Tech Insights and Trends for 2024

It’s almost a dreamlike experience to recount everything that has happened in 2023: a massive social media platform bought by a billionaire for an exorbitant amount of money; some of the biggest traders in the crypto market ecosystem collapsing under the weight of their hubris; and a massive spike in large language models and generative networks, which has led to both ethical and philosophical questions about art and production in general.

With an economic recession looming over our heads and AI transforming life as we know it, 2024 promises to be a very interesting year for the tech industry. Some of the greatest minds in the business are sharing their insights, and so are we. In this article, we will go over some key insights for the upcoming year and trends to be on the lookout for. 

A Word of Caution

Predicting future trends is a long-standing tradition in the tech world has become almost like the Christmas tree, but instead of trying to guess what Santa brought us before opening the gifts, we try to guess where the world is headed and what role our industry is going to play in the next few years. 

But predictions are not accurate; they are educated guesses at best. The world is chaotic, and even the tiniest events can have long-standing consequences (butterflies, wings, storms, and all that). Case in point: back in 2019, no one could have predicted that a virus would bring the world to a halt for over two years, nor could we have predicted that it would force a digital acceleration so massive and fast that we are still feeling the whiplash.

In other words, as usual, take the following article with a grain of salt. The key to navigating our environment is to be ever aware and adapt as the world changes around us. Having said that, let’s begin.

Key Predictions for 2024

According to Forrester, 2024 is shaping up to be a year of uncertainty. With the Ukrainian war reshaping the European market and the United States experiencing an inflationary crisis, we will see smart leaders focusing on core missions and strengths while pruning efforts that are not bearing fruit. We will see short-term money grabs and forced return-to-office policies that will only worsen matters. In other words, smart leadership will focus on long-term growth and weathering the storm.  

Other insights include:

• Consumers are cautious but don’t pull back on spending: Unsurprisingly, consumers are less likely to take risks during an economic crisis. Fortunately, it is very unlikely that people will cut back on spending at this stage. In other words, it’s more like that new and disruptive business models will fail to capture an audience. But it’s improbable that the market will shrink.
• Skills shortage challenges CX teams:  Our ability to gather data is growing exponentially, so much so that we are facing a shortage of data scientists and data engineers. We will probably see a more competitive market and more professionals migrating from other areas to fill the gap.
• Monitoring technology riles employees: Return-to-office policies have been contemptuous (to put it lightly), and as more employees grow unhappy with traditional policies, we are likely to see rejection toward technologies that they feel controlling and unneeded.
• Greenwashing becomes a serious business risk:  Greenwashing is a deceptive practice in which a company or organization tries to make their products or services appear more environmentally friendly than they actually are. With an overall more cynical market and the debacle of the previous years, you can expect people to be overly reactionary in regards to ecological issues.
• Leaders try to force employees back into the office: As the threat of the COVID-19 pandemic wanes, we can expect to see more leaders itching to return to the office. Unfortunately, try is the keyword here, with employees valuing flexible schedules over other incentives. 
• Metaverse experiments fail to capture public imagination: The message couldn’t be clearer with Meta losing billions of dollars on their project. The market is not embracing VR and the metaverse just yet. Not only is the technology limited, but the entry cost is still too high for what it’s offering in exchange.
• Talent crunch pushes tech executives to seek new sources: We are reaching a point where the demands and complexities of our software will require more candidates than the market can provide. Will we search for more candidates, or will we start using AI-generated code as a workaround?
• Scandals at tech companies burn through consumer trust:  We’ve seen it with Musk; we’ve seen it with Zuckerberg; we’ve seen it with Google. Clients are less and less flexible when trusting tech companies and forgiving their misdemeanors. A trend that will probably grow in the coming years.
• Customers are weary of organizations playing fast and loose with personal data: Personal data has become one of the biggest assets in the tech industry, which is fine, except for the fact tech giants have been less than stellar in being honest about how they handle consumer data.  Private information has become a new battleground for consumers.
• Regulators scrutinize greenwashing, misinformation, and employee surveillance: With more protests towards the tech industry, governments and officials will start paying more attention to some of these practices, and we will probably see new regulations in the coming years.

Based on this, we can offer the following recommendations:

• Invest in technology that is both secure and customer-centric to ensure customer trust and satisfaction. 
• Focus on hiring and training CX teams to help reduce the skills shortage and improve customer experience. 
• Put measures in place to ensure transparency with customers and ensure that greenwashing practices are avoided. If you are outsourcing your green policies, make sure that your business partner is thorough and reputable.
• Give employees a choice to work from home or the office if possible to prevent forcing them back into the office, which may cause burnout and low morale. 
• Make sure data is kept secure and encrypted and that customer data is only used for legitimate purposes. 
• Invest in monitoring technology that employees are comfortable with, and gather their feedback on monitoring practices in the office. 
• Explore other sources of talent to help fill the tech talent crunch. 
• Communicate with customers openly and honestly about any scandals or controversies surrounding your organization to maintain consumer trust. 

IDC analyst John Villars wrote on the future of technology in a post-recession economy. He pointed out that the imminent recession will be the first to hit the “As a Service” economy, requiring IT leaders to shift their focus toward driving down operational expenditures. Villars also expressed optimism that technology will provide a way for businesses to navigate the recession as the focus shifts toward digital business. IDC’s key predictions include a shift to cloud-based control platforms by 2025, an inability to assess the promises of faster innovation and operational gains, and a reliance on SME teams to reduce the impact of skills shortages. By 2026, G2000 enterprises will still face material risks due to an unwillingness to trust autonomous tech systems.

In summary:

1. By 2025, 60% of infrastructure, security, data, and network offerings will require cloud-based control platforms for automation and cost reduction. 
2. 65% of businesses will be unable to achieve full value from cloud, data, and automation investments due to lack of IT industry skills creation and training.
3. 35% of IT and data assets will be subject to shifts in staff, budgets, and operating processes due to sovereign assertions in sustainability, resiliency, and asset residency.
4. 70% of enterprises’ adoption of as-a-service (aaS) infrastructure/software will be limited by the inability to assess promises of faster innovation and operational gains rather than cost concerns. 
5. By 2024, 60% of platinum-level aaS offerings in security, business operations, and DaaS will include access to specialized SME teams to reduce the impact of skills shortages. 

From this, we can garner the following recommendations:

• Invest in cloud-based control platforms and services to automate processes and reduce costs. 
• Train and create IT industry skills to maximize the value of cloud, data, and automation investments. 
• Implement shifts in staff, budgets, and operating processes to ensure compliance with regulatory standards. 
• Utilize aaS offerings with specialized SME teams to reduce the impact of skills shortages. 
• Conduct due diligence when assessing promises of faster innovation and operational gains from aaS providers.

What About Trends?

Preparing For AI

As we look to the future of technology, two major trends are emerging: large language models and AI art. Both of these developments have the potential to drastically change the way we interact with computers and create art. With the continued advancement of machine learning, natural language processing, and deep-learning algorithms, these two trends are likely to continue to shape our world in the coming years. 

Large Language Models 

Large language models (LLMs) are a type of artificial intelligence (AI) capable of understanding and generating natural language. LLMs are able to read large amounts of text, comprehend its meaning, and generate new text based on what they have learned. These models can be used for various tasks, such as summarizing documents, generating original text, and even translating between languages. One example of an LLM is GPT-3, which OpenAI released in 2020. 

GPT-3, a powerful AI model trained on over 45TB of text data from the internet. This allows it to understand the context and structure of language, enabling it to generate human-like text with remarkable accuracy. GPT-3 has already been used in many applications, such as text summarization, dialogue systems, and natural language generation. 

The development of large language models is an exciting trend that could have far-reaching implications for our society. LLMs could enable us to communicate more effectively with computers and automate tedious tasks such as summarizing documents or translating between languages. Additionally, LLMs could help us gain insights from large amounts of data that would otherwise be difficult to process manually. 

AI Art 

AI art is another emerging trend that is gaining traction in the world of technology. AI art is created by machines that use algorithms and techniques from machine learning to create unique pieces of art. AI art aims to create something aesthetically pleasing and meaningful while also being unpredictable and unique. One example of AI art is Generative Adversarial Networks (GANs), a type of neural network that can generate images from scratch. 

GANs use a set of algorithms to generate realistic images based on what they have been trained on. For example, GANs have been used to generate photorealistic images from simple sketches or photographs. Additionally, GANs have been used to generate artwork that looks like it was created by a human artist. 

The development of AI art is an exciting trend that could have far-reaching implications for our society. AI art could open up new opportunities for artists to explore new creative possibilities and enable them to create artwork that is truly unique and unpredictable. Additionally, AI art could enable us to generate unique images for a variety of applications, such as advertisements or video games. 

Metacloud: Simplicity as a Service

The web of cloud services has become increasingly complex in recent years. With more and more cloud providers offering a wide range of services, it can be difficult to keep track of which ones are best for your business and which ones are best suited for your particular needs. 

That’s why Metaclouds are going to be such an important tool for anyone who wants to take full advantage of the power of cloud computing. 

Metacloud is a cloud orchestration platform that helps users to manage their cloud environment better. It provides a unified view of the different cloud providers and services, allowing users to quickly compare, evaluate, and choose the best ones for their business. It also allows users to integrate and manage multiple cloud services together easily. In other words, it’s another layer of abstraction to facilitate and automatize cloud architectures. This makes it easier to get the most out of each service and avoid costly mistakes or misconfigurations. 

Metacloud  also provides powerful tools for automating tasks and managing resources. It allows users to set up automated workflows that run across multiple cloud services, ensuring that all tasks are completed efficiently and without any manual intervention. This helps to reduce the time and effort needed to manage a complex cloud environment, while also improving reliability and reducing costs. 

Finally, Metacloud also offers comprehensive analytics capabilities that allow users to monitor their cloud usage in real time and identify areas where they can optimize their resources or reduce costs. This helps businesses stay on top of their usage and ensures that they are always getting the most out of their cloud environment. 

Overall, Metacloud is an essential tool for anyone looking to take full advantage of the power of cloud computing. It provides a unified view of all available cloud services, simplifies resource management, automates tedious tasks, and provides detailed analytics capabilities. All of these features make it easier to untangle the web of cloud services and ensure that businesses are always making the most of their resources.

Immersive Internet for Businesses 

Immersive internet, augmented reality (AR), and virtual reality (VR) are rapidly changing the way businesses interact with their customers. By using these technologies, companies can create an engaging, interactive experience for their customers that allows them to interact with products and services in a more realistic way. This can result in improved customer engagement, increased sales, and better customer service. 

Immersive internet refers to using 3D graphics and animations to create an interactive environment. It can be used to simulate physical environments such as a store or office space. Companies can use immersive internet to create a virtual shopping experience or allow customers to tour their office before they arrive. This technology can also be used to create virtual training simulations, allowing employees to practice new skills in a realistic environment. 

Augmented reality (AR) is a type of immersive internet that combines real-world objects with digital information. AR can be used to provide customers with detailed product information such as reviews and ratings, or it can be used to enhance their shopping experience by allowing them to virtually try on clothes before they buy them. Companies can also use AR to help customers find what they are looking for in a store by providing augmented reality maps. 

Virtual reality (VR) takes the immersive internet one step further by completely immersing the user in a computer-generated environment. With VR, users can explore virtual worlds and interact with objects and characters as if they were actually there. This technology is especially useful for businesses that want to give customers an immersive experience of their products or services, such as virtual tours of hotels or virtual car showrooms. The benefits of immersive internet, AR, and VR for businesses are numerous. 

These technologies can help companies engage customers more effectively by providing them with an interactive experience that allows them to explore products and services in detail before making a purchase. Companies can also use these technologies to provide better customer service by allowing customers to interact with customer service representatives in a virtual environment. 

We might not be ready for the metaverse just yet, but immersive technologies are paving the way for that ultimate goal. As mobile devices become more powerful, we have more tools at our disposal to create immersive and seamless experiences for our users and our employees.

Looking Forward

It’s already 2024 and it feels like we are about to jump into a portal that will transport us to the world of Blade Runner or Neuromancer. Tech businesses have a very clear goal this year in focusing on their long-term goals and providing users with new and better ways to engage with technology in a responsible and socially conscious way.