By Elaine Burke
Forecasting is a fickle business – just ask any analyst who published their thoughts on the year ahead before the release of ChatGPT at the close of November 2022.
ADVERTISEMENTSuddenly, the game was utterly changed, and any predictions that didn’t include the prospects of generative AI appeared instantly dated.
There’s no question that generative AI dominated industry conversations throughout the past year.
One of the fastest-moving trends in tech, we saw ChatGPT reach 100 million users faster than ever (and even that was a short-lived record, such was the pace of change in 2023).
And where OpenAI led, many others were close behind, including Big Tech players such as Google and Meta. But it’s Microsoft that is set to be a key forerunner of the gen-AI trend thanks to its OpenAI investment.
Another late-2022 development that became a dominant 2023 talking point was Elon Musk’s takeover of Twitter, though 2024 might prove to be a banner year for Threads, the rival platform from Meta.
ADVERTISEMENTThis year also saw major upheaval in the crypto industry, culminating in criminal charges for two of its once-vaunted leaders: FTX founder Sam Bankman-Fried will be sentenced next year and Changpeng Zhao recently pleaded guilty to his felony charges.
And let’s not forget that 2023 began with major tech layoffs that continued to rock the industry throughout the year.
That said, hiring continues, though the competition in tech is now tougher than ever.
With this tumultuous year in tech behind us, we can now try our best to see what’s facing us in the year ahead.
Though forecasting the future isn’t an accurate science, there are some things we know are in the pipeline for 2024. And staying on top of industry trends can help tech workers stay on top of their game and also know where future opportunities might lie.
AI in the workplace
The development of AI was hotly debated throughout the year that’s past and it seems that the advocates for acceleration have won out – certainly among the leadership at OpenAI, at least.
And while there’s still plenty of experimentation happening in this field, it’s likely that 2024 will see generative AI tools move from aspiration to application, and those who took the time to trial this software in its infancy will find ways to make real use of it (responsibly, we can only hope).
This will certainly mean that the way many of us work is about to change, with some comparing the arrival of gen-AI at work to the introduction of personal computers to the workplace.
Deloitte has predicted a potential 30 per cent uptick in enterprise AI spending dedicated to gen AI in 2024, while Gartner’s report on the top 10 strategic technology trends for the coming year is dominated by the transformative potential of AI and automation.
And while many roles will be disrupted by AI, new roles are also expected to be created to manage its implementation.
ADVERTISEMENTFor example, IU International University is right now seeking a product lead who can examine their customer journey and identify areas where AI can be applied.
Regulation to rein it in
With the explosion of AI in 2023, many questions were asked of regulators, who are being forced to keep pace with tech’s quickfire transformations.
In the same week that the UK called an AI Safety Summit, US president Joe Biden signed an executive order on AI development. China issued temporary measures in August, while the EU made progress on its landmark AI Act.
Regulation of AI will continue to be a hot topic of debate in 2024, and while the EU AI Act will likely take another couple of years to be fully agreed and enforced, there are other EU regulations that will govern the tech industry in the new year.
Already making its mark on large tech businesses, the wide-ranging Digital Services Act (DSA) will come to bear on platforms of all sizes in 2024, and any companies providing core platform services will have to comply with the DSA before the end of the first quarter.
This of course creates new opportunities in governance and compliance, and there’s also the emergence of promising new sectors in line with the intentions of regulators – just look at the growing number of researchers and developers investing their time in ethical and explainable AI.
SAP is currently filling a PhD position on its research team focused on advancing ethical AI with fairness and explainability.
All eyes on ESG
The phased introduction of the EU’s Corporate Sustainability Reporting Directive (CSRD) begins in 2024, and large businesses in the initial scope will be required to conduct comprehensive audits of their environmental impact.
While it will be years until the CSRD applies more broadly, experts have advised that SMEs that form part of larger supply chains should take note of these requirements to sustain these business partnerships.
ESG requirements also present opportunities for support businesses, with Deloitte estimating that the ESG software market could see 30 per cent growth in the coming years.
While this push towards sustainability is coming from regulators, other factors will necessitate such changes in the tech industry.
An impending shortage of rare earth elements used in tech manufacturing is expected to impact the chip industry in 2024, putting focus on more sustainable sources of materials such as e-waste recycling.
The need for more sustainable business practices across the board is more than just a trend, and auditors in positions such as this senior manager role in ESG assurance at PwC will be at the forefront of this business shift across industries, including tech.
