Undoubtedly, technology plays a pivotal role in shaping our daily existence. And its influence will only persist as industries continue to harness technological advancements to refine strategies, operations, communication and service delivery. The current year marked the ascent of disruptive technologies, with artificial intelligence (AI) at the forefront. In this feature, we round up the top technology trends poised to define 2024.
1. Generative AI
One of the most groundbreaking technology trends to watch out for, generative AI (GenAI) uses the power of AI to generate content, including text, images and videos. According to Bloomberg Intelligence, this market could grow an impressive 42 percent, hitting $1.3 trillion by 2032.
“The world is poised to see an explosion of growth in the generative AI sector over the next ten years that promises to fundamentally change the way the technology sector operates,” remarked Mandeep Singh. He is a senior technology analyst at Bloomberg Intelligence.
He added, “The technology is set to become an increasingly essential part of IT spending, ad spending and cybersecurity as it develops.”
When used strategically and appropriately, this game-changer can offer landmark developments across sectors. It can improve customer experiences through AI-powered chatbots, boost productivity, enhance creativity and content creation and help optimize product design and development.
In the Middle East and North Africa (MENA), GenAI could generate an economic value worth $23.5 billion by 2030. While tools like ChatGPT are taking the technological landscape by storm, players in the region are also making their mark. The UAE’s Technology Innovation Institute launched Falcon 180B, an enhanced version of its flagship large language model, while AstraTech is integrating an Arabic ChatGPT function into its messaging app, Botim.
Read: Generative AI in MENA to hit $23.5 billion by 2030
2. Industry cloud platforms
With cloud computing technology reducing the need for costly physical infrastructure, more industries have been utilizing cloud services to store data. And as companies learned to embrace digital transformation, cloud services have also gone beyond just offering generic storage solutions. In recent years, providers have been rolling out industry-tailored products to help organizations manage their workloads and scale their businesses with AI, machine learning (ML) and data analytics.
As stated by Gregor Petri, VP analyst at Gartner, “Industry cloud platforms (ICPs) turn a cloud platform into a business platform, enabling an existing technology innovation tool to also serve as a business innovation tool.” Gartner named ICPs as one of the technological breakthroughs that will continue to make an impact in 2024.
Tech giant Google leads the way as it has already been offering production-ready industry solutions designed for specific use cases, ensuring repeatability across diverse organizations.
Aiming to service more clients in the region, Google has also recently launched a Google cloud region in Saudi Arabia. In the Middle East, cloud adoption rates are on the rise, with around 85 percent of companies already using or planning to use cloud technology.
3. Continued merging of real and virtual worlds
The continued merging of real and virtual worlds, often facilitated by augmented reality (AR) and virtual reality (VR) technologies, represents a significant trend with profound implications for various aspects of society — prominently in gaming, entertainment and social media.
According to a forecast by the International Data Corporation (IDC), the AR/VR headset market, in particular, will grow 46.8 percent year-on-year in 2024. This will be driven by the launch of new hardware, including Apple’s Vision Pro.
“The AR/VR market is at a critical point in its short history,” said Ramon Llamas, research director for Mobile Devices and AR/VR at IDC. “
“Apple’s entry next year will bring much-needed attention to a small market, but it will also force other companies to compete in different ways… This will provide users with greater choice and comparison, and eventually the definition for best-of-breed will take on new meaning going forward,” he further elaborated.
Nonetheless, this trend also extends its reach into retail, healthcare, manufacturing and more. In retail, AR enhances the shopping experience with virtual try-ons and in-store navigation. As for healthcare applications, these technologies can make surgical training simulations possible and more accurate. More healthcare professionals also employ VR for various therapeutic interventions, such as motor-cognitive training and reminiscence. Meanwhile, in manufacturing, AR and VR streamline processes through virtual prototyping, training and maintenance support.
4. Sustainable technology
As Gartner defines, sustainable technology is “a framework of digital solutions that can enable environmental, social and governance (ESG) outcomes for the enterprise and its customers.” There are various opportunities for advancing ESG goals. Automation is critical in minimizing resource-intensive activities, which then contributes to sustainability efforts. Leveraging AI enables entities to predict and assess the impact of climate change on their operations, helping make informed decision-making aligned with ESG objectives.
In 2024, sustainable technology will remain a focal point — and one of the most important technology trends — as nations and businesses strive to fulfill net-zero commitments. Simultaneously, individuals will increasingly utilize technology to minimize their environmental footprint. This involves adopting eco-friendly practices, like turning to electric cars and using sustainable apps to facilitate environmentally friendly living. On a broader scale, huge enterprises will continue to use innovative solutions such as carbon capture, green energy technologies and the circular economy. Additionally, the tech industry will embrace eco-conscious concepts like green cloud computing.
Government entities are also doing their part in using clean technologies to usher in a sustainable future. In the UAE, which is currently hosting COP28, the country aspires to achieve net-zero emissions by 2050. Its state-owned renewable energy company Masdar already boasts multiple initiatives like wind farms in projects like the London Array and the Dudgeon Offshore Wind Farm. It also implements solar photovoltaic (PV) technology and uses concentrated solar power (CSP) systems, known for promising large-scale power generation.
5. Enhanced connectivity
The evolution of connectivity, marked by the deployment of 5G in 2019, has significantly elevated global standards with high-speed data transfer and reduced latency. As of 2023, global 5G connections are expected to reach 1.9 billion, projected to surge to 5.9 billion by 2027, while the 5G services market is estimated to reach $2.2 trillion by 2030. Smartphones connected to 5G boast download speeds of around 87.5 Mbps (megabits per second), approximately 20 times faster than 4G. Moreover, enterprises are keenly investing, with 57 percent planning to embrace 5G in the next one to three years.
In MENA, specifically, projected forecasts indicate a substantial surge in 5G mobile subscriptions. From 2022’s 24 million 5G mobile subscriptions, figures could increase to 270 million by 2028.
Anticipation for the future of connectivity will only intensify as discussions and preparations for 6G will continue to unfold in 2024. Unlike its predecessor, 6G aims to offer an impressive 1 Tbps (terabit per second) and accommodate an astonishing 10 million IoT devices per square kilometer. But while 6G technology is still in development, Huawei is pioneering what is known as 5.5G, a pivotal stage that further enhances network capabilities. This intermediate step offers upgrades such as highly accessible 10 Gbps (gigabits per second) connections.
All of these developments — and technology trends — herald a future of unparalleled connectivity, better productivity and improved and more purposeful tech experience.
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