Technology Trends : 2024
Disrupt or be the disrupted in the wave of leapfrogging
The emergence of latest tech has reshaped the application landscape across industries and sectors . 2023 witnessed a surge in building prototypes of Gen AI solutions, consolidation of vendors , Martech stack of products, accelerating the shift towards private and hybrid clouds, acquisition plans of major players to drive inorganic growth with the focus being on developing thought processes on deploying adequate guardrails to ensure compliance, data privacy and security .
As we embark towards 2024 few of the major trends and observations in the tech sector have been outlined below for your reference .
- Major Transformation Engagements including automation, AI/ML , cloud expected to resume in the H2 of 2024
- As discretionary spending is down , data driven projects based on outcome based ROI would be the key area for firms
- Rightsizing of the resources utilized across tech and consulting services would become a standard norm
- Since later part of 2022 , AI has captured the world’s imagination as one of the pioneering levers with a potential to transform lives and businesses in the post internet era
- Generative AI (Gen AI) would drive investments with an aim to unlock the potential to drive efficiency and take up incremental scope of assignments
- Gen AI would evolve at a lightening speed with the enhancement of capabilities of multi modal LLM’s (Large language models) : VC investments are pivoting from cloud to Gen AI as it is no more fad unlike Metaverse
- The trend of building local LLM’s capturing finer nuances of local languages and context is gathering pace across all countries
- Building Responsible AI solutions free of bias, prejudice and safeguarding privacy is in accordance to the agreements/ regulatory norms in alignment with global powers especially the ones from the European Union
- Massive productivity boom expected with realignment of job roles through the advent of AI based technologies
- Automation & Digitalization within the purview of legal and regulatory framework will be a major topic of discussion
- Digital to continue as being a business enabler and contribute towards global economic growth
- Tectonic shift in the ways of delivering application development and maintenance projects which still constitutes a sizeable chunk of revenue for IT service firms who follow a cookie cutter approach
- Potential for tech spending with high gross margin to double as % of GDP in the coming decades with 2024 being an inflection point
Future is all about the way we build , leverage and adopt tech .
Every business will be a technology business and no transformation is possible without its presence .
Are you ready to ride this wave of transformation ?
About The Author :
Aditya Krishnan is a Senior Digital Strategist & Consultant with rich experience across different sectors and practices at a global level. He has authored several publications on Digital Marketing , AI, Transformation, Delivery/Operations, Technology etc across portals and shares his views regularly on latest trends in the digital /technology and marketing space . He is also invited as a guest speaker by leading B-schools, technology institutes and in industry events . As a social initiative he has developed a knowledge platform ‘Insights From Aditya’ on Linkedin to share latest insights and perspectives on various digital, technology and marketing topics with an aim to spread knowledge and raise awareness . In addition to it he is also a reputed author , poet and an avid researcher . He recently published his book “ A string of pearls” a collection of best set of poems .
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