Major Tech Trends to Prepare for in 2024

Across industries, from generative AI, smart energy solutions, all the way to genomics, a wide range of emerging technologies require attention from IT professionals and managers around the world.

Digital transformation is a never-ending process and it’s that time of the year again, when it’s strategically smart to examine the most prominent tech trends shaping our digital future in the year ahead.

In this article, Bocasay, our offshore IT agency based in Vietnam, provides an overview of the most impactful tech trends currently transforming our digital landscape.

Key Tech Trends in 2024

Generative AI

Generative AI refers to a class of artificial intelligence algorithms and models that are designed to generate new content, such as text, images, audio, or other forms of data, based on patterns and information it has learned from existing data. These models can produce content that is often indistinguishable from content created by humans.

In 2023, we witnessed the rapid rise and widespread use of generative AI tools like ChatGPT. AI projections for 2024 are simply staggering. For a start, the global AI market size is projected to reach $407 billion by 2027. According to eMarketer, more than half of people aged 12 to 44 in the U.S. will be monthly generative AI users by the year 2025. On top of that, according to research by Ipsos,  66% of global adults agree that AI-powered products and services will significantly change their daily life in 3-5 years.

Datafication

Datafication refers to the process of transforming various aspects of life, business and society into quantifiable data. It involves the conversion of activities, behaviors and interactions into data points that can be collected, analyzed and used for various purposes. This concept has become increasingly significant in the digital age as technology allows us to capture, store and process vast amounts of data.

The rising demand for datafication, and its corresponding market growth, is centered on the exponential increase in data volumes generated over social media, IoT devices and within an ongoing digital transformation process. In 2024, the projected global datafication market value is at $393.07 billion and that’s expected to reach more than $1.1 trillion by 2032. Ultimately, Datafication will continue to enable businesses to optimize their products and services by taking advantage of real-time data.

Extended Reality

Extended Reality (XR) is an umbrella term that encompasses various immersive technologies that blend the physical and virtual worlds. It includes Virtual Reality (VR), Augmented Reality (AR) and Mixed Reality (MR). These technologies aim to enhance human perception and interaction with the environment, by integrating digital content into the real world or creating entirely virtual experiences.

As approximately 90% of all companies working on XR are SMEs, European policy-makers expect XR to create 1.2-2.4 million jobs in Europe by 2025. According to Statista, the global revenue of the AR and VR market has been forecast to reach $53.71 billion by 2027. Extended Reality has applications across various industries, including gaming, education, healthcare, architecture, emergency services and much more.

If you’re planning to build tech team in Vietnam, you’ve come to the right place. Find out more about our office in Ho Chi Minh City. Let’s talk about your resource needs right away.

Digital Trust

Digital trust refers to the confidence and reliability that individuals, organizations and societies have in the use of digital technologies. It involves the security, privacy and integrity of digital information. It encompasses the belief that digital systems, platforms and interactions can be trusted to function as intended, that is to protect user data and maintain a level of security that prevents unauthorized access or manipulation.

According to PWC’s ‘2024 Global Digital Trust Insights’ survey, mitigating the risks and vulnerabilities of cybersecurity is a top priority for business executives around the world in 2024. The survey found that 44% of CEOs reported using an integrated suite of cyber tech solutions, and another 39% reported planning to move to one in the next two years. With data breaches becoming more costly, modernisation and optimization will be top cyber-investment priorities for the coming year.

Smart Energy Solutions

Smart energy solutions involve the application of advanced technologies and innovative approaches in order to enhance the efficiency, reliability and sustainability of energy production, distribution and consumption. These solutions leverage digital technologies, data analytics, automation and connectivity to optimize the management of energy resources and improve overall energy systems.

The rising adoption of smart grids, smart meters, energy management response systems and the integration of various Internet of Things (IoT) devices will only strengthen the need for innovation and smart solutions in the field of energy management. By 2028, the IMARC Group expects the global smart energy market size to reach $253.0 billion. By increasingly incorporating smart energy solutions, communities, industries and utility providers can work towards creating a more sustainable and resilient energy infrastructure, reduce environmental impact and better meet the growing energy demands of a connected and technology-driven world.

Edge Computing

Edge computing is a distributed computing paradigm that involves processing data near the source of data generation, or at the “edge” of the network, rather than relying on a centralized cloud-based system. The goal of edge computing is to reduce latency, improve bandwidth efficiency and enhance the overall performance of applications and services by processing data closer to where it is needed. This approach is particularly relevant in scenarios where real-time processing and low-latency responses are critical.

Organizations are increasingly recognizing the advantages of decentralized data processing and real-time data analysis. While there are several, co-existing factors driving the growth of the global edge computing market, they include IoT proliferation, increasing low-latency requirements, high bandwidth usage, real-time processing needs and data privacy and security concerns.  According to Statista, the global edge computing market is projected to hit $317 billion by 2026.

Quantum Computing

Quantum computing is a revolutionary paradigm in the field of computation that leverages the principles of quantum mechanics to perform certain types of computations at exponentially faster rates than classical computers. Unlike classical bits, which can exist in a state of either 0 or 1, quantum bits or qubits can exist in multiple states simultaneously, due to a quantum phenomenon known as superposition. Quantum computers have the potential to solve complex problems that are currently intractable for classical computers.

It’s important to note that while quantum computing holds tremendous promise, practical and scalable quantum computers are still in the early stages of development. Regardless, the global quantum tech market has the potential to disrupt industries ranging from computing, cryptography, imaging and communications, already attracting a lot of interest from governments, tech giants and venture capitalists. The ‘Global Quantum Computing Technologies Industry Research Report’ in 2023 projected the global quantum technologies market size to reach approximately $3.1 billion by 2028.

Genomics

Genomics is the branch of molecular biology that focuses on the study of an organism’s complete set of genes, collectively known as its genome. It involves the comprehensive analysis of genes, their interactions and their influence on various biological processes. Genomic technologies – that is tech dedicated to manipulating and analyzing genomic information – have revolutionized the field of genomics and have had a profound impact on our understanding of biology, evolution and human health.

The driving forces behind the market growth and increasing tech-investment for genomics include the growing demand for gene therapy, personalized medicine, drug discoveries, as well as a significant increase in demand for consumer genomics in recent years. The global genomics market revenue forecast is projected to reach $94.86 billion by 2030. 

Do you need a partner capable of producing high quality IT development for your company? At Bocasay, our dedicated teams of developers provide cutting edge software solutions for companies around the world. Get in touch to find out how we can help with your next project.