In this article, we will be covering the 20 new technology trends for 2024. If you wish to skip our detailed analysis, you can move directly to the 5 New Technology Trends for 2024.
A Modern Digital Era
Technology has transformed the world into a digital space over the years. Asreported by McKinsey, 2023 has witnessed a technological comeback. Generative AI serves as one of those new technological advancements that have enabled this comeback. This emerging technology builds upon applied AI and machine learning and has the potential to influence numerous industries. You can also take a look at thebiggest generative AI companies in the world.
In 2022, investments in technologies including applied AI, advanced connectivity, and cloud and edge computing declined since they have been maturing. Trust architectures and digital identity continue to be some of the growing trends in 2023. Nascent technologies such as quantum also depict a strong potential for generating future value.
Amidst evolving technology growth, tech talent plays a primary role in capturing value from modern-day tech trends. Job postings in tech-related fields grew by 15% between 2021 and 2022. Almost 1 million jobs were posted by applied AI and next-generation software development between 2018 and 2022. However, the shortage of tech labor in high-tech fields such as artificial intelligence, quantum technologies, space technologies, and electrification and renewables, remains a growth constraining factor.
Companies Incorporating Emerging Technologies
Companies around the world incorporate emerging technologies such as artificial intelligence to strive in a technology-driven era. Some of these reputable companies include The International Business Machines Corporation (NYSE:IBM), Amazon.com, Inc. (NASDAQ:AMZN), and Microsoft Corporation (NASDAQ:MSFT).
International Business Machines Corporation (NYSE:IBM) is an American multinational technology corporation. The company specializes in computer hardware, middleware, and software. On December 13, International Business Machines Corporation (NYSE:IBM) reported a strategic collaboration with Dun & Bradstreet (NYSE:DNB). This partnership will use Dun & Bradstreet’s Data Cloud and watsonx, IBM’s next-generation AI and data platform, to scale the use of generative AI for organizations. This will help firms achieve their business objectives and enhance efficiency across their business divisions.
Amazon.com, Inc. (NASDAQ:AMZN) is a leading e-commerce platform known around the world. On December 19, the companyreported the ways in which it utilizes generative AI to enhance the customer experience. While generative AI assists sellers in creating thorough product listings, buyers can make more informed purchase decisions. Amazon One, a convenient contactless identity service from Amazon.com, Inc. (NASDAQ:AMZN), helps customers pay with their palms. The service has also been developed using generative AI. The review highlights products that help customers decide whether the product is right for them, and are also powered by generative AI.
Microsoft Corporation (NASDAQ:MSFT) is another renowned technology company based in the United States. On December 11, the companyreported a new partnership with The American Federation of Labor and Congress of Industrial Organizations (AFL-CIO). This alliance aims to educate labor leaders and workers on AI technology trends while including labor perspectives in AI technology development. Microsoft Corporation's (NASDAQ:MSFT) AI experts will facilitate learning sessions for AI education in the labor force. These sessions will take place during the winter of 2024.This collaboration between a labor organization and a technology company such as Microsoft Corporation (NASDAQ:MSFT) is the first of its kind.
In order to compile a list of the 20 new technology trends for 2024, we used a consensus approach. We made a comprehensive list of new technology trends for 2024 using multiple sources. These sources include Gartner, Deloitte, TechinDetail, Cisco, and Emeritus. Hence, we were capable of formulating a list of all the trends that are set to strengthen in 2024. Moving on, we assigned a score to all of these tech trends, as represented by the ‘insider monkey score’ in our list. This score is an average and is calculated by summing up the respective rankings for a technology trend across every source and dividing the sum by the number of sources across which the technology trend appears. Since this score reflects how commonly a trend appeared across our sources, a lower average score depicts a more commonly known technology trend for 2024.
Finally, we ranked the 20 new technology trends for 2024 in descending order of their calculated average scores, using a consensus.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using different consensus approaches, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
20 New Technology Trends for 2024
20. Platform Engineering
Insider Monkey Score: 9.0
Platform engineering improves the developer experience by providing self-service tools and services to software organizations. This caters to the more complex modern-day software architectures. Hence, platform engineering is one of the 20 new technology trends for 2024.
19. Sustainable Technology
Insider Monkey Score: 9.0
Sustainable technology serves as one of the new technology trends for 2024. Renewable energy technologies such as smart grids have been playing their role recently against environmental issues. Eco-friendly products have also been preferred.
18. Autonomous Devices
Insider Monkey Score: 8.0
A multitude of autonomous devices such as package delivery drones and self-driving cars, will be more common in 2024. This trend is especially bound to transform the logistics and transportation industry by improving efficiency and reliability.
17. Biotechnology and Genetic Engineering
Insider Monkey Score: 8.0
The applications of biotechnology and genetic engineering are diverse and range from genetically modified crops to personalized medicine. Hence, this booming technology trend is set to improve human health and life in the future. Biotechnology and genetic engineering rank as one of the 20 new technology trends for 2024.
16. Machine Customers
Insider Monkey Score: 7.0
Machine customers rank as one of the 20 new technology trends for 2024. These non-humans who utilize data-driven insights to make purchasing decisions are deemed reliable. Machine customers have been expected to be a part of many consumer and business purchases in the future.
15. Blockchain Technology
Insider Monkey Score: 7.0
Another tech trend that has been on the surge is blockchain technology. Apart from being incorporated by enterprises to secure transactions, it is being complemented by other technologies such as artificial intelligence and the Internet of Things (IoT). Hence, blockchain technology is a new technology trend for 2024.
14. Continuous Threat Exposure Management
Insider Monkey Score: 6.0
Continuous threat exposure management ranks as one of the 20 new technology trends for 2024. It engages in proactive risk management that takes action to lower security risks for organizations. Organizations that invest in this emerging tech trend are likely to reduce their breaches.
13. AI and Machine Learning
Insider Monkey Score: 5.0
The 20 new technology trends for 2024 include AI and machine learning as well. Both of these have contributed to automation in various industries. AI has been projected to engage in even more personalized interactions in the future.
12. Augmented-Connected Workforce
Insider Monkey Score: 5.0
Augmented-connected workforce is another top new technology trend for 2024. This trend utilizes intelligent applications and workforce analytics to improve the efficiency and productivity of workers. This also fosters faster skill development among these workers.
11. API Driven Customization
Insider Monkey Score: 5.0
API-driven customization is one of the 20 new technology trends for 2024. These application programming interfaces will increasingly integrate numerous pre-built AI tools in 2024. Organizations will be customizing AI solutions by utilizing APIs from different providers. This technology trend results in cost savings, improved user experience, and a seamless data exchange.
10. Datafication
Insider Monkey Score: 4.0
Datafication refers to transforming various life aspects into quantifiable data and ranks as one of the 20 new technology trends for 2024. It has helped businesses use real-time data to improve their products and services. Hence, datafication helps in informed decision-making for businesses.
9. Intelligent Applications
Insider Monkey Score: 4.0
Intelligent applications are AI-driven and tend to improve the customer experience. In the future, many apps will be using AI to create personalized adaptive user interfaces. Hence, this tech trend is projected to strongly grow as one of the new technology trends for 2024.
8. Internet of Things
Insider Monkey Score: 4.0
The Internet of Things has emerged as a dominant technology trend worldwide. IoT is being employed in businesses as well as in smart homes. Emerging IoT technologies include blockchain, 5G connectivity, IoT data analytics, and digital twins. The Internet of Things ranks as one of the 20 new technology trends for 2024.
7. Quantum Computing
Insider Monkey Score:4.0
Quantum computing has been expected to generate high economic value across industries such as automotive, finance, life sciences, and chemicals. It has also experienced growing investments. The technology is on its way to transforming fields such as drug discovery and cryptography. Hence, quantum computing is one of the 20 new technology trends for 2024.
6. Virtual and Augmented Reality
Insider Monkey Score:3.5
Virtual and augmented reality offer immersive experiences and rank as one of the top 20 new technology trends for 2024. These technologies will be transforming the retail, real estate, and education industries even further in the following year. They have also been projected to become mainstream over the next few years.
