10 technology trends that will shape the world in 2024

In recent decades, we have witnessed an extraordinary technological renaissance, a time when digital innovations have not only reshaped industries and social structures but also changed the very nature of human existence.

The pace of technological innovation shows no signs of slowing down, and 2024 promises to be a year of even more breakthroughs. What sets the fourth industrial revolution (IR4.0) apart from previous industrial revolutions is the convergence and interaction of multiple technological trends at once.

Quickly accessing and adapting to these technology trends will help businesses position themselves for development and create competitive advantages in the future.

Here we take a look at 10 technology trends that are poised to reshape the world and impact our lives in different ways by 2024.

1. 5G technology continues to grow strongly

5G is the latest mobile generation that is being commercially deployed by many countries around the world. According to data released in October 2023 by the Global Mobile Suppliers Association (GSA), more than 4 years after Korea deployed the world's first commercial 5G network in April 2019, there are now 292 commercial 5G networks globally and 578 mobile operators investing in 5G networks.

Compared to 4G, 3G and 2G network generations, 5G will provide users with completely new experiences such as playing virtual reality games, exercising with a virtual coach, visiting virtual art museums... With an ideal maximum speed 100 times faster than 4G, 5G network is expected to bring users the fastest online learning, shopping and working experience.

By 2024, 5G networks will become popular in many countries around the world, becoming a new mobile communication standard, providing users with extremely fast data speeds and extremely low latency. But this trend does not stop there, research on next-generation mobile technology (6G) will be strongly promoted by leading technology companies in the world, creating the premise for the development and commercialization of advanced mobile generations after 5G.

2. Artificial intelligence will penetrate every field

Artificial Intelligence (AI) is not only a technology trend but also arguably the most important technological innovation of our century. AI in general and technologies such as Machine Learning, Deep Learning, Neural Networks, Generative AI in particular are creating systems that can learn, adapt and operate on their own.

Combined with platforms, data economies, and digital ecosystems, it will revolutionize our understanding of customers, their preferences, and the ways we can best engage our customers and change their behavior to achieve desired outcomes. AI will empower every business to create smarter products and services.

Additionally, AI will also be enhanced in almost every business process across industries. For example, many retailers will use AI to manage and automate complex inventory management processes.

AI will also be the engine behind the latest automated delivery initiatives that retailers are testing and rolling out, and more and more retail workers will need to get used to working with machines to do their jobs better.

Forecasts show that AI will continue to have a profound impact in 2024, from self-driving cars and healthcare diagnostics to personalized marketing and smart home systems. Machine learning and deep learning will drive advances in natural language processing, making AI more conversational and intuitive.

3. Virtual reality and augmented reality technology

Virtual Reality (VR) and Augmented Reality (AR) are merging the physical and digital worlds. While VR enables rich digital experiences, AR adds digital elements to our real world. From gaming and entertainment to education, virtual offices and virtual doctor visits, these technologies bring a new level of human-to-human interaction.

VR and AR technology will redefine the way we interact with digital content. By 2024, we expect to see more immersive educational experiences, improved virtual conferences, and AR applications integrated into everyday life, enhancing navigation and information access.

4. Sustainable technology

Sustainable technology is an umbrella term that describes all innovations that take into account natural resources and promote economic and social development. The goal of these technologies is to significantly reduce environmental and ecological risks while creating a sustainable product. They can include the application of a range of digital technologies such as AI, blockchain, cloud computing, augmented reality (ER), robotic process automation (RPA) and many others.

The push for sustainability will lead to advances in renewable energy sources, environmentally friendly materials and more energy-efficient technologies. Businesses will increasingly adopt sustainable practices and consumers will favor environmentally friendly products and services.

Businesses can automate as many business processes as possible through digital transformation, using virtual (or real) robots for repetitive tasks, or using AI to support data analysis and decision making. They must also consider adopting less resource-intensive solutions such as energy-saving LED lighting, or using materials that meet the principles of the circular economy.

Sustainable technology is prominent in all strategic technology trends. In a recent survey by Gartner, CEOs said that environmental and social change is now among the top three priorities for investors after profit and revenue. This means that CEOs must invest more in innovative solutions designed to address environmental, social and governance needs to meet sustainability goals.

5. Quantum computing

Quantum computing is also one of the most popular technology trends that is gaining popularity in recent times and it will have an impact on almost every aspect of our lives.

Quantum computing is a multidisciplinary field that encompasses many aspects of computer science, physics, and mathematics that uses quantum mechanics to solve complex problems faster than classical computers. Quantum computers can solve some types of problems millions of times faster than classical computers by taking advantage of quantum mechanical effects, such as superposition and quantum interference.

Quantum computing will continue to develop, potentially solving problems that classical computers cannot currently solve. It will have applications in cryptography, drug discovery and optimizing complex systems, impacting industries across the board.

Quantum computing, which uses subatomic particles to create new ways of processing and storing information, is a technological leap that is expected to give us computers capable of operating trillions of times faster than today's fastest traditional processors.

The significant differentiator of this technology trend is that quantum computers are capable of processing much faster than conventional computers, which is why major companies like Microsoft, Amazon, and Google are making efforts to innovate and invest a lot of resources in this field. In fact, the global quantum computing market size is estimated to reach USD 10.13 billion in 2022 and is expected to surpass USD 125 billion by 2030, with an expected CAGR of 36.89% during the forecast period 2022 - 2030.

The potential danger of quantum computing is that it could render current encryption practices useless. So any country that develops quantum computing on a large scale could potentially break the encryption of other countries, businesses, security systems, etc. This is a trend to watch carefully in 2024 as countries like the US, UK, China and Russia are pouring money into developing quantum computing technology.

6. The Internet of Things (IoT) is growing rapidly

Simply put, the Internet of Things (IoT) is a network of interconnected devices and sensors that communicate, collect and exchange data with each other. The connection can be made via Wi-Fi, mobile networks, etc. Devices can be smartphones, coffee makers, washing machines, headphones and many other devices.

IoT will be a huge network of connections to connect everything including people and there will be relationships between people and people, people and devices, devices and devices. An IoT network can contain up to 50 to 100 trillion connected objects and the network can track the movement of each object.

The impact of IoT is diverse in areas such as infrastructure management, healthcare and automation, transportation, etc. Specifically, in the healthcare sector, IoT devices are used to enable remote health monitoring and emergency notification systems. Health monitoring devices can range from blood pressure and heart rate to advanced devices capable of monitoring specialized implants, such as pacemakers or advanced hearing aids.

The number of IoT devices worldwide is forecast to nearly triple from 9.7 billion in 2020 to over 29 billion IoT devices by 2030. The most important use case for IoT devices in the consumer segment is smartphones, where the number of IoT devices is forecast to increase to over 17 billion by 2030. Other use cases with over 1 billion IoT devices by 2030 are connected vehicles (autonomous vehicles), IT infrastructure, asset tracking and monitoring, and smart grids.

The IoT ecosystem will grow exponentially, with smart devices becoming an integral part of everyday life. Enhanced security, interoperability, and standardized protocols will facilitate seamless communication between devices.

The global IoT technology market size reached USD 300.3 billion in 2021 and is forecast to grow to USD 650.5 billion by 2026, at a CAGR of 16.7% during the forecast period 2021 - 2026.

7. Biotechnology and medical technology

Biotechnology is a high-tech field built on the basis of the theory of life with the coordination between research processes and technical equipment to create high-quality biological products. These products will meet the requirements and benefits of people in the socio-economic and provide environmentally friendly products, while minimizing the current environmental pollution.

Modern biotechnology is used to provide breakthrough treatments and new technologies that solve everyday problems. In addition, biotechnology products reduce environmental impact, fight hunger, use less energy and are cleaner. At the same time, this technology field also helps industrial production processes become much safer and more efficient.

Meanwhile, health technology (healthtech) has now made significant strides worldwide. Countries are adopting different health technology solutions to address public health challenges.

Many medical technology innovations are starting to emerge to support patients including options for telemedicine, online health insurance registration, etc. The global medical technology market is set to reach $13.12 billion by 2023, with the largest segment being medical devices expected to reach $10.89 billion.

Other benefits of health technology include assisting seniors, accessing online pharmacies and digital fitness programs, monitoring diseases through pacemakers, and using smartwatches to track health data.

It is predicted that by 2024, biotechnology will revolutionize healthcare with personalized medicine, advanced gene editing, and more effective disease detection and treatment. Medical technology will provide remote patient monitoring and telehealth solutions, making healthcare more accessible and effective.

8. Edge computing

Edge computing is the process of bringing computing and information storage closer to the devices that create that information and the people who use it. Typically, applications transmit data from smart devices such as sensors and smartphones to data centers for processing.

However, the unprecedented complexity and scale of data has outpaced the network’s capabilities. By moving processing closer to users and devices, edge computing dramatically improves application performance, reduces bandwidth requirements, and speeds up the delivery of real-time insights.

Edge computing is predicted to become mainstream by 2024, as it helps businesses collect and analyze their raw data more efficiently. More than ever, organizations need instant access to their data to make informed decisions about operational efficiency and business functions. When used appropriately, edge computing has the potential to help organizations improve safety and performance, automate processes, and improve user experiences.

9. Blockchain technology will be applied more widely

Blockchain technology is a digital collection of transactions that are tracked and recorded in a decentralized network. Transactions, once submitted to the blockchain network, are grouped into blocks, and transactions in the same block are considered to have occurred at the same time. Transactions that have not been processed in a block are considered unconfirmed.

Blockchain consists of individual data blocks, each containing a record of information, linked together in chronological order, forming chains. The chronological consistency makes it impossible for data stored in the chain to be deleted or modified without the consent of users, transactions and operator nodes. These links cannot be changed, which is what creates transparency and trust for the information network based on blockchain technology.

Blockchain technology is predicted to be widely applied in 2024, considered as one of the breakthrough technologies, capable of changing the way of supply and bringing transparency and trust to different industries especially in the financial sector.

The trend of blockchain application is increasingly evident globally, requiring countries to have appropriate strategic solutions to take advantage of development opportunities, while controlling related risks to ensure system safety.

10. Digital ethics and privacy

There is no denying the enormous benefits that technological advances bring. But along with that comes significant challenges that humans must face. Issues related to ethics in the digital age and privacy have become a concern for people in many different fields and professions.

Amid growing concerns about data privacy and digital ethics, 2024 will see a surge in demand for technologies that prioritize user control and ethical use of data. Consumers and regulators will push for stricter data protection and responsible AI practices.

In conclusion, 2024 promises to be a year of extraordinary technological transformation. These 10 technology trends will play a central role in reshaping our world. As we embrace these advances, it is important to remember the ethical, security and sustainability implications that come with them. While technology brings incredible opportunities, it also brings responsibilities, and it is our responsibility to ensure these innovations improve our lives and the world in positive ways.