Latest Trending Technologies in 2024

The global technology sector is dynamic. New and updated technologies constantly enter the market and bring new trends. As evolution is inevitable in the technology sector, it is quintessential to keep yourself updated with the latest trending technologies. This blog discusses the latest trending technologies in 2024.

Latest Trending Technologies in 2024

• Blockchain:- Blockchain is one of the most fascinating trending technologies in 2024. According to Statistics, the worldwide spending on blockchain technology is likely to reach $11.7 billion dollars. You will also be intrigued to know that more than 70 million blockchain wallets were registered around the globe in the last few months of 2021. Blockchain technology has also been integrated with various sectors such as banking, agriculture, insurance, and healthcare.

You can understand blockchain technology as a digital ledger or a network that saves information about various transactions. This confidential information is stored in the form of multiple blocks that keep the data secure. The two significant advantages of blockchain technology are that the information once stored cannot be altered and that the ledgers can be distributed amongst all the network participants. It promotes transparency.

• Edge Computing:- The next trending technology is edge computing. According to statistics, in 2021, the edge computing market size was $36.5 billion. It is expected that by 2026, the market size will reach $87.3 billion.

Edge computing is a technology that brings the distributed computing framework closer to the data sources. This form of computing is carried out near the data site where data is being collected or analyzed. It facilitates the faster processing of data.

• Cybersecurity:- Due to the increasing number of worldwide data breaches, individuals, as well as businesses, have become wary. Therefore, cybersecurity technology is also gaining popularity across the globe. According to statistics, global expenditure on cybersecurity will exceed $1.75 trillion by 2025. Moreover, global data storage is likely to exceed 200 zettabytes within the same timeline. It will become a challenge to protect such large amounts of data. It is also likely that by 2025, the global cyber insurance market will reach $14.8 billion.

Some of the most common cybersecurity technologies that businesses use include context aware behavior analytics tools to identify real security threats, and the next generation breach detection allows timely identification of cyberattacks. The virtual dispersive network technology helps split the information into various parts so that hackers cannot get access to the entire information.

• IoT:- The Internet of things (IoT) is another technology that has gained popularity in the last few years. According to statistics, there were ten billion active IoT devices in 2024. This number is likely to reach 25.4 billion in 2030. Moreover, IoT has improved the efficiency of over 80% of organizations.

IoT is an ecosystem of interrelated and interconnected objects that comprises various computing devices, processors, hardware, and communication sensors. The purpose of IoT is to transfer data over a wireless network. Some of the common examples of IoT are smart home appliances, wireless internet, cybersecurity scanners, smartwatches, phones, and refrigerators.

• Augmented Reality:- Virtual or augmented reality is the latest technology that allows users to experience an enhanced version of the virtual world. It is an interactive method for providing digital information in the real world. Augmented reality technology places digital content in the physical world. 

Many new smartphones in the market come with an augmented reality feature. Moreover, augmented reality tools are also being widely used in the healthcare sector, especially during surgeries. Interestingly, many eCommerce platforms and shopping sites are also using augmented reality technology to enhance the customer shopping experience. Virtual reality technology is also popular in the automotive sector. It presents a 3D model of automotives that allows customers to inspect all the features of the vehicle.

• HyperAutomation:- One of the most trending technologies in 2024 that focuses on the automation of business tasks is hyper-automation. It integrates Robotic Process Automation and AI to resolve complex business issues. In simple terms, hyper-automation automates various automatic processes carried out by software. 

The hyper-automation platform uses various advanced technologies like task mining. These tools help segregate and prioritize automation opportunities. It also uses other automation tools like AI, robotic process automation, machine learning, and other development tools for integration. The main purpose of hyper-automation is to configure which automation platforms should be selected for boosting productivity. It provides end-to-end automation by using advanced automation technologies. According to statistics, the global hyper-automation technology market size is likely to reach $596.6 billion by 2024.

• Devops:- Another technological trend that is gaining widespread popularity is DevOps. It is a blend of development (dev) and operations (ops). Therefore, DevOps combines various practices and tools to carry out functions more efficiently. It ensured faster delivery of projects compared to traditional software. The reason why DevOps is gaining a lot of popularity is because it offers customized solutions. One of the major causes that companies have to face is the slow development of in-house software that hinders growth.
• Snowflakes:- Snowflakes is another emerging data-driven technology in 2024. It is a cloud-computing platform that provides various services like data storage, processing, and analysis. The major advantage of Snowflakes over cloud computing technologies is their simplicity and easy scalability – it can adapt to meet individual needs. 

Snowflakes is an advanced Software as a Service (SaaS) platform that uses an innovative architecture and a new SQL query. With Snowflakes, businesses do not have to install any software or hardware for data storage. It runs entirely on the cloud infrastructure. You can access the Snowflakes account with an active Internet connection. Snowflakes also do not require you to maintain or update the cloud platform. It is done automatically.

• AI Engineering:- Artificial Intelligence is one of the most developing technologies in the current times. According to Statista, the revenue of the global market is likely to reach $51.27 billion in 2024. Nowadays, Artificial Intelligence is widely being used in the engineering sector to make integrated machine learning algorithms. The primary purpose of AI engineering is to build productive tools, software, machines, and systems that make it easier for humans to perform tasks. The AI tools can carry out similar tasks like humans, but more efficiently.

Artificial intelligence engineering uses various algorithms, computer networks, programming, and other technologies to extract data from various sources and build AI applications.

• Robotic Process Automation (RPA):- The RPA software technology is used by companies to create Software robots that can automate digital tasks. The software bots learn from the environment by observing human digital actions and executing functions accordingly. You can understand RPA as software that automatically performs digital tasks without manual support. RPA is best for companies that are looking for digital transformations. Along with performing digital tasks, RPA software can also automate other functions like extracting data, auto storage and transfer of files, and auto-filling of forms.

People often consider RPA and Artificial Intelligence as the same technology. However, RPA is process-driven. It learns from the tasks performed by the user. On the other hand, AI is data-driven. It carries out functions by analyzing data.

According to statistics, RPA is growing as one of the fastest corporate software categories. By 2024, the RPA services market will likely reach $12 billion.

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