Future forward: Insights into 2024's technology trends according to McKinsey & Co
Sep 16, 2024
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Technology Trends Outlook 2024
Here are additional technology trends highlighted in the McKinsey Technology Trends Outlook 2024, expanding the insights to cover key trends:
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The AI Revolution
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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Building the digital future
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.
Investment trends
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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Talent demand and skills gap
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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Cloud and edge computing
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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Cutting-edge engineering- Future of robotics
Advancements in AI are making robots more capable and versatile, revolutionising manufacturing, logistics, and service industries.
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Future of bioengineering
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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Future of mobility
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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A sustainable world
This trend includes technologies aimed at combating climate change, such as carbon capture, sustainable agriculture, and innovative waste management solutions.
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Future outlook
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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