It’s already halfway through 2024, and new technology keeps popping up, changing how businesses work. But what exciting things are coming worldwide?
Here’s a look at what Capgemini predicts will be the biggest tech and innovation trends this year. These trends are likely to affect businesses and our everyday lives in a big way.
1. Generative AI (Estimated market size: $10.3 billion by 2024)
Remember the self-driving car hype a decade ago? Generative AI feels a bit like that. Full of potential but with some roadblocks. Capgemini highlights its rise as a key trend, and for good reason.
Imagine an AI that can create realistic images, write different kinds of content, and even translate languages – all with human-like quality. The generative AI applications across industries like marketing, design, fashion, and software development are vast.
But here’s the rub: AI hallucinations. These are simulated outputs that may look real but lack accuracy. Capgemini predicts that developing platforms may combine generative AI with reliable data sources to address this. Now, that’s the kind of responsible innovation many are waiting for!
2. Quantum computing (Global investment was $15.2 billion in 2023)
For years, quantum computing has been a futuristic concept. Well, 2024 might be the year it starts making waves for real. Capgemini suggests we will see the real benefits in industries like drug discovery, materials science, and optimizing supply chains.
Think about it this way – breaking complex chemical formulas to design life-saving medicines or simplifying logistics to reduce costs. The potential impact, especially in India’s booming pharmaceutical and manufacturing sectors, is unquestionable. Keep an eye on companies investing in quantum research because they could be the next big thing in the world.
3. Cybersecurity (Global cost of cybercrime is $6 trillion annually)
Cybersecurity becomes vital as more and more devices connect to the Internet (remember the Internet of Things (IoT)?) Capgemini predicts a continued focus on strengthening digital defenses in 2024. It isn’t surprising because cyberattacks are a constant threat, and businesses of all sizes are especially vulnerable to data breaches.
Technologies like 5G and 6G aim to bring more people online, particularly in underserved areas. While that is positive in some ways, it will also raise the attack surface. So, expect a rise in cybersecurity solutions customized for businesses of all scales to protect the sensitive data of companies and their customers from falling into the wrong person’s hands.
4. Semiconductors (Global market size was $590 billion in 2023)
The chip shortage that troubled 2021 and 2022 isn’t quite over. Capgemini predicts continued focus on semiconductor advancements in 2024. These tiny chips are the brains of everything, from our smartphones to medical equipment. A reliable and efficient domestic semiconductor supply chain is crucial for India’s technological ambitions.
Here’s where it gets interesting. Advancements in areas like post-quantum cryptography (a new method of encryption) could require entirely new chip designs. This presents an opportunity for Indian companies to invest in research and development (R&D) for next-generation semiconductors.
Remember, whoever controls the chip supply chain controls a significant chunk of the tech world.
5. Space exploration (Global space economy is $480 billion by 2025)
Space exploration might seem like science fiction, but it has several interesting applications and plays a vital role in several fields. These applications include satellite imagery, GPS navigation, resource extraction, communication, and scientific research. Capgemini highlights new space exploration ventures as a trend to watch in 2024.
It could be particularly interesting for Indians because the Indian Space Research Organisation (ISRO) has consistently exceeded its weight in space exploration. With private players entering the field worldwide, the space industry has the potential to become an ever-growing industry.
While the direct investment opportunities in space ventures for individual investors may have limited options, companies involved in supporting technologies like satellite communication or space exploration equipment could be worth exploring.
Remember, these are just predictions. The future is uncertain, but we can make informed investment decisions by knowing emerging trends. Keep yourself updated about companies at the forefront of these innovations, as they could be the next big thing.
What’s in it for investors?
Although Capgemini may not be directly involved in these trends, it is a global leader in consulting, technology, and digital transformation services.
They have a team of experts who constantly research and analyze emerging technologies and their potential impact on various industries by leveraging their experience working with companies across sectors. By analyzing these trends, Capgemini helps businesses make informed decisions about technology adoption and innovation.
Considering the above information, investing in Capgemini shares might give the best returns. The current Capgemini unlisted share price is trading around ₹12,000.
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