It's informative to consider what the top technical and business trends next year are likely to be. This helps startup founders, corporate executives, and investors know which trends might impact their business decisions. Via my experience as a corporate executive and entrepreneur, let's look at 10 emerging trends for 2024.
Trend 1: Generative A.I.
I expect that generative artificial intelligence (A.I.) will be one of the most interesting technological innovations in 2024. Gartner projects A.I. will generate 10 percent of all data by 2025 -- making 2024 a year of major growth.
Recent developments in this sector include OpenAI's releasing ChatGPT in late 2022. Strong earnings by Nvidia triggered a major surge in investor interest in generative A.I., and the company's stock price rose dramatically. In 2023, tech corporations focused on generative A.I. have outperformed the broad market substantially.
Microsoft, Nvidia, IBM, AMD, Google, Meta, Amazon, Alibaba, Baidu, ServiceNow, Intuit, Adobe, and Salesforce are some of the top public companies that have made strong progress in this space. Startups such as OpenAI, Hugging Face, Anthropic, Cohere, AlphaSense, Gong, Jasper, C3 AI, DeepMind, Databricks, Synthesis AI, Stability AI, Lightricks, Glean, and Inflection are leading new companies in this area.
I recommend that we keep a close eye on generative A.I. Technology breakthroughs have the potential to bring sweeping changes to the economy. In fact, Goldman Sachs reports that generative A.I. could raise global gross domestic product by 7 percent in the next 10 years, having a major impact on business and society.
Trend 2: Sustainable Technology
Another key trend in 2024 will be the next evolution of sustainable technology. This includes clean technology, green technology, and climate technology. As one of Gartner's top strategic technology trends for 2024, sustainable technology is a framework of digital solutions that drive environmental, social, and governance (ESG) outcomes.
It's important not to miss out on this trend. Gartner predicts that by 2027, 25 percent of chief information officer compensation will be linked to sustainable technology impact. Harvard Business Review reports that saving the earth from ecological disaster is a $12 trillion opportunity. This is true even if we meet just four out of 60 sections -- including food and agriculture, cities, energy and materials, and health and well-being.
Looking at sustainable development goals in 2024, sectors I expect to be at the forefront include garbage recycling and upcycling, electric vehicles, sustainable home and business construction, green and clean energy, green agricultural technology, and carbon capture.
Google, Apple, Meta, and Amazon have launched major initiatives to be more sustainable enterprises. Companies like Nestlé and Unilever are widely admired when it comes to sustainable measure-taking. Unilever increased its market cap threefold in the past 10 years by being a carbon-neutral-friendly company. Patagonia, Cisco, Microsoft, Adidas, Autodesk, Schneider Electric, Tesla, Dassault Systèmes, IBM, H&M, and Siemens are other public corporations that have taken initiatives to be considered as SDG-friendly companies.
Top sustainable startups include Amp Robotics, Aurora Solar, Oxford PV, Verdigris, Grow a Wish, Carbon Clean Solutions, Blue Planet, Heliogen, Grove Collaborative, Agricool, TIPA, Genecis, and Source.
Trend 3: Cybersecurity
Research suggests that one in two businesses has been the victim of a successful cyberattack in the past three years. Cybersecurity Ventures expects the cost of cybercrime to reach $10.5 trillion by 2025, indicating the extent of this problem for businesses.
In the face of this fast-growing threat, technology solutions designed to bolster defenses and provide us with a fighting chance are high on every organization's must-have list. Cyberthreats are becoming more sophisticated, so competition to bring new solutions leveraging breakthrough technologies like A.I. to market is intensifying.
I expect that cyberattacks will likely become more intricate, employing A.I. to sidestep customary defensive strategies. The proliferation of connected devices is expected to exacerbate security concerns, given their inherent vulnerabilities. Experts anticipate that generative A.I. will play a key role in this changing landscape.
We will likely see the emergence of stringent cybersecurity regulations across the globe. As governments and major entities intervene more than ever, companies will need to navigate a complex maze of rules in their efforts to bolster their defense mechanisms. I believe that 2024 will be a year in which technological advancements in cybersecurity will intertwine deeply with regulatory, human, and A.I.-driven perspectives.
Automated threat management, cloud security, zero-trust architecture, identity management, behavioral analytics, cyber governance, endpoint protection, cybersecurity-as-a-service, blockchain security, and cybersecurity mesh will remain top cybersecurity innovations in 2024.
CrowdStrike, Zscaler, Okta, SentinelOne, Palo Alto Networks, Fortinet, Splunk, Akamai, and McAfee are some of the top global public company leaders. Startups including Cyware, Lacework, Deep Instinct, Orca Security, GitGuardian, Snyk, Abnormal Security, EclecticIQ, Tanium, Nozomi Networks, and Claroty will continue to lead cybersecurity innovation in 2024.
Trend 4: Quantum Computing
I'm certain that quantum computing will dominate large-scale computing in 2024. It will find applications in compute-heavy fields such as artificial intelligence, cloud computing, cryptography, drug discovery, genome sequencing, meteorology, material science, optimization of complex systems, and financial modeling.
Quantum computing has long been the stuff of science fiction, and in 2024 it is set to become a reality. This emerging technology has the potential to transform computing power as we know it, enabling us to solve complex problems at a previously unimaginable speed and scale. According to Fortune Business Insights, the quantum computing market is projected to grow from $928.8 million in 2023 to $6.5 billion by 2030, with a CAGR of 32.1 percent during the forecast period.
IBM unveiled its most powerful 433 qubit processor quantum computer, named "Osprey," at the IBM Summit in 2022. IBM is planning to release a new 1,121-qubit Condor processor soon. It will be the first on the planet to exceed 1,000 qubits.
IBM, Microsoft, D-aveSystems, IonQ, Rigetti, Intel, Honeywell, Alphabet (parent company of Google), Alibaba Group, Nvidia, and Baidu are some of the leading public company players in the quantum computing sector. Top startups in this sector include
Q-TRL, Pasqal, QCWare, ZapataComputing, 1QBit, ColdQuanta, Atom Computing, and PsiQuantum.
Trend 5: Automation
Looking at 2024, industrial automation will continue to grow and innovate, driven by the convergence of the Internet of Things (IoT), edge computing, A.I., machine learning, and 5G/6G. In 2024, we can expect more predictive maintenance, real-time monitoring, interconnected shop floors, automated inventory control, real-time data analysis for logistics optimization, and demand forecasting with A.I. algorithms. Artificial intelligence, robotics, optimized logistics, streamlined transportation, and workflow automation will reduce timelines as well as costs. Innovations in supply chain management technologies, such as paperless transportation documents, will accelerate the flow of goods and reduce costs.
These technologies will enable industrial companies to achieve higher levels of performance, efficiency, and competitiveness in the global market. I expect that by 2024, supply chain management will have undergone a hyper-automation revolution.
ABB, Denso, Siemens, Emerson Process Management, Rockwell Automation, Honeywell Process Solutions, Schneider Electric, Microsoft Supply Chain Platform, Yaskawa Electric, AWS Supply Chain, and Omron Automation are leading supply chain automation players today and will be innovating in 2024.
We will also experience automation to transform the modern workplace in 2024. Workplace automation will reduce inefficiency and redundancy and transform remote and hybrid work. From routine administrative tasks to complex decision-making processes, automation is streamlining operations and boosting efficiency. Gartner reports that by 2024, organizations will lower operational costs by 30 percent using hyper-automation.
UiPath, Salesforce, ServiceNow, Cognizant, DocuSign, and SAP are some of the top companies contributing to workplace and business automation. I believe this dominance will continue in 2024.
Trend 6: Web 3.0 and the Metaverse
In 2024, Web 3.0 will gain further traction, opening avenues for new technologies, specifically the metaverse and other virtual worlds built for gaming, social interactions, and business. Web 3.0 will push for the rapid adoption of the metaverse across businesses as users seek a more personalized and rewarding online experience.
In 2024, the digital frontiers of the metaverse, virtual reality (VR), and augmented reality (AR) are poised for transformative advances. Propelled by affordable, advanced headsets, the VR and AR sectors are set to expand; meanwhile, the metaverse, a collective virtual shared space, is anticipated to redefine digital interactions.
From education to entertainment, immersive experiences will revolutionize learning and gameplay. Meanwhile, AR will innovate sectors like health care with precision diagnostics and retail with virtual showrooms. Generative A.I. is likely to enable tailor-made content creation within these realms. The convergence of VR, AR, the metaverse, and generative A.I. is set to blur the lines between the digital and physical, creating a future dictated only by our imagination.
Trend 7: Autonomous Vehicles
Autonomous vehicles, one of the most exciting emerging technologies, are set to transform transportation in 2024 further. By eliminating the need for human drivers, autonomous vehicles have the potential to improve safety, reduce traffic congestion, and increase mobility for millions of people.
In 2024, I expect we will see autonomous vehicles advance further in sensor technology, machine learning, and connectivity. This will enable the vehicles to navigate complex environments and interact with other vehicles and infrastructure in real-time, paving the way for a future where driving is no longer the norm.
One of the most promising applications of autonomous vehicles is in the field of mobility services. By providing on-demand transportation that is safe, efficient, and cost-effective, autonomous vehicles could help improve accessibility and mobility for people who are currently underserved by traditional transportation systems.
Companies leading global autonomous driving technology include Tesla, Rivian, Zoox, May Mobility, Momenta, Pony.ai, General Motors, Nvidia, and Waymo (acquired by Google). According to Global Data's recent prediction, the autonomous vehicle (AV) industry will not develop a fully self-driving car until 2035. However, we already see that GM-backed Cruise and Google-run Waymo have released fully automated robo-taxi fleets in San Francisco and in other U.S. states. I expect that 2024 will be a good year to watch the progress in this area.
Trend 8: 5G and 6G Network Technology Development
During 2024, I expect 5G and 6G network technology to evolve and change the business landscape. A key factor is that the IEEE's amended standard is expected in May 2024. It will provide device manufacturers with design specifications to govern interoperability and performance. It is important to note that 6G is not yet a functioning technology. While some vendors are investing in the next-generation wireless standard, industry specifications for 6G-enabled products remain years away.
But 5G networks are enabling faster and more reliable connectivity. These are the latest generation of wireless technology, offering faster speeds, lower latency, and more reliable connectivity than in the past. With the ability to handle massive amounts of data at lightning-fast speeds, 5G networks have the potential to revolutionize the way we use technology.
We can expect to see 5G networks become even more prevalent in 2024, with advancements in areas such as edge computing, the Internet of Things (IoT), and virtual and augmented reality. This enables 5G networks to become more intelligent and capable, providing faster and more responsive services to users.
One of the most promising applications of 5G networks is in the field of virtual and augmented reality. With the high-speed connectivity provided by 5G networks, users can experience immersive and interactive virtual and augmented reality environments with ease.
Trend 9: Biotechnology
Biotechnology is an emerging 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 revolutionize industries and solve some of the world's biggest challenges. In 2024, we can expect to see biotechnology become even more advanced, in areas such as gene editing, synthetic biology, and personalized medicine.
I expect several areas of biotechnology to grow in 2024, including personalized medicine, gene editing and Crispr diagnostics, machine learning and A.I., stem cell technology, tissue engineering and bioprinting, big data, and drug research.
Thriving startup Strand Therapeutics is developing the first platform for creating programmable, long-acting mRNA therapeutics capable of delivering potentially curative treatments. 23andMe offers DNA analysis with easy-to-understand results, while Color is a health care delivery platform that offers cancer prevention, screening programs, and health care services.
In addition to health care, biotechnology can transform industries such as agriculture and energy by developing new crops and fuels that are more efficient and sustainable. It's clear that biotechnology is set to become an increasingly important technology trend, providing new solutions to some of the world's biggest challenges.
Trend 10: Human-Machine Interface
Many experts believe that human-machine interaction (HMI) is redefining people's relationship with technology. It's an emerging field that aims to create more intuitive and natural ways for humans to interact with technology.
By combining advances in A.I., machine learning, and robotics, HMI has the potential to transform the way we use technology and improve our daily lives. In 2024, we can expect to see HMI become even more advanced, in areas such as natural language processing, gesture recognition, and brain-computer interfaces. This will enable HMI to become more natural and seamless, providing more intuitive and responsive experiences for users.
What's Next
I recommend that startups, corporations, and investors keep an eye on these emerging trends in the coming year. It will be interesting for us to see what's next, and how these trends will impact both our short- and long-term business decisions. Ideally, understanding these will help us make our respective businesses more successful than ever.
BY ANIS UZZAMAN, GENERAL PARTNER AND CEO, PEGASUS TECH VENTURES@ANIS_UZZAMAN
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