2023 is ending and a new year is about to begin. Technology has come a long way in recent years and innovations are happening more rapidly than ever before. As we stand at the precipice of 2024, one of the World’s Big Four Consultancy Firms – Deloitte, has unveiled its insightful predictions for the technology landscape. These predictions offer a glimpse into the trends that will shape the future of technology, influencing businesses, individuals, and society.
In this blog, we delve deeper into what Deloitte predicts to be the top tech predictions of 2024 in its 2024 Technology, Media, and Telecommunications Predictions Report.
The Rise and Rise of Generative AI
Generative AI has been taking the world by storm ever since the world was introduced to it. Continuing its rise, Generative AI is poised to experience explosive growth in 2024 too. Deloitte predicts that almost all enterprise software companies will embed generative AI in at least some of their products. This is also expected to trigger a surge in AI chip sales estimated to reach $50 billion globally.
But what is the cause of this popularity? This widespread adoption is driven by Generative AI’s ability to automate tasks, improve efficiency, and generate creative content. From designing marketing materials to writing code, Generative AI will empower businesses to achieve more with fewer resources, unleashing a wave of innovation across industries.
The Cloud Sovereignty Landscape
While the cloud offers undeniable benefits, concerns regarding data privacy and security are increasingly prompting governments to enact stricter regulations. We are definitely going to see more of this in the new year. In 2024, cloud providers will face the challenge of adapting to the increasingly fragmented regulations around data storage, with cloud sovereignty becoming a key consideration for businesses.
This trend is also expected to cause a shift towards multi-cloud and hybrid cloud models, allowing businesses to comply with diverse regulatory requirements while maintaining operational efficiency. The ability to offer region-specific cloud services and ensure data residency will be crucial for cloud providers to thrive in this evolving landscape.
Smartphone Authentication: Evolving Beyond Biometrics & Passwords
Everybody has a smartphone these days. In the past decade, smartphones have become the de facto standard of mobile communication. Smartphones have evolved from poor-quality cameras and battery-draining operating systems to clever cameras that could sometimes put a DSLR to shame, light apps, lightning-fast charging, bigger screens, and more smart features than one uses daily. Our smartphones will continue to evolve and are set to witness some interesting advancements in authentication technology. In 2024, there could be a much broader adoption of behavioral authentication methods, going beyond the ancient method of passwords which is already outdated as well as traditional biometrics like fingerprints and facial recognition.
This shift will be powered by advancements in AI and machine learning to analyze user behavior patterns, such as typing style, app usage, and phone movement, to verify identity. This approach offers enhanced security and convenience, eliminating the need for remembering passwords or carrying separate authentication devices. The importance of security in today’s world cannot be stressed enough.
Connecting the Unconnected: Expanding the Reach of Satellite Internet
Despite the growth of terrestrial internet infrastructure, there is still a significant chunk of the global population remains unconnected. In 2024, satellite internet technologies are expected to bridge this digital divide, providing affordable, high-speed internet access to remote and underserved areas.
This expansion is expected to be driven by advancements in satellite technology, including the deployment of low-earth orbit (LEO) constellations. As satellite internet becomes more accessible and affordable, it will also empower individuals and communities to participate in the digital economy, unlocking opportunities for education, healthcare, economic development, and so much more. But that is still a little bit long-term in outlook. In 2024, internet access is expected to improve, powered by satellite internet.
Preparing for the Next Frontier
Going by what the Deloitte Report says, the future is compelling and promising. Generative AI, cloud sovereignty, smartphone authentication, and satellite internet are just some of the trends the Report says will shape the technological landscape. While these predictions offer a valuable roadmap, it’s important to remember that the future is inherently uncertain.
The key to riding the digital transformation wave and being relevant as well as competitive in the rapidly evolving environment is for businesses and individuals to remain adaptable and embrace a culture of continuous learning to navigate the ever-evolving technological landscape. By anticipating change, embracing innovation, and fostering resilience, we can collectively navigate the challenges and opportunities that lie ahead.
Deloitte’s 2024 Technology, Media, and Telecommunications Predictions Report offers a glimpse into a future brimming with possibilities. From the transformative power of generative AI to the expanding reach of the internet, these trends hold the potential to revolutionize the way we live, work, and interact with the world around us. By embracing these advancements and preparing for the unknown, we can harness the power of technology to build a brighter future for all.
Generative AI Is Here To Stay
Generative AI is firmly entrenched in every sector and organization’s growth trajectory, profoundly altering how humans engage with technology and receive information.
Although the buzz around ChatGPT may lead some to assume it is a fad, we are witnessing the convergence of multiple technologies, including artificial intelligence NLP and data lakes, into something much more powerful and disruptive. This trend will profoundly alter the way we engage with unstructured data, making it more accessible and helpful to both employees and customers.
The era of generative AI isn’t the future; it’s the here and now. Businesses that recognize the power of generative AI and technologies like ChatGPT and act on its possibilities to design a solution tailored to their customer experience stand to benefit from this breakthrough. Consumers already want smart, intuitive customer service and are inclined to stick with companies that provide it.
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