In 2023, the technology sector experienced profound advancements in Software Engineering, shaping notable trends. Artificial Intelligence(AI) solutions advanced into drafting emails, graphic production, and code writing, boosting industries like banking and healthcare. VR and AR transformed real estate with virtual property tours and retail with virtual try-ons. Cloud computing facilitated remote work with flexibility and cost-effectiveness. Cybersecurity saw increased focus, especially for small enterprises, through employee training and advanced protection. Sustainability took center stage with energy-efficient data centers, eco-friendly manufacturing, and transparent environmental reporting.
Looking ahead to 2024, the technology landscape is expected to be shaped by the following trends:
- Platform Engineering: To deliver applications, build products faster and accelerate the pace at which they create value for the end consumer. Organizations leverage Platform Engineering. This enables self-services capabilities with automated infrastructure provisioning and operations improves engineers experience and productivity.
- Democratized Generative AI: This will increase productivity & efficiency in a broad range of tasks. GenAI offerings will level the playing field in terms of access to information and skills across a broad set of roles and business functions, making it one of the most disruptive trends of this decade. Gen AI services that cater to these would be best suited to maximize productivity while adhering to the norms.
- Ethical AI: Generative AI sparked extensive interest in AI Proof of concepts, Pilots, but the organization don’t consider risks until the AI Models, use cases are in real life production use. A comprehensive approach towards AI Ethics, Trust, Security, Governance and Compliance is going to help organizations to integrate much-needed governance upfront, and proactively ensure AI systems are compliant, fair, reliable and protect data privacy.
- Intelligent applications powered by AI solutions: Intelligent applications are augmented with artificial intelligence (AI) and integrated with data from transactions and external sources. They can learn, adapt, generate new ideas and outcomes, and increase automated and dynamic decision making. As seen with generative AI (GenAI), they learn from their interactions, improving autonomous responses over time and potentially transforming the experience of consumers
- Extended Reality: The blending of physical and digital worlds through augmented reality (AR), virtual reality (VR), and mixed reality (MR) is likely to continue growing, with more practical applications emerging in entertainment, education, and remote work.
- 3D printing (Additive manufacturing): As industries transition towards Industry 5.0, driven by automation and smart machines, the demand for 3D printing in design becomes paramount. The ongoing evolution of 3D printing technologies is fostering diverse applications, including unitization, across various sectors. Anticipated opportunities for 3D printing in 2024 encompass unitized designs for Industry 5.0, the production of customized medical devices, rapid prototyping of automotive components, and the realization of intricate architectural styles in construction.
- Quantum computing: While still in the experimental phase, quantum computing is expected to make significant strides in 2024, potentially revolutionizing areas like drug discovery, materials science, climate modelling and complex problem-solving.
- New energy solutions: As the world grapples with global climatic changes, there is a shift in the paradigm of energy generation and consumption. Technology plays a pivotal role in this transformation, particularly through the implementation of decentralized renewable energy systems that harness distributed energy sources, alongside the integration of the Internet of Energy (IoE) and artificial intelligence. Digitalization emerges as a critical driver for renewable energy, addressing contemporary needs. The utilization of solar energy, coupled with technological tools such as IoT devices for grid monitoring, facilitates seamless and uninterrupted energy supplies.
- Blockchain technology: This is anticipated to impact the technology sector, extending beyond cryptocurrency into sectors like finance, healthcare, and government. Its ability to offer transparent, secure, and efficient transactions is gaining traction in various industries. Key trends include the advancement of smart contracts, potentially transforming legal and business processes, and the growth of Decentralized Finance (DeFi), offering alternatives to traditional banking.
- Omni-channel customer experience: Disjoint customer experience is still a problem in many organizations. To provide a unified customer experience across different channels and optimizing them is always important. Providing a seamless offline-online CX is imperative in 2024. It will be crucial to identify the user journey supported by the data in combination with AI and real time analytics to deliver the personalized consistent experience in different touchpoints.
Incorporating technology strategically is key for organizations to enhance consumer offerings. Embracing trends ensures a competitive edge, emphasizing the importance of a proactive approach for an early mover advantage.
