10 Trends in Technology to Watch Out for in 2024

Introduction

Congratulations on surviving yet another year in the simulation! If you still have a job in the tech industry, it means you have successfully navigated through massive layoffs, avoided being drafted into a war, and outsmarted the artificial intelligence that your boss wants to replace you with. The year 2023 was undoubtedly the craziest year ever, but brace yourselves because 2024 is expected to be even more eventful. In this blog, we will explore 10 trends in technology that you can take advantage of in 2024. Let's dive in!

The Job Market

At the beginning of 2023, the job market experienced a significant blow with massive layoffs from prominent companies like Amazon, Google, and Microsoft. This flooded the job market with talented individuals while simultaneously decreasing the number of open positions by approximately 60%. Junior developers looking to enter the industry faced a tough time. However, there is hope on the horizon. Job openings have seen a 13.8% increase from earlier this year, and major companies have unfrozen their hiring freezes. While the job market may not be as robust as it once was, there is cautious optimism for an improving job market in 2024.

The Impact of High-Interest Rates

The current high-interest rate environment is not ideal for cash-burning startups that rely on easy money to fuel their rapid growth. Startups are finding it challenging to hire new talent due to the higher cost of capital. Additionally, the real estate market has been negatively impacted, resulting in a decrease in the number of transactions. These high rates have also affected the automotive industry, causing Tesla's prices to drop significantly. The tech industry is heavily dependent on low-interest rates, and the current situation poses challenges for future tech jobs.

The Resurgence of Cryptocurrency

Cryptocurrency, particularly Bitcoin, has made a comeback. Bitcoin's value has soared from $16,000 at the beginning of the year to over $40,000 in recent days. Some crypto enthusiasts are predicting that the value of certain tokens could surpass a million dollars by the end of 2024. If Bitcoin reaches a price point of $69,000, it is expected to trigger an influx of memes and generate unprecedented levels of FOMO (fear of missing out). The crypto winter may finally be over, leading to new opportunities and, potentially, a new wave of investment schemes.

The Rise of Augmented and Virtual Reality

The introduction of Apple's Vision Pro is primarily responsible for the significant advancements in augmented and virtual reality technology in 2024. While some Apple enthusiasts may embrace this new technology, it is unlikely to appeal to the average person due to its high price tag of $3,500. Despite its niche appeal, the evolution of augmented and virtual reality can open doors for app developers to explore new opportunities and create innovative experiences.

The shift in hardware

In recent news, Microsoft announced its foray into producing its own chips, such as the Maya chip for artificial intelligence and the Cobalt CPU for general-purpose use in the cloud. This move by Microsoft, along with AWS's development of its own Arm-based chips, challenges the dominance of x86 architecture in PCs and laptops running Windows. The introduction of ARM chips into mainstream computing has the potential to revolutionise the hardware landscape.

The Excitement Around GTA 6 and Game Development

The highly anticipated release of GTA 6 has created a buzz in the gaming world. This game, built using Rockstar's proprietary rage game engine, is expected to be the most hyped-up video game in history. While GTA 6 may be out of reach for most developers, game development platforms like Unity continue to provide accessible tools for game creation. Unity faced some controversy in 2023 due to changes in pricing, but the gaming community revolted, leading to a rollback of those changes. Unreal Engine, Unity's competitor, also made strides with the release of version 5.3, offering new features that push the boundaries of realism.

The Evolving Landscape of Web Development

JavaScript continues to dominate the web development scene. However, in 2024, we expect a shift in focus from building new JavaScript frameworks to improving the tooling and developer experience within existing frameworks. Visual editors and IDEs for frameworks like React are gaining popularity, providing developers with the ability to drag and drop components rather than coding them manually. Additionally, advancements in AI technology are paving the way for tools like Visual Co-Pilot, which can automatically generate framework code based on a design from Figma. JavaScript frameworks that excel in specialised tooling and AI integration will shape the future of web development.

The Changing Landscape of Mobile Development

Mobile app development has undergone significant changes in recent years. While the number of smartphone users continues to grow, capturing their attention with new apps has become increasingly challenging. The era of developing an app in a basement and achieving overnight success is long gone. However, cross-platform development tools are emerging, enabling developers to build apps for both iOS and Android with a drag-and-drop interface. This shift in mobile development tools presents opportunities for developers to create innovative, cross-platform applications.

Exploring Low-Level Systems Languages

Rust, a low-level systems programming language, has experienced tremendous growth and has even found its way into the Linux kernel. Other up-and-coming low-level languages like Zig and Mojo offer alternative options for developers. Zig, the language behind the JavaScript bundler runtime, and Mojo, a Python superset with low-level memory management capabilities, provide developers with approachable and high-performance alternatives. These languages are particularly well-suited for AI and machine learning applications.

The Potential of Artificial Intelligence

Artificial intelligence has made significant strides in recent years. GPT, a text-based AI model, has gained traction in various applications. It is now integrated into Google's search engine and Microsoft Office, revolutionising the way we search and create documents. AI is also influencing stock trading algorithms and is being leveraged in cyber attacks and defence. The development of generative image AI has also shown remarkable progress, with the ability to generate highly realistic images. The future of AI holds promises of text-to-video capabilities and the potential for generating full-length movies from a laptop. However, the ultimate goal of achieving artificial general intelligence—an AI that can think for itself—remains a subject of speculation and debate.

Conclusion

As we step into 2024, the world of technology continues to evolve rapidly. The trends discussed in this blog open up numerous opportunities and challenges for individuals working in the tech industry. Whether it's navigating the job market, capitalising on cryptocurrency, exploring new hardware advancements, or harnessing the power of AI, staying informed and adaptable is key. Embracing these technological advancements can lead to exciting prospects and a thriving career in the ever-evolving world of tech. Thank you for reading, and here's to a successful year ahead!