10 Business Technology Trends to Watch Out for 2024

In the last decade, we have seen technology changing the business world beyond our imagination and recognition. From chatbots to in-app payment mechanism and virtual tours, we have experienced the technologies paving a way for businesses to breed innovation and build a farther convenient, faster, and efficient business model, benefitting both the market and workplace environment.

But, what’s next? What will we experience in our business market and workplace in the coming year? What technologies will boost our efficiency and productivity in 2024?

Let’s explore together.

1. AI-based Chatbots and Voice Technology

AI-based Chatbots and Voice Technology

Our relationship with AI-powered chatbots will flourish in 2024, with 40% of large businesses investing in Chatbot development in 2024. The bots, like past many years, will serve the customers with seamless conversational experience, but with higher grades of NLP (Natural Language Processing). That implies, the technology will better understand the human language and emotions and deliver optimal solutions in human tone this year, and that too while depriving the thought that AI will steal our jobs.

Likewise, Voice technology will also build a significant move in 2024, especially in terms of search. As per ComScore, 50% of all searched will be done via voice by 2024, making it necessary for the business leaders and mobile app developers to look into the impact of Voice search on their app development process.

2. Big Data and Predictive Analytics

The rising competition will make the businesses move a step ahead towards providing personalized customer experience, which connotes towards embracing Big Data and Predictive Analytics. The business leaders, as well as their workforce, will show their interest in using the convergence of Big data and Predictive analysis to gather and analyze a heap of consumer data to know their behavior, needs and thus, deliver what they wish to.

3. Blockchain Technology

Blockchain technology, which is considered as a hype or a mesh by people, will also receive a positive outcome in 2024. Both business owners and app developers will look forward to understanding its characteristics of trust, security, immutability and decentralized database creation and incorporating the technology into their processes. They will encourage their customers to track their orders via Blockchain registry which will boost trust and transparency into the process.

As per market scenario, many more CIOs will join the team of Walmart and Maersk in terms of integrating Blockchain technology into their traditional business model and encouraging others for the same.

4. Payment Solutions

Payment Solutions

Payment solutions will also continue to make a considerable impact on the business world in 2024. From voice-powered payment on Amazon’s Alexa and Google Pay to mobile payments via smartwatch wipes, the business world will acquaint themselves with the newer trends in payment domain and look forward to integrating them into their business and therefore, deliver a highly efficient payment experience to their customers.

5. Internet of Things(IoT) and Edge Computing

In 2024, we will experience a highly interconnected environment with a perfect blend of the Internet of Things (IoT) and Edge Computing. The convergence of the two disruptive technologies will upgrade the M2M (Machine-to-Machine) conversation technique, which will redefine how the companies interact with their customers, vendors and others, and the way information is shared in real-time. The two will work endlessly to streamline the business processes, which was the realm of AI(Artificial Intelligence) and ML (Machine Learning) so far.

6. Cloud Solutions

In the past years, many organizations hesitated to use Cloud solutions due to security concerns. But, this won’t continue in the year 2024. As per the tech experts, the business leaders will get convinced with the Cloud’s potential of offering higher space in an inexpensive manner and streamlining their workloads. The small business will embrace the different forms of Cloud, ranging from Public to Private and Hybrid cloud environment, and make a mixed plan as per their business needs.

7. Digital Twins

With half of the world’s large industrial firms going to rely upon Digital Twins effect by 2024 to gain comprehensive insight about their products, processes, assets, and operations, it will be one of the most interesting trends to look for in 2024.

Business owners will embrace the technology to access a wealth of data in real-time, make data-driven decisions, enhance the collaboration aspect, and create new business models, which will aid them to meet the customer demands efficiently and effectively.

8. 5G Technology

5G Technology

The most awaited 5G technology will roll out in the market (including rural and urban locations) in 2024 with its lucrative facilities including ultra-high speed. The technology will aid the business owners to start offering innovative, faster, and cooler services to their mobile users and enjoy higher productivity and assistance in remote areas too.

The technology, as per the new Qualcomm report, will boost global GDP growth by $3trillion from 2024 to 2035 and generate around 22 million jobs across the globe.

9. Privacy and Security

While 2024 has been considered as the year of awareness of data privacy and security, 2024 will be marked as the year of action by applying security solutions like two-factor authentication, Comodo SSL Certificates, Kaspersky AntiVirus and many more. Both customers and business owners will have to understand the urgency to focus upon maintaining the data privacy and security and will pay attention to the way data is collected, stored, shared, and employed for delivering a higher level of customer experience and higher ROI.

10. Immersive Experience

As 70% of the organizations will be experimenting with immersive technologies such as Augmented Reality (AR), Virtual Reality (VR) and Mixed Reality (MR) by 2024, the Immersive experience will also remain one of the top business tech trends for 2024.

The Immersive technology will revolutionize the conversational experience and enhance the production scale by empowering the businesses to use virtual assistants like Chatbots and other conversational platforms to detect the user facial expressions and deliver emotion-powered responses. The technology will also shift to a point where the experience will associate the customers with hundreds of edge devices varying from computers to driverless cars.

While the aforementioned technology trends are for sure going to transform the business world, many more are expected to join the game by the beginning of 2024. What other tech trends do you wish to add into this list? Do share in the comment section below.

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