Trends 2024: Key technologies for companies to invest in this year

Navigating the future presents significant challenges, and as the year begins, the opportunity arises to reassess strategies and determine where to focus efforts. However, distinguishing between real trends and exaggerations, particularly in the field of technology, proves to be a daunting task.

To provide a comprehensive and informed guide, we’ve crafted an article highlighting the key technological trends for 2024. This material is not the result of isolated efforts but is grounded in the International Data Corporation’s (IDC) forecast report – a market intelligence leader known for its trend-spotting authority.

In the context of 2024, executives face not only the challenge of betting on individual trends or cultivating software engineering talent but also the true complexity of exploring how these technologies synergistically interact. This interaction creates new possibilities for optimizing results. Therefore, when planning technology investments, choosing the right partner and adopting a holistic approach are crucial considerations, contemplating how various trends can articulate to unlock new opportunities.

The IDC report presents 10 strategic forecasts for 2024 and beyond, intended for Chief Information Officers (CIOs). It further delves into five of them, recognizing their significance. This article follows the same order, initially presenting the trends and then delving into the most relevant ones.

Before embarking on this journey, it’s crucial to highlight that investing in trends not aligned with your business’s current state can be detrimental. Conversely, investing wisely in one can be decisive in reaching new heights. To make more informed decisions, relying on a specialized innovation partner at the forefront of the market is essential.

Future Vision: unveiling the 10 predictions for the CIO Agenda 2024, according to IDC

1. By 2028, the majority of CIOs will leverage organizational changes to drive agile and insight-driven digital businesses through the adoption of AI, automation, and analytics.
2. In 2024, the pressure for adopting digital technologies, such as GenAI and deep learning, will rise to 65% of CIOs. However, limited IT support may diminish benefits and increase risks.
3. By 2027, most CIOs will integrate cybersecurity measures directly into systems and processes to proactively detect and neutralize vulnerabilities, safeguarding against cyber threats and breaches.
4. By 2025, about half of CIOs will prioritize strategic data management, fostering a data-centric culture for competitive differentiation in the digital era.
5. Two-thirds of CIOs won’t achieve their digital revenue goals by 2025 due to investment alignment issues hampering business performance.
6. Approximately 50% of CIOs will establish robust federated governance for AI strategies, collaborating with executives from other business areas, driving rapid and streamlined adoption of technologies like GenAI and automation by 2026.
7. In 2024, about a third of CIOs will adopt GenAI for an immediate short-term advantage over competitors, simultaneously developing talent, expertise, and data to mitigate risks and enhance brand and competitive advantage.
8. By 2025, almost half of CIOs will be motivated to automate regulatory compliance and ESG practices to mitigate risks and improve brand and competitive advantage.
9. By 2026, 40% of CIOs will closely collaborate with CMOs to create unified strategies, dismantling customer silos and delivering a reliable and engaging digital experience.
10. By 2026, 55% of Low-Code Innovation Centers (CICs) and internal developers will use AI and Low-Code tools to enhance competitiveness and differentiation through customized applications.

Five of these trends stand out in the IDC report (Cybersecurity, Data Culture, AI, Low-Code Development, and ESG) and are reaching inflection points in 2024, transforming how we work and manage.

The 5 top trends

Cybersecurity

It is projected that by 2027, 75% of CIOs will integrate proactive cybersecurity measures directly into systems and processes, prioritizing security as an essential, not secondary, element. This shift involves translating security requirements into business language, understanding enterprise risk tolerance, and keeping IT teams updated on threats.

Continuous education, collaboration with cybersecurity experts, regular system reviews, and audits are essential strategies. CIOs must lead the incorporation of cybersecurity, focusing on automation and proactive measures, prioritizing security in all aspects, and defending a safer cyber environment.

Data Culture

The study predicts that by 2025, 45% of CIOs will prioritize strategic data management, promoting a data-centric culture to stand out in the digital era. IT infrastructure must be upgraded to handle large amounts of data, requiring real-time analysis for swift decision-making.

It’s crucial to promote a data-centric culture, establish clear governance, invest in training, and deploy advanced data analysis tools. Collaboration between IT and the business is vital to change the organizational culture and create a consistent data platform across the company.

GenAI

In 2024, 35% of CIOs will adopt GenAI, ensuring an initial competitive advantage and building a solid foundation of talent and experience. However, GenAI’s growth intensifies the demand for specialized skills.

The strategy should involve using Proof of Concepts (POCs) to develop competencies, assess risks, ROI, and skill requirements, and adjust and scale IT infrastructure to support growing demands.

Establishing governance and ethics across the company becomes imperative. Successful GenAI implementation requires bridging the gap between its potential and current IT capabilities. Creating a global Center of Excellence (CoE), sharing knowledge, and accelerating implementation emerge as effective strategies.

GenAI represents a game-changer; organizations should leverage POCs to gain expertise, drive learning, and prepare for broader and more complex transformational projects.

Low-Code Development

By 2026, 55% of CIOs will empower internal developers with business expertise and GenAI and low-code/no-code tools, allowing the construction of competitive advantages through custom applications.

Training on GenAI and low-code/no-code platforms will be essential to maintain quality standards and precision in IT.

Governance, management, and regular IT audits will ensure custom applications’ compliance with technical and business goals. Investing in code review, testing, and proactive training programs for IT and business personnel will be vital.

Internal development strategy requires robust governance to align goals, ensure security, and mitigate data risks.

ESG

In 2025, around half of CIOs will be motivated to automate regulatory compliance and ESG practices to mitigate legal risks and improve brand and competitive advantage.

This includes developing partnerships with sustainable suppliers, keeping teams updated on ESG trends, enhancing cybersecurity to protect sensitive data, using ESG tools for transparent monitoring and reporting, establishing committees focused on sustainable technology and ESG impacts, and promoting the business case for sustainability.

CIOs must integrate and automate ESG compliance reporting amid increasingly complex and stringent regulations, allocating resources to strategic initiatives that enhance brand value and ensure a competitive advantage.

The importance of a partner in innovation strategy

Major companies recognize the need to anticipate future trends. A study by the Harvard Business Review revealed that despite having dedicated teams to predict trends, these companies’ effectiveness in acting on obtained information is questionable. On a scale of 0 to 10, respondents gave an average of 5 for action on consumer trends and 4.8 for action on emerging technologies.

The research identifies the top five challenges listed by respondents:

1. Connectivity with the company.
2. Identifying areas to explore.
3. It’s time to do it.
4. Sufficient personnel.
5. Adequate funding.

Addressing resource challenges, such as sufficient personnel and adequate funding, requires an approach highlighting the activity’s importance and demonstrating its concrete value to the business. Identifying areas to explore involves building strong relationships with business unit leaders, support groups like IT and legal, and senior leadership.

Therefore, it’s not enough to merely make discoveries; executing them is crucial, and having a strategic partner makes everything easier. This partner should assist in prioritizing and testing new concepts, support procedures, and promote a mindset of rapid testing and integration of new ideas. Objective stands out as the ideal partnership, operating with agile methodologies from strategic definition to development, ensuring quality and knowledge sharing. This approach is essential for driving digitization and increasing revenue through technology. Contact our experts to discover how we can contribute to your success.