As we transit the second quarter of 2024, we can get a clearer picture of the direction of the tech industry, and the top tech market trends that will mark the rest of the year.
When the pandemic hit, it pushed tech companies into a new era of remote work, changing the game entirely. Suddenly, teams could collaborate from anywhere, and this meant a whole new way of doing things had to emerge. It wasn't just about finding people in the same city anymore; talent could be tapped from coast to coast. But with this shift, companies had to rethink their culture and how they managed their teams.
Investments poured into tools that made working together from afar feel close ᅳ think video calls and digital project boards. Now, as remote work weaves itself into the very DNA of tech companies, it's set to reshape team dynamics and the workflow in ways that will stick around long after the pandemic fades.
According to Motion Recruitment’s IT Salary Guide, tech jobs and the tech industry were still predicted to thrive in 2024 as tech natives apply their characteristic resilience and innovation to work with the changes, and not against them. In general, there have been few surprises in 2024 so far, with key trends on track.
Let’s take a look!
Top tech market trends in 2024
Technology continues to play a critical role across the global industry
Technology was undoubtedly the hero of the COVID-19 crisis, and it continues to be so, as it is constantly refined to give colleagues across the globe a seamless work experience.
Video conferencing still plays a key part in advancements, allowing organizations to save considerable time and resources required to transport stakeholders to meetings. Scheduling platforms and AI tools that help prioritize and even reduce workload are on the rise. This allows team members to work smarter, not harder.
AI signals the dawning of new opportunities
The influence of Artificial Intelligence (AI) is clear in every aspect of the business. But despite the fear it might awaken, it is important that we continue to recognize that AI can be – and is – a force for good.
Sales, comms, and marketing teams have been transformed by the advent of generative AI. The process of creating new data or content based on existing content is a powerful tool that has the capacity to understand what works well for each area, and create something better in an instant.
However, AI is only as strong as the forces behind it. In order to be impactful, it will need skilled personnel overseeing it to ensure data quality and to maintain a human touch; not only are there issues of bias, noise, or manipulation; as generative AI increasingly draws on AI-generated information as a knowledge source, there is a risk that it will lose the human touch and therefore gradually become less impactful.
Nevertheless, nowadays, all tech jobs somehow include AI skills. And this takes us to another tech market trend: other AI roles will appear in terms of addressing ethical issues, authenticating content (or identifying AI content such as deepfakes); and those employees savvy enough to upskill themselves in time to meet rising needs and make themselves indispensable are likely to be well rewarded for their efforts.
With every efficiency and innovation brought about by AI comes new opportunities for workforces to learn and adapt. Employers and employees who embrace these opportunities are more likely to thrive in this ever-changing world. Upskilling and reskilling are key priorities for organizations who are not just thinking about what they need from their teams today, but what they are likely to need tomorrow.
The rise of cloud computing
Cloud computing is another area of tech that is predicted to continue to show exponential growth through 2024, further assisting the industry’s comeback. One report predicts that cloud infrastructure will grow by over 15%, achieving over $1 trillion revenue globally in 2024. This growth is boosted by the increasing need for new platforms and services.
The beauty – and allure – of cloud computing is that customers can capture capabilities without having to invest in and maintain hefty technology. AI-as-a-service, for example, brings huge artificial intelligence capabilities to clients via the cloud.
The typical downsides of owning expensive and depreciating hardware or software are eliminated while customers see all of the benefits: time, money, and resource savings, as well as the additional benefit of accessing the providers’ expertise. The use of real-time data is another advantage that will enable organizations to effectively harness the power of their data before it becomes obsolete.
Cybersecurity remains top priority
Data breaches and cyber attacks are one of the biggest dangers faced by organizations at the moment. It is predicted that half of all businesses have been victims of cyber attacks in the last three years. And the cost of data breaches continues to rise, with predictions of it exceeding $10 trillion by the end of 2024.
It is no longer acceptable to do the bare minimum; organizations need to invest in cybersecurity staff and ensure that it is managed by a skilled leader that will be proactive in the adoption of innovations and whose comprehension of the current – and future – situation will allow them to anticipate challenges before they become threats.
Conclusion
The world of technology moves at an alarming rate. Those who work in tech, or aspire to do so, often choose the industry for just that reason. Every day, new advances are made, the impact of which resonate around the world. For those in the industry, the ability to adapt and thrive in this ever-changing environment is as important as programming or management skills.
To survive in the tech industry, agility is key; successful individuals will keep an eye on the present and future tech market trends, absorb new information, and continually upskill. This way, if opportunities arise, they are perfectly placed to take them on.
