Top Tech Developments To Watch Out For In 2024

Updated December 23, 2023

Amid the storm of the world’s political and economic turbulence, technology investments, like sports betting, are expected to surge, reaffirming that history’s most magnificent tech advancements emerged from the turbulence of economic and political turmoil. Hence, it’s worth keeping a watchful eye on the areas where tech will likely flourish in the new year.

Artificial Intelligence

Artificial Intelligence

As 2023 gets underway, the future of artificial intelligence (AI) shines brighter than ever. According to GlobalData’s 2023 TMT Predictions, the AI industry is poised to soar to new heights, reaching a value of $93 billion, a 12% increase from the previous year. This cutting-edge technology has captured the imagination of experts and futurists alike, as it holds the key to unlocking the full potential of robotics, quantum computing, and the Internet of Things (IoT).

A recent tech sentiment poll conducted by GlobalData found that a whopping 57% of respondents believe that AI will deliver on all its promises. The US and China are currently the leaders in AI patent filings. Still, the industry’s future depends on the availability of advanced semiconductor chips. With US regulations impacting China’s access to high-value chips, the AI industry will only thrive if the semiconductor industry can overcome its global supply chain challenges.

GlobalData forecasts a bright future for the AI chip market, predicting that the revenue generated by AI chips will reach $23 billion in 2023. The new year is thrilling for AI enthusiasts as the industry takes a giant leap forward.

Cloud Computing

The cloud computing revolution is only just beginning. In 2023, the global cloud computing market is poised to reach new heights, with a projected value of $734 billion – a staggering 15% increase from the previous year. GlobalData predicts this growth as businesses large and small continue to recognize the benefits of outsourcing their IT infrastructure to the cloud, such as cost savings and increased flexibility.

But the impact of cloud computing extends far beyond enterprise operations. This technology will be a driving force, alongside AI, behind the next wave of technological advancements, particularly in robotics and the Internet of Things (IoT). These cutting-edge fields require seamless access to vast data, making the cloud an indispensable component of their continued success.

In the new year, the cloud computing market will continue to shape the technology landscape, providing businesses with the tools they need to stay ahead of the curve and stay competitive.

Cyber Security

The global cybersecurity industry is facing a crossroads. According to GlobalData, the industry is expected to soar from $125.5 billion in 2020 to a staggering $198 billion by 2025, at a CAGR of 9.5%. However, cybersecurity professionals are reaching their breaking point as cybercrime continues to rise and their skills become increasingly in demand.

This year will be challenging for the cybersecurity industry as professionals take a zero-trust approach to external data in response to intensifying attacks. The use of AI in the fight against cybercrime will also increase, as well as stricter advice on the controversial issue of paying ransoms.

The EU’s Agency for Cybersecurity warns that the ransomware business model has seen explosive growth in recent years, and is projected to cost over $10 trillion by 2025, a significant increase from $3 trillion in 2015. The new year will be a defining moment for the cybersecurity industry as it grapples with these pressing issues and works to secure a safer digital future.

The Metaverse

The metaverse is currently worth about $376 billion. While it remains a hot topic in 2023, investor excitement for the consumer metaverse may cool down as the economic climate becomes uncertain. However, the true potential of this technology will only be realized once it is regulated, interoperable, and universally understood.

According to GlobalData, this is unlikely to happen in 2023. The metaverse will evolve and find practical applications in collaboration, product simulation, risk assessment, and process optimization.

These industries are all poised for significant change in 2023, and it will be exciting to see how they develop and contribute to the world’s technological progress.

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