Innovation has consistently been the cornerstone of business evolution. The integration of new and emerging technologies serves as the catalyst for transforming business models, optimizing operational processes, fostering new product development, and driving innovation across various business domains.
The current year is set to be defined by a spectrum of futuristic tech trends, each with the potential to disrupt industries comprehensively. Today, we delve into the top 5 tech trends in 2024 poised to reshape the business landscape.
1. Generative AI and LLMs are poised to become even greater forces
Generative AI and LLMs are the greatest disruptors ever since the arrival of the internet. In 2023 the two burst into the mainstream, and in 2024, they will demonstrate their true potential to the world.
“While GenAI has sparked incredibly creative ideas of how it will transform business and the world, there are very few real-world, scaled GenAI activities. As we move into 2024, we will see the first wave of GenAI enterprise projects reach levels of maturity that will expose important dimensions of GenAI not yet understood in the early phases,”
These models learn by analyzing massive datasets of code, text, or even images, unlocking a unique ability to generate everything from novel manuscripts to photorealistic portraits with human-like quality.
For enterprises, GenAI can redefine app development by making applications more sophisticated and user-centric. The technology is capable of adding a layer of intelligence to apps by incorporating recommendation engines or predictive algorithms. This can augment user engagement and offer a more personalized experience, leading to higher retention and potentially higher revenue streams.
In 2024, we may witness bespoke AI apps that leverage a single customized AI bot to orchestrate other bots for AI-to-AI commerce coordinating procurement, delivery, and easy payment with little or no human intervention.
Real-world examples:
- Google’s latest LLM, Gemini AI, is designed to be ultra-powerful and efficient. The model is built for multimodality that resonates seamlessly across text, video, audio, images, and code.
- Dynamic Yield by Mastercard has launched its GenAI retail assistant, the Shopping Muse. The efficient tool recreates the exceptional, in-store shopping experience by quickly decoding customers’ colloquial language and translating it into personalized product recommendations with relevant suggestions for matching products and accessories.
- Confronted with the challenge of scattered information across various departments, Algoscale launched its RAG LLM-powered Slackbot, to pioneer an internal information access system. The tool streamlined access to internal documents and empowered users with real-time, contextually relevant information retrieval.
According to Gartner’s report, by 2026, more than 80% of business enterprises will have used GenAI models and APIs or deployed GenAI-powered applications in their production environments, up from less than 5% in 2023.
2. Quantum Computing will demonstrate its true potential
One of the leading tech trends in 2024, the era of quantum computing is on the horizon, and it promises to transform industries from healthcare to automotive to finance.
“Quantum hardware may start becoming more ready for industry-wide applications, thanks to powerful error-mitigation techniques and scalability experiments. Also, artificial intelligence will get a dramatic boost thanks to quantum-inspired methods, which will bring further memory efficiency, speed and accuracy.”
Quantum computing is based on the principles of quantum theory. Thanks to this technology, quantum computers, with their superlative processing capabilities, can solve complex problems much faster than any traditional computer. It can analyze and decrypt massive datasets quickly, leading to breakthroughs in several fields.
For example, quantum computing can revolutionize the automotive industry by enhancing various aspects such as R&D, production, supply chain management, and design. The technology could be utilized to streamline manufacturing processes, reduce costs, and even optimize multi-robot processes such as welding and painting.
Similarly, the technology can find specific use cases in the finance industry, such as managing credit risk and fraud detection.
Real-world examples:
- Mercedes-Benz is among the early adopters of this technology, exploring its potential to optimize battery design, recognize new and efficient battery materials, and augment battery performance and range.
- Google has reportedly built a quantum computer that can perform calculations in just a couple of moments that would take the world’s most advanced supercomputers nearly 47 years to process.
The global market size of quantum computing stood at USD 840.37 million in 2023. This market is further anticipated to reach the value of USD 8,208.89 in 2032, growing at a CAGR of 28.8% in the forecast period.
3. Datafication will continue to rise
Next on the list of top tech trends in 2024 is datafication, which is likely reshaping everything from businesses to our very understanding of reality.
“All aspects of our lives, business and society are today being turned into quantifiable and usable data. The fact is the datafication of everything is a reality we must live with today. Datafication helps us derive insights, make informed decisions, optimize, and automate processes, and create new devices and software products.”
Essentially, datafication involves converting the various aspects of life and interactions into data. In other words, it is transforming traditionally non-digital information into a digital format that can be easily gathered, processed, and evaluated. For instance, it can be as simple as converting your morning coffee or your city’s traffic flow into quantifiable information.
The advancements in datafication can be accredited to the exponential growth in data generation and the constant evolution of data analytics technologies.
But datafication isn’t just about collecting numbers. It’s about extracting insights, predicting trends, and ultimately, telling stories. In industries like retail, healthcare, and finance, datafication can facilitate more efficient and hyper-personalized services. For instance, in healthcare, gathering and analyzing patient data can lead to tailored treatment plans. Similarly, in retail, datafication can boost customer experience through personalized recommendations and targeted marketing.
Real-world examples:
- Netflix is using datafication to predict user behavior and personalize recommendations. Their sophisticated algorithms analyze every user’s viewing history, search queries, and even time of day to curate content, resulting in high user engagement and unparalleled customer satisfaction.
- Walmart leverages datafication to optimize its supply chain, personalize customer experiences, and enhance efficiency. By analyzing sales data, weather patterns, and social media trends, the company accurately predicts demand and optimizes inventory levels. Additionally, Walmart utilizes data to personalize shopping experiences through targeted promotions, product recommendations, and in-store navigation apps.
The global datafication market size stood at USD 310.19 billion in 2022. This market is further anticipated to reach a value of USD 1,013.57 in 2032, growing at a CAGR of 12.57% in the forecast period.
4. AI TRiSM will emerge as a necessity
AI TRiSM represents AI Trust, Risk, and Security Management. With AI becoming a mature force driving transformation across industries, there is a rising need for AI TRiSM in 2024.
AI TRiSM is an advancing technology that is forecasted to enhance an AI model’s reliability, dependability, security, and privacy.
Essentially, AI TRiSM emphasizes the need for having robust systems that process data securely and eliminate risk. This technology is anticipated to have a massive impact on enterprises. As per statistics, by 2026, companies will be able to cut down on fraudulent information by 80%.
AI TRiSM can address key areas such as AI model explainability, data anomaly detection, adversarial attack resistance, and data protection. It provides enterprises with better and more accurate information that enables them to make informed decisions, resulting in increased overall performance.
McKinsey noted a 50% growth in AI Trust architectures last year, signifying a rising shift from simply deploying AI to leveraging it responsibly.
Real-world examples:
- IBM Watson Health has implemented AI TRiSM to help healthcare professionals make ethical and informed decisions. Additionally, the researchers at Standford University are using the tech to pinpoint and eliminate bias in algorithms used for predicting medical outcomes.
- Financial organizations can improve transparency and interpretability with AI TRiSM techniques. Goldman Sachs bank has implemented AI TRiSM techniques to ensure lucid explanations and automate their financial decision-making.
According to the Allied Market Research Report, the global AI TRiSM market which stood at USD 1.7 billion in 2022 will rise to USD 7.4 billion by 2032, growing at a CAGR of 16.20% during the forecast period.
5. Adoption of Robotic Process Automation will increase
With the increasing advancements in AI and ML, businesses are finding more ways to integrate automation into their processes. And one of the emerging techs that are exploding in popularity is robotic process automation (RPA).
“RPA is a promising new development in business automation that offers a potential ROI of 30–200 percent—in the first year”
RPA involves training software programs to execute repetitive and mundane tasks and free up human reps for more creative endeavors. Imagine software robots mimicking your clicks and keystrokes, tirelessly handling repetitive tasks like data entry, form filling, and email processing. That’s RPA in a nutshell. These digital assistants learn your workflows, and then automate them with incredible accuracy and speed, freeing you to focus on high-value work.
One of the primary reasons why businesses are adopting RPA tech is to maximize employee productivity and efficiency. For instance, banks and finance companies can leverage RPA to automate account verification, loan applications, and fraud detection, improving efficiency and customer service. Similarly, manufacturing enterprises can use the tech to track production schedules, manage inventory, and optimize operations.
Real-world examples:
- Deutsche Bank and its advanced Blue Water Fintech Lab are among the first entities to use robotic automation for matching and processing data in several banks. The technology allows the bank to execute simultaneous processing of thousands of financial records, streamlining complex processes and obtaining actionable insights for decisive strategies.
- Telecom giant, AT&T, is also using RPA at scale. The company has implemented over 3,000 bots and realized a 20x return on its investment.
According to reports, the RPA market will grow to reach USD 25 billion by 2030, marking a CAGR of nearly 36%.
How to Use These Trends to Achieve Your Business Goals for 2024 and Beyond?
Discover the transformative power of the five emerging tech trends in 2024, poised to reshape industries, redefine work processes, and elevate daily experiences. To capitalize on these trends, enterprises should assess their relevance to their unique circumstances and seamlessly incorporate them into strategic planning over the next few years, adapting operations accordingly. The year 2024 is an era of active participation in the technological revolution spurred by these trends, not mere observation from a distance.
Explore how Algoscale can empower your enterprise to harness the full potential of these trends for sustained growth and innovation. Get in touch with us to know more.
