According to Tech Trends 2024, a study carried out by Deloitte, both businesses and technology leaders should prepare for the huge advancements in emerging technologies, tech innovation and core modernization coming our way in the foreseeable future – in around 18 to 24 months to be more precise. With South Africa’s rapidly evolving tech savviness increasing exponentially, here’s how our businesses could benefit by reducing costs and improving efficiency amongst others. According to this report, here are a couple of trends we’re expected to see unfold at a national and global level; let’s take a look.
1. Artificial Intelligence (AI)
As expected, AI is making the waves not only in this country, but also globally, and across different verticals, too. Surprisingly, even when it comes to developing casino games with the best free spins bonuses for South Africa, this ever-evolving technology is enhancing providers’ offerings so that they are better equipped and able to offer a gambling experience like no other. But of course, AI goes well beyond the online gambling sector.
Often coupled with ML, which stands for machine learning, AI tools are becoming increasingly standardized, with modern businesses realizing the competitive gain they stand to achieve by creating and implementing improved algorithms. According to another recent report by PwC, AI is about to redefine everything we know about business, and re-skilling a flexible workforce is the only way to go.
2. 5G Networks
As we’ve already seen in South Africa, 5G networks are expected to become even more widespread in 2024, offering lower latency and faster speeds when compared to the previous 4G networks. This gives rise to new tech opportunities such as virtual and augmented reality apps for instance, along with the growing availability of 5G devices including IoT devices, smartphones, and other B2B or B2C equipment. As we’ve already seen, this technology also has the capability of enhancing local networks and improving industries such as transport, healthcare, and communications significantly over time.
3. Edge Computing
With enormous loads of data being generated by the millisecond, edge computing is becoming more relevant and important by the day. This method refers to the processing of data at closer range, which automatically slashes bandwidth and latency requirements significantly. According to a report issued by Fortune Business Insights, edge computing is predicted to hit almost the 140 billion US dollar mark by 2023, exhibiting a compound annual growth rate of 36%.
In South Africa, edge computing has the potential to boost industries typically related to this technology including IoT devices such as smart cameras, mobile POS kiosks, gateways, medical sensors, industrial computer systems, and more.
Gaining significant traction across various industries over the past couple of years, blockchain has already been successfully implemented across various industries including healthcare, finance, and supply chain management amongst others.
According to the Deloitte report, this market is said to grow from the USD 1.2 billion recorded in 2018, all the way up to close to USD 40 billion by 2025. This technology is already being made widely use of across South Africa, with the tenth edition for Blockchain Africa Conference already set for the 31st of October 2024 in Johannesburg, South Africa.
5. Internet of Things (IoT)
The growth of connected devices thriving within the Internet of Things ecosystem is expected to grow throughout 2024, with new opportunities for increased efficiency and automation across different industries making themselves readily available. According to popular internet survey site Statista, the iOT market in South Africa is expected to grow exponentially over the next couple of years, with the market expected to reach over USD 7 billion this year.
The integration of this technology into the South African market could significantly shake up the country’s economy by enhancing efficiency and productivity in various sectors including healthcare, manufacturing, transportation, mining, and agriculture amongst others.
6. Cloud Computing
As edge technology rushes through, the need for cloud computing and partnerships will rise significantly in the digital world. According to the same Fortune Business Insights report we mentioned earlier on, this market is said to hit the USD 97 billion mark by 2030.
Driven by the increased demand of hybrid and remote working, the need for better network functionality and seamless communication is becoming a necessity rather than a priority. In South Africa we’re also seeing this demand firsthand, with around a 30% increase in usage per year happening across the country.
Tech Trend Implications in South Africa
As we’re able to see the technology trends for the forthcoming year are undoubtedly going to have a significant impact not just on businesses in South Africa but also those all around the world. As business owners continue to navigate through the increasingly complex technology landscape at an international level, trends, and insights such as these allow them to implement certain changes in their overall strategy that will ultimately lead to more competitive and sustainable positioning in the future.
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