Tech Trends 2024: Navigating Cyber Threats, AI Regulations, and Sustainability

As we step into 2024, the world of technology is preparing for significant transformations, driven by a variety of factors ranging from environmental concerns to regulatory shifts. Whilst we can look forward to exciting new opportunities in the market, it’s important to acknowledge that there are challenges ahead.

A recent survey conducted by RSM found that 59% of people working in tech are feeling optimistic about their career in the next 12 months, increasing to 65% when thinking about it in the long run. But how will the predicted trends for 2024 shape the tech landscape, and what will be the impact on the labour force?

Tech market predictions for 2024

Buckling down on cyber security

One of the key trends in 2024 is the strategic focus on cyber security. The estimated cost of cyber attacks on the global economy in 2023 is over $10.5 trillion dollars. Rapid advancements in technology, paired with the increased threat of AI malware, has escalated the need for robust cyber security measures at both an organisational level and government level. A particular theme in 2024 is the continuation of the skills shortage; it’s predicted that the struggle to acquire individuals with the niche skillset to protect companies from cyber-attacks will persist. The industry will likely see an increase in sophisticated phishing scams, AI powered attacks and more gateways to cyber-attacks through improperly secured devices being used for remote working.

Generative AI and regulatory balance

Generative AI is at the forefront of technological innovation but concerns about its impact on society and businesses have prompted the need for regulations. In 2024, we can expect new regulations to emerge, striking a balance between regulatory compliance and fostering innovation. A recent RSM survey revealed that 74% of tech and media businesses perceive AI as a threat, highlighting the urgency for a regulatory framework that addresses these concerns. The UK Information Commissioner, John Edwards, is concerned that people will lose trust in AI in 2024 and calls for developers to better protect products. And with another global AI safety summit scheduled for the first half of 2024, this time in South Korea, it’s clear that world leaders are committed to putting the necessary guardrails in place to protect us from the infinite power of AI.

Sustainable tech in telecoms

The tech industry is increasingly focusing on sustainability, especially in telecoms. The impetus to improve sustainability in 2024 has derived from the urgent need to reduce the carbon footprint of network operators. By leveraging renewable technologies and utilising energy efficient equipment, the telecoms sector aims to optimise resource usage, reduce waste, and enhance overall sustainability.

Monetization of tech and consumer spending

As AI continues to influence consumer behaviour, companies are exploring ways to tackle its impact on customer spending and their willingness to pay for in-app purchases. The monetization of tech, through personalised services and data-driven strategies, is expected to play a crucial role in shaping the economic landscape. The challenge businesses will face is finding the right pricing strategy that will generate revenue but isn’t too expensive to yield custom.

Rise of localised cloud solutions

With cyber threats on the rise, the tech industry is witnessing a shift towards localised cloud solutions. Companies are re-evaluating their cloud infrastructure to enhance security measures and protect sensitive data. The rise of localised solutions aims to mitigate the risks associated with global cyber threats, providing a more secure environment for data storage and processing.

What’s ahead for the tech labour market in 2024

Continuation of mass layoffs

The tech sector is no stranger to workforce transformations, and mass layoffs are predicted to continue in 2024. As companies evolve their business models, embrace automation, and adapt to changing market dynamics, restructuring and optimisation efforts may result in workforce adjustments. But it’s not all negative, the widespread adoption of AI has resulted in a plethora of roles in new industries, such as retail and communication, where demand is rife for tech talent.

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Scaling up in-house tech teams

In response to the evolving landscape, companies who aren’t making redundancies are focusing on building and strengthening their in-house tech teams. During the covid-19 pandemic, many companies added third-party suppliers to alleviate issues with the talent shortage and minimised growth opportunities. This shift is driven by a desire for greater control, reduce costs and a reduction in dependency on third-party providers. With proprietary technologies becoming a key differentiator, organisations are investing in nurturing and expanding their internal expertise.

Balancing Automation and Human Skills

In response to the talent shortage, companies are increasingly focusing on striking a balance between automation and human skills. Automation is seen as a solution to streamline processes and increase efficiency, but the importance of human creativity, critical thinking, and emotional intelligence remains irreplaceable. Organisations will need to invest in upskilling and reskilling initiatives to ensure their workforce is equipped for the future.

The tech trends of 2024 reflect a dynamic and rapidly evolving industry. From investing in stronger cyber security measures to the delicate balance between regulation and innovation, businesses must navigate these trends strategically to stay competitive and contribute positively to the global technological landscape. Embracing sustainability, adapting to regulatory changes, and fostering a resilient and skilled workforce will be key to thriving in the tech landscape of 2024.

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