Top Tech Trends in 2024
Every year, analysts outline the top three priorities and investments for the tech sector: customer service, human capital efficiency, and digital fraud. With the Canadian workforce in a state of nonequilibrium until 2024, making the right investments is imperative to an organization’s success. Explore the future of these IT trends and priorities and their impact on businesses.
Top 3 Tech Priorities for 2024
Each year, Canadian analysts put together a list of top 3 priorities for the tech sector. This year’s priorities include:
Improved customer experience
With the constantly changing market, organizations focus on nurturing customer business relationships. This effort will increase customer loyalty and, as a result, boost existing revenue.
Increase efficiency in human capital
The second priority is increasing the efficiency of an organization’s current employees. Canada’s workforce is expected to be imbalanced until 2040. Investing in IT integration will reduce the number of needed positions without increasing hiring capacity.
Minimize risks for digital fraud
Successful cyber-attacks in Canada have doubled since 2023. Though legislative bodies are shifting and requiring technological adaptation, insurance companies will be a key driver in this change. Since they’re hesitant to offer reasonable costs to companies with poor cybersecurity, organizations are more pressed to improve their cybersecurity strategies.
Main Areas of Investment in Tech for 2024
Cybersecurity: As cybercrime becomes more sophisticated and can leverage AI to refine attacks, investment in cybersecurity and investment security is essential.
Business intelligence: Organizations want to invest more in their analytical capabilities. This can be done by migrating data to cloud platforms to transform datasets into real-time information.
Application modernization: Businesses are adopting cloud-based applications like SAP, Oracle and Salesforce and phasing out their legacy management applications.
Top 10 Tech Trends for 2024
- Democratized generative AI
- AI trust, risk and security management
- AI-augmented development
- Smart applications
- Augmented connected workforce
- Machine customers
- Continuous threat exposure management
- Sustainable tech
- Platform engineering
- Industry cloud platform
- Democratized generative AI
With the widespread use and accessibility of pre-trained models via cloud and open-source technology, Generative AI (GenAI) is becoming more commonly used globally. Approximately 80% of organizations will have used some form of GenAI in their production by 2026, compared to a measly less than 5% earlier this year.
2. AI trust, risk and security management
Due to AI’s heightened accessibility, there will be an increased need for AI Trust, Risk and Security Management, also known as TRiSM. Without restriction, AI models have the potential to produce adverse effects outweighing AI’s benefits to society. Organizations are recommended to adopt TRiSM to ensure AI systems are compliant and reliable and protect data privacy.
3. AI-augmented development
Machine learning and generative AI, along with other AI technologies, will assist software engineers in developing applications. Software development with AI assistance can drive productivity and allow teams to meet the increasing demands for business-critical software.
4. Smart applications
Smart applications are those with learned adaptation to respond appropriately and autonomously. Intelligence in applications includes various AI-based services like machine learning, vector stores and connected data. Intelligent applications can adapt to personalize user experience.
5. Augmented connected workforce
The augmented-connected workforce (ACWF) strategy aims to scale talent and optimize the value of human professionals. This strategy uses intelligent applications and workforce analytics to support each team’s experience, wellness, and skill development. The AWFC also aims to drive business results and positive stakeholder impact. Through 2027, we expect that at least 25% of CIOs will use an augmented-connected workforce initiative.
6. Machine customers
Machine customers, also known as “custobots,” are nonhuman economics with the autonomous ability to negotiate and buy goods and services in exchange for payment. By 2028, 15 billion products will exist with the potential to act as customers, with billions more to come in the years following.
7. Continuous threat exposure management
Continuous threat exposure management is an approach that allows businesses to assess and manage the security risks of their digital and physical assets continuously. Organizations that prioritize their security investments will see a two-thirds reduction in security breaches.
8. Sustainable tech
This refers to a framework of digital solutions used to support environmental, social and governance outcomes. Due to the growing concern about the ecological impact of tech such as AI, cryptocurrency, and cloud computing, we’ll see more organizations prioritizing sustainable technology.
9. Platform engineering
Platform engineering can be defined as the practice of creating and operating self-service internal development platforms. Willemesen refers to each platform as a layer designed to support user needs by interfacing with tools and processes. Product teams maintain these platforms and aim to optimize productivity and user experience while boosting business value.
10. Industry cloud platform
By 2027, it’s predicted that more than 70% of organizations will use industry cloud platforms (ICPs) to boost business initiatives, which sat under 15% the last year. Industry cloud platforms seek to address industry-specific business outcomes by combining software-as-a-service (SaaS), platform-as-a-service (PaaS) and infrastructure-as-a-service (IaaS) offerings to produce a product offering with capabilities such as industry data fabric, library of business capabilities, composition tools and many others.
Role of recruitment agencies in cybersecurity, business intelligence and customer service
Recruitment agencies, such as Live Assets, play a crucial role in this growing sector, connecting businesses with skilled talent adept in these emerging technologies. By leveraging their expertise and networks, recruitment firms can provide talent for companies looking to invest in cybersecurity and AI. Recruitment agencies ensure your organization has the right talent to thrive in a rapidly changing tech environment.
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