Tech Industry Trends to Look Out for in 2024

After a year of ups and downs in the tech industry, it is time to look ahead. 2023 was a year of recession, layoffs, and uncertainty within the tech world, but 2024 is looking brighter. With multiple sectors not only acknowledging Artificial Intelligence (AI) but adopting it as standard operating procedure, the tech industry is set to change in the new year and will be watched by businesses, analysts, and consumers.

This article reviews some tech industry trends anticipated in 2024. Understanding and adopting technological trends will keep your business competitive in the current market. This is the world of intelligence and robots that we pictured the future to be, and it is about to get even more futuristic.

AI Across Canadian Companies

No matter your business sector, AI can be a useful tool. It can increase productivity, simplify processes, detect errors the human eye would miss, and quickly create content. Implemented effectively, AI will not replace your job, but will act like a personal assistant who understands your role and gets you exactly what you need.

In 2024, AI will be more than asking ChatGPT a few open-ended questions. We can expect corporations to adopt AI to reduce menial everyday tasks and employees have more room to brainstorm, be creative, and collaborate with each other. AI adoption will require companies to invest in reskilling and upskilling, workshops, and training courses on learning how to master the use of AI without compromising any protected data.

In 2024, the physical world and the digital world will be further connected, making AI a part of our daily lives. In the technology industry, this represents an increased demand and a need to increase capacity as they will be assisting other companies in the implementation of AI.

Computing

Our digital world is built to share information and cloud computing allows us to do so securely and seamlessly. Cloud computing allows for more storage across more platforms and devices so users can access their required data easily. Through edge computing, we can reduce latency and bandwidth requirements by enabling faster and more efficient data processing times. Edge computing stores data close to where the computing happens to increase data retrieval speed.

Companies throughout the world are investigating quantum computing to speed up calculation heavy computer workloads. We can expect to see the complicated mechanisms behind quantum computing become more tangible in 2024.

In 2024 companies will shift more data into digital format and adopt new software and hardware tools to speed up daily tasks, production, and decision making.

If your tech company is based in British Columbia, there is funding available for quantum computing initiatives that cover up to 90 percent of projects costs.

Virtual Reality (VR) and Augmented Reality (AR)

Virtual Reality is more than playing video games with goggles on. VR and AR provide specific user experiences, with VR immersing the user in an environment and AR enhancing the environment. In fact, VR is now used as a training tool for US Navy, Army, and Coast Guard ship captains.

2024 will see VR and AR adopted into industry. For example, it can be used in the medical sector to teach surgical procedures, support educational experiences, and create immersive marketing campaigns to bring in leads. VR and AR can support employees training and installation and use does not require specialized skills.

VR and AR can help business create a real and memorable experience for people. Luckily, for the tech industry this is not too demanding – VR Specialists can easily support other companies in implementing VR assets by learning some basic programming skills and having a futuristic outlook.

Sustainable Technology

With global awareness of climate change, all industries are prioritizing sustainability in their plans for the coming year. Tech companies are implementing net zero initiatives and developing technology that reduces emissions.

Sustainable technology is not only clean and eco-friendly, but also socially and economically responsible. It includes technology that reduces our carbon footprint and waste and considers the social impact on communities and workers throughout the supply chain.

Sustainable technology companies may be producing electric vehicles, developing advanced equipment which requires less energy to operate, or developing tools to support the tracking and reporting of environmental, social, and governance measures (ESG). As consumers demand visibility into corporate sustainability measures, companies need to be wary of greenwashing, or superficially identifying their commodities as sustainable for marketing.

As we approach 2024, we can expect to see more and more tech companies implementing sustainability measures across their development processes.

Internet of Things (IoT)

The Internet of Things refers to devices that are connected to the internet. Consumers have the power to control home devices such as humidifiers and coffee makers from the couch or the office, offering maximum convenience and comfort. However, the cost of IoT devices is frequently unaffordable for consumers.

Tech companies also benefit from IoT device adoption as these devices collect and transmit user data to provide insights into consumer behavior.

In 2024, we can expect to see more connectivity and interconnectedness across devices from your bedroom lights, kitchen appliances to your smartphones, with  tech companies aiming to make devices more attainable for a wider range of consumers.

Cyber Security

With advanced technology becoming an increasingly important part of everyday life, cyber security must be a top priority for tech companies. Research suggests that one in two businesses have been a victim to cyberattacks in the past three years.

Cyber security is the defense of your systems, while cyber resilience along cyber security is ensuring that when defenses are breached, there are measures in place to regain control and recover data. With hybrid working protocols, and cloud computing, all industries are developing or improving their cyber security protocols.

With cyber threats becoming advanced, tech companies are competing to create advanced solutions. In 2024, implementing strong and new-age data protection and cyber security measures will be even more prominent.

Software Development Funding in Canada

The Canadian government understands that developing technological advancements can be costly. However, faced with global competition, Canadian tech companies must adapt to new trends.

This is why the Canadian government has a wide range of funding opportunities for software development companies. Browse our directory to uncover a wide range of funding programs to support the tech industry from hiring and training, expansion, research and development, and capital and tech adoption.

If you are interested in accessing funding, download our free guide on how to navigate the funding process. At Mentor Works, A Ryan Company, we will support you through the grant application system and help your business achieve its goals.