Sep 16, 2024
By: Prerna Tyagi
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Here are additional technology trends highlighted in the McKinsey Technology Trends Outlook 2024, expanding the insights to cover key trends:
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Generative AI continues to dominate, showcasing advancements in text, image, and video generation. Its integration into enterprise applications enhances customer interactions and operational efficiencies.
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Applied AI and industrialisation of machine learning and related technologies are gaining momentum, automating processes and deriving insights. Projections suggest AI applications could unlock an economic value of $11 trillion to $18 trillion annually.
Overall technology equity investments fell by 30-40% in 2023 due to rising financing costs. However, investment in Generative AI saw a sevenfold increase, indicating a shift towards technologies with strong revenue potential.
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Demand for technology talent has been uneven. While many tech job postings decreased, those related to Generative AI and electrification grew. A significant skills gap persists, with fewer than half of candidates possessing high-demand tech skills.
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The shift towards cloud solutions continues, with edge computing gaining traction for processing data closer to its source, enhancing performance for real-time applications.
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Advancements in AI are making robots more capable and versatile, revolutionising manufacturing, logistics, and service industries.
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Advances in biotechnology are paving the way for innovations in healthcare, agriculture, and environmental sustainability, focusing on genetic engineering and personalised medicine.
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Innovations in transportation technologies, including electric vehicles and autonomous driving, are reshaping how people and goods move, emphasising sustainability and efficiency.
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This trend includes technologies aimed at combating climate change, such as carbon capture, sustainable agriculture, and innovative waste management solutions.
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The report emphasises the importance of a long-term perspective in technology adoption. Companies investing in talent development and innovative applications, while understanding the complexities of the technology landscape, are likely to gain a competitive edge.
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