneider Electric, Tesla, Dassault Systèmes, IBM, H&M, and Siemens are also taking steps to protect the environment. Leading startups in this area include Amp Robotics, Aurora Solar, Oxford PV, Verdigris, Grow a Wish, Carbon Clean Solutions, Blue Planet, Heliogen, Grove Collaborative, Agricool, TIPA, Genecis, and Source.
3. Cybersecurit
Cybersecurity threats remain significant, and technology to combat them is expected to continue to advance in 2024. One in two businesses has been the victim of a successful cyberattack in the last three years, and cybercrime costs are projected to reach $10.5 trillion by 2025.
With cyber threats rapidly evolving, companies are forced to take steps to strengthen their cybersecurity. Cybercriminals are becoming more inventive, but new technological solutions, including the use of artificial intelligence, are also becoming more sophisticated.
Cyber attacks are predicted to become more sophisticated as attackers begin to use artificial intelligence, and the proliferation of connected devices will also exacerbate security concerns.
Strict international cybersecurity regulations are expected to emerge in the near future. As governments and large organizations increase their intervention in businesses, companies will have to adapt to a complex web of laws to strengthen their defenses.
Automated threat management, cloud security, zero trust security model, user identity, behavioral analytics, cyber governance, endpoint protection, cybersecurity as a service, and blockchain security will remain the top areas of cybersecurity innovation in 2024.
Cybersecurity leaders next year include CrowdStrike, Zscaler, Okta, SentinelOne, Palo Alto Networks, Fortinet, Splunk, Akamai, and McAfee, while startups include Cyware, Lacework, Deep Instinct, Orca Security, GitGuardian, Snyk, Abnormal Security, EclecticIQ, Tanium, Nozomi Networks, and Claroty.
4. Quantum computing
In 2024, quantum computing will become the mainstream technology in high-performance computing. It will be applied in various computationally intensive areas such as artificial intelligence, cloud computing, cryptography, medical science, genome sequencing, meteorology, materials science, system optimization, and financial modeling.
5. Automation
Industrial automation will continue to grow in 2024, with companies adopting innovations based on the Internet of Things (IoT), edge computing, artificial intelligence, machine learning, and 5G/6G technologies.
This year, businesses are expected to benefit from more predictable service, real-time monitoring, automated inventory management, real-time data analysis to optimize logistics and demand forecasting using artificial intelligence algorithms.
The use of robotics, optimized logistics and transportation, automation of work processes and the use of artificial intelligence will reduce costs and production times. New supply chain management technologies, such as paperless transport documents, will speed up the turnover of goods and reduce logistics costs.
These innovations will enable industrial companies to achieve higher productivity, efficiency, and competitiveness in the global market. Experts predict that by 2024, automation of supply chain management will undergo a revolution.
6. Web 3.0 and the Metaverse
In 2024, Web 3.0 will continue to evolve, opening up new possibilities for technologies such as the metaverse and other virtual worlds built for gaming, social interaction, and business. Web 3.0 will accelerate the adoption of the metaverse in business as companies strive to provide consumers with more personalized online experiences.
With affordable and modern headsets, the virtual and augmented reality sectors will continue to expand in 2024. The metaverse, a shared virtual space, is expected to change the way we communicate online.
Augmented reality (AR) technologies will be widely used in sectors such as healthcare, where they will improve diagnostic accuracy, and retail, where they will enable the creation of virtual showrooms. The combination of metaverse technologies, generative artificial intelligence, augmented and virtual reality is designed to erase the boundaries between the digital and physical worlds, creating a future inspired only by our imagination.
7. Autonomous vehicles
One of the most exciting new technologies, autonomous vehicles, is set to further transform the automotive industry in 2024. These driverless cars could increase safety, reduce traffic congestion, and expand mobility for millions of people.
One of the most promising applications of autonomous vehicles is mobility services. This self-driving technology could make transportation more accessible, safer, and more efficient, improving mobility for many populations.
Among the world’s leading companies in autonomous transportation are Tesla, Rivian, Zoox, May Mobility, Momenta, Pony.ai , General Motors, Nvidia, and Waymo (acquired by Google). According to a recent forecast by research firm Global Data, the autonomous vehicle industry will not reach fully automated cars until 2035. However, GM-backed Cruise and Google-owned Waymo have already created fully automated taxis in San Francisco and other US cities.
8. Development of 5G and 6G technologies
In 2024, the development of 5G and 6G network technologies will change the business environment. The key moment will be the release of an upgraded IEEE (Institute of Electrical and Electronics Engineers) standard, expected in May 2024. This will provide device manufacturers with design specifications to ensure interoperability.
It is important to note that 6G is not yet a working technology. Despite investments by some operators in the next generation of wireless communications, 6G-enabled products are still a long way off.
5G networks are the latest generation of wireless technology that deliver faster speeds, lower latency, and more reliable connections. With the ability to handle massive amounts of data at high speeds, 5G networks have the potential to revolutionize mobile communications.
The technology is expected to gain even more traction in 2024, thanks to advances in edge computing, the Internet of Things (IoT), and virtual reality, which will enable 5G networks to become more intelligent and capable.
Particularly in the field of augmented and virtual reality (AR and VR), 5G has great potential: thanks to high-speed connections, users will be able to easily immerse themselves in exciting, interactive virtual worlds.
9. Biotechnology
Biotechnology is a growing field that combines biology and technology to create new products and processes that improve our lives. From health care to agriculture, biotechnology has the potential to solve some of the world’s biggest problems.
In 2024, further developments in biotechnology are expected, especially in the areas of gene editing, synthetic biology and personalized medicine.
Beyond healthcare, biotechnology has the potential to transform industries such as agriculture and energy, creating new fuels and improving the environment. The scientific application of biological systems will become an increasingly important aspect of technological progress, offering new solutions to the world’s biggest problems.
10. Human-Machine Interface
Many experts believe that human-machine interface (HMI) is changing the way we think about technology. It is an emerging field that aims to create more intuitive and natural ways for people to interact with technology.
In 2024, HMI is expected to further develop, especially in the areas of natural language processing, gesture recognition, and brain-machine interfaces. This will make the interface more natural and understandable for users, thanks to the combination of advances in artificial intelligence, machine learning, and robotics.
Also Read: Smart Cities : Disruptive Technologies Shaping Urban Landscapes
Pingback: How Small Businesses Can Compete with Industry Giants