Tech horizons: Decoding technologies that will lead the way in 2024 and beyond

As we move towards 2024, we can expect to see an incredible rate of technological advancements that will inevitably lead us to a new era of transformation. These advancements will not only reshape industries but also redefine human experiences by expanding the boundaries of what we consider possible. The rise of Large Language Models (LLMs), Internet of Things (IoT) advancements, and the convergence of Artificial Intelligence (AI) and Edge Computing are just some of the technologies that will enable us to witness this new wave of transformation, which will undoubtedly bring about positive changes and growth. 

India has a significant opportunity to emerge as a technology and innovation hub. A report suggests that tech spending in India has grown by 9.6% this year, and the country is expected to retain its position as the fastest-growing large economy in the world in 2024. Additionally, India is projected to witness remarkable growth in the digital transformation market, which is estimated to reach $710 billion by 2024, with a CAGR of 74.7%. With this impressive growth rate, the country can establish a strong position in leveraging emerging technologies and fostering innovation, ultimately leading to sustainable growth. 

In today's fast-changing world, predicting which technology will revolutionize society and which will become obsolete has become increasingly challenging. It's like playing a game of roulette. To keep up with this rapidly evolving landscape, businesses need to operate at the speed of thought, not just the speed of light. Listed below are a few technologies that can enhance innovation and help businesses stay ahead. 

Robotics and Automation: A match that fosters innovation 

The convergence of robotics, AI, and Natural Language Processing (NLP) advancements is creating new opportunities for sophisticated robots to transform various industries. The progress in robotics has been remarkable, with over 553,000 industrial robot installations in factories worldwide in 2022, a 5 per cent increase from the previous year, according to the International Federation of Robotics (IFR). In India, the sales of industrial robots hit a new record in 2022, marking a significant 54 per cent increase compared to the previous year. Further, in the manufacturing industry, the integration of AI-powered robots has significantly improved efficiency and precision. These collaborative robots, equipped with advanced AI algorithms and NLP capabilities, work seamlessly with humans, optimizing production lines and performing complex tasks more accurately. In addition, the healthcare industry is benefiting from AI-driven robots that assist in surgeries, perform diagnostic tasks, and even provide personalized care to patients, leveraging NLP for enhanced communication and understanding of patient needs. 

Similarly, the oil and gas industry is leveraging advanced robotics and automation to enhance operations. These technologies enable continuous equipment monitoring and predictive maintenance, which helps to prevent unexpected downtimes, improve maintenance, and minimize energy consumption and leakages. With the increased adoption of AI, the post-pandemic reset, and the focus on improving efficiency and cost optimization, integrating advanced robotics has become critical for the growth and development of various industries. Hence, it is essential to embrace these opportunities to achieve growth and operational sustainability.

Quantum is transforming the playing field

The adoption of quantum computing is often considered far off in the future, but it is progressing rapidly. Quantum computing is a significant advancement not only in physics but in all fields of science and will enable new applications that are not currently possible. However, to bridge the skills gap, investing in education and development is necessary. A well-trained and continuously growing workforce in quantum computing will be required to meet market demands. The lack of knowledge and qualified researchers in this area will significantly impede global deployments. Businesses need to prepare for the future, and a skilled workforce in quantum computing will be essential in ensuring their sustainability.

IoT and Edge computing: Paving way for a digitally empowered future
 
The fusion of edge computing and IoT is set to transform how data is processed and connected. As per a report, the global edge computing market is expected to reach $155.90 billion by 2030, with a CAGR of 38.9% from 2022 to 2030. Edge computing has the ability to process data closer to the source, revolutionizing IoT functionalities by enabling real-time analysis and reducing latency. The use cases for this technology are numerous and extend to both urban and rural settings, permeating industries such as agriculture, where IoT devices equipped with edge computing can instantly analyse soil moisture data, facilitating timely irrigation adjustments for farmers in remote regions. Similarly, edge computing in IoT-enabled traffic management systems processes real-time traffic data at intersections, optimizing traffic flow and reducing congestion. The medley of edge computing and IoT is set to strengthen India's technological infrastructure, unlocking possibilities by enabling faster and more efficient data processing and propelling the nation towards a digitally empowered future.

Unlocking growth opportunities through foundational models 

NLP has enabled the development of virtual assistants, chatbots, and automated customer support systems, making it possible to scale up services. However, it is pertinent to note that most of these advancements have been in English. Despite the fact that approximately 600 million people speak Hindi, it has not received the same level of representation as English or Spanish, which has achieved state-of-the-art (SOTA) representation. Therefore, it is essential to introduce initiatives like 'Project Indus', an indigenous LLM specifically designed to converse in a multitude of indigenous languages. Beginning with Hindi, the project envisions an eventual expansion to encompass numerous other regional languages, rekindling India's fading linguistic treasures. Such civilizational initiatives are crucial to ensure fair representation of all languages and dialects and to promote inclusivity.

As technology advances, enterprises across various industries also recognize the benefits of ecosystems based on Application Programming Interface (API). By leveraging APIs, businesses can increase operational agility, provide customized services, and ensure data privacy and compliance. For instance, major banks in India are adopting self-hosted LLMs to streamline customer interactions and launch innovative financial products at scale. Similarly, e-commerce companies are turning to proprietary API infrastructures, allowing them to seamlessly connect with diverse platforms and provide users with exceptional experiences while handling large-scale transactions efficiently. This shift towards self-hosted API ecosystems signals the growing importance of flexible and customizable solutions that can be integrated with existing systems to meet specific business needs.

Preparing for the future 

We are on the verge of an exciting technological revolution fuelled by incredible advancements in various fields that are now ready for commercial use and scalability. To continue India's impressive growth in the global tech scene, we must adopt a three-pronged strategy: investing in talent, technology, and ecosystem development. This requires collective and coordinated efforts from researchers, governments, educational institutions, and organizations to drive the tech revolution by promoting continuous learning, collaboration, and ethical considerations. 

As technology advances, we must use these innovations responsibly and ensure they align with our shared human goals. The government is developing the India@2047 vision plan to make India future-ready and strengthen the national research, innovation, and technology ecosystem. To achieve this, we must either invest in Research & Development (R&D) to experiment with emerging technologies for new use cases or integrate existing technologies to solve the dynamic challenges of the present world.

Nikhil Malhotra

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Nikhil Malhotra is Global Head, Makers Lab at Tech Mahindra.