GP Bullhound, a renowned technology advisory and investment firm, has released its 17th annual Technology Predictions report for the year 2024. The report, known for its impressive track record of accuracy, highlights 10 key trends expected to shape the tech landscape in the coming year. Among these predictions are the ascendancy of artificial intelligence (AI), a resurgence in the space race, and substantial investments in immersive education. Here, we break down GP Bullhound’s forecasts and insights into what lies ahead in the world of technology.
The year of artificial intelligence
GP Bullhound firmly believes that 2024 will be the year of AI, with the technology playing a central role in shaping the tech industry’s future. In a statement, Per Roman, managing partner, and Alec Dafferner, partner at GP Bullhound, emphasized AI’s profound impact on technology amid economic uncertainties. They highlighted several key trends within the AI landscape, which include:
1. Large Language Models get smaller
The report suggests that a counter-movement is emerging within the open-source community to develop smaller AI models that are as performant as their larger counterparts. This shift could disrupt the AI market and lead to better results in certain cases.
2. Legacy data sparks acquisition boom
Companies are increasingly turning to generative AI to extract value from their unstructured legacy data. GP Bullhound predicts that this trend will drive a boom in data-related acquisitions as organizations seek to improve operational efficiencies.
3. Private sector drives space exploration
The space industry is poised for a revival, with the number of satellites orbiting Earth expected to soar from 8,000 to over 100,000 in the next decade. GP Bullhound predicts that private sector companies will take the lead in this new space race as the industry becomes more commercialized.
4. Battleground for authenticity
The report anticipates a growing battle in 2024 between AI-generated and human-created content. Tools that prevent AI from straying too far from human-created content are expected to surge as creators challenge the dominance of AI-generated materials.
5. Immersive education investments surge
Enterprises are harnessing augmented reality (AR), virtual reality (VR), and AI to revolutionize employee training, especially in medical and high-risk professions. This trend is expected to drive substantial investments in educational technology (EdTech) companies.
6. Apple’s search engine ambitions
Apple is speculated to launch its own ad-free search engine, challenging Google’s dominance in the search market. The move could reshape the internet landscape, as Apple seeks to diversify its services beyond hardware.
7. Focus on anti-money laundering and payment protections
The rise of decentralized finance (DeFi) and digital transactions has led to an increase in regulatory compliance platforms. With approximately 20% of funds flowing through DeFi associated with illicit activities, the anti-money laundering (AML) market is set to grow significantly.
8. AI reshapes media landscape
AI remains resilient in the face of market downturns, with substantial funding and investment in the sector. 2024 is expected to witness a flurry of mergers and acquisitions as businesses adapt their offerings to harness AI’s power for competitive advantage.
9. Semiconductor shortages intensify
The growing demand for AI-driven applications is putting additional strain on semiconductor supply chains. Leading cloud providers are racing to invest in graphics processing units (GPUs) to avoid falling behind in the AI race.
10. Acceleration of carbon accounting
With new government regulations looming, companies are gearing up for comprehensive carbon accounting. Automated carbon accounting software providers are expected to thrive as businesses prepare to meet the new emissions calculation requirements in 2024.
GP Bullhound: A leading technology advisory firm
Founded in 1999 with offices spanning Europe, the US, and Asia, GP Bullhound has established itself as a prominent technology advisory and investment firm. With a reputation for accurate technology predictions, the company’s insights provide valuable guidance for industry stakeholders, investors, and tech enthusiasts alike.
GP Bullhound’s Technology Predictions for 2024 paint a compelling picture of the year ahead in the tech world. With AI taking center stage, a renewed interest in space exploration, and significant developments in various sectors, 2024 promises to be a dynamic and transformative year for technology and innovation. Stakeholders and observers should keep a close eye on these trends as they unfold in the coming months.
