Technology has significantly changed the economic landscape. Today, companies need to embrace technology to, at the very least, maintain a stake in an industry and compete favorably with other businesses. This does not mean that everyone must now develop and sell tech services and products. But rather than viable businesses need to ride the tech wave to stay ahead of their competitors.
That said, digital trends come and go every year. This can make it difficult to tell technologies worth adopting from passing fads. To help you, here is a review of the tech trends companies should definitely keep an eye on – and possibly adopt – in 2024.
Artificial intelligence has been around since the 1950s but only recently did it gain real-world economic applications. In 2024, this technology could become even more useful to businesses. Particularly, no-code AI interfaces, which are easier to implement, will allow companies to develop more intelligent services and products. A great example of this in the retail market is Stitch Fix, whose algorithms make clothing recommendations to customers in their tastes and sizes.
Experts also predict that AI will augment many jobs in different industries. In retail, AI will see more application in the automation and management of complex, behind-the-scenes inventory management processes. This will make Omni-channel services like buy-online-pickup-in-store (BOPIS) more commonplace.
Generative AI is currently the hottest technological trend in the digital space. In what experts are calling the most notable invention in decades, this technology has changed how content is created. Generative AI algorithms are designed to generate content from existing data in response to human prompts. This includes pictures, 3D renderings, blog posts, videos, illustrations, poetry, and more.
This trend is currently gaining its feet but is predicted to significantly impact fields like gaming, design, entertainment, and marketing. There is even concern that it could make some human jobs obsolete, with the greatest effects expected to hit copywriters, photographers, and programmers.
Despite the doom-and-gloom predictions, however, generative AI will greatly improve the creative process. It will allow companies to spend less time and resources in content creation, improving overall profitability and productivity.
Game engine software allows developers to more easily build and design video games. Current estimates suggest that 6 in every 10 game developers use game engines in their development process. Slot game developers, in particular, find that game engines like Unity and Unreal Engine significantly simplify slot development, which can look deceptively easy but is not.
Getting a slot game up and running previously required that artists draw art designs. These initial concepts and sketches would then undergo several rounds of editing before they were deemed usable. Meanwhile, other teams would code the mechanics, software, and language of the slot.
Game engines eliminate the need for all this – both the development stages and multiple teams – by completing most of the development tasks on prompt. You can click here to see how these slot games, while easier to make, still feature all the elements of a traditional slot.
And it is not difficult to see why game developers would turn to AI – these engines support superior audio and visual capabilities. They also hasten the development process, which saves on time and resources and boosts productivity.
It is perhaps for this reason that game engine applications have extended beyond the gaming industry. NASA is currently using the technology to train its astronauts, TV and movie studios are harnessing its power for virtual productions, and automotive engineers are using it to visualize designs. Moreover, game engines are a key driving force behind the Metaverse.
Speaking of which, the Metaverse is set to have more real-world applications in the business world in 2024. This persistent and immersive internet model where people can socialize, play, work, and consume content is expected to be worth $5 trillion by 2030. And according to experts, much of this growth trajectory will be defined this year.
One area of the Metaverse that will see great advancement in 2024 is avatar technology. Your avatar is the presence you project in the Metaverse as you engage with others, play online games, and more. With more AI innovation, avatars could be made to look more like their users. Motion capture could even allow your avatar to mimic your unique gestures and body movements.
But perhaps the most viable advancement in Metaverse technology is the development and enhancement of virtual offices. Notable names like NVidia and Microsoft are already working on Metaverse platforms where people can meet, talk, and collaborate on projects digitally.
Virtual offices will significantly promote the productivity of the 80 percent of people currently working remotely or hybrid. The technology is expected to address the limitation of collaboration and meeting software like Zoom and Google Meet, which have proven unable to replace physical offices.
Essentially, virtual offices will be exact digital replicas of physical offices where avatars can engage in work collaborations. Accenture is already leading the charge in this area having recently developed the Nth Floor. This Metaverse environment features replicas of actual Accenture offices and allows current and new employees to perform HR tasks in the digital space.
Web3 is a catchall term that refers to several related technologies including non-fungible tokens (NFTs), cryptocurrency, blockchain, and decentralization. It is a general but intricate plan for a decentralized internet model where online experiences completely belong to the user.
Companies are expected to develop more decentralized services and products in 2024, further bolstering blockchain technology. One possible application of this is in cloud storage. If providers use blockchain to store and encrypt information uploaded to the cloud, the sector could see increased security and innovation in data analysis.
NFTs will also gain more real-world practicality this year, with expectations from different industries. The entertainment industry, for instance, has hinted at allowing consumers to use NFTs to buy concert tickets and memorabilia. NFTs could also be used to purchase digital services and products.
Cyberattacks have far-reaching consequences for both companies and consumers. Last year, the FBI estimated that criminal hacks resulted in 7 billion in losses, with much of this burden falling on small businesses. This is why companies will be focusing more on improving resiliency rather than just security in response to cyberattacks this year,
The focus of this technology is helping online systems better withstand attacks and recover more quickly when they occur. For firms with a digital space, experts recommend that you invest more in data compliance, data recovery, detection and response, and risk assessments.
Even with all this talk of technology, consumers have been expressing more concern over how their favorite products or services are produced. There has been pressure directed at firms to become more energy-efficient and transparent. This move toward sustainable technology will continue to gain momentum in 2024. Firms can stay ahead of the fray by making their supply chains more transparent, using renewable green energy, and producing eco-friendly products, among other things.
All of this seems like a lot of work, especially for businesses not in the tech industry. However, industry insights show that a thorough understanding and application of key tech trends is crucial to the growth of your business. Harnessing the power of tech tools like AI can help you better anticipate and meet your consumers’ needs.
It can also help you streamline and improve efficiency in your production processes, boosting your productivity. Even better, these and other tech trends can help you understand and beat your competition every time.