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Technology is everywhere. From houses, and workplaces to our pockets. For businesses, it’s like breathing oxygen, a must for survival and growth.
Take eCommerce, for example. A decade ago, most people walked to stores to purchase things. Today, they can order everything, at any time from their smartphone. This is how technology has not only augmented businesses’ reach but also bettered their function, making it an essential element in ensuring their competitiveness in the market.
Technology is maturing swiftly each year, and the trend is anticipated to persist in 2024 and beyond. These top tech trends in 2024 will deliver businesses with peerless opportunities and challenges, making them elementary for businesses to comprehend.
Here in this blog, we have summarized the top technology trends for 2024 and beyond that are defining how businesses and technology will accompany them in the future.
So, let’s get ready to be amazed and empowered.
The utilization of sustainable technologies is going to be the biggest tech trend in 2024. According to Gartner by 2027, 25% of the CIOs’ performance metrics and goals will be linked to the organization’s sustainability.
Sustainable technology enables businesses to lower negative environmental effects and improve their environmental, social, and governance (ESG) performance.
The use of sustainable technology is further anticipated to be soared by the considerable role sustainability plays in shaping customers’ behavior and preferences.
According to the survey conducted by Boston Consulting Group, 57% of the respondents said that their awareness of a brand is affected by its sustainability practices. In another study by BusinessDIT, 55% of consumers are ready to pay more for environmentally friendly brands.
Emphasizing the need for sustainable technologies businesses have started to integrate sustainability across their operations. Additionally, government policies around low-carbon technology innovation, ESG compliance, and other factors are accelerating this trend.
The future is not one-size-fits-all, Industry cloud platforms that provide tailored solutions to specific industry verticals are going to see rapid adaptation.
According to a survey from Statista, 48% of US businesses are already using the industry cloud, while 20% plan to do so this year.
Similarly, a Gartner survey of North American and European enterprises stated that;
Companies are drawn to the industry cloud’s pre-built capabilities that match their industry’s precise workflows, data, compliance, and other needs. For example, a cloud platform built for banking can ensure compliance with financial regulations.
The industry clouds are not independent copies or versions of the underlying cloud platform and are thus not required to be maintained separately. They offer the full set of industry-relevant features of the underlying platform to the users.
Let me put this in other words. The industry cloud is like a set of toolboxes. Instead of giving everyone the same toolbox, the industry cloud is like giving each user a toolbox with tools that are more useful for their specific job. These toolboxes are not separate, they all are part of the big toolbox i.e. the cloud platform.
The persistent swiftness of technological advancement and competitive force means automation will become necessary from a nice-to-have option by 2024. Automation will be fundamental for cost reduction, speed, and scalability.
McKinsey & Co. found that 66% of businesses are piloting solutions to automate at least one business process, up from 57% last year.
A report from Gartner says that by 2024, 69% of the administrative work will be entirely automated.
The drive toward automation spans across different industries including healthcare, finance, retail, and more. Business leaders recognize the need for automation as part of their core business strategy to rev their growth velocity.
Already in 2023, many businesses have started to adopt edge computing to overcome the challenges of traditional cloud architecture. While the cloud allows centralization and scale, emerging technologies like self-driving cars, smart factories, and augmented reality need real-time responsiveness best performed by localized processing. Edge computing is satisfying this requirement by allowing data analysis and decision-making on distributed devices rather than far-away data centers.
According to TechHQ, more than 50% of new enterprise IT infrastructure was deployed at the edge last year. These enterprises see significantly more rapid innovation cycles compared to their cloud-only peers.
The trend is likely to continue in 2024, and beyond. Edge computing is anticipated to be embraced across various industries including healthcare, finance, retail, etc. This adoption is further revved by the increasing use of technologies like AI, and IoT which need more significant data processing and computing needs.
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Intelligent apps are set to become businesses’ best ally in 2024. Equipped with machine learning and artificial intelligence capabilities, these applications can continually learn, adapt, and recommend new ideas.
According to a survey conducted by Forbes Business Advisor, 64% of businesses believe intelligent applications will improve their productivity. Also, they can facilitate adaptive experiences, process augmentation, transformation, and intelligent decision-making.
Proactive insights from intelligent apps can empower workers with an AI assistant that materializes highly relevant insights precisely when required.
2024, and beyond will showcase businesses embedding intelligent apps into customer-facing, and workplace environments.
With cyber threats becoming more modern, traditional cybersecurity methods are proving meager. According to Forrester, 80% of data breaches still originate from privileged credential abuse, yet legacy perimeter models grant excessive network-wide access once initial authentication occurs.
This over-trusting access flawed model is motivating the adoption of zero trust architecture – a developing set of standards centered on the motto to “never trust, always verify”.
Unlike one-time access models, zero trust models constantly re-authenticate and authorize across users, devices, and workloads using AI to detect abnormal behaviors. Dynamic access policies also regularly limit data and control exposure by adjusting authorization to current contexts and risks. As hybrid multi-cloud environments permeate enterprises, zero trust principles control exorbitant access pre-emptively rather than trying to include detrimental impacts of breaches post facto.
According to Gartner, by 2025 over 60% of the organizations will embrace the zero-trust model to fortify their cyber resilience.
Technology’s persistent stride of change continues unabated. Looking ahead to 2024 and beyond, the top tech trends of 2024 will be vital drivers to transform customer experiences, business models, processes, and workplaces in the coming years.
While these technology trends in 2024 hold tremendous possibilities for businesses, it’s the readiness to adapt that defines the future of an organization. Organizations that promptly align their strategies around new possibilities will gain competitive advantages. Meanwhile, those still reluctant to traditional technologies may find themselves left behind. By closely following these technology innovation trends, while creating a flexible culture equipped to pilot new solutions, enterprises can succeed amidst the volatility. A learn-it-all, fail-fast, scale-what-works approach helps organizations to drive digital disruption instead of being disruptive themselves.
The youngest Salesforce MVP in the world in 2019, is a successful serial entrepreneur and CEO of Cyntexa - a prominent global Salesforce Consulting and Implementation Partner. He's also the driving force behind Salesforce Hulk, a popular YouTube channel providing valuable insights to Salesforce enthusiasts. As a thought leader in the Salesforce ecosystem, Shrey is committed to driving business growth through technology.
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