Navigating the Tech Horizon: Strategic Glimpse into 2023 Milestones and 2024 Forecast

By Amit Luthra, MD – India, Lenovo ISG

The year 2023 has proven to be a pivotal chapter in the tech landscape, witnessing the dynamic emergence of various technologies. From the rapid expansion of 5G to groundbreaking advancements in AI, cloud computing, edge computing, AR/VR, and beyond, the technological spectrum has experienced notable evolution. According to the CIO Technology Playbook survey conducted by IDC, an overwhelming 97% of Indian companies have either adopted or expressed intentions to integrate AI into their business operations within the next 12 months. While many Indian organisations and CIOs are eager to adopt AI, they are still in the early stages of planning. Extracting value from AI investments requires focused analysis. CIOs are expected to move from deliberation to decision-making once they identify key areas where AI can have the most impact.

As we approach the conclusion of 2023, let’s delve into the key technological trends that have played a pivotal role in reshaping industries throughout the year.

⦁ Fusion of 5G and Edge Computing: The deployment of 5G in India has not only exceeded 100 million, but it has also brought forth challenges, including infrastructure costs and security concerns. To address these challenges, businesses are increasingly turning to edge computing, allowing them to harness real-time data processing for predictive analytics, optimise bandwidth, and enhance user experiences.

⦁ LLMs boosting GenAI: Large Language Models (LLMs) are integral to GenAI, helping businesses with enhanced natural language understanding, content generation, and improved customer interactions. However, the responsible use of LLMs has become paramount to maintain user trust amid concerns about biased outputs and unintended consequences.

⦁ Metaverse Development: The concept of the metaverse has gained traction in Indian businesses, especially with startups exploring AR, VR, and NFTs to create immersive shopping experiences. According to a report by PwC, 63% of Indian companies plan to fully embed it in their organisational activities within a year. As digital technology continues to evolve, it is likely that more businesses will adopt Metaverse to stay ahead and offer innovative shopping experiences to their customers.

Organisations have been at pace with the ever-evolving digital landscape, however, to continue this momentum IT leaders and CXOs must be prepared for the upcoming technology trends that will frame 2024:

1. Edge AI: Edge AI, merging with IoT, prioritising privacy, and utilising 5G, is set to revolutionise industries like healthcare, manufacturing, and retail. It enables real-time diagnostics, predictive maintenance, and personalised customer experiences. In autonomous vehicles and smart cities, Edge AI facilitates rapid onboard decision-making and enhances public safety through real-time analytics, signalling a paradigm shift across diverse sectors.

2. Hybrid AI: Organisations will require fully integrated systems to deploy tailored generative AI applications, bringing AI-powered computing from the edge to the cloud.

3. Cyber Insurance: The rise in cyber threats has led organisations to prioritise cybersecurity, with 60% of CISOs in India seeking increased cybersecurity insurance coverage, according to a Deloitte report.

4. Extended Reality (XR): Enterprises can enhance their metaverse presence with Extended Reality (XR) by creating virtual showrooms, immersive training, virtual events, collaborative workspaces, and 3D data visualisation.

5. Data Masking: With the increasing number of cyber threats, the demand for data masking software is expected to grow significantly. The Indian Government recently implemented Aadhaar Card Masking due to raised privacy concerns. Businesses across industries will reap the benefits of data masking; for instance, in healthcare, it anonymises patient records for compliant research, while in retail, it secures customer identities for analytics. For financial institutions, it shields sensitive data during testing and ensures secure development.

6. Hybrid Cloud Data Management Solutions: As businesses adopt new technologies, advanced data management solutions become crucial, providing a cloud-native architecture to solve complex data challenges in the hybrid and AI era.

7. Enterprise AI: With an increased deployment, Enterprise AI will stand out as a prominent technology trend, leveraging artificial intelligence within organisational frameworks to extract relevant information, synthesise assessments, and propose secure solutions.

8. Focus on Sustainability Framework: Organisations will shift their focus to building sustainability frameworks and strategies, integrating environmental management systems to reduce environmental impacts and increase operating efficiency.

Last but not the least, the synergy achieved through purpose-built AI devices is pivotal for ushering in a transformative era in technology. Ensuring seamless communication and algorithm application across an organisation’s devices and infrastructure requires a commitment to comprehensive AI readiness. As we approach the dawn of a new year, it is imperative for organisations to wholeheartedly embrace these emerging technologies to uphold their competitiveness and relevance. Taking a proactive stance toward technological trends is crucial for navigating the dynamic currents of the business landscape, ensuring not only survival but flourishing in the ever-evolving digital terrain.