A Glimpse Into the Future: 8 Top Technology Trends 2024

Introduction

Recent trends in technology have transformed entire business processes, making them more efficient and customer-centric. Undoubtedly, technology is helping businesses drive growth. 

Business owners are reaping the benefits of developments made in the latest technology trends like AR/VR, AI, ML, and NLP to improve their data management capabilities, refine customer experiences, and boost productivity. 

Thanks to the changing digital transformation trends, technology keeps evolving. Not keeping up with the latest technology trends can be a major business disadvantage. What exactly does this mean? 

If you don’t upgrade your business with the current trends in technology, you are essentially forfeiting access to new features and capabilities that have the potential to make you a strong tech competitor and enable strategic decision-making.

Also, adopting the latest technology trends plays a crucial role in how customers approach your business and influence business growth. Hence, staying on top of them isn’t an option; it's a necessity. 

As 2024 begins, we bring you the latest technology trends your business must embrace. Let us take a brief look at the top 8 technology trends that we will explore in this blog. 

8 Top Technology Trends 2024

Trend #1: Democratization of Generative AI (GenAI)

Among the top 10 technology trends that dominated 2023, AI outperforms all. Further, Generative AI, a new advancement in AI technology, has gained popularity across several industries. 

According to a report on Artificial Intelligence statistics and facts, the Generative AI market is expected to grow to USD 211.94 million in 2032 from USD 3.23 million in 2023. 

Generative AI isn’t just changing how content is created, but how data is accessed, analyzed, and understood. It enables data democratization by making data-based insights more accessible to everyone. 

Its goal is simple: empower non-technical employees within the organization to use data at any time to make informed decisions. 

There are three ways generative AI democratizes data: 

1. Create New Tools:I t creates new tools and applications that make it easy for non-technical employees within the organization to interact with data. For instance, Generative AI-based chatbots can handle data-related questions and answer them using simple terms. 
    
2. Generate New Data: Businesses can hire AI developer who can generate new data through Generative AI models which can be used to train Machine Learning models and create new products or services. 
    
3. Translate Data: Generative AI can be used to translate data into different languages or formats. Thus, people with different backgrounds and cultures can easily access data. 
    

Democratized Generative AI will be among the leading technology trends 2024. It can be applied across diverse industrial sectors. 

For instance, PropTech ranks among the top 6 real estate technology trends. As per a market report, the global PropTech market size in 2021 was valued at 25,145.1 million USD. This is expected to grow at a CAGR of 15.8%  by 2030. 

It is driven by the adoption of current technology trends like Generative AI, ML, IoT, and VR. Generative AI and other current trends in technology are utilized by the real estate industry to predict future market trends through which investors and companies can make informed decisions. 

It can forecast the prices of property and rental yield which helps businesses gain a competitive advantage. 

Generative AI also propels digital transformation in Hospitality industry by enabling business owners to customize inventories, provide round-the-clock customer support, improve communication, streamline vendor operations, and more. 

Its application varies from content creation and marketing to personalizing shopping experiences to generating images and visuals and even conducting data analysis. Even someone with no technical knowledge of Generative AI can still use it to generate unique content. 

Moreover, pre-trained models like OpenAI’s ChatGPT, Cloud Computing, and open-source technologies further make Generative AI accessible to everyone. 

Businesses must start planning how to integrate democratized Generative AI into their workflows. They must either hire offshore developers or empower existing employees within their organization to train other subordinate employees to ensure that proper standards and best practices are followed. 

Trend #2: AI Trust, Risk, and Security Management (AITRiSM)

We have seen how Generative AI was among the most trending technologies this past year. Point in case, ChatGPT. 

When data produced by Generative AI becomes democratized, everyone has access to it. The problem with this is that there are chances of the data being misused. So, some guidelines must be established around that data to make sure that it is used responsibly. 

Among the leading technology trends 2024 will bring, AI Trust, Risk, and Security Management (AITRiSM) is a crucial one. It helps organizations make sure that AI is being used responsibly and eliminate any risks relating to its misuse.  

When businesses offer secure AI platforms, they can drive growth, boost efficiency, and improve customer service. Major IT companies like Accenture and Deloitte have begun to integrate successful AI into their business. 

For example, Deloitte provides an AI Risk Management Framework that contains information on effective operating models, responsible AI, and crisis management. It provides a mechanism for identifying and managing risks related to AI. 

AITRiSM is set to be among the leading trending technologies in 2024. Businesses must equip themselves to integrate it into their processes to avoid breaches and project failures.

Trend #3: Augmented Connected Workforce (ACWF)

Third on the list of latest technology trends that 2024 is likely to witness, is, Augmented Connected Workforce. 

AR was among the top trending technologies in 2023. The year 2024 will observe how it advances the relationship between humans and technology. An Augmented Connected Workforce will seek to maximize the value derived from the human workforce. 

Before we explain how, let’s understand what it is. 

Augmented Connected Workforce is a new approach to work that uses current trending technologies like AI/ ML development services and automation to improve the capabilities of human workers. 

It integrates augmentation technologies in the organization’s work environment to help employees improve their productivity and boost business operations. As a business owner, you must know that there is a need to scale talent according to the current trends in technology. 

With Augmented Connected Workforce, you can empower your employees to use the latest trending technologies to develop their skills, well-being, and overall experience. 

Simultaneously, businesses can benefit from streamlined processes and enhanced ROI, creating a positive impact on their stakeholders. Thus, the concept of an Augmented Connected Workforce promises a notable contribution to the top 10 technology trends of 2024. 

Companies like Microsoft have already begun to integrate AR-based trending technologies into their workforce. Microsoft has rolled out an AR headset called HoloLens to improve its workforce productivity. It allows field technicians to collaborate with remote workers using digital overlays. 

ThyssenKrupp, an elevator manufacturer, is already using this technology to enhance collaboration between offsite workers and engineers.

Another company using Augmented Connected Workforce is Bosch, a German automotive company. It created an AR platform that supports device-independent AR applications. 

Mechanics can easily view hidden components, instructions, and repair guidelines. It eliminates the need for unnecessary disassembly and assembly work improving productivity and boosting operations. 

AI and automation will continue to top the technology trends 2024. Businesses must incorporate these trending technologies to build an agile and dynamic workforce.

Trend #4: Continuous Threat Exposure Management (CTEM)

While keeping up with trending technologies, businesses must also determine if their security systems are resilient to the threats of exposure. 

Continuous Threat Exposure Management will be among the leading technology trends 2024. It goes beyond just upgrading an organization’s SaaS architecture. 

Instead, it is a systematic approach that allows enterprises to continuously monitor the accessibility, exposure, and vulnerability of their digital and physical assets. It emphasizes the need for organizations to adopt a proactive approach to managing threats instead of just addressing them when they arise.

Here’s how businesses benefit from adopting a CTEM approach towards their security: 

• Proactive Risk Management: Organizations that embrace the current technology trends through a CTEM approach can efficiently identify and eradicate threats. 
   
• Strategic Response to Threats: It allows organizations to strategically prioritize and allocate their human and technical resources to high-risk threats and improves their efficiency. 
   
• Improved Cyber Resilience: A CTEM-based approach allows organizations to become resilient towards cyber threats and also, quickly recover from them.  
   
• Data-Based Insights: Organizations can implement data-driven cybersecurity practices based on real-time metrics. 
   
• Align Cybersecurity with Business Goals: Businesses can foster effective collaboration between security and their business goals through a CTEM approach. 

Businesses should hire SaaS developer who can integrate CTEM methodology into their workflow and equip them with security-best practices and tools to sustain upcoming as well as current technology trends. 

Trend #5: Sustainable Technology (Green Technology)

Machine Intelligence and Automation are among the top 10 technology trends that keep evolving constantly. The tech world continues to pioneer new technologies constantly. But do they factor in how technology interacts with the environment? 

The latest technology trends such as AI, Cryptocurrency, IoT, and Cloud Computing are raising concerns about energy consumption and the impact that is likely to create on the environment. Businesses need to become environmentally conscious. 

Sustainable technology will be among the technology trends 2024 that are likely to take center stage. What does sustainable technology mean? 

It is a framework of digital solutions that evaluates the environmental impact of technology and strives to incorporate technology governance outcomes that support long-term ecological balance, according to Gartner. 

For instance, Etihad Airlines has incorporated sustainability into its Aviation software development process through two new flight data software solutions – Fuel Insight and FlightPulse Pre-Flight. 

Using this software, operators can study parameters like altitude and past flights to understand where and how they can cut back on fuel use and emissions. The software even lets the technical team determine how the fuel was used on individual flights. 

Trend #6: Machine Customers (AI Customers)

Sixth on our list of top technology trends 2024 is Machine Customers or AI Customers. Simply put, a Machine customer is an AI who acts as a customer. They are non-human actors built using AI development services. 

Machine customers are capable of autonomously negotiating and purchasing goods and services in exchange for payment. They function in digitally connected marketplaces. Let us understand this better by a simple example of an autonomous vehicle. 

Imagine an autonomous car that acts as a Machine Customer. It will know when it has a flat tire, search for a nearby repair shop, book a service appointment, and even send the service shop all the relevant information about itself. 

According to Gartner, by the year 2025, around 15 billion connected products are expected to behave as customers. 

If this statistic is to be believed, businesses must brace themselves for Machine Customers being amongst the ones to lead the top technology trends 2024 and simultaneously start searching for ways they can stay ahead of it. 

Trend #7: Platform Engineering (Platform Teams)

What if you could effectively scale your business operations according to changing market needs and offer unique digital experiences to your customers? You can, with Platform Engineering, otherwise known as Platform Teams. 

Platform Engineering is one of the recent trends in technology whose aim is to modernize enterprise software delivery. Let us briefly understand how Platform Engineering works. 

Platform engineering helps organizations design and manage their cloud platforms by building and operating self-servicing portals known as ‘Internal Developer Portals’. 

The Internal Developer Portal consists of several integrated tools and technologies that help reduce the burden on developers so that they can deploy and operate software through a frictionless, self-service development method. 

Businesses employ a dedicated team that is responsible for creating and maintaining an engineering platform by understanding the specific needs of end users and offering common, reusable tools to developers. 

According to a market study, the global platform engineering services market is expected to reach USD 41.2 billion by 2032. 

Platform engineering will be among the top 10 technology trends in the coming years as well. Based on a forecast by Gartner, by 2026, platform teams will be a priority among 80% of software engineering organizations. 

Businesses must adopt this trend to streamline their workflows, offer systematic tooling, and empower developers to ensure efficient software delivery to their potential clients.

Trend #8: Artificial Intelligence Augmented Development (AI Augmentation)

Current technology trends like AI and ML are being applied everywhere, including software development. As a result, AI-augmented software development has emerged as a game-changing trend. 

It is a new method of software engineering that relies on AI and ML technologies to swiftly build cost-effective, reliable software solutions through the hyperautomation of reusable components. But what is the need for integrating AI in software engineering?

AI-augmented software engineering offers developers tools that they can use to write better codes. These tools can recommend the most ideal code fragments that meet both the functional and operational requirements of the organization. 

Here are some benefits offered by AI-augmented software development:

• Generative AI Tools: Developers can get assistance from Generative AI tools like GitHub Copilot and Amazon CodeWhisperer to write software codes.
   
• Predictive Coding Assistants: Engineers can speed up the process of building codes through ML-based plug-in coding assistants that can offer predictions on single or multiline code fragments to be used in the code.
   
• Conversational Code Assistants: Developers and engineers can interact with coding assistants through interactive conversations and turn their ideas into software programs. 

AI-augmented development will be among the leading technology trends 2024, especially in the areas of DevOps and Testing. 
 

Some key software testing areas likely to be impacted by AI-augmented testing include:

• Test Planning and Prioritization
• Test Creation and Maintenance
• Test and Defect Analysis 
• Visual Testing 
• Test Data Generation

Stay Ahead of Technology Trends 2024 – Collaborate With TRooTech

Technology keeps evolving. And along with it, the top 10 technology trends keep changing too. If we look at the past few years, we will notice that technology indeed has come a long way. 

If you are a business owner, it becomes even more crucial for you to keep updated with all the developments happening in enterprise technology. 

Besides ensuring competitiveness and market relevance, one key reason to keep up with the evolving technology is to identify newer opportunities for growth and innovation. When you are aware of key trends, it is easier for you to anticipate demands and fill in the gaps. 

This, in turn, helps your business attract newer customers and boost revenue. Additionally, when you thoroughly understand your industry and the latest technological developments made in it, you can make more informed decisions for your business. 

We have explored all crucial upcoming trends that are likely to dominate 2024. And after reviewing them, one thing is certain: The technological landscape is slowly moving toward a connected world that will be guided by data-driven decisions. What does this mean for your business? 

It means you must start staying current with emerging technological trends and also start preparing to embrace them. The first step towards integrating top technological trends into your business process is consulting industry experts with significant experience in this domain. 

TRooTech Business Solutions is a leading software development company with a team of expert software engineers with years of experience in developing digital transformation strategies and process automation to help businesses proactively adopt the latest technologies. 

By hiring experts from TRooTech, you get full-cycle development teams who help meet your business’s functional and technical requirements and also offer post-development support and maintenance. 

As a leading digital transformation services provider, TRooTech ensures that your digital transformation journey is swift and seamless.