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Artificial intelligence is a growing technology trend of 2023. In a recent McKinsey survey, 79% of respondents said they had some sort of exposure to AI in 2023, and an additional 22% said they use it regularly for work. With such success and adoption, AI will likely continue to be popular, but it’s not the only technology making waves in the business world. Here are the tech trends to watch out for in 2024.
Further incorporating artificial intelligence
The term AI includes different types of technology that involve computers performing tasks by mimicking human-like intelligence. One of the most popular types of AI in 2023 was generative AI, or AI that creates some kind of output whether it be written, visual, or audio. But there are other types of AI as well, like the tech behind self-driving cars, marketing chatbots, and more.
There are some tasks that AI can complete in mere seconds that historically required human input. So this technology could continue to grow in popularity for its ability to increase speed and efficiency for business and personal needs. While you can expect that generative AI will continue to be a major trend, below are a few more AI trends we’re likely to see in 2024.
One of the most useful things AI can do is take a data set and use it to predict future conditions. This is called predictive AI. This type of AI creates those predictions by using historical data sets and machine learning algorithms. A great example of this in everyday life is long-term weather predictions. But what’s new now is that tools are coming on the market designed for the everyday person and business owner to take advantage of this tech too.
It can be used to predict everything from inventory needs to traffic expectations for deliveries and so on. The fact that AI can quickly gather and synthesize data to create such predictions makes it one of the big trends we’ll see in 2024.
With the introduction of AI comes the need to regulate and use it responsibly. As AI enters more spaces, both personal and professional, discussions around how to create responsible AI and use it will enter board rooms and living rooms alike. This will likely be a bigger trend in 2024 as more companies continue to integrate third-party AI tools into their workflows. One way for AI to become more responsible would be through “learning” to consider the outcomes and potential impacts of itself on individuals and being programmed to “understand” things like plagiarism and intellectual property.
New experiences with augmented and virtual reality
Augmented reality already creates the opportunity for customers to try on new clothes, see what a piece of furniture might look like in their home, or experience dining in a new way. This AR technology takes an existing reality and mixes it with something virtual. While virtual reality creates a completely virtual world for users to exist in and experience, both are creating new consumer opportunities for everything from retail spaces to events and will likely be trends in tech in 2024.
Saving time with automation
Some people lump AI and automations together, but automations tend to be a bit more rigid. They typically work by following a set of rules to complete a task rather than requiring an input and running an algorithm against varying conditions to come up with a result the way AI does.
Automations have the power to streamline work and reduce redundant tasks to help free up time. They can be used for marketing, customer relations, time management, personalization, and so much more. Due to automations being more simple than something like AI or VR, implementing them can be super quick and easy. This makes them likely to grow in popularity and continue to be a big trend we see in tech in 2024 and beyond.
Limiting risks with cybersecurity
In an increasingly online world, keeping personal and business data safe and secure is imperative. Businesses might house sensitive customer data, like credit card numbers, health information, addresses, passwords, and more, and poor cybersecurity can put all of that information at risk. Malware, phishing, and ransomware are all common threats small businesses face, according to the Small Business Administration.
“Between January 2020 and December 2022 the number of ransomware attacks in the United States increased by 47%,” according to a report from the Department of Homeland Security. And in the first half of 2023, at least $449.1 million was extorted globally, according to the same report. While financial crimes are not the only type of cyberattack, they do account for many of the breaches seen each year.
Cyberattacks are becoming more sophisticated, and attackers are going after larger targets. So with this increase it’s expected that more businesses will be focusing on cybersecurity developments to better protect themselves and their customers.
One way to help protect your business would be to ensure employees are trained on spotting potential phishing attempts and proper device usage. But it’s also a good idea to ensure that you’re using the right software that meets security standards for the right business purposes. An example of this would be using a payment processor that is payment card industry, or PCI, compliant.
Working alongside robotics
In the years following the COVID-19 pandemic, robots have entered the space left by labor shortages, inflation, and supply-chain issues. A 2022 survey from ABB Robotics showed that 62% of businesses in the U.S. and 74% of businesses in Europe were planning to invest in robotics and automation in the next three years.
Popular fast-casual chain restaurant Chipotle has already started testing incorporating robots into its operations and plans to expand them to more locations. Other businesses already using robots include hotels, shipping companies, grocery chains, and more.
Embracing sustainability and green technology
Gartner moved sustainable tech to third place on their list of tech trends for 2024, up from tenth on the list in 2023. The company also predicts that by 2027, 80% of CIOs will have performance metrics tied to the sustainability of their IT departments.
Globally, renewable energy accounted for 29% of the energy produced in 2020, according to the Center for Climate and Energy Solutions. The number is predicted to rise to 35% by 2030 as the technologies for wind, hydro, and solar continue to improve and become more accessible. The trend toward remote work and digitizing business practices will also help reduce the environmental impacts businesses have. In the coming years, the Green Business Bureau also predicts that the Internet of Things will help businesses reduce their carbon footprint by better analyzing their energy consumption.
2024 and beyond
Technology is always changing and new tools are released daily. While there’s no way to predict the next ChatGPT with complete accuracy, we do have an idea of which types of tech will be worth keeping an eye on in 2024.