Key trends shaping 2024
As we enter 2024, technological advancements are accelerating like never before. Businesses must stay agile, proactive, and focused in the future to keep up with the rapid advancements. Emerging technologies such as artificial intelligence (AI), augmented reality (AR), cloud computing, and sustainable tech are revolutionizing industries. In this blog post, we will explore five key tech trends for 2024—AI Trust, Risk, and Security Management (AI TRiSM), Platform Engineering, Augmented Workforce, Sustainable Technology, and Intelligent Applications.
AI Trust, Risk, and Security Management (AI TRiSM): Building Trust and Security in AI-Powered Systems
As AI merges more deeply into business operations, trust, risk, and security will increase. AI Trust, Risk, and Security Management (AI TRiSM) has emerged as a critical framework to ensure the reliability and accountability of AI systems.
Sub trends of AI Trust, Risk, and Security Management
- Bias Auditing and Fairness Checks: One of the significant concerns in AI development is bias, which can have extensive consequences in decision-making processes, especially in sectors like finance and healthcare. To tackle these issues, AI TRiSM offers tools for bias auditing and fairness assessments. These tools help ensure that AI models make fair decisions, reducing the risk of discrimination and ensuring AI systems operate ethically (Home of Technology News).
- AI Explainability: This is becoming a key demand from clients using AI-powered services. Businesses want AI systems to provide transparent and understandable reasoning behind their decisions. Enterprises can incorporate AI explainability features, allowing clients to understand AI outputs more clearly and make better-informed decisions (Gartner).
- Compliance with AI Regulations: Compliance with evolving AI regulations is another crucial aspect of AI TRiSM. Governments and regulatory bodies worldwide are placing greater emphasis on managing the risks associated with AI. By embedding compliance measures into AI services, companies can ensure that their solutions meet legal requirements, mitigating risks of fines or reputational damage (Gartner).
- Security-First AI Design: Security-first AI design is crucial in today’s cybersecurity field due to the rising number of cyber threats targeting AI systems. With AI TRiSM, companies can develop AI models with robust security measures, ensuring the protection of sensitive data and intellectual property. (Home of Technology News) (Gartner).
Platform Engineering: Creating Scalable and Efficient Software Solutions
Platform engineering is a strategic approach to software development that emphasizes creating scalable, reusable platforms. Platform engineering offers ways to optimize development workflows, enabling companies to deliver tailored and agile software solutions more quickly and efficiently.
Sub trends of platform engineering
- Microservices Architecture for Flexibility: One of the core components of platform engineering. Unlike traditional monolithic applications, microservices break down complex systems into smaller, manageable modules that can be independently developed and deployed. This approach offers flexibility, scalability, and easier maintenance, allowing companies to update and improve individual components without affecting the entire system (Gartner) (McKinsey & Company).
- DevOps Automation for Efficiency: This is another relevant sub-trend of platform engineering. By incorporating DevOps tools, companies can streamline development, testing, and deployment processes, reducing the time to market their solutions. Automation tools enable continuous integration and nonstop delivery (CI/CD), allowing teams to work more efficiently and deliver updates faster, enhancing customer satisfaction (McKinsey & Company).
- Low-Code/No-Code Platforms for Accessibility: Low-code/no-code platforms transform software development by enabling non-technical users to build or customize applications without writing extensive code. This democratizes the development process, permitting businesses to create applications faster at a lower cost. Enterprises can integrate these platforms to offer their clients more flexible and cost-effective solutions, allowing them to adapt rapidly to market demands (Gartner).
Augmented Workforce: Enhancing Productivity and Efficiency with AI and AR/VR
The augmented workforce trend focuses on enhancing human capabilities through technology, particularly AI, AR, and VR. This trend is gaining momentum as businesses seek ways to boost productivity, improve decision-making, and enhance customer experiences.
Sub trends of Augmented Workforce
- AI-Powered Digital Assistants for Real-Time Insights: AI-powered digital assistants are becoming increasingly popular as businesses look to automate routine tasks and provide real-time insights to employees. AI assistants can support customer service representatives by giving immediate access to relevant information, analyzing customer behavior, and suggesting optimal next steps. Enhancing the quality of customer interactions while also increasing overall efficiency (Home of Technology News).
- Wearable Technologies for Enhanced Workflow: In industries like healthcare and manufacturing, wearable technologies are transforming the workplace by providing real-time data and alerts to employees. For instance, AR-powered glasses can present essential information to workers, allowing them to stay focused on their key tasks, without wasting time on other assignments. This enhances safety, reduces errors, and improves workflow efficiency (Gartner).
- AR/VR-Based Training for Immersive Learning: Offers immersive learning experiences for employees. In sectors like healthcare, virtual reality can simulate real-life scenarios, allowing trainees to practice without the risk of real-world consequences. This enhances employee skills and knowledge and improves workforce capabilities and performance. (Home of Technology News) (Gartner).
Sustainable Technology: Driving Eco-Friendly Innovations for a Greener Future
Sustainability has emerged as a key priority for businesses and consumers, fueling the demand for eco-friendly solutions. Sustainable technology helps the environment and appeals to clients concerned about reducing their carbon footprints.
Sub trends of sustainable technology
- Green Cloud Computing for Energy Efficiency: Traditional data centers consume a substantial amount of energy, significantly contributing to greenhouse gas emissions. By offering cloud solutions that prioritize energy efficiency, such as using renewable energy sources or optimizing data processing for minimal power consumption, businesses can help their clients reduce their environmental impact (Gartner) (McKinsey & Company).
- Energy-Efficient AI Models: AI requires significant computing power, but newer models are being developed to perform tasks with less energy by optimizing data usage and reducing the complexity of algorithms. Firms can offer energy-efficient AI models, providing clients with powerful, sustainable technology solutions (Home of Technology News) (Gartner).
- E-Waste Management for Sustainable Practices: As technology rapidly advances, electronic waste has become an increasing concern. Companies can explore e-waste recycling solutions to help clients reduce their environmental impact and responsibly manage obsolete devices (Gartner).
- Carbon-Tracking Tools for Emission Reductions: AI-powered carbon-tracking tools are becoming more prevalent, helping to monitor and reduce carbon emissions. These tools allow businesses to track their carbon footprints in actual time and make data-driven decisions to reduce emissions. By offering such tools, firms can help clients meet their sustainability goals while improving overall efficiency (Gartner) (Home of Technology News).
Intelligent Applications: Automating Workflows and Enhancing Decision-Making with AI
Intelligent applications manipulate AI to provide real-time data analysis, automate tasks, and offer predictive insights. These applications are becoming critical to businesses that need to optimize operations and make faster, more informed decisions.
Sub trends of Intelligent Applications
- Predictive Analytics for Proactive Decision-Making: One of the most impactful sub-trends within intelligent applications. By leveraging AI to analyze historical data, businesses can forecast future trends, customer behaviors, and market dynamics. They can develop predictive analytics solutions that enable clients to anticipate challenges and opportunities, leading to more proactive decision-making (Gartner) (McKinsey & Company).
- Hyperautomation of Business Workflows: AI automates entire workflows across multiple departments. Reducing human error enhances productivity and allows employees to focus on higher-value tasks. Companies can offer hyper-automation solutions that enhance client operations, improving efficiency and reducing costs (Home of Technology News).
- Conversational AI for Enhanced Customer Engagement: Is gaining popularity, with chatbots and voice assistants integrating into customer service platforms. These tools use natural language processing (NLP) to interact with customers humanly, providing quick, accurate responses to queries. Firms can develop intelligent conversational interfaces to enhance customer support for their clients, improving user experience and engagement (Gartner).
- Adaptive Systems for Dynamic Operations: They evolve based on user behavior and data patterns set to transform software applications. These systems learn from interactions and optimize over time, becoming more efficient and personalized. Companies can build adaptive systems into their software solutions, and improve efficiency across industries, enhancing their overall offerings value. These intelligent applications streamline day-to-day business operations and elevate the strategic decision-making processes across different sectors. For example, predictive analytics empowers businesses to take proactive measures, while hyper-automation enables them to scale operations efficiently, free from the burden of manual processes. (Gartner) (Home of Technology News).
References
Law, M. (2023, December 20). Top 10: Technology trends for 2024. Technology Magazine. https://technologymagazine.com/top10/top-10-technology-trends-for-2024
McCartney, A. (2023, October 16). Gartner top 10 strategic technology trends for 2024. Gartner. https://www.gartner.com/en/articles/gartner-top-10-strategic-technology-trends-for-2024
Yee, L., Chui, M., & Roberts, R. (2024, July 16). McKinsey technology trends outlook 2024. McKinsey & Company. https://www.mckinsey.com/capabilities/mckinsey-digital/our-insights/the-top-trends-in-tech
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