Key tech trends for businesses to watch and adopt in 2024
As the technological landscape continues to evolve at an unprecedented pace, business and tech leaders are feeling the pressure to stay ahead of the curve and reimagine their tech strategies. With such rapid innovation, where do you even begin? From the game-changing potential of generative AI to cybersecurity and sustainable technology, N-iX experts share the most impactful tech trends shaping 2024.
"Serving nearly 170 clients in 26 markets globally, N-iX works with a wide spectrum of technologies and industries, constantly exploring new ways to innovate and adopt the most transformative tools and strategies. Every year, we implement an array of solutions spanning cloud, data analytics, AI, computer vision, cybersecurity, IoT, and more. It positions us not merely as observers of tech trends but as frontrunners in the tech landscape. In recent years, the sweeping rise of AI has started reshaping processes, organizations, and entire markets. Business leaders now recognize AI's critical role in driving growth and feel the pressure to build their AI strategies. Moreover, there's a growing emphasis on cloud cost optimization, enhancing resilience, and fostering innovation through low-code platforms. In this context, the tech partner ecosystem, particularly hyperscalers, emerges as crucial in harnessing these tech advancements and maximizing their business value," shares Valentyn Kropov , Chief Technology Officer at N-iX.
“Artificial Intelligence has become a driving force of many organizations, improving their operational efficiency, enhancing customer satisfaction, automating processes, and opening new revenue streams. Yet, as technology rapidly evolves, companies must continuously adapt to stay competitive. Emerging AI technologies such as quantum AI, edge computing, open-source models, and AI TRiSM framework hold significant potential for organizations’ success,” shares Valentyn Kropov , Chief Technology Officer at N-iX.
1. Generative AI remains a dominant force
Generative AI is revolutionizing various industries, such as healthcare, manufacturing, and e-commerce, to name a few. According to a recent McKinsey study, it could contribute between $2.6 trillion and $4.4 trillion to the economy annually across 63 different use cases.
In generative AI, two emerging trends are augmented intelligence, allowing users to collaborate with AI, and multimodal fusion, which combines different data types to provide a more comprehensive AI context and deeper insights.
2. AI Risk, Trust, and Security Management
AI Trust, Risk, and Security Management (TRiSM) framework provides organizations with essential tools for responsible AI adoption, including streamlining the AI lifecycle (ModelOps), safeguarding sensitive data, addressing AI-specific security vulnerabilities, continuous model monitoring, and managing risks associated with third-party AI models. According to Gartner, by implementing TRiSM controls, companies can increase their decision-making accuracy by eliminating 80% of faulty and illegitimate information.
3. Open-source AI
Open-source models provide transparency, flexibility, and cost-effectiveness, making AI more accessible. While proprietary models still hold a place, Forrester predicts that by 2025, 85% of enterprises will use open-source AI models, signaling a move towards collaborative and accessible AI innovation.
4. Quantum AI
When combined with AI, quantum computing's potential becomes even more remarkable. The capability to process enormous datasets at unprecedented speeds could enable AI to tackle tasks currently beyond its scope, such as advanced material design, personalized medicine, and autonomous systems with superior decision-making abilities.
5. Edge AI
Gartner's 2024 AI trends prediction highlights the growth of edge AI that brings processing power closer to data sources. This eliminates the need for centralized cloud or remote data centers, enabling faster local decision-making. No more slow cloud connections; AI algorithms run directly at the edge, reducing delays and enhancing system responsiveness.
"In today's dynamic tech landscape, software engineering is evolving at an unprecedented pace. To stay ahead, tech leaders should prioritize the adoption of emerging technologies and practices in their software engineering process. It will enable them to drive business innovation, accelerate time-to-market, and craft exceptional products that resonate with customers. Embracing AI, low-code solutions, accessibility, and sustainability in your software development strategies empowers you to provide superior functionality and value with greater efficiency,” comments Yaroslav Mota , Head of Engineering Excellence Practice at N-iX.
1. AI-assisted software development
AI-augmented development tools and platforms can help significantly streamline developers’ productivity by creating and reviewing the code, producing documentation for the existing code, enhancing QA activities, translating from one programming language to another, and more. According to Gartner, by 2028, 75% of enterprise software engineers will use AI coding assistants, up from less than 10% in early 2023.
2. Accessibility testing
Accessibility testing is on the rise, ensuring software usability for people with visual, auditory, motor, or cognitive impairments. It's vital for legal compliance, ethical business practices, and making your solutions usable for a wider audience.
3. Sustainable technology and ESG reporting tools
According to Gartner, sustainable technology encompasses a comprehensive framework of digital solutions that can drive environmental, social, and governance (ESG) outcomes for enterprises and their customers. With the adoption of new regulations on ESG reporting, more companies will consider integrating or developing tools and solutions that would streamline ESG data collection and processing. It will help businesses assess their impact on ESG matters and correct their activities to improve compliance and become more attractive to investors.
4. Low-code platforms
Low-code is an application development approach that presumes mostly visual and model-driven development, contrary to the traditional high-code approach that involves manual coding. It helps streamline development and enables even non-tech specialists to participate in app development. As a result, low code enhances efficiency, enables faster time-to-market, and lowers development costs.
Low-code application platforms (LCAPs) are gaining popularity rapidly. The present market for LCAPs is characterized by intense competition and significant profitability, with a projected 20% Compound Annual Growth Rate (CAGR) poised to reach a revenue milestone of $29 billion by 2025. According to Gartner, Mendix and Microsoft Power Apps stand out as two of the foremost platforms in this space.
“Low-code development opens a plethora of opportunities and benefits for businesses. By democratizing the development process, it effectively unites technical and business teams, fostering collaboration and innovation. With an intuitive development environment and pre-configured components, low-code significantly shortens development cycles, enhances DevOps practices, drives cost-efficiency, and expedites automation initiatives. For enterprises seeking efficient digital transformation, low-code platforms can be an ultimate solution towards positive change,” shares Evgeniy Druzkin , Head of Platform Practice at N-iX.
“Today, the cloud stands at the center of any business tech strategy, bringing such benefits as cost optimization, innovation, and agility. N-iX works with hundreds of companies from a wide array of industries, and almost every organization utilizes the cloud to some degree. However, as cloud technology evolves rapidly, companies must adapt and innovate. Looking ahead, businesses should consider refining their cloud strategy with such technologies as edge computing, industry-specific cloud platforms, real-time infrastructure, multi-cloud environments, and FinOps practices, to name a few. These advancements will be crucial for maintaining competitiveness and driving sustained business growth,” states Andriy Varusha , Head of Cloud and Security Unit at N-iX.
1. FinOps
FinOps is a comprehensive approach that consists of a framework, culture, and mindset, all dedicated to maximizing the value obtained from investments in the cloud. Its primary objective is to optimize cloud expenditures. Since cloud spending forms a substantial portion of organizational IT budgets, the efficient and effective utilization of cloud resources has become a top priority for C-suite executives.
2. Real-time cloud infrastructure
Real-time cloud architecture combines serverless and edge computing with high-speed storage for immediate resource access. It offers dynamic scalability, quick responses, and real-time data insights. For instance, it can facilitate early anomaly detection in vital industries such as transportation, resulting in heightened safety and faster technology adoption.
3. Cloud security
The increasing adoption of cloud computing brings significant benefits but also amplifies existing security risks. In 2024, three critical measures will be crucial for mitigating these risks and ensuring continued trust in the cloud: data encryption, robust authentication protocols, and comprehensive disaster recovery plans.
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4. Industry cloud platforms
Industry cloud platforms (ICPs) are rapidly redefining the cloud landscape, with Gartner predicting a surge in adoption from less than 15% in 2023 to over 70% by 2027. This exponential growth underscores ICPs' potential to accelerate business initiatives by addressing industry-specific needs with unparalleled precision. ICPs transcend mere infrastructure (IaaS), platform (PaaS), and software (Saas) as service offerings. They seamlessly integrate these elements into a unified platform tailored to different industries.
“Organizations today operate with enormous amounts of data. With the right use of this information, businesses can better understand their clients, users, processes, and employees, faster respond to market changes, and ultimately reach their goals. For data-centric organizations, the focus should be on efficiently managing and properly organizing loads of data while considering data privacy and compliance with ever-evolving regulations,” shares Valentyn Kropov , Chief Technology Officer at N-iX.
1. Zero ETL
Zero-ETL is a data integration approach that allows analysis to be performed directly on the data sources and eliminates the need for separate ETL tools, systems, or processes. You can directly analyze data without extracting or copying it to a separate database. As a result, organizations achieve enhanced agility, cost efficiency, and real-time insights, eliminating delays associated with traditional extraction and loading processes.
2. Hyperconvergence
Hyperconvergence is a cutting-edge approach to data center infrastructure that is gaining prominence in today's IT landscape. By integrating computing, storage, and networking resources into a single, software-driven solution, it streamlines and simplifies complex data center operations. Hyperconverged infrastructure (HCI) eliminates the need for separate, siloed hardware components, reducing hardware and operational costs while improving scalability and agility.
3. Improved data governance
In the face of persistent data breach threats, organizations must strengthen their data governance to protect sensitive information and ensure compliance with privacy regulations. An effective data governance strategy helps improve data access and compliance, provides more effective decision-making, and minimizes the risks of security incidents.
“Cybersecurity is no longer just a reactive measure to existing threats. It has evolved into a proactive, continuous strategy involving monitoring, assessment, and prevention. Organizations must bolster their cybersecurity defenses and prioritize allocating resources to protect critical data and infrastructure. As threats become more sophisticated, embracing a systematic approach like CTEM becomes imperative. It empowers organizations to efficiently prioritize potential threats and take action, especially in the ever-expanding realm of cyberattacks,” shares Andriy Varusha , Head of Cloud and Security Unit at N-iX.
1. Continuous Threat Exposure Management (CTEM)
Continuous Threat Exposure Management (CTEM) involves continuously monitoring and assessing an organization's exposure to cyber threats, vulnerabilities, and risks. It provides real-time insights into an organization's security posture, enabling organizations to promptly identify vulnerabilities and potential breaches. CTEM helps reduce the likelihood of successful cyberattacks and minimize financial and reputational damage.
"By 2026, organizations that prioritize their security investments based on a continuous exposure management program will be 3x less likely to suffer a breach," Gartner states.
2. DevSecOps
DevSecOps, which stands for Development, Security, and Operations, is a methodology that incorporates security practices seamlessly within the DevOps process. In contrast to conventional approaches that treat security as a distinct phase, DevSecOps integrates security at every stage of the software development lifecycle, from initial system design to final deployment.
3. Zero Trust architecture: never trust, always verify
Zero Trust is a security framework that assumes no implicit trust within a network, even for users or devices inside it. It is essential for organizations because it helps enhance cybersecurity with strict access controls, network segmentation, continuous monitoring, and verifying all devices and users, regardless of location. This approach reduces the risk of data breaches and cyberattacks, particularly in today's increasingly complex and interconnected digital environments.
“The Internet of Things is a strong enabler of automation in numerous industries, including manufacturing, logistics and supply chain, automotive, and more. More than eight billion IoT devices are expected to be used by 2030 by various sectors. Organizations benefit from IoT by cutting repetitive manual processes, optimizing labor, reducing employee pressure, and saving costs. New technologies such as 5G, edge computing, and AI are transforming the market, and IoT is no exception. Adopting these tech advancements can open new opportunities for growth and development for businesses that have already adopted IoT,” comments Mykhaylo Kohut , Embedded Solutions Architect at N-iX.
1. 5G connectivity in IoT
One of the key success factors of IoT solutions is its communication speed with other devices and software. 5G is a game-changer, offering speeds ten times faster than LTE. This turbocharged connectivity not only accelerates data sharing but also enhances the reliability of IoT applications. Industries like healthcare, automation, and security benefit immensely from 5G IoT.
2. AI-powered IoT devices (AIoT)
Combining IoT and AI creates smart solutions where data collection, monitoring, and control meet AI's machine learning, personalization, predictions, and automation. This synergy boosts IoT applications, enhancing predictive maintenance, fault detection, energy management, and automation for greater efficiency and effectiveness.
3. Edge computing in IoT
Edge computing enables processing IoT-generated data closer to its source rather than in a distant centralized cloud. It is transformative for scenarios demanding real-time decisions, like autonomous vehicles or smart medical devices. Data confidentiality and security also benefit: sensitive information stays local, minimizing unnecessary exposure to external threats.
4. Generative AI-powered wearables
Wearable devices are revolutionizing industries from healthcare to retail, providing users with actionable insights and personalized recommendations. Powered by generative AI, wearables can help users, acting as smart assistants.
Closing remarks
"The technological landscape of 2024 presents many opportunities and challenges for businesses across various industries. Analysts predict that AI technologies, including Generative AI, will continue to be a dominant force for business growth. However, ensuring AI models' reliability, data security, and effective governance remains paramount.
For instance, Gartner introduces the concept of AI Trust, Risk, and Security Management (TRiSM), projecting that by 2026, enterprises adopting AI TRiSM will substantially reduce faulty information by up to 80%, thereby enhancing decision-making precision.
Furthermore, Gartner and McKinsey's latest analytical reports foresee a surge in technologies and approaches, such as low-code development, edge computing, industry cloud platforms, FinOps, and sustainability in tech, to name a few. There is also a growing emphasis on fortifying cybersecurity frameworks and embracing systematic approaches to threat detection and mitigation.
Businesses that embrace and navigate these tech trends are well-positioned to outpace the competition, foster innovation, and achieve sustainable growth," summarizes Maryana Sydoriv , Market and Strategy Analyst at N-iX.
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