As we step into 2024 and cast our gaze toward the future, the potential of technology has never been more evident. With the digital world becoming a reality, India is witnessing a significant rise in the appetite for technology, with tech spending in India projected to grow to double digits at 10.7% in 2024.
The advancements in AI, particularly in generative AI, witnessed last year signify a once-in-a-generation shift that will transform everything from jobs to how we work. This shift has unlocked new possibilities and built the groundwork for rapid, groundbreaking innovation. We find ourselves amidst the most transformative period in history, with digitisation gaining unprecedented momentum on a global scale.
Looking ahead to 2024, the focus will continue to be simplicity, security, and sustainability, with the spotlight on “Automated Inspiration,” emphasising the critical role of AI in unlocking opportunities and reshaping industries. Here are some key business and technology trends poised to take center stage in the upcoming year:
Increased transition from reactive monitoring to pre-emptive detection and proactive correction
The need for simplification while dealing with skill shortage, especially in advanced and emerging tech, will continue to give rise to AI DevOps and automation to address customer needs. Pre-emptive risk detection and proactive correction are some of the top priorities for CIOs.
GenAI’s expansion into the business world
By the end of 2024, more than half of all new products will have natural language interfaces (NLIs) powered by GenAI. With users demanding contextualised, customised, and integrated solutions, GenAI will also be used in B2B interactions. With GenAI’s APIs, interfaces, and services, data and insights will be accessed, analysed, and visualised across many fields, including project management, software quality testing, compliance assessments, and recruitment. AI will become more observable.
Responsible AI governance will take centre stage
According to a recent Cisco report, India is already taking many proactive measures to prepare for an AI-centric future, with 95% of organisations already having a robust AI strategy or developing one. While AI promises transformative benefits, navigating its adoption is fraught with risks that demand organisations to have a robust framework of policies and protocols to guide the ethical and responsible management of data and AI systems. For instance, dealing with issues like false content and unanticipated outcomes in terms of reliability should be driven by organisations with RAI assessments, robust training of LLMs to minimise hallucinations, and applying sentiment analysis and output shaping. In 2024, companies of every size and sector formally outline how responsible AI governance shapes their internal development, application, and utilisation of AI.
Quantum networking leaps forward
Another trend will be the increasing significance of quantum networking, which in 4 or 5 years will enable communication and collaboration among quantum computers, contributing to more scalable quantum solutions. Additionally, Quantum Key Distribution (QKD), acting as an alternative or supplement to Quantum Cryptography (PQC) based on security and performance needs, will also capitalise on quantum networking.
Pivotal role of application programming interfaces (APIs)
APIs are set to assume a crucial role, acting as a seamless “abstraction layer” that integrates numerous pre-built AI tools, services, and systems with little development or infrastructure setup. With access to a diverse array of AI capabilities through APIs, teams will be able to automate repetitive tasks, gain deeper insights from data, and bolster decision-making processes. The coming year will witness a race toward API-driven customisation, enabling organisations to selectively combine APIs from various providers, easily tailoring AI solutions to address unique requirements. The emergence of curated “model garden” ecosystems has already begun, and in 2024, we’ll see them take off.
AI advancements will unlock new energy networking paradigms
Companies will begin to reduce energy efficiency by selecting smaller AI models with fewer layers and filters tailored to use cases. The rapidly evolving field of energy networking, which integrates software-defined networking with direct-current microgrids in the electric power system, will also contribute to energy efficiency. By applying networking to power and connecting with data, energy networking provides comprehensive visibility, emissions benchmarking, and a focal point for optimising power usage, distribution, transmission, and storage. Energy networking will also help accurately measure energy usage and emissions, automate functions across IT, smart buildings, and IoT sensors, and tap into previously untapped energy reserves.
Vice President,
Cisco Customer Experience Centers
Harnessing the sustainability focus with electric vehicles
Sustainability and its adoption in businesses would continue to be top priorities for business heads. The automobile sector’s positive forecast for 2024 paves the way for increased demand for the Internet of Things (IoT) owing to the need for navigation systems, vehicular management, etc. The address of elective vehicle charging through connectivity solutions for management and monitoring of connected EV charge points, video surveillance, and secure remote access would also aid in propelling the growth of electric vehicles.
In summary, as technology, especially emerging technology like AI, becomes the driving force behind the future, navigating its immense potential and associated risks is crucial. We must balance progress with responsible development, optimising infrastructure for AI workloads, and educating individuals about potential disruptions. By fostering collaboration and imparting skills necessary for emerging technologies-related jobs, businesses can leverage them to shape success in the digital-first world.
