2024 Predictions: The Trends That Will Shape The Industry In The Coming Year

In 2023 we saw generative AI (artificial intelligence) take over the tech space. AI threatens to make jobs obsolete, according to Elon Musk, ResumeBuilder, and the United Nations Department of Economic Affairs. In addition, according to a report by Bloomberg Intelligence Analysts (paywall), ChatGPT and Google’s Bard will grow the market for generative AI to an estimated $1.3 trillion in revenue by 2032. David Joosten, Forbes council member and president and CEO of Vodafone US Inc., shares an article on Forbes predicting this year’s tech trends that will shape the business tech environment.

  • The convergence of 5G and IoT will benefit society more than AI. “I believe the convergence of 5G and Internet of Things (IoT) will create more opportunities than AI in 2024. By 2025, 5G networks could cover one-third of the world’s population, enabling 1.2 billion connections. This will power IoT, and by 2024, it’s predicted that there will be approximately 17.08 billion connected devices driven by smart homes and cloud computing.”
  • Cloud partnerships will continue to dominate telecom headlines. “As edge investments accelerate across industries, telecoms will deepen cloud partnerships for a more significant market share in digital services. According to a report by Fortune Business Insights, the telecom cloud market size is projected to reach $97.07 billion in 2030. This will be driven by remote and hybrid working and the rising demand for better communications and network functionality.”
  • Physical infrastructure investments will rebound. “While cloud deployments make up nearly half of enterprise workloads and have received the bulk of IT leader investments over the past decade, in 2024, IT leaders will prioritize their physical infrastructure needs alongside comprehensive cybersecurity strategies. This will form part of an ongoing activity to improve aging IT infrastructures.”


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