The Essential Eight of 2024

In 2016 we identified the Essential Eight - a shortlist of emerging technologies to help business leaders evaluate their relevance and potential impact. Given how fast things have moved since then, we’ve now created an Essential Eight for 2024, distilled from a list of 150 technologies. This month we’re sharing what they are, and adding context to some so you can see how they could add value for your business.

Understanding the relationships 

While each one of our Eight is distinct, maximum benefit comes from using them together to achieve clear goals. Find out what they are and how they connect in this short video:

The Essential Eight are divided into categories - let’s start with ‘Essential to expand’

• Artificial Intelligence and the Internet of Things

The building block for businesses pursuing growth in 2024 will be the strategic application of Artificial Intelligence and the Internet of Things.

Around half of the businesses we spoke to as we developed our list planned to invest more in both these emerging technologies. 

IoT generates huge quantities of data from sensors and devices which AI then analyses. Together they become AIoT.

As much as AI enhances human productivity, the Internet of Things can be applied to significantly enhance business productivity. Listen back to our panel hosted by Alex Ruhl, our Head of Immersive Technology, as they discuss the opportunities for businesses that are coming from Gen AI.

AI will be an enabler to everything else on the Essential Eight list. Review our Responsible AI toolkit and access frameworks, templates and code-based assets for your AI strategy.

Next on the list.... Essential to evaluate

• Blockchain, virtual reality, augmented reality and advanced robotics

As you expand, increased transparency to develop and maintain trust among your stakeholders becomes critical. This is where the next one of our Essential Eight list comes to the fore. 

Designed to be an ecosystem technology, blockchain’s fundamental feature of immutable records means it can instil stakeholder trust in other emerging technologies, while safeguarding and verifying data. 

Blockchain has benefitted from regulatory clarity in recent years and now businesses are more confident about how it can support them. 

As with AIoT, its potential increases exponentially when combined with other emerging technologies such as VR and AR.

Some of the key use cases for immersive technology delivering value today are in workforce enablement - delivering immersive education and training experiences. At PwC, we do this both internally and for our clients in many different ways including the ‘In My Shoes’ Inclusion and Diversity VR experience to help better train leaders and employees on I&D leadership skills. Have a look at what it's like firsthand in the video below.

And finally... Essential to experiment

• Quantum computing and neuromorphic computing

While it's unlikely awareness, never mind practical understanding, of these next two are on most people's radars - quantum computing and neuromorphic computing are ones you should start to pay attention to.

29% of companies we surveyed for our Essential Eight said they’d be investing in quantum computing next year. It can conduct far more complex operations exponentially faster than classical computing, and it can enable applications (such as AI) to produce reliable results even with smaller data sets.

Then there is neuromorphic computing. This could be the foundation of a whole new era in intelligent computing. Its value cases are in things such as autonomous vehicles, personalised healthcare and robotics. But before it can achieve its potential it needs both hardware and software standards which are currently often lacking. 

Want to be the person who can explain the difference between computers today and quantum computing?  Listen back to our A-Z of Tech podcast episode Q for Quantum when hosts Shreya Gopal and Louise Taggart learn the meaning of words like qubit, post-quantum cryptography and quantum supremacy.

Technology professionals

As you’d expect, companies hoping to invest now face recruitment challenges as this is a very bespoke skill. That’s one of the reasons we work with universities and colleges throughout the UK, supporting the next generation of tech leaders. Our Technology Degree Apprenticeships have closed for applications for this year’s intake, but visit our website or watch this short video to find out more. And if you’d like to be among the first to hear when we open for applications, join our Talent Community.

Visit our careers website here

Our future will be tech-powered but human-led. People will be in control, helping to grow trust and making data-backed high-risk and high-value decisions.

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