There were no flying cars or robot butlers this year. 2023 has not been a year of flashy technological breakthroughs. Instead, it was a year of quiet progress, strategic consolidation and recalibration of priorities. The dust has settled from the breathless wait of the last decade and a nuanced picture of technological progress has emerged. As we peer into the crystal ball of what the tech scene will be like in 2024, we see fewer eye-catching gadgets and hope that it will be more about building a better, more equitable world where responsible innovation will have a place central.
Ascendant of AI
Artificial intelligence, the undisputed buzzword of our times, has finally lost its “potential” and started producing tangible results in 2023. From optimizing factories to predicting patient outcomes, algorithms AI technologies have quietly infiltrated various industries, leaving a trail of transformed processes. But this progress has not been made without increasing difficulties. Concerns about ethical implications, bias in algorithms, and data privacy vulnerabilities have fueled heated debates, leading to the emergence of regulations such as the European Union’s AI law, aimed at guard against the potential misuse of this powerful technology.
2024 will see this careful dance between progress and responsibility continue. Expect deeper integration of AI, not only as an integrated tool, but also woven into the fabric of entire workflows. However, this will not happen without careful consideration. The focus will be on explainable AI, mitigating bias and ensuring data privacy. Expect stricter regulations and frameworks to emerge, guiding the responsible development and deployment of AI solutions.
The “Sam Altman saga” of 2023, with its debate between rapid commercialization and long-term security concerns, will likely reverberate throughout 2024. The question of who controls powerful AI tools – single entities or open communities source – will remain an important question. .
Thoughts on the Metaverse
Once heralded as the next frontier in human interaction, the metaverse has had a reality check in 2023. While VR headset technology has become increasingly sophisticated, user adoption has remained largely niche. The metaverse’s elusive “killer app” has remained elusive, sparking questions about its long-term viability. However, glimmers of innovation have emerged in education and training, where virtual reality has proven its potential to create transformative learning experiences.
2024 could be the year the metaverse begins to find its feet.
Bloomberg Intelligence predicts that the metaverse market will reach $800 billion by 2024. Meanwhile, the Analysis Group predicts that the global metaverse economy could exceed $3 trillion within ten years. The focus will now be on real-world applications, with education and training likely leading the way. Imagine students virtually engaging in historical simulations or dissecting virtual frogs in biology class. Expect collaborations between VR/AR companies and educational institutions to develop immersive learning platforms that redefine the classroom experience.
However, the success of the metaverse depends on accessibility. Expect efforts to make VR/AR hardware and software more affordable and user-friendly, with open standards and cross-platform compatibility becoming crucial.
Digital Fortress
As our dependence on digital infrastructure increases, so does the shadow of cybercrime. The year 2023 saw an increase in ransomware attacks, data breaches, and state-sponsored cyberwarfare. According to Singapore-based cybersecurity firm Cyfirma, nearly 68% of cyberattacks in the past three years were state-sponsored globally. The SolarWinds hack and Log4j vulnerability were a stark reminder of the interconnectedness and vulnerability of our digital world. Governments and businesses have rushed to strengthen their cybersecurity defenses with a renewed emphasis on data protection, threat intelligence and robust resilience strategies. According to the 2023 India Threat Landscape Report by Cyfirma, India is the most targeted country in the world, facing 13.7% of all cyberattacks.
Representative image | Photo credit: AP
This trend will likely continue into 2024 as cyber threats become increasingly sophisticated and targeted. Expect attackers to focus on exploiting vulnerabilities in emerging technologies such as AI and the Metaverse. Governments must collaborate internationally to develop effective cyber defense strategies and counterattacks. Businesses must invest in advanced security tools and employee training to stay ahead of evolving threats. The focus will now be on proactive threat intelligence, real-time incident response and embedding cyber resilience at the heart of digital infrastructure.
Blockchain reboot
The cryptocurrency craze has cooled significantly in 2023, with the fall of major exchanges and the collapse of ambitious DeFi projects dampening the fever. The Web3 narrative, promising a decentralized Internet built on blockchain technology, has lost its luster. Nonetheless, blockchain itself has found fertile ground in real-world applications beyond the financial realm. From tracking products in supply chains to securing digital identities, blockchain’s transparency and immutability have proven valuable across various industries.
Representative image | Photo credit: istock.com
In 2024, expect a more temperate approach to cryptocurrency. Regulatory frameworks will likely be implemented to address concerns about market volatility, fraud and money laundering. Although the “get rich quick” mentality may fade, blockchain technology itself will continue to find niche applications across industries. Think tamper-proof medical records, secure voting systems and efficient cross-border transactions. The focus will now be on creating reliable and transparent blockchain ecosystems with real utility, driving innovation beyond the hype.
Sustainability redefined
With the scale of the climate crisis, 2023 saw a decline in investment and innovation in climate technologies. According to PricewaterhouseCoopers (PWC), funding for climate technology startups has declined to levels last seen five years earlier. However, despite this temporary slowdown, the need for sustainable solutions remains stronger than ever. Green bonds have gained traction and ESG (environmental, social and governance) considerations have become central to investment decisions, reflecting a growing awareness of the need to invest in a planet-friendly future. The US government’s Inflation Reduction Act (IRA) – a $369 billion climate investment package – is a notable example. India’s Ministry of Power estimates that investments in renewable energy projects in India will grow by more than 83%, reaching around $16.5 billion next year.
Climate activists protest against fossil fuels at Expo City Dubai during the UN Climate Change Conference COP28 in Dubai, United Arab Emirates | Photo credit: Reuters
2024 will see a resurgence in climate technologies, fueled by necessity and opportunity. Advances in renewable energy solutions like solar and wind will make them even more cost competitive. Carbon capture technologies, once relegated to the realm of science fiction, will begin to be deployed in the real world, aiming to extract greenhouse gases from the atmosphere. Green hydrogen, produced from renewable electricity, could be a game-changer for clean transport and industrial processes, particularly in India.
