In the age of generative machines, rapid technological advancements help organizations deal strategically with their business, laying a strong tech foundation backed by a creative workforce. So do not get surprised if they come around swiftly and seem radical. A recent report from McKinsey found the e-commerce sector as the fastest growing sector likely to see growth worth 10 years in just three months! The next decade will progress faster in technology than what we saw in the last century.
Disruptions give comfort and change at the same time, as both businesses and the IT workforce will need to pass through this holy grail. Everything will undergo a sea change starting from professional job roles to the way businesses operate.
We are one of the leading software development companies knowing what the future holds. While doing extensive research on what technology trends will rule the world in the past, present, and future, we found some key trends stealing the show in the IT tech space in 2024.
Top Technology Trends in 2024
Generative AI
The changes in the space of AI are quick, consistent, and far more grounded than ever before. Now we see computers and software becoming like humans, gaining the ability to see, hear, and interpret with advanced speech recognition. So just imagine, what a huge impact it will have on the way interact. For the first time in history, GPT-4 has come with revolutionary features just written text, music, and images, making it more entertaining and meaningful. Top companies like Amazon, Samsung, and IBM are collaborating with Generative AI to enhance personalized customer experiences and improve business profitability.
When such businesses invest in AI, they look forward to offering bespoke products and services. Backed up with strong predictive analytical skills, AI enables decision-making in product development through data analytics, forecasts, and business strategies. Generative AI is the next frontier of AI, heading ahead with a promising potential for business transformation. It empowers non-technical users. Moreover, when you hire developers for mobile app development, it ensures to train them well and keep them updated.
Quantum Computing
Quantum computing has ushered in a series of business opportunities for industries like agriculture, healthcare, environment, energy, logistics, retail, aerospace, science, insurance, finance, etc. Business professionals can now practice fast and efficient decision-making for complex problems by understanding market patterns through powerful data analytics. Some of the newest quantum computing services are quantum hardware development, cloud, cryptographic solutions, and quantum security.
What quantum computers do is they use qubits having data pieces in both types of binary code – 1s and 0s. Hence, complex calculations that take years to perform can now be done in minutes. Some of the top tech experts expect its full functionality in the year 2027. This will be a boon to businesses that aim to build health care apps to serve their target audiences. Along similar lines, quantum computing also facilitates the banking sector. Through robust fintech app development, banking professionals can integrate quantum computing to detect fraud, mitigate market risks, and ensure rapid customer onboarding with enhanced communication. The recent Statista report estimated revenue from the quantum computing market to cross $2.5 bn by 2029.
Extended Reality
Extended Reality is an emerging technology trend in computer sciences. It includes augmented reality, virtual reality, mixed reality, and all those technologies that can simulate reality. It has the potential to create a reality without any tangible presence of humans or things.
Extended Reality is the sheer example of the unbeatable potential of tech experts to break the boundaries of human reality. It has set a high revenue earning record by attracting a massive group of young audiences in industries like gaming, retail, and modeling. It is rapidly increasing its applications and is under huge efforts to create a phenomenal impact in the lives of human beings. For example, it is driving impressive innovation in the medical field, especially in surgery. Through VR training, now surgeons can discover and learn to develop innovative solutions in the field of surgery.
Similarly, the manufacturing and automotive industry workforce performs complex tasks seamlessly with extended reality. In foreign countries like the US, the extended reality is used to organize training programs for students, soldiers, and military personnel.
Edge Computing
Edge computing enables enterprise applications to use data sources effectively, like edge servers and IoT devices. Many businesses thrive with the power of edge computing as they get quicker insights and better responses in higher bandwidth, keeping data proximity at its source. Edge computing is majorly converged with AI and 5G enabling end-to-end data encryption and multi-factor authentication. Edge computing can minimize cloud computing latency and provide data to a data center for processing. The closer the data where computing happens, the faster the process.
The purpose of edge computing is to process time-sensitive data for remote locations that have poor connectivity. Hence, edge computers work like minimized data centers, aiming to speed up response times and save bandwidth by being closer to the data source. Some of the upcoming opportunities that edge computing will bring in the future are
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Edge-as-a-Service - scaling resources without heavy investment in infrastructure, including predictive analytics and edge device monitoring and management.
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Rapid integration between cloud and compute, facilitating data processing and analytics,
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More focus on data security by implementing hardware security features,
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More 5G adoption to improve bandwidth speed and enable higher data transfer speed,
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Computing decentralization with edge containers, helping enterprises decentralize services.
Metaverse Expansion
The next technology trend that is also rapidly picking up the pace is the metaverse. By 2030, Mark Zuckerberg will generate up to $5 trillion metaverse market value. Metaverse is a combination of virtual and augmented reality, aiming to create an immersive and interactive digital environment for progressive web applications. Metaverse provides a virtual space for users to interact with the augmented versions of data and objects, everything in real-time.
Metaverse will significantly impact several industries in shaping their business strategies. They can easily form new collaborations, conduct virtual training, and provide product visualizations to customers. For example, in a construction or manufacturing business, workers can get immersive training on equipment handling, safety practices, etc. Metaverse is the biggest technology trend, providing a promising potential to optimize and streamline industrial workflows that were far too difficult with traditional methods.
Sustainable Technology
Green tech also known as sustainable technology is meant to develop eco-friendly methods that can reduce the negative impact on the environment. Recently, it has picked up fast on the trending charts, especially for government organizations and various businesses connected to them. Companies consciously put efforts to reduce their carbon footprint and protect the planet by practicing sustainable technologies.
Sustainable technologies aim to use energy with great efficiency. Some of the use cases are:
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Reduced environment impact through cloud solutions, emphasizing to use of shared resources.
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Enterprise greenhouse gas emission management software is used to collect and analyze greenhouse emissions.
Sustainable technology is continuously growing and is now considered a crucial practice. It has gained more attraction due to the impact it provides in transforming individuals and companies to consider it as one of the major parameters in performance metrics to protect the environment.
Platform Engineering
In the year 2024, platform engineering is one of the topmost technology trends. It is a tool used to scale software delivery processes with zero compromise on efficiency, quality, and security. It can simplify and automate resource provisioning and can manage developer workflows, ensuring efficient and quick delivery to customers. Gartner predicts that 80% of software engineering companies to adopt platform engineering by 2026.
These companies will be seen establishing platform teams that will harness internal providers of components, reusable services, and tools for delivering applications. However, several factors influence the rising fame of platform engineering like standardization of tools and processes, developer productivity, security enhancement, and CI/CD pipeline implementation. Moreover, platform engineering will also address inefficiencies in DevOps processes and will provide an organized and centralized framework to manage the complexities of modern software development.
Conclusion
The year 2024 began with a remarkable technology revolution and has continued to awe us with the newest technology trends. However, you as a decision-maker must know how to strike a perfect balance and keep prioritizing where to invest and how much to invest. A strong foresight is much needed before you decide on choosing the right technology for your business. In case you are planning to harness any of these technology trends into your business, you need a reputed software development team to help you in your project.
Whitelotus Corporation is a leading fintech app development company delivering robust mobile and web applications. You can hire dedicated developers from Whitelotus Corporation to build small and large-scale mobile applications. We know how to harness the tools and functionalities of various technologies to create the best solutions that will meet your expectations.
