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03 Jan 2024

Top 10 Digital Transformational Technology Trends in 2024

Informa Tech's Applied Intelligence Group
Top 10 Digital Transformational Technology Trends in 2024

What does the digital landscape look like in 2024 and beyond?

Did you know that a staggering 75% of enterprises state IoT is a key component to their sustainability initiatives? And that it’s estimated 25-50% of a doctor’s time is spent on administrative tasks?

In the Top 10 Digital Transformational Trends 2024 report, we’ll unveil the most interesting stats the analysts at Omdia are talking about, and the most anticipated and influential tech trends that are set to shape the landscape in the coming year from our Editorial experts at AI Business, IoT World Today and Enter Quantum. You can access the full report here.

In the meantime, here’s a teaser into the 10 key trends for 2024 by experts in the know…

Environmental and Social Considerations

Increased energy usage due to AI advancements

As AI continues to advance, the energy required to fuel its complex algorithms and expansive data centers has surged. The computational power needed to train sophisticated machine learning models and handle large-scale data workloads is immense, leading to concerns about AI's environmental impact.

The carbon footprint of training a single AI model can equal the lifetime emissions of several cars, according to a study by the University of Massachusetts Amherst. This startling comparison has prompted the tech industry to innovate towards greener AI solutions:

  • Development of more energy-efficient AI algorithms.
  • Utilization of renewable energy sources for data centers.
  • Implementation of AI-driven energy management systems to optimize consumption.
  • Investment in technology to improve computational efficiency, such as specialized chips.
  • Increased adoption of cloud-based services to enhance server utilization rates.

Despite these advancements, it's crucial to acknowledge and address the environmental implications of our growing reliance on AI. Power efficiency is not just a technical challenge; it's a sustainability milestone that the tech community must strive to achieve.

More and more companies worldwide are realising just how important sustainability truly is. This is for reasons such as: customer appeal, employee attraction & retention and financial incentives.

“Omdia research shows that enterprises recognise the importance of technology in these efforts with a recent survey indicating 75% of enterprises stating that IoT was a key component to their sustainability initiatives. It is no surprise therefore that a growing number of AI and IoT technology vendors are responding and offering a range of products and services to enable customers to reach their sustainability goals.” - Josh Builta, Research Director, AI & IoT

Moving forward, balancing AI growth with environmental stewardship will require innovation, responsible policies, and collaboration across industries. Only by acknowledging the energy challenge can companies develop solutions that not only drive AI forward but do so sustainabl

Distributing AI, Reducing power

“What we’re seeing is AI moving from the network from the cloud, to the network edge, and from the network edge to the data edge” - Edward Wilfred, Senior Principal Analyst, IoT Hardware, Omdia: Power

It’s becoming apparent that we don’t need to bring the entire model with us at every step of the way. The result? It becomes more sustainable as a result and we leave less footprint. The report uncovers exactly what this could look like into 2024.

Satellite connectivity will create more resilient IoT deployments

2024 is going to be all about the right infrastructure being put into place for satellite IoT. 

“I think we’ll be seeing satellite IoT coming into view. We will be seeing launches of new satellite IoT constellations.” - John Canali, Principal Analyst, Omdia, IoT, Service provider strategies and platforms

But which verticals is this likely to impact most?

The Transportation Revolution

It’s true… we’re on the edge of a revolution in transport. 2024 will continue to see things moving electronically and digitally, but next year there is going to be a huge focus on how things move in the air.

“We’re moving through electric flying vehicles, eVTOLs, electrical vertical take-off and landing vehicles, and they do not require runways. Those coming out in 2024 are called Ultralights, and they don’t require a pilot’s licence.” - Chuck Martin, Editorial Director, AI Business, Applied Intelligence: Transportation

Quantum Computing and Information Security

“We’re seeing experimentation with error correction on quantum computers, plus an increase in qubits and a whole different variety of types of qubits.” - Berenice Baker, Editor, Enter Quantum

2024 is set to see quantum computing being explored in many new ways. Who will benefit? It’s thought that businesses with complex optimisation problems will really see results, particularly in the field of transport, manufacturing and pharmaceuticals.

AI's evolution from theoretical concept to practical application

Generative AI in Healthcare

Artificial Intelligence (AI) has journeyed from the realm of science fiction to an everyday reality at a breathtaking pace. What was once a theoretical concept now drives many of the tools and services you use every day. In 2024, AI's evolution is not just about smarter technology, but about how it is woven seamlessly into the fabric of our daily lives.

AI's practical applications are wide-ranging:

  • In healthcare, AI assists in diagnosing diseases with astonishing accuracy.
  • Retail AI personalizes your shopping experience by recommending products tailored to your preferences.
  • In finance, AI algorithms help detect fraud and manage financial risks.
  • Home automation systems use AI to learn your preferences and adjust environments accordingly.

The adoption of generative AI is set to shake the healthcare system in 2024 and beyond, with incredible potential for the industry, from the latest drug discovery to care and delivery.

“Some estimates suggest doctors spend 25-50% of their time on administrative tasks and what these Generative AI models can do is go through a lot of unstructured text and help to alleviate administrative burdens that’s facing the industry… This will free up time for doctors and other healthcare professionals to spend more time with patients rather than on administrative tasks.” - Andrew Brosnan, Generative AI

As machine learning models grow more sophisticated, their ability to understand and adapt enhances their predictive capabilities, solidifying AI’s role in decision-making processes. This integration is becoming more prevalent across sectors, manifesting in tools that were unimaginable a decade ago.

The Emergence of AI and Machine Learning

Datafication transforming how we process information

Datafication isn't just a buzzword; it's the process of turning many aspects of our daily lives into data. This transformation allows for the processing of information on an unprecedented scale. With datafication, businesses are not only keeping records but also leveraging this data to make data-driven decisions, understand patterns in customer behavior, and predict future trends. They're translating everything from social interactions to physical gestures into data points that can feed into powerful analytics.

The trends in the IoT space next year look incredibly interesting. Enterprises continue to invest heavily in this technology, helped by the convergence of IoT with AI and Machine Learning.

However, “with the growth in cloud hyperscalers, we’ve seen a shrinking in the number of applications enablement platform providers as many of those application platform capabilities have been taken on by those hyperscalers.” - Andy Brown, IoT Practice Lead, Omdia : IoT Key Trends

From customer service interactions to online shopping habits, every action you take generates data, painting a richer picture of consumer needs and experiences. The immense volume of data now available is like a gold mine for organizations that know how to extract and use it effectively, enhancing both the customer journey and operational efficiency.

The uptake in processing capabilities enables companies to sift through these data sets with ease, providing them with actionable insights at their fingertips. Datafication is not the future; it's the present, and it’s revolutionizing industries at a breathtaking pace.

Generative AI 

“There is a lot of fear and uncertainty and doubt these days about artificial intelligence, especially the generative AI craze. We hear everything from killer robots to generative AI taking away our jobs… But AI is helping us to become more efficient, effective and maybe helping us to solve world problems.” - Natalia Modjeska, Research Director, Omdia, Applied Intelligence

From a recent survey of IT practitioners, our Omdia team discovered that almost 40% of organisations have implemented or plan to implement, generative AI. Whilst 50% are considering it or already piloting. With this vast implementation comes challenges of course. How this will look in 2024 is unknown.

Quantum progress in a rapidly developing field

Quantum computing is defying the boundaries of calculation, processing, and problem-solving known to classical computing. In 2024, significant progress showcases how these futuristic machines can tackle tasks once deemed impossible. They operate on the principles of quantum mechanics, enabling them to process complex datasets at speeds that leave traditional computers in the dust.

This quantum leap forward is most visible in fields where classical computers struggle:

  • Cryptography, where quantum computers are both a potential threat, due to their ability to break traditional encryption, and a beacon of hope for creating virtually unbreakable quantum encryption methods.
  • Optimization problems, for which quantum computing provides solutions that optimize logistics, supply chains, and traffic systems, potentially saving millions in operational costs.
  • Drug discovery, where quantum algorith

“The key question for quantum computing is when (and if) it will deliver an advantage over classical computing… In 2024, QC vendors will introduce systems with more qubits, these qubits will be more resilient to noise and errors, and these systems will enable larger circuits (i.e., programs) to run.” - Sam Lucero, Chief Analyst, Quantum Computing, Omdia, Applied Intelligence

Although we are obviously years away from completely error-free quantum computers, it’s looking very likely that these more robust systems, which have improved error mitigation techniques, will start showing huge advantages over classical computers. Researchers and companies alike are racing to unlock and harness quantum computing's full potential, betting big on its capability to revolutionize industries and solve some of humanity's most intricate problems.

The challenges in stability and error correction are being addressed with each iteration, edging us closer to the era of quantum supremacy where quantum computers will perform calculations that are simply inconceivable with today's technology.

The Business Perspective on Upcoming Tech Trends

In the entrepreneurial world where AI's capabilities are expanding at an exponential rate, businesses are swiftly realizing the importance of creating guardrails to mitigate the inherent risks. As AI systems become integral parts of operational processes, the potential for unintended consequences means that oversight is not just prudent—it's essential.

It’s been over a year since ChatGPT was released. The world has massively changed as a result of this. It’s also the year that generative AI started to evolve, which we know still needs to mature. The risks are known and the big tech companies are racing to get these resolved.

“With this in mind, here are the trends predicted to emerge in 2024:

  • Trend #1: AI models will be multimodal.
  • Trend #2 Custom Language Models will take off.
  • Trend #3: Reduced costs of generative AI
  • Trend #4: AI coding tools will become a mainstay of developers.
  • Trend #5: Global regulation to increase in pace.”

 - Deborah Yoa, Editor, AI Business, Applied Intelligence

This is just a glimpse of some of the brilliant insights from our top researchers, strategists and analysts. Stay ahead of the curve and unveil the latest technology trends that await us in 2024 and beyond.

Download Now: Top 10 Digital Transformation Trends for 2024

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