10 Tech Trends to Keep an Eye on in 2024

What's the scoop on tech trends for 2024? While generative AI stole the spotlight globally last year, AI remains a hot topic this year. However, there are other emerging tech trends poised to address today's toughest global challenges. Drawing from a recent article* by Capgemini, this blog post outlines five technology trends set to shape business and technology strategies in the years ahead. Let's dive in.

1. Quantum technology

Quantum technology is a topic that cannot be ignored when talking about tech trends in 2024. Better innovations in digital defense systems are required to keep up with advancements in computing. Artificial Intelligence (AI) and machine learning (ML) are being used worldwide for cybersecurity and threat detection. To strengthen digital defense, businesses and governments alike are quickly implementing a zero-trust security model based on the tenet "never trust, always verify."

But new risks have emerged as a result of quantum computing advancements, which could render outdated encryption techniques like RSA and ECC ineffective. As a result, creating quantum-resistant algorithms is becoming increasingly necessary to protect the security and privacy of data. 

“In the U.S., the standard for “post-quantum cryptography” (PQC), i.e., encryption algorithms believed to be resistant to quantum attacks, will be issued in 2024 by the National Institute of Standards and Technology. As the Quantum Computing Cybersecurity Preparedness Act requires public and private organizations supplying the U.S. government to be ready to migrate to PQC within a year after the NIST standards are released, this topic is bound to make its way into boardroom conversations in 2024,” mentions the article. 

This development will likely overturn cybersecurity standards worldwide. It will also impact global business leaders as companies initiate their quantum transition.

The global market for quantum computing, one of the biggest technological trends of 2024, is expected to grow at a compound annual growth rate (CAGR) of 28.8% between 2024 and 2032, reaching a valuation of about US$8.2 billion by then.

2. Semiconductors

Semiconductors, being among the most traded goods globally, play a significant role in enabling the digital transformation process. Moore's law states that although the cost of computers is halved, the number of transistors on a microchip doubles every two years. But is this theory coming to an end?

Studies indicate differently. Transistors will soon be no larger than a collection of atoms, and microchips will only be 2 nanometers in size. However, as the physical limit of chip miniaturization seems to be drawing near, significant developments in material science, lithography, and 3D chip stacking will be made this year that will impact chiplets.

A speedy digital transformation is underway—worldwide semiconductor revenue is expected to grow by 17 percent in 2024, reaching $624 billion. This transformation, driven by digitally connected objects, from smartphones to e-vehicles to data centers and telecoms, will soon dominate industries globally.  

These advances will bring about tangible shifts in the semiconductor industry, with new gigafactories, business models, regulations, and foundry services developing in 2024.

3. Batteries

Batteries are the next item on the list of 2024 tech trends. These days, every nation seeks to lower expenses while enhancing battery efficiency. The objective is to improve electric mobility and energy storage, which are critical for accelerating smart grids and making the switch to renewable energy sources. With a compound annual growth rate (CAGR) of 8.7% from 2024 to 2032, the global battery market is predicted to reach US$276.3 billion.

The article states that "although nickel manganese cobalt (NMC) and lithium ferrophosphate (LFP) are becoming the norm for electric vehicle applications, several battery-related technologies are being explored, such as cobalt-free (sodium-ion) or solid-state batteries, with a likely acceleration in 2024. 

The article goes on to say that because cobalt-free batteries are more affordable than conventional batteries and have larger storage capacities, they represent a significant advancement in battery technology, especially for e-vehicles. These batteries offer longer lifespans and improved safety while reducing reliance on components like lithium, nickel, cobalt, graphite, and rare-earth minerals.

These developments will make it possible to use materials more sustainably in a world where the fight against climate change and the energy transition are driving forces.

4. Space technology

The acceleration of space technology is another important technological trend for 2024. The goal of humanity is to settle permanently on the moon. Satellites will be a major area of focus for space technology this year, in addition to space travel.

Space technology advancements will accelerate scientific research and assist in resolving some of the planet's most urgent problems, such as climate change hazards and the depletion of natural resources. Satellite data can save our planet by tracking changes in air quality, ice and permafrost conditions, forest cover, and ecosystems, to name just a few applications. 

Such satellite data for agriculture will make it easier for people to understand how best to use energy and water for crops. Satellites can also record environmental harm from ships and tankers emptying their contents into the ocean.

Additionally, space technology seeks to address major international concerns like defense, sovereignty, and telecommunications access. Both governments and the private sector, including startups and multinational corporations, are driving the current space tech revolution. Furthermore, it is supported by a number of technologies, including big data, quantum computing, 5G, and sophisticated satellite systems.

"By 2024, this could spur technological advancement and assist highly promising initiatives in the areas of sustainable spacecraft propulsion (either nuclear or electric) and new Low Earth Orbit constellations for seamless communications and quantum cryptography," the article states.

Satellites, integrated circuits, solar energy, composite materials, global positioning systems (GPS), and other innovations made possible by the previous space race revolutionized the world. This year, comparable revolutions in computing, telecommunications, and Earth observation will be sparked by the return to the stars.

5. Generative AI 

Generous AI will continue to live up to the enormous hype it generated this year, just like it did last year. With a compound annual growth rate (CAGR) of 20.80% between 2024 and 2030, the market is expected to reach US$66.62 billion in 2024.

In the upcoming months, large language models will grow at an exponential rate. This advancement will open the door for more affordable and small-footprint models that run on installations with limited processing power, such as on-edge or smaller enterprise architectures.

Additionally, multimodal AI, which goes beyond single-mode data processing to incorporate various input types like text, images, and sound, will become more prevalent by 2024. In other words, multimodal AI will advance our efforts to replicate human comprehension and processing of a wide range of sensory data. 

Furthermore, a major transition from reactive to proactive AI will be brought about by agentic AI, which refers to advanced autonomous and proactive systems. Artificial intelligence (AI) agents are designed to understand their environment, set goals, and accomplish them without the need for direct human intervention, in contrast to traditional AI systems that respond to user input and follow preset programming.

Large language models and cutting-edge generative AI systems are expensive to build and demand a lot of processing power. Therefore, this year will also see advancements in open-source AI, which allows programmers to build upon each other's work to reduce costs and increase accessibility to AI.

6. Metaverse Development 

Enter the Metaverse: A New Frontier Unfolds Before Us, Bridging Realities and Redefining Existence In this era of unprecedented technological advancement, the metaverse emerges as a beacon of limitless potential, where the lines between the physical and digital worlds blur into oblivion. Journey with us through this link as we traverse the vast expanse of virtual and augmented reality landscapes, each pixelated horizon teeming with opportunities for innovation and exploration.

Prepare to be awe-struck as we delve into the intricate tapestry of metaverse development, where immersive experiences transcend mere entertainment, offering a glimpse into a future where work, play, and social interaction seamlessly intertwine. From virtual offices that revolutionize remote collaboration to augmented reality overlays that enhance our understanding of the physical world, every click on this link unveils a new chapter in the ongoing saga of human ingenuity.

Join us on this epic odyssey as we navigate the ever-expanding metaverse, where each interaction shapes the fabric of our digital existence. Together, let's embrace the dawn of a new era in 2024 and beyond, where innovation knows no bounds and the boundaries of reality are but a distant memory.

7. Edge Computing

Unlocking the Power of Edge Computing: Revolutionizing Real-Time Data Processing in 2024 and Beyond ⚡🌐 As the Internet of Things (IoT) continues to flourish and our dependency on instantaneous data insights grows, the significance of edge computing cannot be overstated. Follow this link to delve into the heart of the edge computing revolution, where real-time data processing takes center stage, enabling low-latency applications and decentralized computing architectures.

Discover how edge computing is reshaping industries, from smart cities to autonomous vehicles, by bringing computational power closer to the data source. With every click, explore the intricacies of this transformative technology, where data is processed on the edge of the network, minimizing latency and enhancing efficiency.

Join us on the forefront of innovation as we navigate the landscape of edge computing in 2024 and beyond, where every interaction and transaction is powered by lightning-fast data processing at the edge. Don't miss out on the opportunity to witness firsthand how edge computing is shaping the future of technology and revolutionizing the way we harness data.

8. Biotechnology Advances in Biotechnology

Breaking Barriers in Healthcare: Unveiling the Future of Biotechnology in 2024. Dive into this link to explore the cutting-edge advancements propelling biotechnology into a new era of personalized healthcare. With breakthroughs in gene editing and personalized medicine, the landscape of healthcare is undergoing a seismic shift, promising targeted therapies and precision diagnostics customized to individual genetic profiles.

Discover how biotechnology is revolutionizing treatment paradigms, empowering healthcare providers to deliver tailored solutions that address the unique needs of each patient. From gene therapies that target the root cause of diseases to diagnostic tools capable of early detection with unparalleled accuracy, every click unveils the transformative potential of biotechnology in shaping the future of medicine.

Join us on the frontier of innovation as we navigate the intricate world of biotechnology in 2024 and beyond, where each advancement brings us closer to unlocking the full potential of the human genome. Don't miss out on this opportunity to witness firsthand how biotechnology is reshaping the landscape of healthcare and paving the way for a healthier, more personalized future.

9. Green Technologies

In the face of climate change, industries worldwide are swiftly embracing green technologies to combat environmental degradation while meeting modern demands. Renewable energy sources like solar and wind power lead the charge, offering clean alternatives to fossil fuels with unmatched scalability and efficiency. Beyond energy, manufacturing and construction sectors are revolutionizing their practices, prioritizing sustainability. From utilizing recycled materials to adopting advanced insulation, companies are reducing waste and carbon emissions without compromising innovation. 

This wave of innovation, driven by the urgency to address climate change, fosters collaboration and investment across sectors. Governments, businesses, and individuals recognize sustainability as both a moral imperative and a strategic necessity for long-term prosperity. As we stand at the intersection of environmental stewardship and technological advancement, our decisions today shape tomorrow's world. By embracing green technologies and sustainable practices, we pave a path towards a healthier planet and a brighter future for generations to come. Together, let's rise to the challenge and create a truly sustainable world.

10. Ethical AI Governance

In today's rapidly evolving technological landscape, ethical AI governance is crucial to address concerns regarding bias, privacy, and accountability in algorithmic decision-making. Proactive measures, such as deploying fairness-aware algorithms and implementing robust data protection measures, are essential to mitigate bias and safeguard privacy. 

Moreover, transparency and accountability mechanisms help build trust in AI technologies. By prioritizing ethical AI governance, we can navigate the challenges of AI integration while upholding fundamental principles of fairness, privacy, and accountability. Through collaborative efforts among policymakers, industry leaders, and civil society, we can foster a future where AI technologies serve the collective good while respecting individual rights and values, ultimately contributing to a more equitable and sustainable society.

These days, AI transformation is business transformation.  

What do you think these 2024 tech trends mean for you?

Technology is a dynamic field that constantly changes and affects how we live our daily lives. The technological trends discussed in this blog post are expected to undergo a turning point this year, according to research. These fields have enormous potential to help us solve our problems. Seeing how advancements in these areas impact 2024 and the upcoming years will be fascinating.

Technology and business are now closely intertwined. And even the most tech-savvy leaders may find it difficult to stay up to date with the rapidly changing tech landscape.

You should use modern development methodologies for your modern software engineering challenges.