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2024 Technology Predictions
Mar 22, 2024
Digital Transformation

2024 Technology Predictions: The Trends That Will Shape the Industry This Year 

AI made a significant impact in 2023, sparking both excitement and concern, as demonstrated by the Hollywood writers and actors’ strike. Since Henry Ford introduced the production line in 1913, technology has steadily positioned itself to transform work. While Ford’s innovation replaced skilled labor with cheaper, unskilled labor, AI offers the opposite effect, potentially impacting the workforce just as profoundly. 

Elon Musk suggests that AI could render jobs obsolete, a view supported by a recent survey of 750 business leaders using AI, where 37% reported that AI had replaced workers in 2023. However, other studies, such as the United Nations Department of Economic Affairs, are more optimistic, stating that AI will alter work without leading to widespread unemployment. 

Despite these differing perspectives, there is a consensus on the predicted economic growth driven by AI. Bloomberg Intelligence Analysts estimate that generative AI technologies like ChatGPT and Google’s Bard could generate up to $1.3 trillion in revenue by 2032. Additionally, 83% of respondents in a recent DevOps Digest survey either have plans to adopt platform engineering or have already implemented it. 

As you can see, the focus on AI continued throughout 2023, and we can expect a plethora of AI-related predictions for this year, including warnings about cybersecurity.  

Interestingly, many of these forecasts revolve around how companies and individuals will adapt to AI rather than AI’s intrinsic developments. Anticipate higher levels of corporate standardization, increased focus on data analytics training, and enhanced predictive security measures as the initial hype over AI diminishes. 

Let’s discuss some of these predictions in detail. 

1. Enhancing Cyber Resilience: The Role of Automation in Cybersecurity 

Organizations are quickly responding to the threat posed by disruptive technologies breaching current cyber defenses, especially around core data and applications.   

Research indicates that one in two businesses have been victims of successful cyberattacks in the past three years. Cybercriminals are becoming more sophisticated in their attacks, using disruptive technologies like GenAI, the Internet of Things, and future quantum computing to conduct security breaches, driving the need for enhanced cyber defenses. The cost of these attacks on the industry is expected to exceed $10 trillion by the end of 2024.   

In light of this rapidly growing threat, technology solutions that enhance defenses and offer a fighting chance are at the top of every organization’s priority list. To address this challenge, businesses must increase their investment in cybersecurity tools over the next 12 months.   

The EY 2023 Global Cybersecurity Leadership Insights Study found that 84% of organizations are in the early stages of integrating two or more new technologies into their existing suite of cybersecurity solutions.   

One way to enhance their cyber resilience is through automated cyber defense tools powered by AI and machine learning. These tools can continuously monitor and analyze vast amounts of data to detect and respond to threats in real time, improving overall security posture.   

Automated tools can also help alleviate the burden on cybersecurity teams by handling repetitive tasks and allowing human experts to focus on more strategic initiatives. As cyber threats continue to evolve, leveraging automation will be essential for organizations to stay ahead and protect their sensitive data and critical systems. 

2. The Shift from Legacy Systems to the Cloud 

Database management systems hosted in a cloud computing environment provide enterprises with increased flexibility, scalability, performance, and cost-effectiveness.   

As a result, Gartner predicts that by 2026, 75% of organizations will adopt a digital transformation model centered on the cloud as the foundational platform. Cloud services are expected to grow significantly, with global end-user spending projected to increase from $563.6 billion in 2023 to $679 billion in 2024, a 20.4% increase.  

Cloud adoption is also closely linked to the rise of artificial intelligence (AI), as the cloud provides an ideal foundation for developing and deploying AI applications.    

Organizations implementing generative AI services will likely turn to the public cloud due to the scale of infrastructure required.” 

Sid Nag, VP Analyst at Gartner

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The growing acceptance of the cloud is evident in the Fourth Annual State of Corporate Technology 2023 survey, where 78% of respondents indicated they are adopting or moving toward a ‘cloud-first’ approach for all future projects. Additionally, over 60% of participants strongly agreed that the cloud has lived up to its hype. 

3. Reskilling and Upskilling to Overcome Talent Shortages 

The tech industry is currently facing a significant shortage of skilled professionals, particularly in IT and data-related roles, which are in high demand worldwide.  

According to Gartner’s 2023 CEO and Senior Business Executive Survey, 26% of CEOs identified talent shortage as the most damaging risk for their organizations. To address this shortage, external recruitment efforts are essential.  

However, The Linux Foundation’s 2023 State of Tech Talent Report emphasizes the importance of upskilling the existing workforce in emerging technology areas such as cloud/containers, cybersecurity, and AI/ML. The report suggests that offering opportunities to work on open-source projects can effectively attract and retain top talent. 

Furthermore, focusing on talent development can also attract businesses to investors in 2024.  

Businesses that invest in talent development are seen as more resilient and better prepared to navigate challenges and capitalize on opportunities in a rapidly evolving market. This can instill confidence in investors, leading to increased interest and investment in the company. 

4. High Adoption of Open-Source Databases 

The dominance of open-source database licenses over commercial ones began in 2021 and continues to gain momentum. A recent survey by Red Hat revealed that 98% of IT managers acknowledge the business advantages of using enterprise open-source software now or in the future. Additionally, 80% of current open-source users intend to increase their usage. 

But what’s driving this accelerated adoption of open source?  

High Adoption of Open Source Databases

Red Hat emphasizes that enterprise open-source software is crucial in supporting IT modernization. Nearly half of their survey respondents noted that one of the top benefits of using enterprise open source is the ability to leverage emerging technologies like AI, containers, and edge computing. Other factors include cost savings, innovation, and improved terms and conditions. 

5. Phygital Convergence 

The integration of the physical and digital realms is becoming more pronounced. Technologies such as augmented reality (AR), virtual reality (VR), and the immersive internet are erasing the boundaries between the physical world and the digital spaces where we spend a significant amount of our time.  

Nowadays, we often exist as digital avatars within virtual environments. This trend is evident in both work and play, as we collaborate remotely using platforms like Zoom, Teams, and Slack, and engage in online gaming and e-sports. Social apps like TikTok and Instagram further blur the lines, allowing us to create virtual spaces where we present curated and filtered moments from our lives, shaping digital personas that mirror our real selves. 

The concept of the digital twin is also gaining traction across industries. A digital twin is a virtual representation of a real-world object, system, or process. It can range from a simple component to an entire city or ecosystem. Essentially, the digital twin is built using data collected from the real world.  

In 2024, we can expect the distinction between the real and virtual worlds to continue to diminish. This convergence means that the digital world is becoming more lifelike, while the physical world is becoming more adaptable and flexible, mirroring its digital counterpart. 

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6. Organizations Will Prioritize Data Observability 

Data observability will become mandatory as organizations strive for smarter automation and quicker decision-making in 2024. As data volumes continue to expand, organizations are urgently seeking ways to ingest and analyze data faster and on a larger scale. However, the cost and risk associated with poor-quality data have never been higher.  

In a recent survey, 57% of DevOps practitioners expressed that the lack of data observability makes it challenging to automate processes in a compliant manner. As a result, organizations will increasingly require solutions that offer data observability, allowing them to swiftly and securely ingest high-quality, reliable data ready for instant analytics.  

Enhanced data observability will empower users like ITOps and business analytics teams to comprehend not just the availability of data, but also its structure, distribution, relationships, and lineage across all sources, including various platforms in a distributed hybrid and multi-cloud environment. This capability is crucial for generating trustworthy insights, ensuring data freshness, detecting anomalies, and eliminating duplicates that could lead to errors. 

7. Platform Engineering Will Become Mission-Critical 

In 2024, platform engineering will emerge as a critical function for organizations.  

Enterprises will realize that a smoothly operating and secure software delivery pipeline is as vital to business continuity as the quality and security of digital services relied upon by end users and customers.  

Consequently, there will be a shift towards productizing the tools used to drive DevOps, security, and site reliability engineering best practices. This shift will elevate platform engineering as organizations document the expertise and capabilities necessary to automate secure software delivery pipelines. 

As this trend gains momentum, software delivery, security, and operations processes will be initiated through application programming interfaces (APIs) that automate these tasks. These APIs will be informed by real-time insights from observability data. 

Wrapping Up 

In conclusion, several key trends will define the tech landscape in 2024. The rapid advancement of generative AI will continue to shape industries, with significant economic growth predicted.  

As organizations increasingly adopt platform engineering and open-source databases, the importance of talent development and data observability will also grow. The convergence of the physical and digital worlds will further blur the lines between reality and virtuality.  

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At TechBlocks, our team of experienced developers is ready to provide professional advice to guide your decision-making process.  Contact us today to make an informed choice for your app development journey!

About the Author

Kevin Gordon

Born in Technology, Raised in Marketing – This is the one-liner Kevin uses to describe his 20+ year career. Kevin is our Director of Marketing and joined the team in 2021, coming from technology start-up, SkipTheDishes.

Starting out in technology, Kevin has a unique blend of technical and marketing experience, with experience as a computer hardware technician, web designer, programmer, Windows & Linux systems administrator, and product development manager, which has allowed Kevin to lead a team of high-performing developers and systems administrators to build integrated omnichannel marketing & sales technology platforms used in retail stores across Canada and the USA.

In addition to his technology background, Kevin has 12+ years of progressive data-driven marketing experience in B2B and B2C industries, including legal, retail, agency, financial technology and more, with over eight years of direct leadership experience in marketing roles.

Kevin has education in Diversity & Inclusion from Cornell University, Business Administration and Project Management from Red River College and additional formal training in Change Management and Business Analysis.

Kevin Gordon