Technology defines our world, and when it comes to choosing the most significant achievements of the human mind during a certain period, it is important to understand what exactly influences this choice. These are undoubtedly technologies that can become game-changing, changing directions of development, industries and investment flows. SPEKA highlighted three technological trends that, according to experts, will become flagships of progress in the near future, and also mentioned other important trends.
Generative Artificial Intelligence (AI)
Generative Artificial Intelligence (GenAI) is the undisputed leader among modern technologies that cause the greatest interest, hopes and fears. This field of artificial intelligence is developing rapidly and is capable of generating new content, including texts, music and images. In accordance with research According to Bloomberg Intelligence, the generative AI market will reach $1.3 trillion by 2032, and the industry will grow by an average of 42% annually over the next ten years. According to the long-term forecasts, the global generative artificial intelligence market size, which was valued at $10.79 billion in 2022, will grow to approximately $118.06 billion by 2032, exhibiting a growth rate of 27.02% during the forecast period from 2023 to 2032.
This technology is expected to revolutionize various industries by automating the creation of content that was previously a human prerogative, and this will open up new opportunities for work in new fields, such as AI Researcher or artificial intelligence ethics consultants.
In accordance with by PwC survey, the main goals of business leaders implementing artificial intelligence include increasing productivity through automation, improving decision-making and improving customer service.
According to Deloitte report, although there is concern that generative artificial intelligence may reduce the need for human creativity, in fact, in the age of creative machines, human creativity becomes even more valuable. Businesses currently use GenAI primarily as a tool, but over time, the technology will become a powerful catalyst for growth. Big language models are expected to continue to evolve, and platforms will emerge that will give companies the tools to use generative AI without the need for deep technical expertise and rebuilding of technical departments. In the future, there will be networks of generative platforms customized for specific business tasks, which will create new ecosystems in different industries.
Gartner predicts, that by 2026, more than 80% of organizations will be actively using GenAI models and APIs or GenAI-based applications, compared to less than 5% at the start of 2023.
Quantum computing
Quantum computing has long been an important topic, demonstrating how technology can affect visible aspects of life. For example, these calculations are used to fight the spread of the coronavirus and develop potential vaccines thanks to their ability to efficiently analyze data from various sources. Another area of application of quantum computing is banking and finance, where it helps in credit risk management, high-frequency trading and fraud detection. The development of quantum computing is also driven by the rise of cyber threats due to political and military instability around the world. There is a new threat that quantum computing could render existing encryption standards such as RSA and ECC obsolete. Therefore, the development of quantum-resistant algorithms becomes relevant to ensure the confidentiality and security of data in the future.
In the US, the National Institute of Standards and Technology plans to release a standard for post-quantum cryptography (PQC), i.e. encryption algorithms believed to be resistant to quantum attacks, in 2024. Fast, complex computing powers projects such as quantum key distribution for blockchain security at JPMorgan Chase, a quantum-secure network at Amazon Web Services, and automotive design at Quantum Computing Inc.
According to McKinsey report, quantum computing is of greatest value in areas such as life sciences (such as genomics-assisted treatment development), finance, transportation, and logistics. By 2029, the revenue of the global quantum computing market is expected to exceed $2.5 billion.
Immersive technologies
Immersive technologies—augmented reality (AR), virtual reality (VR), and mixed reality (MR)—continue to play an important role in human interaction with the digital world. McKinsey analysts emphasize the importance of immersive technologies in your report. Investments in these technologies increased in 2021, but then slowed, with investments at $14 billion in 2018, $32 billion in 2021, and $16 billion in 2022. Consumer adoption of immersive technologies has slowed, and global shipments of VR headsets and AR devices decreased by more than 12%. However, the use of augmented reality, for example on mobile phones, continues to grow. The number of installed AR applications has increased from approximately 1 billion in 2016 to 6 billion in 2022.
Recent years have seen numerous examples of the application of these technologies in business, and new devices continue to appear on the market. Simulation software used to train military and medical personnel is also being developed.
For example, Apple announced the release of the new Vision Pro AR/VR headset, which will be equipped with eye tracking, hand gesture recognition and smooth scrolling technologies. Perhaps this is one of the signals that the desire for the digital world and the avoidance of negative aspects of the real world may contribute to the further development of immersive technologies.
Other trends of 2024
In addition to the main trends, there are many other technological directions. For example, the transformation of the semiconductor industry, new batteries, space programs and others.
Semiconductors play a key role in digital transformation and influence the development of smartphones, electric vehicles and other devices. According to a KPMG survey, the automotive sector has been identified as the most important industry for semiconductor company revenue growth in the coming years. By the mid-2030s, automotive semiconductor revenue could reach $200 billion annually and exceed $250 billion by 2040.
Wireless communication, which has long been the industry’s main source of revenue, has relegated to second place by 2023. Instead, the Internet of Things, cloud technologies and artificial intelligence are ranked third, fourth and fifth respectively.
New batteries
When LFP (Lithium Ferrophosphate) and NMC (Nickel Manganese Cobalt) batteries became the standard for electric vehicles, research into new technologies began. This includes cobalt-free (sodium) and solid-state batteries, which may see further development in 2024. The main goal of such developments is to improve productivity, reduce costs and increase environmental friendliness.
Return to the Moon
Interest in the Moon is growing again, driven by the need to monitor climate change and improve telecommunications. This initiative is funded by both public and private investors and will continue to grow.
Low carbon hydrogen
Developments in the field of alternative fuels are ongoing, including improvements in electrolysis technologies such as proton exchange membranes (PEMs) and solid oxide electrolyzers. However, low-carbon hydrogen remains expensive. The ecological hydrogen market is projected to grow by 61% and exceed $7 billion by 2027.
According to the Hydrogen Council, achieving zero emissions by 2050 requires about $700 billion in hydrogen investment. Both from the US and European governments, and from private business, funding for this direction is constantly growing.
Early detection of diseases
Technologies for prolonging life and early detection of diseases are among the most anticipated. Research is focused on detecting cancer cells in the early stages, using the latest technologies and artificial intelligence. For example, the Massachusetts Institute of Technology has developed an AI model that analyzes lung scans and is able to predict lung cancer one year ahead or even up to six years.
Promising directions
Promising areas include blockchain, the Internet of Things (IoT), metauniverses, genomics, 3D printing, and clean energy.
In 2025, humanity will introduce many more exciting innovations, and we will follow these events.
