Innovation is the key to success for any modern-day business. 2023 was the year of reckoning for digital transformation, data strategy initiatives, and artificial intelligence (AI). The breakthrough trends that made 2023 one of the most exciting years for innovation will continue to reshape our world in several exciting ways. The blurring of boundaries between real and virtual, guided by machine intelligence, is all set to shape the ongoing re-evolution of the internet. But the biggest challenge will be to grow and prosper with minimum impact on the environment and even reverse some of the damage inflicted in the past.
The Year of AI
2023 was when generative AI bulldozed its way into the mainstream, and 2024 will be the year when we get the grips of how useful and powerful it can be. AI is already present in applications we use daily, including communication tools, office software, design packages, and even car navigation systems. As AI technology evolves, people will understand its potential. Generative AI is like having a 24/7 knowledgeable personal assistant that helps us be more efficient and productive. Much of our day is spent on menial brainwork that includes collecting information, organizing ideas, structuring projects, and managing compliance. Delegating all this work to AI, we can take more time for the creative side of things, rather than getting involved in repetitive tasks. Yes, implementing AI does involve challenges around ethics and regulation. But in 2024, we will start to understand how generative AI can change our lives.
Sustainable technology will be at the center of economic activity in 2024 as governments work to meet their net-zero commitments. At the same time, individuals will increasingly leverage technology to minimize their impact on ecology and the environment. Reducing carbon emissions is at the core of sustainable technology. Electric bikes, cars, and public transport will progressively become more popular in 2024. Reusability, recyclability, and durability will become increasingly important in the automobile industry since fossil fuel cars are prime contributors to carbon emissions. However, socioeconomic disparities between countries and diverse consumer habits mean there is no one-size-fits-all solution. Green alternatives may not be easily accessible in all areas of the world. That is where technology must be used to address the challenge of developing ethical methods to source and extract materials for manufacturing eco-friendly devices. In the coming years, the tech world, on its part, will align more toward green cloud computing to reduce energy consumption.
The Human Risk Review by security awareness company SoSafe has revealed that one in two businesses fell victim to a successful cyber-attack between 2019 and 2022. The cost of these attacks is likely to exceed $10 trillion by 2024. Simple cyber security measures will not be enough to shield companies from internet threats. This is where cyber resilience comes in. It goes a step further to restore the defenses that are breached during a cyber-attack and ensures continuity. Companies, certainly, will invest more in cyber resilience, and the sector is expected to witness a lot of activity in 2024 and beyond. Investment in cyber resilience was already a top priority for leading organizations in the second quarter of 2023. Tech research company Canalys reported that the global market for cyber security grew 11.6% to $19 billion. In 2024, most of the investment in cyber security will be channeled towards innovation and research.
Innovation is the relentless pursuit of new ideas, transformative approaches, and inventive solutions. Technology is an ever-evolving field where innovation works as the driver that propels growth. The importance of innovation to stay ahead, for both businesses and individuals, is not merely an option. It is a necessity and a strategic imperative.