Business Services & Tech: 5 Trends and Predictions for 2024

Co-Founder

Alexandra Kazemir-Yampolska

10.03.2024

6 minutes

Technology trends respond to consumer market signals, alerting businesses to what they need right now to meet all essential needs. Consequently, being aware of current trends and incorporating them—partially or fully—into your business strategies is imperative.

On today’s agenda, we have tech trends and predictions for 2024. But before diving deep into growth sectors and innovations, let’s review the industry’s outcomes in recent years. 

Were there big successes or flops? What lessons should we learn? Continue reading to equip yourself with valuable knowledge on technology trends for 2024!

Overview of Business Services and Tech

As we observe two months into 2024, the previous years have been fruitful in terms of developments throughout the tech industry. Let’s break it down into five compelling stats, highlighting the outcomes of technology trends evolution:

  • Digital transformation was on the rise across many industries, with investments exceeding $2 billion in this business process.
  • Though digital transformation was a major trend last year, not many companies found the process successful. Precisely, only about 30% report that their digital transformation was executed smoothly. This underscores the challenges involved and the significant opportunities for tech vendors and startups to emerge as heroes.
  • 75% of executive managers reported that their businesses competed instead of collaborating on digital projects, leading to a lack of revenue growth from digital investments.
  • Change management came to the forefront, helping organizations achieve 143% of planned ROI. This demonstrates that well-managed initiatives addressing any changes during digital transformations can yield positive outcomes.
  • Workplace transformation solutions, which were adopted by 55% of companies, also helped keep teams engaged and productive.

Major Trends and Technologies for 2024

We didn’t want to just throw buzzwords and predictions at you without delivering what we always seek—value. Just as we build houses by starting with the foundation, 2024 tech trends and technologies are shaped by fundamental business bricks. 

 

The Pillars of the 2024 Trends 

The pillars of the 2024 trends include:

  1. Strategic thinking must be in place.
  2. Any company needs a reliable tech vendor.
  3. Nurture and encourage creativity in your team to outperform plans without draining your staff.

This is going to be our mantra, as we navigate the most exciting technologies and business expectations. What will these be in this leap year?

Major Trends & Technologies for 2024

Trend #1: Artificial Intelligence: Built for Humanity 

The same old artificial intelligence (AI) will continue to be our ally not only in the next year but for the decades to come, as evidenced by its rapid growth. In 2024, we anticipate Generative AI will be widely accepted, with no fears of it replacing jobs but rather assisting in accomplishing tasks—whether they’re routine or on a large scale—more efficiently.

A recent report by Accenture highlights that moving forward, artificial intelligence solutions will be entirely centered around human needs, behaviors, and experiences. 

Technology Vision 2024 Report by Accenture

Now, AI chatbots for businesses and different language models process vast amounts of information provided by users, enabling the technology to become fully attuned to human desires. Soon, we expect to witness the outcomes of these advancements, heralding a new era of AI-based solutions.

Trend #2: Shift in Computation Strategies 

The businesses are leveraging the tech infrastructure they have now more efficiently by integrating advanced hardware for process acceleration. Traditional binary computing is moving out of the spotlight, with non-binary computing systems capturing all the focus.

This trend indicates an evolution in how the power of computing is exploited to offer faster solutions to data processing. It opens new avenues for innovation and performance ​​augmentation in different industries. 

Low-code app development might significantly benefit from advancements in computation, achieving streamlined app development. This can lead to faster development cycles and swift app launches. 

Trend #3: Cybersecurity 

With the advancements AI brings, it also increases the workload for information security departments, making cybersecurity a top priority in all business activities. This is what the next technology trend is about.

Number of User Accounts Exposed from 2020 to 2023

Organizations are addressing the challenges of impersonation and deception caused by AI by implementing policies and technology stacks to enhance trust and security. In an era where AI capabilities advance daily, the importance of developing robust cybersecurity solutions and frameworks cannot be overstated. Cloud computing technologies may be a nice fit to safeguard the data.

Interestingly, despite increasing budgets for advanced security programs, progress in actual processes is slow. Breach costs are on the rise, and a third of organizations lack a risk management plan for cloud migration. The necessity for simplification in security tools also hampers the enhancement of tech defense. In 2024, businesses will innovate their cyber risk management strategies to safeguard budgets and keep pace with technological advancements.

Trend #4: Mobile Commerce 

In 2024, the technology trend for mobile commerce (m-commerce) will undergo transformation through artificial intelligence (AI) and augmented reality (AR) integrations, offering enhanced personalized shopping journeys and a more immersive experience. Biometric verification and blockchain will secure payment transactions, ensuring increased security and convenience. 

Social commerce advancements are set to influence buying habits, with platforms emerging as major spaces for discovery, engagement, and transactions. The line between shopping and entertainment is blurring, with social media becoming a new ecosystem for commerce, where user-generated content (UGC) and influencer partnerships amplify brand loyalty and sales. 

Trend #5: Supply Chain Transformations

AI touches everything, provoking transformations in all possible industries, with the supply chain being no exception. Artificial intelligence and machine learning are coming into demand in planning and transportation, aiming to move the industry beyond self-driving cars with automated alerts and training to reduce reckless driving.

The changes in the supply chain will be all about tools that provide real-time data, and insights, and support data-driven decision-making through optimized demand forecasting and automation.

Tracking advancements will improve transparency, while innovative tech solutions will streamline inventory management, thus allowing business stakeholders to experience budget optimization and resolution of storage challenges.

How to Adapt to Technology Trends in 2024?

Now that you’re equipped with the knowledge, the next step is to establish action points to make things work with new technology trends. Adapt to them with these tips, drawing from our expertise at RedCat.

Make Friends with Data 

Data analytics offers insights into market trends, customer behavior, and operational efficiency. Utilize this approach to inform strategic decisions and identify new growth opportunities.

Value Over Hype

Adopting trends can streamline operations and strengthen your connection with your target audience. However, don’t leap into constructing skyscrapers. Evaluate all options, prioritize them, and focus on those that offer real value over mere hype.

Focus on Sustainability

Whether your business is still a concept, a startup, or a growing small organization, incorporating sustainability initiatives into your plan is crucial. With increasing awareness of environmental issues, integrating sustainable practices into your business model can attract a wider customer base and enhance your brand image.

Be Agile and Focus on Quality

Encourage your team to embrace agility as a superpower, allowing for immediate response to market changes or customer feedback without hassle. However, ensure that high quality and value always prevail over ideas that might seem amazing but could fail in practice.

The Team is Everything 

With a motivated and skilled team, you can overcome any challenge, adapt to changes, and drive innovation to its peak. Invest in training and development for your employees and cultivate a work culture that prioritizes well-being and work-life balance. Do this, and watch your business flourish.

Find Your Allies

Collaborating with other businesses and vendors can yield mutual benefits, such as an expanded customer base, valuable resources, or enhanced services and offerings. RedCat could be the perfect ally, as we excel in turning ideas and aspirations into reality within an atmosphere of beneficial growth, honesty, and with the best tech stack.

About RedCat

RedCat is an IT company offering web and mobile development services around the world. Working for more than five years, we have helped international startups find the right place on the market and grow with the most innovative solutions. Our team includes professionals in design and development who are working in different business domains, such as marketplaces, delivery, sports, and many others.

We offer services in the following technology stack: React.js, React Native, Node.js, iOS development, Android development, QA, and DevOps.

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