MAPSTED BLOG

10 Strategic Technology Trends for Businesses in 2024

April 08, 2024
Categories:

Technology Trends

Strategic technology trends

A strategic embrace of technology is imperative for businesses to navigate the ever-expanding digital terrain, poised to revolutionize operations and unlock crucial insights for sustained growth in 2024 and beyond. If you’re seeking guidance on the most impactful strategic technology trends to integrate into your business, this blog sheds light on Gartner’s recent top 10 recommendations.

1. AI Trust, Risk, and Security Management (AI TRiSM)

2. Continuous Threat Exposure Management (CTEM) 

3. Sustainable Technology

4. Platform Engineering 

5. AI-Augmented Development

6. Industry Cloud Platforms (ICPs)

7. Intelligent Applications

8. Democratized Generative AI

9. Augmented Connected Workforce

10. Machine Customers

Let’s delve into each trend, exploring how they represent the latest technological advancements that businesses can leverage to succeed in today’s digital landscape.

Top 10 strategic technology trends that can help your business innovate, adapt and thrive

The emerging technology trends are anticipated to deploy considerable influence or be influenced by technology advancements and can vary across businesses. Therefore, it is important to understand which ones identify potential risks and offer opportunities for the business’s strategic trajectory.

1. AI Trust, Risk, and Security Management (AI TRiSM)

With the increasing benefits of using artificial intelligence (AI) for business operations and strategic decision-making, the technology encompasses risks that include data violation and privacy. 

This is where AI TRiSM comes into play which is designed to handle challenges and promotes fair usage of the AI application.

The AI TRiSM management market size accounted for US 196 billion in 2023 and is expected to rise at the compound annual growth rate (CAGR) of 21.3% from 2024 to 2030.

Example

A financial business using AI TRiSM controls in AI applications can help reduce financial losses, identify fraudulent transactions more efficiently and maintain customers’ trust.

2. Continuous Threat Exposure Management (CTEM)

With the increasing rise of cyberattacks in AI applications, businesses are seen to take proactive approaches in their risk management practices and fight back against cybercriminals who always look for gaps in the company’s IT infrastructure. 

CTEM program within a business strategy helps in automating the identification, assessment and remediation of potential threats through AI and machine learning technologies. In addition, the integration of predictive analytics and threat intelligence applications can allow businesses to proactively identify emerging threats and vulnerabilities.

This latest strategic technology market trend size is expected to increase at a CAGR of 10.1% from 2024 to 2029.

Example:

Healthcare providers can prioritize cybersecurity measures considering the criticality of patient data while ensuring patient confidentiality and regulatory compliance with a continuous threat exposure management technology program.

3. Sustainable Technology

Modern digital technologies including AI revolve around the usage of immense data requiring a business to increase its energy use. While many other technologies like blockchain can harm carbon footprint. 

This is where sustainable technology also known as green technology as a framework in their digital solutions can help businesses ensure environmental, social and governance outcomes. 

The global green technology and the sustainable market size are expected to grow to US $62 billion by 2030. 

Example:

As a manufacturing business owner, you can reduce your carbon footprint by adopting renewable energy sources and sustainable production practices. Doing so will also help attract eco-conscious consumers and investors for business.

4. Platform Engineering

This is another top technology trend for software engineering leaders and developer operations (DevOps) teams who often struggle to get complete visibility into their team member’s work and software development life cycle stages.

Platform engineering is here to allow DevOps to experience a cultural shift to deploy code in a faster, more secure and reliable method. Successful platform engineering involves tools like AI, machine learning (ML) and deep learning (DL) technologies to adopt pre-built components to create functional applications. 

43.2% of initial platform engineering strategic technology trend adopters witnessed faster product deliveries. 

Example:

A software company that develops platform-as-a-service (PaaS) solutions can accelerate application development, deployment and enhance productivity with internal platforms. This strategic technology trend can ensure quicker time-to-market for new products and features.

5. AI-Augmented Development

Software development when done in a traditional method requires more time and expertise. In addition, managing ever-increasing software development task lists from across multiple platforms can be daunting for software development experts.

Adding artificial intelligence tools into the software development stages is helping software engineering leaders to expedite the software development lifecycle. In addition, this latest technology trend is allowing software engineers to optimize resource allocation and reduce unnecessary costs while increasing productivity and improving return on investment (ROI).

The global market for augmented intelligence is expected to account for US $142.3 billion in 2032, which was last recorded for US $14.74 billion in 2022.

Example:

A technology startup company can use AI-assisted coding tools to automate repetitive tasks and spare more time in problem-solving and product enhancement phases.

6. Industry Cloud Platforms (ICPs)

Have you heard about the common myth of a single solution fit for multiple business needs? Considering compliance, functionalities and integration vary for multiple industries leading to the rise of ICPs.

AI, ML, blockchain, IoT and edge computing are emerging technology trends in ICPs that help in catering industry-specific solutions, enhanced integrations and seamless interoperability to meet the needs of businesses in today’s increasingly digital and interconnected world we live in. ICPs combine underlying platform as a service (PaaS), software as a service (SaaS) and infrastructure as a service (IaaS).

More than 70% of enterprises will adopt ICPs by 2027, to boost business initiatives, a rise from less than 15% recorded in 2023.

Example:

As a big box retailer, you can adopt a cloud platform that can easily integrate with your inventory management system and warehouse management system and optimize operational efficiency, reducing inventory management errors while improving the shopping experience.   

7. Intelligent Applications

Given the critical role of data in informing business decisions, it becomes imperative to adopt technology capable of analyzing and deriving insights from this data effectively.

Intelligent applications (I-apps) are mobile apps that leverage AI, ML and DL technologies to enhance end-user experience including customers, product owners and developers.

The intelligent application market size is expected to reach US $283.18 billion by 2030, resulting in a CAGR of 31.90% during the forecast period.

Example:

A SaaS-based company develops an AI-powered analytics platform for tracking and analyzing customer behaviour in and around the brick-and-mortar store. This way, retailers can enhance offerings on the store shelves and run personalized marketing campaigns for improved returns on investment (ROI).

8. Democratized Generative AI

It becomes difficult for a non-specialist to perform troubleshooting capabilities. This is where democratized generative AI comes into the picture.

The key principle of democratized generative AI is to enhance the accessibility of intelligence to much broader and heterogeneous  demographics. This technology trend allows universal access to AI that involves minimal user expertise, allowing anyone to construct cutting-edge AI software.

The global democratized generative AI market is predicted to grow at a CAGR of 33.4% from 2024 to 2029.

Example:

A digital marketing company uses a generative AI tool that can be accessed by anyone in the organization to generate personalized content that helps increase audience engagement and ad revenue.

9. Augmented Connected Workforce

With the remote and hybrid cultural workforce being the new norm post the COVID-19 pandemic season, organizations found numerous challenges to immediately connect and work with employees from across the globe.

Augmented connected workforce is an approach that helps business owners combine technologies with employee capabilities and ensure a collaborative, empowered and well-connected work environment. 

The augmented connected workforce market is forecast to grow at a CAGR of 24.3% from 2024 to 2029.

Example:

A multinational corporation (MNC) can adopt augmented reality training programs to onboard new employees remotely, reducing overall training costs while improving employee satisfaction and performance. 

10. Machine Customers

Have you ever imagined your self-driving car could place orders for tires when worn out, or even your refrigerators could restock groceries based on consumption? Yes, you heard it right!

Machine customers rely on data to make decisions. They refer to machine learning technologies with intelligence into customer-facing processes to improve customer experience and optimize business outcomes. 

The global machine customers market size is expected to boost at a CAGR of 40.5% from 2024 to 2029.

Example:

A consumer electronics business manufactures smart home devices that autonomously reorder consumables depending on stock levels, enhancing customer satisfaction and loyalty. 

Wrapping Up

In conclusion, strategic technology trends in 2024 offer immense opportunities for businesses to innovate, adapt, and thrive in an ever-growing digital landscape. By embracing the technology market trends and adopting tailored strategies, businesses can stay ahead of the curve and withstand the competition.

Different trends will impact different businesses in different ways, so to make it easy, first evaluate which of the technology market trends present opportunities and risks to your organization’s strategic direction.

This way you can develop relevant roadmaps to enable reliable and sustainable business success and outperform the competition through emerging technology trends. 

If you found this blog engaging, get more insights on technology innovation transforming the retail sector with our must-read piece on the top 9 use cases of AI in the retail industry
In addition, don’t miss out on our enlightening video showcasing Mapsted location technology for the retail industry – your next step in exploring our cutting-edge solutions that redefine customer experience and loyalty.

Frequently Asked Questions

Q1. What are the top three technology market trends in 2024 as per Gartner?

Ans. AI Trust, Risk, and Security Management (AI TRiSM), Continuous Threat Exposure Management (CTEM) and Sustainable Technology are the top three strategic technology market trends in the year 2024.

Q2. What are the latest technology trends in innovations for the year 2024?

Ans. Location mapping, asset tracking, wayfinding, location-based advertising and predictive analytics are the latest trends in innovations for the year 2024.

Q3. What is the best technology trend to learn from in 2024?

Ans. Generative AI is the best technology trend that businesses can learn from, all in an effort to increase operational efficiencies, reduce costs and errors. In addition, a generative AI application can enhance decision-making.

Q4. What technology is in high demand in the next five years?

Ans. AI, cloud computing, robotic process automation (RPA), augmented reality and virtual reality are some of the technologies that are in high demand until 2029.

Q5. What is the latest technology for the retail industry?

Ans. Advanced navigation capabilities and marketing automation technologies are the latest technologies for the retail industry in 2024.

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