The Latest 15 Information Technology Trends in 2024

The IT world never ceases to evolve. This is a rapid, ever-changing industry abound with new technologies, tools, approaches, and innovative ideas. Let’s explore the emerging trends in information technology that are likely to define our digital future in the near term.

Latest Information Technology Trends

Information technologies develop symbiotically, inevitably influencing each other: a breakthrough in one area stimulates innovations in others. For instance, advancements in artificial intelligence (AI) and machine learning (ML) facilitate the creation of more sophisticated mobile applications, as well as enable IoT systems to flourish due to real-time data analysis. 

Today’s businesses and social spheres revolve around smart technologies, automation, and cloud computing. Understanding the current trends in information technology can place you a step ahead of the competition.

1. Artificial Intelligence (AI)

Over the past few years, artificial intelligence has dominated tech headlines. Companies of all sizes have begun to introduce AI solutions into their operations, gaining tangible benefits such as improved customer experiences, streamlined business processes, reduced production issues, and higher revenues. 

Some impressive stats include:

• In 2023, the global AI market size almost reached $208 billion. By 2030, it is expected to be nearly $2 trillion. (Statista)
• In the US, 73% of companies have already adopted AI in some areas of their business. (PwC)
• According to a survey by Gartner, 79% of corporate strategists consider AI and analytics essential for their success in the upcoming two years.

Intelligent solutions will be expanding their presence in diverse sectors, from manufacturing and healthcare to finance and education. Companies that ignore or postpone AI implementation within the next five years will risk falling by the wayside.

2. Machine Learning (ML)

Machine learning – a subdivision of artificial intelligence – plays a pivotal role for organizations that are striving to harness the power of collected data, extracting meaningful insights and predicting patterns. ML algorithms enable systems to learn from experiences, adapt to changing scenarios, and improve decision-making processes without explicit programming.

Machine learning solutions are widely adopted for a range of practical purposes, for instance:

• Sales forecasting. By analyzing historical sales data, customer behavior, and market trends, machine learning models can predict future sales patterns. This allows businesses to optimize inventory management, plan effective marketing strategies, and allocate resources efficiently. The insights gained from predictive analytics empower organizations to make data-driven decisions and adapt quickly to market changes.
• Customer churn prediction. Based on usage patterns and interactions, ML algorithms can identify factors that contribute to customer attrition. Businesses can then take proactive measures, such as targeted retention campaigns, personalized offers, or enhanced customer service, to reduce churn rate. This not only helps in retaining valuable clients but also raises the level of satisfaction and loyalty.
• Fraud detection. Financial institutions leverage machine learning for real-time fraud detection. By analyzing transaction patterns, ML models spot unusual activities, signaling potential fraud. This proactive system automatically investigates flagged transactions, safeguarding businesses’ financial interests and maintaining customer trust in transaction security.

ML adoption is most prominent in North America, leading the global market share, with Asia and Europe following closely. The sectors experiencing the greatest benefits from machine learning solutions include manufacturing, finance, healthcare, transportation, and security.

3. Cloud Computing

Cloud computing has become a crucial component of contemporary IT solutions, catering to companies of all sizes.

The cloud computing market is projected to be valued at $0.68 trillion in 2024, with an anticipated growth to $1.44 trillion by 2029, exhibiting a CAGR of 16.40% during the forecast period. (Mordor Intelligence)

The following emerging trends can be distinguished within the cloud computing sector: 

• Multi-cloud strategy. Over three-quarters of mid-sized companies embrace a multi-cloud strategy, diversifying their infrastructure to mitigate vendor lock-in risks, enhance reliability, and optimize costs based on specific service strengths. This fosters agility and resilience.
• Platform as a Service (PaaS). Businesses are increasingly adopting Platform as a Service (PaaS) solutions for streamlined software creation. PaaS, known for its user-friendly nature and cost efficiency, accelerates a development process, reduces time-to-market, and minimizes infrastructure complexities, allowing software engineers to focus on innovation without managing underlying components.
• Cloud security. Organizations prioritize cloud security by implementing advanced encryption, multi-factor authentication, and continuous monitoring. This proactive and adaptive approach ensures data protection, user trust, and compliance with industry regulations amidst the diversity of emerging cyberthreats.
• Green cloud computing. Recognizing the importance of eco-friendly practices, cloud service providers invest in energy-efficient data centers, renewable sources, and other environmentally conscious initiatives. This aligns with corporate social responsibility goals, appealing to organizations committed to minimizing their environmental impact.

4. Edge Computing

Regarded as an evolutionary step beyond cloud computing, edge computing places data processing nodes in proximity to both data sources and consumers. This decentralized paradigm of data handling ensures lower latency and a faster and more effective means of extracting valuable insights, particularly crucial for real-time operations in industries like healthcare, smart manufacturing, and logistics.

Edge computing is set to witness a staggering growth, with projections estimating that by 2025, over 50% of enterprise-generated data will be processed at the edge.

The heightened demand for edge computing devices is fueled by the ever-expanding Internet of Things (IoT) ecosystem, leading to the escalating volumes of data generated by enterprises. Furthermore, edge computing goes beyond traditional industries and is making its mark in augmented reality (AR) and virtual reality (VR) applications, improving immersive experiences with instant data processing.

5. Internet of Things (IoT)

Large and small companies have long embraced Internet of Things solutions, reaping significant benefits from their integration. However, the landscape of IoT is far from stagnant.

According to Statista, the global IoT market revenue will reach an astonishing $1,387.00 billion in 2024. Looking ahead, it will grow at a CAGR of 12.57%, hitting the volume of $2,227.00 billion by 2028.

The continuous evolution of this technology is attributed to the concurrent progress in complementary fields, notably the advent of 5G connectivity, edge computing, and artificial intelligence. Symbiotic advancements propel IoT networks to new heights of efficiency and security. As 5G networks enable faster and more reliable communication, edge computing ensures real-time data handling, and artificial intelligence adds layers of intelligence to IoT systems, businesses find themselves at the forefront of the technology world.

Automotive IoT, industrial IoT, consumer IoT, and healthcare IoT are the sectors gaining the most revenue from the technology.

6. Blockchain

While blockchain is commonly associated with cryptocurrencies, the technology has seamlessly integrated into diverse fields necessitating decentralized data storage and transparent transactions. A prime illustration is its application in supply chain management, where it virtually eliminates the possibility of falsifications across multiple stages, including financial transactions, warehousing, inventory records, and delivery schedules. Additionally, blockchain enhances the security of managing medical data.

Despite being utilized by only 4% of the global population, blockchain boasts a market value reaching into the billions. The blockchain market has exhibited consistent growth, with its value surging from $4.19 billion in 2020 to an impressive $19.36 billion in 2023. 

Specialists across industries are diligently exploring the extensive potential of blockchain. Consequently, in the coming years, we can anticipate the emergence of new practical use cases, driving an increased demand for blockchain experts.

7. Robotic Process Automation (RPA)

Robotic Process Automation (RPA) is a pivotal technology facilitating digital transformation across sectors such as finance, healthcare, and insurance. RPA, characterized by the use of software robots to automate repetitive and rule-based tasks, reduces human intervention in routine processes, enhancing accuracy and speed. Bots operate independently of APIs, instead functioning atop systems by employing a screen-scraping technique to simulate user interactions with UI elements. To illustrate, an RPA bot employs screen scraping to:

• Access users’ email accounts
• Click on emails with pertinent keywords
• Download and open attached files
• Extract payment information from the PDF or image file and input it into a designated spreadsheet

According to Gartner, the RPA market is projected to experience double-digit growth rates in 2024. A report from Global Market Insights foresees the RPA market surpassing $5 billion this year.

In 2024, the RPA technology will continue to evolve into Intelligent Automation (IA) under the influence of advanced technologies such as AI, ML, computer vision, and natural language processing (NLP). This evolution also involves a transition to cloud environments and the adoption of low-code/no-code tools.

8. Quantum Computing

You may be surprised, but traditional computers are objectively quite slow. As quantum computing is actively maturing now, scientists and tech leaders claim quantum computers to become the backbone of the future digital world.

Quantum computing technology is a way of transmitting and processing information based on the phenomena of quantum mechanics. Traditional computers use binary code (bits) to handle information. The bit has two basic states, zero and one, and can only be in one of them at a time. The quantum computer uses qubits, which are based on the principle of superposition. The qubit also has two basic states: zero and one. However, due to superposition, it can combine values and be in both states at the same time.

Parallelism of quantum computing helps find the solution directly, without the necessity to check all the possible variants of the system states. In addition, a quantum computing device doesn’t need huge computational capacity and large amounts of RAM. Imagine: it requires only 100 qubits to calculate a system of 100 particles, whereas a binary system requires trillions of bits.

With quantum computing, it’s much easier to process large sets of information, which is incredibly beneficial for predictive analytics applications. Further development and widespread adoption of the technology are therefore only a matter of time.

9. Virtual Reality and Augmented Reality (VR/AR)

Originally confined to the gaming and entertainment realms, augmented reality and virtual reality technologies have since transcended these boundaries. While the gaming and entertainment market continues to flourish, the applications of VR and AR now extend far beyond leisure.

• In the retail sector, VR and AR tools are enhancing the online shopping experience. For instance, users can customize products like furniture, visualizing them in their desired settings before placing an order. In the virtual world, consumers can even try on clothing, ensuring the perfect fit and style.
• Across various industries such as automotive and construction, engineers and designers are leveraging VR and AR to create digital prototypes. This digital experimentation proves to be a cost-effective alternative to producing multiple physical prototypes.
• In healthcare, VR and AR serve as invaluable training tools for medical personnel. Additionally, these technologies aid in surgical planning and execution by providing anatomical reconstructions of patient bodies. 

The applications of augmented and virtual reality have truly diversified, permeating various sectors and enhancing functionalities beyond their initial gaming and entertainment roots.

10. Cybersecurity

A significant 69% of IT leaders have either witnessed or anticipate cybersecurity budget increments ranging from 10% to 100%. Notably, nearly 20% of respondents are foreseeing budget elevations within the 30-49% range, underscoring a considerable commitment to fortifying security measures. 

Spending on cybersecurity continues to grow for several reasons:

• More companies are undergoing digital transformation, so they need protection for their digital business environments.
• The risk assessment of data breaches makes businesses realize the amount of financial losses and reputational damage they can avoid by developing a comprehensive cybersecurity strategy.
• Cybercriminals continuously invent sophisticated malicious activities (based on AI/ML capabilities as well), so companies need to hire skilled professionals and introduce advanced counteractions to resist their attacks.

11. Datafication

It is forecasted that by the end of 2024, 147 zettabytes of data would be created and consumed globally.

With the exponential growth of data sources, including the Internet of Things (IoT), social media, and other digital platforms, the datafication phenomenon is coming to the forefront. In its essence, datafication involves the conversion of various aspects of life, business, and society into data, enabling real-time monitoring, comprehensive analysis, and informed decision-making.

You may wonder where it can be applicable. A vivid example is seemingly magical user experiences with platforms like Netflix and Amazon. When you select movies of a particular genre or explore specific products on sale, each action becomes a piece of data that is meticulously analyzed. Companies adeptly harness this information to orchestrate personalized recommendations, providing users with a tailored and enjoyable experience. It’s akin to possessing an exclusive backstage pass to the intricacies of individual preferences. 

The significance of datafication extends beyond personalized suggestions; it serves as a linchpin in the field of data science. Researchers leverage this process to unveil intricate patterns, discern trends, and identify correlations within complex datasets. 

As organizations embrace datafication, the challenge lies in effectively managing, securing, and deriving meaningful patterns from the vast amounts of data generated daily.

12. 3D Printing and Additive Manufacturing

Among the top information technology industry trends, 3D printing and additive manufacturing have emerged as transformative forces, altering traditional manufacturing processes. 

The terms additive manufacturing and 3D printing are often used interchangeably, but there is a subtle distinction between the two. 

• Additive manufacturing is the broader concept that encompasses various techniques for building objects layer by layer from digital models. It includes a range of technologies, such as selective laser sintering (SLS), stereolithography (SLA), and fused deposition modeling (FDM), among others. 
• 3D printing is a type of additive manufacturing, but not all additive manufacturing methods fall under the category of 3D printing.  

Unlike traditional subtractive manufacturing methods, which involve cutting or molding materials to create a final product, additive manufacturing adds material incrementally, allowing for highly precise and complex structures. This technology offers versatility in material usage, rapid prototyping capabilities, and the ability to create customized and intricate designs. 3D printing’s impact extends across various industries, including manufacturing, aerospace, healthcare, and automotive, as it allows for the fabrication of complex structures and customized components. 

13. Genomics

Genomics, the field focusing on the study of an organism’s complete set of DNA, is undergoing rapid improvements, driven by cutting-edge technologies and computational tools. 

Within the realm of genomics, the storage, analysis, and manipulation of data are crucial for fostering research and progress in the field. Notably, genomics research incorporates cloud computing, artificial intelligence, machine learning, deep learning, blockchain, and other tech advancements to receive better outcomes. 

The ability to analyze and interpret vast genomic datasets has profound implications for personalized medicine, disease understanding, and preventive healthcare. 

14. Big Data

As organizations navigate an increasingly data-driven world, the importance of harnessing and analyzing vast datasets becomes more apparent. Big Data technology facilitates the extraction of valuable insights, patterns, and correlations from immense volumes of structured and unstructured data.

The global Big Data and Analytics market is worth $274 billion. Around 2.5 quintillion bytes worth of data are generated each day.

Within the Big Data landscape, a multitude of dimensions exists, spanning data centers, cloud services, Internet of Things (IoT) devices, and analytics tools. The diversity of the industry underscores its expansive reach, encapsulating a spectrum of technologies and solutions that collectively drive the extraction, processing, and utilization of vast datasets. 

15. Smart Technology

Smart technology, at its core, refers to the integration of advanced digital capabilities into everyday devices and systems, enhancing their functionality and connectivity. This trend is gaining momentum as consumers increasingly seek seamless and intelligent solutions in various aspects of their lives. 

Examples of smart technology abound, from smart homes with automated thermostats and security systems to wearable devices that monitor health metrics. The appeal of smart technology lies in its ability to simplify tasks, improve efficiency, and offer personalized experiences. With the rise of the Internet of Things (IoT), the interconnectedness of devices has further fueled the trend, allowing for data-driven insights and remote control. 

The convenience and innovation associated with smart technology continue to drive its popularity, shaping a future where intelligent solutions seamlessly integrate into our daily routines.

Why Choose SaM Solutions as your Information Technology Partner?

With over 30 years of experience in the software engineering market and a steadfast commitment to excellence, SaM Solutions offers a wealth of expertise and a proven track record in delivering cutting-edge IT solutions tailored to your unique business needs. We look toward the technological future, ready to support your digital transformation strategies and ideas.

Our team of professionals, including mobile developers, IoT and embedded experts, and QA engineers, ensures the seamless integration of innovative technologies, propelling your business to new heights. At SaM Solutions, client success is paramount, and we pride ourselves on fostering long-term partnerships built on trust, transparency, and unparalleled technical proficiency. 

Final Thoughts

Staying abreast of the top trends in the dynamic information technology landscape is imperative for businesses aiming to thrive in the digital era. The trends discussed in this article collectively represent the forefront of innovation, offering unparalleled opportunities for efficiency, scalability, and data-driven decision-making. Companies that strategically embrace and integrate those leading trends into their operations will position themselves ahead of the competition in a fast-growing digital world. The journey ahead promises unprecedented advancements, and those who seize the opportunities presented by these transformative technologies will undoubtedly chart a course toward sustained success.