In the ever-evolving world of technology, 2024 is poised to witness significant transformations across various sectors. As industries adapt to emerging trends and innovations, here are the five areas of tech that are set to dominate in the coming year.
Generative AI: A game changer for productivity
Generative AI is on the cusp of revolutionizing the way businesses operate. It has garnered immense attention, with experts touting its potential to bring unprecedented productivity gains. According to the EY European Financial Services AI Survey, nearly 80% of European financial services leaders believe that Generative AI will significantly impact productivity and reshape job roles. This technology is expected to surpass the influence of the internet and smartphones, disrupting industries across the board. While it promises significant advantages, concerns regarding government regulations to prevent AI misuse will be closely monitored by investors.
Climate tech’s decade-long ascendancy
Climate tech is on an upward trajectory, with a PwC State of Climate Tech 2023 report indicating a decade of growth ahead. Recent data reveals that climate tech accounted for nearly 20% of total venture capital investments in the UK. The International Energy Agency (IEA) emphasizes the critical role of emerging technologies in achieving net-zero emissions, underlining the importance of innovation capital in supporting climate tech ventures. While startups in the energy sector have already raised substantial funding, there remains a significant gap between demand and available funding, making it a key growth area for 2024.
Quantum computing: The intersection of AI and quantum technologies
Quantum computing is set to make significant strides in 2024, as startups like Quantum circuits and Peptone seek to achieve quantum advantage. The UK government has committed substantial financial and strategic support to prepare businesses for the arrival of quantum computing. Experts predict that 2024 will be the year when the full potential of combining AI and quantum technologies becomes evident, offering a departure from deterministic AI rules. This synergy holds the promise of solving problems that traditional computers cannot.
Web3 and blockchain: Beyond cryptocurrencies and NFTs
Web3, built on blockchain technology, represents the next evolution of the internet, where users collectively control the digital space. While blockchain currencies and NFTs have faced challenges, experts suggest that we should not dismiss Web3’s broader potential. In 2024, we can expect consolidation in blockchain and Web3, with real-world use cases emerging and a shift from blockchain-based products to Web3-embedded processes. Gaming is also expected to play a significant role in bringing tens of millions of users into the Web3 ecosystem.
Semiconductor chips: The backbone of tech supply chains
Semiconductor chips, often overlooked but critical components of modern technology, are set to continue their importance in 2024. The UK’s semiconductor sector, featuring companies like Pragmatic Semiconductors, Graphcore, and Vaire Computing, is expected to thrive as global reliance on these chips increases. Despite a slowdown in previous years, the World Semiconductor Trade Statistics (WSTS) predicts a 13.1% increase in the sector’s valuation, reaching $588 billion in 2024. With 88 startups in the UK focusing on semiconductor chips, it boasts the highest number in Europe, indicating the sector’s potential for growth.
As we approach 2024, the tech landscape is primed for significant transformations. Generative AI, climate tech, quantum computing, Web3, and semiconductor chips are poised to dominate the tech world, offering a glimpse into the future of innovation. These emerging technologies have the potential to reshape industries, drive productivity gains, and pave the way for a more connected and sustainable future.
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