This article was written by Rabia Yasmeen, Senior Consultant – Services and Payments. The original article was published by Euromonitor International. You can find the article here.

In 2024, companies are expected to find themselves at a crossroads, attempting to balance the allure of new and emerging technologies against their own digital unreadiness. Clearly, however, emerging technologies are poised to drive innovation in the year ahead. Using insights from the 2023 edition of its Voice of the Industry: Digital survey, Euromonitor International highlights the key developments relating to emerging tech in 2024.

Generative AI to see wide scale commercial adoption

Generative AI, once confined to the realm of tech giants and research labs, is rapidly democratising, empowering individuals and businesses alike to tap into its creative potential. This trend will have an enormous impact on businesses in 2024, in terms of both internal processes and consumer-facing interactions. Specifically, more companies are expected to integrate the technology into search engines and to create other AI-infused platforms.

Nearly 45% of industry professionals state generative AI will have its greatest impact in terms of analysing customer data to create intelligent shopping suggestions over the next 12 months

^{Source: Euromonitor International’s Voice of the Industry: Digital Survey}

Broader shifts will set the stage for robotics and automation

Due to rising input costs, there is a growing need for efficiency and standardisation across many facets of business operations. As a result, the use of robotics and automation will gain greater traction in corporate strategies over 2024, as companies pursue scalability and flexibility while attempting to avoid a proportional increase in labour costs.

Robotics and automation has overtaken the cloud as the technology that industry professionals rank third in terms of expected impact to their businesses over the next five years

^{Source: Euromonitor International’s Voice of the Industry: Digital Survey}

Investment in the cloud will be motivated by a desire to harness greater value from data

The cloud remains key for secure storage, automated backup, and scalable computing power – all of which means that businesses will continue to invest in this technology. During 2024, industry professionals expect the cloud to play a greater role in improving consumer insights and analytics as companies attempt to better harness big data to generate greater value for their internal processes and customers. As a key area of focus, professionals expect investments in the cloud to deliver enhanced online experiences and more customer-friendly user experiences.

AR and VR to reshape brand storytelling

According to Euromonitor International’s Voice of the Industry: Digital Survey, industry professionals believe that, so far, AR/VR technology has had the most impact on brand engagement in terms of business operations, a trend that is expected to hold firm in 2024. However, beyond engagement, AR/VR technology is also poised to see more tangible integration into physical spaces this year. 34% of industry professionals believe that AR/VR will have its greatest impact over the next 12 months in terms of enhancing in-person shopping experiences – such as in the development of experiential outlets. Indeed, immersive storytelling is expected to be an area of focus for AR/VR, with virtual showrooming and the metaverse also expected to be key areas of impact for AR and VR technologies during 2024.

Expanded 5G deployment will accelerate the use of other emerging technologies

One trend that is expected to have a significant impact on the adoption of most emerging technologies in 2024 is the wider deployment of 5G. In terms of commercial use cases, the technology is expected to most benefit the creation of efficient and personalised mobile commerce experiences, followed by the development of personalised or sophisticated in-store experiences. 5G’s capacity to support many other emerging technology developments – especially in terms of automation and the Internet of Things (IoT) – means that the advancement of these technologies will rely, to a great extent, on the continued development and deployment of 5G networks in 2024.

Companies need to remain thoughtful in a year of rapid tech adoption

In short, 2024 will be a year when emerging technologies will see accelerated adoption by businesses. Early identification of opportunities will result in long-term gains for businesses. Companies must identify how emerging technologies directly contribute to their core objectives – such as revenue growth, enhanced sustainability, and improved employee wellbeing. By demonstrating the tangible impact of these new technologies, companies can foster the buy-in and engagement needed to truly thrive during the next phase of digital acceleration.

For more in-depth analysis, download our new report, Voice of the Industry: Digital Survey which explores the level of impact and planned investments in current and emerging technologies.