Mid-Year Technology Trend Check-in
Technology is constantly evolving and transforming the way we live, work, and play. From AI to online shopping to cybersecurity, the tech sector is full of opportunities and challenges that shape our future. Halfway through 2024, we’ve seen some amazing feats of innovation, but also serious threats that promise to derail progress and stability. In this blog, we will take a look at some of the major trends and developments that have occurred in the first half of 2024, and their impact on industries and consumers.
“The AI Revolution”
Companies are increasingly integrating AI to enhance consumer experiences across verticals. Generative AI is revolutionizing consumer marketing by enabling hyper-personalization at scale, allowing marketers to target campaigns and analyze customer feedback efficiently. Companies like Starbucks, Nike, and Home Depot leverage AI to improve customer experience and create seamless omnichannel interactions tailored to individual preferences. In healthcare, AI-driven solutions such as virtual assistants and advanced research tools are improving patient outcomes and accessibility. Consumer technology is also finally seeing some direct benefits of AI this year. Smartphones are getting smarter, smart home technologies are being enhanced, and laptops are becoming AI PCs. Major software updates this year from companies like Apple, Samsung, and Google will bring generative AI directly into their customers’ lives.
The shift towards edge computing is another significant trend in AI, driven by the need for real-time data processing and low-latency responses. Edge computing was first a trend seen in the defense tech industry to bring computer intensive tasks in denied, disrupted, intermittent and limited environments (DDIL). Edge computing brings AI processing local to the data source, reducing latency and enabling real-time decision-making, which is crucial for responsive applications. By processing data locally, edge computing optimizes bandwidth, improves speed, and increases privacy. As AI applications become more complex, edge computing provides a flexible solution to handle increased demand.
Online Shopping
Online shopping has seen dramatic changes this year. TikTok Shop has increased in popularity and capitalizes on selling with engaging content. Influencers foster trust with consumers as they witness actual individuals utilizing and vouching for the products. Effective campaigns frequently involve influencers who recount their authentic product experiences, creating natural promotion, distinct from conventional advertisements. The TikTok algorithm is instrumental in tailoring the shopping experience, suggesting items based on user engagement and preferences. This custom-tailored method gives advertisers new and improved ways to market products effectively.
While Amazon has dominated the American online shopping experience for years, the rise cheaper alternatives on Temu and TikTok shop have put Amazon’s future dominance in question. Amazon is set to launch a new section on its site for low-priced fashion and lifestyle items, allowing foreign sellers to ship directly to U.S. consumers. In upcoming months, watch for Amazon to announce plans for more integrated social commerce features to rival TikTok Shop, providing more interactive elements into their marketplace. The power of social commerce seems destined to escalate within the e-commerce domain.
A Vulnerable Software Supply Chain
Open-source software security has remained a critical concern for the tech industry. The latest reports highlight that vulnerabilities in open-source components remain pervasive, with 84% of codebases containing at least one known vulnerability. The widespread existence of vulnerable software underscores the necessity for robust and continuous security measures. Simple flaws in code can create dramatic shutdowns downstream. CrowdStrike recently caused a world-wide IT meltdown through a failed update. A straightforward software update to their security platform caused an outage that disrupted flights, hospitals, and businesses, leading to more than $5 billion in direct losses for Fortune 500 companies. Companies need to be aware and alert about what they allow to enter their software supply chain.
Exploitation of open-source vulnerabilities continues to rise, as new open-source AI tools introduce new vectors for attacks. Traditional security measures are no longer sufficient, and industry leaders remain unmotivated by new regulations. Software Bills of Material (SBOMs), a critical tool for mitigation, only saw implementation in 13% of organizations in a recent industry survey. The gap in security practices highlights the urgent need for investment in innovative and essential solutions. These are critical areas for investment and are bound to remain a top trend as general security is tested.
Conclusion
The first half of 2024 has brought about rapid and exciting changes in technology, while also presenting notable challenges and risks. The integration of AI, particularly through generative models and edge computing, is transforming industries and user experiences. Innovative platforms like TikTok Shop are revolutionizing retail with immersive, personalized shopping journeys. Meanwhile, cybersecurity remains a pressing concern, with open-source software vulnerabilities continuing to pose threats. As we enter the final months of the year these will be trends to keep an eye on as they dramatically change consumer experiences.
