2024 Tech Trends Report: Key Insights

Welcome to another edition of the Sustainable Intelligence newsletter.

This is where I try to explore the intersection of artificial intelligence and environmental sustainability. My mission is to share my observations across these core themes: AI for Good, Ethical AI, Sustainable AI and AI in Sustainability. I hope to inform, inspire and engage readers interested in the potential of AI to drive positive change for both people and the planet.

Here’s what’s in stock for you today:

• News Bite: Scientists found the hidden flaw in solar panels.

• Deep Dive: McKinsey's 2024 Tech Trends Report: Key Insights.

• Tech Trend: Gen AI projects being developed today may never go into production.

News Bite: Scientists Found the Hidden Flaw in Solar Panels.

Halide perovskites is a material for solar cells thats has been relied upon for its high power conversion and performance but it suffers from stability issues. A new study by the Hong Kong University of Science and Technology identified concavities in the film’s crystalline microstructure as a key instability factor.

They believe eliminating these concavities will significantly improve the film's stability, potentially resolving a major challenge with perovskites and paving the way for advanced, stable solar power devices. this is great news and we are looking forward to new more stable solar panels.

Deep Dive: Unveiling McKinsey's 2024 Tech Trends: Essential Insights for the Future

McKinsey's recent report highlights 15 tech trends shaping businesses in 2024, focusing on how executives can plan ahead by developing use cases, identifying value sources, and acquiring critical skills. Generative AI (Gen AI) part of the AI revolution group (Gen AI, Applied AI and Industrialising machines learning) tops the list, seeing a 700% increase in Google searches, job postings, and over $139 billion in equity investments in 2023.

Electrification and renewables also stand out, driven by global decarbonization efforts and energy security needs amid geopolitical tensions. This tech trend has received a total of over $251 billion between 2022 and 2023. One not so surprising thing is the elevated investment interest in both AI and Environmental Sustainability, dare I say Sustainable Intelligence.

I won’t go through all of them in detail, but I will share details of those that of direct interest to the readers of this newsletter.

15 Top Tech Trends

1. Generative AI - Algorithms like ChatGPT that create content, audio, code, etc., from unstructured data such as text and images. This trend saw over $36 billion in investment and a 111% increase in job postings between 2022 and 2023, impacting almost every industry.

2. Applied AI - Technologies and techniques using machine learning models to solve classification, prediction, and control problems, automating activities and improving decision-making. This received $86 billion in equity investments in 2023, though job postings fell by 29%. Like Gen AI, it impacts virtually all industries.

3. Industrialising Machine Learning - This trend includes software and hardware solutions that accelerate and derisk the development, deployment, and maintenance of machine learning. It received $3 billion in equity investment in 2023, with job postings falling by 36%.

4. Next Gen Software Development - Tools and technologies that enable modern code development, deployment, automated code generation, testing, and refactoring. This trend saw $17 billion in investments, with job postings dropping by over 37%. It impacts business and professional services, financial services, IT, telecom, etc.

5. Digital Trust and Cybersecurity - Technologies driving trust in the digital ecosystem, including trust architecture and digital identity, helping businesses establish stakeholder trust. This area saw over $34 billion in investment, with job postings dropping by 34% between 2022 and 2023, impacting many industries.

6. Advanced Connectivity - Technologies enhancing high-speed, low-latency communication networks, enabling seamless connectivity for various applications.

7. Immersive-Reality Technologies - Innovations in augmented reality (AR), virtual reality (VR), and mixed reality (MR) that create immersive digital experiences.

8. Cloud and Edge Computing - The evolution of cloud services and edge computing to provide scalable, efficient, and decentralized computing power.

9. Quantum Technologies - Advances in quantum computing and related technologies that offer significant computational power for complex problem-solving.

10. Future of Robotics - Developments in robotics enhancing automation, precision, and versatility across industries.

11. Future of Mobility - Innovations in transportation, including electric vehicles, autonomous driving, and advanced logistics solutions.

12. Future of Bioengineering - Breakthroughs in bioengineering that revolutionize healthcare, agriculture, and biological research.

13. Future of Space Technologies - Progress in space exploration, satellite technology, and space commercialization.

14. Electrification and Renewables - Encompasses the entire energy production, storage, and distribution value chain, including solar and wind energy, clean firm-energy sources like nuclear and hydrogen, sustainable fuels and bioenergy, and advanced energy storage solutions. This trend received $183 billion in investment, with job postings increasing by 1%.

15. Climate Technologies Beyond Electrification and Renewables - Focuses on solutions mitigating the negative effects of resource consumption on the climate, such as CO2 removal and producing materials with lower carbon footprints. This trend received $68 billion in equity investment in 2023, though job postings dropped by 11%.

Tech Trend: A third of Gen AI projects in business will be abandoned by next year.

Many businesses are investing in Gen AI projects today, but these projects which are probably in proof of concept are unlikely to be deployed to production and used. According to a new study by Gartner, nearly a third of generative AI projects will be discontinued after the proof of concept phase by the end of 2025. According to the study, the primary reasons for abandoning these projects include substandard data quality, insufficient risk controls, increasing costs, and uncertain business value.

If you ask me, the main reason will be the release of off-the-shelf Gen AI tools that solves the business problems at reduced cost and time. Watch this space.

That’s all I have for you today.

That’s all I have for you in this edition of Sustainable Intelligence.

If you have any questions or feedback please use this form. I will try my best to respond to all your questions and feedback.

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Emeka Ogbonnaya