10 Tech Companies That Will Shape the Future of the World by 2024

Tech companies have had a turbulent year in 2023. While some companies have achieved record profits, many others have suffered losses, lost market share, and made significant layoffs. Investing in artificial intelligence seems to be a major focus for every tech company in 2023, but whether those investments will be enough to sustain profits in 2024 remains to be seen.

Waves of layoffs are expected to hit the tech industry in the first half of 2023. While layoffs will continue throughout the year, it wouldn’t be surprising to see more job cuts in the first quarter of 2024. While many blame over-hiring during the pandemic, some roles are also being replaced by technology.

Despite some internal power struggles, ChatGPT’s parent company, OpenAI, is likely to remain a major player in the tech industry. However, with regulations starting to take effect in some parts of the world, it will be interesting to see how OpenAI and other tech companies developing generative AI will adapt to the changes. 2023 could be the year that such companies can reap big rewards due to the competitive advantage that comes from less regulation and the novelty of their technology.

Google, Meta, and X will also have to keep a close eye on the regulatory landscape. All three companies are already under intense scrutiny from the European Union, particularly over how they handle user data. Regulators have also shown no hesitation in slapping hefty fines on big tech companies whenever they appear to be in breach of the rules.

Despite the many obstacles and challenges that TikTok faces in 2023, the optimism remains. The debate over TikTok’s security and safety will likely continue into 2024. Despite more countries banning the app on government devices, TikTok’s user base has not declined and the company’s revenue appears to be positive.

In the US, a ban on TikTok in the state of Montana was blocked by a judge, who said the ban violated users' free speech rights. It remains to be seen whether this ruling will influence other decisions in other states.

TikTok is also likely to continue to grow its e-commerce business in Southeast Asia. After having to shut down its e-commerce service in Indonesia due to regulatory issues, TikTok has invested in Indonesia’s largest e-commerce provider, Tokopedia. This will allow the company to continue its e-commerce operations in the country.

TikTok parent ByteDance Ltd. is expected to see its revenue soar to more than $110 billion in 2023, surpassing rival Tencent Holdings, according to a Bloomberg report.

10 Tech Companies That Will Shape the Future of the World by 2024

While TikTok, OpenAI, and other tech giants are likely to continue to dominate the spotlight in 2024, tech experts believe the industry could see a few other names make their mark. Here are 10 tech companies to watch in 2024, chosen based on their performance in 2023 and plans for 2024.

1. Anthropic

Anthropic is an American artificial intelligence (AI) startup, founded in 2021. Anthropic develops generative AI systems and large language models.

Anthropic is considered OpenAI’s biggest competitor. The company has received significant investments from major tech companies, including Google, AWS, and Microsoft. Anthropic has also released its chatbot Claude, which is said to be more responsive than OpenAI’s ChatGPT.

Anthropic's mission is to develop artificial intelligence that is aligned with human values ​​and can be trusted to make decisions that benefit humanity. The company focuses on developing AI systems that are trustworthy, understandable, and navigable.

2. AMD

AMD, short for Advanced Micro Devices, is a multinational semiconductor company founded in 1969, headquartered in Santa Clara, California and Austin, Texas, USA. The company specializes in developing computer processors and related technologies for consumer and business markets.

The company originally specialized in making computer memory, but later switched to making processors. AMD is the world's second-largest manufacturer of computer processors, behind Intel. The company provides processors for desktops, laptops, servers, mobile devices, and embedded applications.

AMD is also the world’s second-largest graphics card manufacturer, behind Nvidia. The company supplies graphics cards for desktops, laptops, gaming consoles, and professional applications. AMD has grown rapidly in recent years. The company has successfully competed with Intel in the computer processor market and is starting to close the gap with Nvidia in the graphics card market.

The semiconductor industry shows no signs of slowing down, with chipmakers scrambling to meet the growing demand, especially for AI chips. While Nvidia is leading the way in AI chips, AMD is also working hard to maintain its dominant position in the industry. AMD CEO Lisa Su claims that the company’s newly launched MI300X chip is the most advanced AI accelerator in the industry. AMD expects the MI300 chip to be the fastest product to reach $1 billion in revenue by mid-2024.

3. Boston Dynamics

Boston Dynamics is an advanced robotics company, owned by Hyundai Motor Group, headquartered in Waltham, Massachusetts, USA. The company specializes in researching, developing and manufacturing bipedal and quadrupedal robots that can move flexibly and adapt to complex terrain.

AI and robotics are inextricably linked. Boston Dynamics is working to develop robots that not only improve productivity and efficiency, but also operate with minimal human intervention. Two of their standout robots, Spot and Stretch, are already seeing increasing adoption in industries around the world.

While Spot robots are changing the way organizations monitor and operate on the jobsite, keep their teams safe, and make data-driven decisions, Stretch robots bring reliability to warehouse operations, keeping operations running smoothly and keeping goods flowing. The company plans to launch another robot in 2024 in partnership with Kia.

4. Grab

Grab is a multinational technology company founded in 2012, headquartered in Singapore, providing transportation, delivery and digital payments services in Singapore and other Southeast Asian countries such as Malaysia, Indonesia, Philippines, Vietnam, Thailand, Myanmar and Cambodia.

The company initially focused on online taxi services, but has since expanded into other services such as food delivery, parcel delivery, and digital payments. Grab is one of the leading technology companies in Southeast Asia. The company has more than 2 million driver partners and 150 million users across the region.

As a major force in Southeast Asia, Grab can be considered a “survivor” in the technology industry. Despite some layoffs, the company remains optimistic about its operations and continues to diversify its services. Its super app Grab is now one of the most popular apps in the region, despite competition from other super apps. The company’s digital banking division also seems to be making positive progress, with favorable responses from Singapore and Malaysia. 2024 could be the year Grab really comes into its own, solidifying the business decisions it made throughout 2023.

5. Huawei

Huawei is a multinational telecommunications equipment, information technology and consumer electronics corporation founded in 1987, headquartered in Shenzhen, China.

Huawei is the world's largest telecommunications equipment supplier, with a global market share of about 30%. The company provides telecommunications equipment and services to carriers, businesses, and consumers worldwide. Huawei is also a major consumer electronics manufacturer, offering products such as smartphones, tablets, TVs, and wearables. The company has become the world's second-largest smartphone maker after Samsung.

Chinese companies will continue to struggle in 2023. However, for Huawei, the US sanctions no longer seem to be an obstacle. In fact, the company continues to innovate and find ways to develop new products without the need for critical US components.

The release of Huawei’s first 5G phone caused quite a stir in the US, with regulators having to “dissect” the device to see exactly how the Chinese company was able to build a mobile device without key components. Huawei has once again shown the world that nothing can stop its growth and innovation. With a continued focus on 5.5G and 6G technology, 2024 looks like it will be a promising year for the Chinese company.

6. Intel

Intel Corporation is a multinational semiconductor technology corporation founded in 1968, headquartered in Santa Clara, California, United States. Intel is one of the world's largest semiconductor chip manufacturers, providing products such as microprocessors, memory, graphics chips, and networking chips. Intel's products are used in many areas, including personal computers, smartphones, servers, home appliances, and industrial equipment.

Along with AMD’s desire to challenge Nvidia, Intel is also hoping to make a “shakeup” in the technology industry by 2024. Intel has been a pioneer in many areas, but recently, it has been playing catch-up with its competitors. However, this trend seems to be changing, especially when we look at Intel’s plans for the semiconductor industry.

Intel’s answer to Nvidia and AMD’s new AI chips is Gaudi 3, which is expected to launch in 2024 as a direct competitor to the two current market leaders. Intel CEO Pat Gelsinger recently said Nvidia has been fortunate to gradually focus on high-performance computing in the industry, an area where Intel has not done anything for 15 years. However, he is optimistic that the company will become a formidable competitor to Nvidia by 2024.

7. Snowflake

Snowflake Inc. is a cloud data warehouse software company. The company was founded in 2012 and is headquartered in Montana, USA. Snowflake provides a platform that allows businesses to store, manage, and analyze their data in the cloud. The company does not own its cloud infrastructure, but rents it from other major providers such as Amazon Web Services, Microsoft Azure, and Google Cloud Platform.

It might sound like an odd company to be on this list, but Snowflake has been quietly growing behind the scenes and is gaining traction in the tech industry. With a primary focus on data management, Snowflake is a key component for businesses looking to make the most of their data and leverage it for AI.

In fact, one of the biggest concerns with AI is keeping data safe. And Snowflake’s cloud data opens up a whole host of possibilities, from breaking down silos within an organization to collaborating on content with partners and customers, and even integrating external data and applications for new insights. A stable macroeconomic environment has also helped the company achieve better-than-expected profits and sales.

8. Tesla

Tesla is an American technology company, founded in 2003, specializing in the design, manufacture and distribution of electric cars, components for electric vehicles, solar energy and other energy products.

Tesla is one of the leading companies in the electric vehicle industry. The company has sold more than 1 million electric vehicles worldwide as of December 2023. Tesla's electric vehicle models include the Tesla Roadster, Tesla Model S, Tesla Model X, Tesla Model 3, Tesla Model Y, and Tesla Cybertruck.

In addition to electric vehicles, Tesla also produces other energy products such as solar cells, energy storage, and integrated solar power systems. The company is also developing new technologies in the fields of autonomous driving and energy.

While the durability of the Tesla Cybertruck is debatable, there’s no denying that it’s a game-changer in the off-road, 4WD market. But that’s not all that’s going on at Tesla. With competition in the electric vehicle space intensifying, Tesla may soon face not only pressure to cut prices, but also to make more drastic improvements to its vehicles, even as it weathers a major recall in the US.

Chinese and Vietnamese electric car makers are slowly gaining popularity around the world. And with Tesla’s history of recalls, it will be interesting to see what Elon Musk has in store for the automaker in 2024.

9. Xiaomi

Xiaomi is a Chinese multinational technology company, founded in 2010, that designs, develops, manufactures and sells smartphones, laptops, televisions, wearables, accessories and other consumer electronics.

Xiaomi has officially launched HyperOS, an operating system that not only runs on mobile devices but also for smart homes and smart cars. In addition to the light interface tweaks, HyperOS also has a faster operating system kernel, lighter than MIUI, and a quick installation speed. Recently, Xiaomi announced its smart car version, expected to launch in 2024. According to reports, the Xiaomi SU7 could be the company's first electric car to support HyperOS.

10. X Corporation

Billionaire Elon Musk's Corporation X is a new parent corporation that was created in April 2023. It will include all of Elon Musk's companies, including Tesla, SpaceX, Neuralink, and The Boring Company.

2023 is an interesting year for X. In addition to the rebranding in 2023, Elon Musk also announced plans to transform X into a super app, focusing primarily on payments. X developers have also rolled out a number of new features to the app this year. These include the ability to post longer tweets, the ability to edit tweets, and the ability to make video and audio calls. However, it remains to be seen how the social media app will perform in 2024.

Despite the revenue boost for creators, Musk has been embroiled in disputes with some advertisers over the Muskian concept of “free expression” and the content that appears next to their ads. The withdrawal of major advertisers from the platform will inevitably impact the company’s revenue. Does Musk have a clear plan for 2024, or is he taking a gamble and hoping to steer the X ship to a super app? Perhaps 2024 will answer that question.