6 Technology Trends To Watch in 2024
Gozde Dogan
The technological landscape continues to evolve at an unprecedented pace, reshaping industries, redefining norms, and unlocking new possibilities. In this incredible era of innovation, it’s essential to keep a close eye on emerging trends that promise to shape the future.
From the frontier of artificial intelligence to the decentralised realm of blockchain, here are eight technology trends poised to make a significant impact in 2024 and beyond:
1. Generative AI
Generative AI refers to a subset of artificial intelligence that focuses on creating new content, such as text, images, music, and even code, based on the patterns it has learned from vast datasets. Utilising models like OpenAI’s GPT-4, these systems can generate remarkably human-like and contextually relevant outputs. The surge in interest and development in generative AI stems from its vast potential applications and its ability to automate and enhance creative processes.
It is revolutionising industries by enabling the rapid production of high-quality content, improving customer interactions through advanced chatbots, and even aiding in scientific research by generating hypotheses and simulations. The combination of advanced machine learning techniques and massive computational power has made generative AI not just a technological novelty but a practical tool that has a place in a variety of sectors.
2. Extended Reality
Extended Reality (XR) is an umbrella term that encompasses virtual reality (VR), augmented reality (AR), and mixed reality (MR), integrating the real and virtual worlds to create immersive experiences. VR fully immerses users in a computer-generated environment, blocking out the physical world, while AR overlays digital information onto the real world, enhancing it with interactive elements.
MR blends both VR and AR, allowing virtual and real-world objects to interact in real-time. XR technology is gaining traction due to its transformative potential across numerous industries, including gaming, education, healthcare, and remote work.
3. Datafication
Datafication refers to the process of transforming various aspects of our lives into digital data, driven by data-powered devices and software. Put simply, datafication involves converting human activities and tasks into data-centric processes, enabling a seamless integration of data into everyday life.
Examples include mobile phone GPS navigation, which records our moves; wearable technology such as Apple Watches and Fitbits, which monitor health data; and streaming services such as Netflix, which provide personalised entertainment recommendations. In the business world, Facebook Ads utilise user data to target certain demographics, whereas banks evaluate loan risks using customer data such as credit scores. Amazon uses artificial intelligence to customise product recommendations. This broad use of data in areas such as insurance, banking, and social science studies shows its significant impact on decision-making and personalisation.
The pervasive nature of data in modern society underscores its importance and longevity, as data becomes a critical asset. Consequently, ensuring the proper, secure, and safe storage of this data has emerged as a vital specialisation within the economy.
4. Robotic Process Automation (RPA)
Robotic Process Automation (RPA) is a technology that uses software to automate business processes, similar to the way AI and machine learning enhance efficiency and productivity. RPA is designed to handle repetitive tasks traditionally performed by humans, such as interpreting applications, processing transactions, managing data, and responding to emails. By automating these mundane tasks, RPA allows employees to focus on more complex and strategic activities, thereby increasing overall productivity and job satisfaction.
In our daily lives, you can come across RPA when interacting with service chatbots that answer typical questions or when automated emails react to your enquiries.
RPA is also utilised in the healthcare and service industries to manage appointment scheduling and reminders, allowing you to make or reschedule appointments without having to speak with someone.
RPA is used extensively in businesses to automate operations such as invoice processing, payroll management, and order processing in online stores. It can even assist with data entry by sending information between systems, eliminating the need for manual work. RPA solutions are used in social media management to automate postings and monitor engagement, allowing organisations to remain active online. Overall, RPA saves time and decreases errors in daily chores and business processes.
According to McKinsey, less than 5 percent of occupations can be fully automated, but around 60 percent of jobs can be partially automated, indicating that RPA will likely complement human work rather than replace it entirely.
As a result, RPA is reshaping the workforce by augmenting human capabilities and driving the need for new skills and roles in the evolving digital economy.
5. Blockchain
Blockchain technology keeps records and stores data safely in a way that can’t be changed. It’s probably most often associated with cryptocurrencies like Bitcoin, but it’s used for significantly various other purposes as well. For instance, blockchain can be used in supply lines to keep track of goods from where they are made to where they are sold, making sure they are real and haven’t been tampered with. It is also being used in voting systems to improve election security and transparency.
This technology is used by well-known businesses to make their processes and services more open, safe, and efficient. The Azure Blockchain Service from Microsoft uses blockchain to help companies in many fields, like healthcare and banking, build safe and effective blockchain networks. In the same way, Amazon’s Amazon Managed Blockchain service provides blockchain solutions. This service makes it easy for businesses to set up and run blockchain networks, which can be used for things like tracking goods in the supply chain and making payments across borders.
In the banking world, JP Morgan has made its own blockchain platform called Quorum that is used to make sure that transactions are safe. Quorum is an important tool for many organisations because it makes financial processes safer and more efficient.
6. Edge Computing
Edge computing is changing how data is processed by bringing it closer to where it comes from. This cuts down on delays and speeds up processes. This is very important for apps that need to respond right away, like self-driving cars. Edge computing, for example, lets Tesla handle data from its cars locally, which speeds up decision-making in real-time situations like self-driving cars.
GE Healthcare is another company that uses edge computing to analyse medical data from devices like MRI machines right where they are used. This makes it possible to make faster choices about diagnosis and treatment. In the same way, Verizon uses edge computing to improve its 5G network services, which lets low-latency apps like virtual reality and industrial automation work.
It’s apparent that technology will continue to change and shape our world in fascinating and creative ways as we look to the future. These developing trends, which range from Generative AI’s creative skills to blockchain’s secure, transparent transactions, are expected to have a big impact on how we live and work.
