The 2024 Tech Forecast

by | Dec 18, 2023 | Blog

The tech industry is on the cusp of a major transformation. With groundbreaking advancements in artificial intelligence, like cutting-edge machine learning algorithms that have revolutionized personalized customer experiences and optimized supply chain management, we are witnessing an unprecedented shift.

Furthermore, the increasing adoption of cloud-based infrastructure has propelled this transformation, offering improved scalability, flexibility, and cost-efficiency for businesses of all sizes. This transition to the cloud has empowered organizations to leverage vast amounts of data, accelerate innovation, and drive digital transformation at an unprecedented pace.

This evolution in the tech industry promises to reshape how we live, work, and interact with technology. The tech industry is at the forefront of an era defined by innovation, disruption, and limitless possibilities. Embracing these transformative technologies and staying ahead of the curve will be crucial for organizations and individuals to thrive in the digital age.

Here are some of the major trends the experts at 3Ci anticipate will make waves in 2024:

1. Generative AI, Machine Learning, and Robotic Process Automation (RPA)

In 2024, we can expect to see continued growth in the fields of generative AI and machine learning. These technologies will continue to revolutionize industries such as healthcare, finance, and manufacturing by providing intelligent solutions that automate processes and enhance decision-making.

In addition, the increasing prevalence of RPA (Robotic Process Automation) will reshape the way businesses operate across all sectors. Gartner estimates that RPA has become a $2 billion-plus market over the past couple of years. Enterprises could triple the capacity of their RPA capabilities through 2024 as they look to inject more automation into their operations, according to the research firm.

The combination of generative AI and RPA will create a powerful synergy, unlocking new opportunities for businesses to thrive in the digital age. With the ability to automate repetitive tasks, generate creative content, and make data-driven decisions, organizations will be equipped to deliver exceptional customer experiences, drive innovation, and gain a competitive edge in the market.

2. Industry Cloud Platforms

Industry cloud platforms are set to gain significant traction in 2024, driven by the need for industry-specific solutions to address unique challenges. Worldwide end-user spending on public cloud services is forecast to grow 20.4% to total $678.8 billion in 2024, up from $563.6 billion in 2023.

Unlike the one-size-fits-all approach of generic cloud platforms, the industry cloud caters to the specific needs of individual industries such as healthcare, finance, or manufacturing. These platforms offer tailored solutions, from compliance with industry-specific regulations to the integration of specialized tools and applications.

These platforms enable businesses to streamline operations, enhance collaboration, and improve decision-making while ensuring industry-specific compliance and security standards. The advantages of using industry cloud platforms extend beyond operational efficiency, offering robust data analytics capabilities that can yield valuable insights, inform strategic planning, and drive business growth.

In 2024, the rise of industry cloud platforms will further accelerate digital transformation across various sectors. By 2027, more than 70% of enterprises will use industry cloud platforms to accelerate their business initiatives, up from less than 15% in 2023. This trend signifies a shift in how businesses leverage technology, leading to more targeted and industry-specific solutions.

3. Cyber Resiliency and Continuous Threat Exposure Management (CTEM)

In 2024, cybersecurity will continue to be at the forefront of technology trends, primarily due to cyber threats’ increasing complexity and sophistication. There are an estimated 800,000 cyberattacks per year in 2023.

A key area of focus will be Cyber Resiliency, a proactive approach to cybersecurity that involves building defensive measures into systems and processes to ensure they remain functional even in the event of a breach. This approach prioritizes prevention and emphasizes recovery, ensuring that businesses can quickly bounce back after a cyber incident.

Continuous Threat Exposure Management (CTEM), a solution that continually monitors, identifies, and manages cyber threats, will also gain prominence in 2024. CTEM solutions will provide real-time intelligence on cyber threats, allowing businesses to promptly respond to and mitigate risks. According to Garnter, by 2026, organizations that prioritize their security investments based on a continuous exposure management program will be 3x less likely to suffer a breach.

The combination of Cyber Resiliency and CTEM forms a comprehensive security strategy where organizations are equipped to withstand cyber threats and identify and neutralize them quickly and effectively. This shift towards proactive and holistic cybersecurity management will be crucial in 2024, as businesses continue to navigate the increasingly complex digital landscape.

4. Platform Engineering

Platform engineering is anticipated to be a vital driver for custom software development. As businesses seek to build and manage their unique digital platforms, the focus will shift towards creating scalable, reliable, and efficient systems that cater to their specific needs. Platform engineering will be key in this endeavor, enabling businesses to develop and maintain the underlying infrastructure that supports their custom software applications.

Custom software tailored to the unique needs of businesses will continue to replace off-the-shelf solutions. The benefits of custom software, such as adaptability, scalability, and potential integration with other business systems, make it an attractive option for organizations striving to stay competitive in the digital age. Businesses will have the opportunity to design and implement software that is perfectly aligned with their business objectives and processes.

Moreover, the adoption of DevOps practices within platform engineering is projected to increase, fostering enhanced collaboration between development and operations teams. This integration will streamline the custom software development process, from initial design to deployment and maintenance.

5. Data Warehousing and Scalability

Data warehousing and scalability are set to become even more critical for businesses worldwide. The increasing volume, velocity, and variety of data generated by digital activities necessitate robust data warehousing solutions capable of efficiently storing and processing large datasets. Data warehouses will serve as storage repositories and sophisticated analytics engines capable of extracting valuable insights from data.

Scalability will be a vital feature of these data warehouses, allowing businesses to expand their data storage capacity seamlessly as their data needs grow. This scalability will extend to storage space and processing power, enabling companies to handle larger datasets and more complex analytics tasks efficiently.

Furthermore, we expect scalable, cloud-based data warehousing solutions to become a non-negotiable in 2024. These solutions will combine the benefits of traditional data warehouses with the flexibility and scalability of cloud computing. This shift to the cloud will enable businesses to handle their increasing data loads without investing heavily in on-premises infrastructure, thereby reducing costs and allowing for easier scale-up as their needs evolve.

Adopting and integrating these emerging technologies will be critical to maintaining a competitive edge in the marketplace. Businesses will need to adapt and evolve, embracing these innovations not as optional extras but as integral components of their strategic planning.

However, with these technological advancements come inherent challenges. Cybersecurity, for instance, will be a key concern. As our world becomes increasingly interconnected, businesses and governments alike must prioritize developing and implementing robust cybersecurity strategies to ensure the safety and security of their digital assets.

An era of unprecedented technological innovation and disruption will mark 2024. The organizations that will thrive in this new age will be those that proactively embrace change, adapt their strategies accordingly, and view technology not as a tool but as a transformational force driving growth and success.