Industry executives and experts share their predictions for 2024.  Read them in this 16th annual VMblog.com series exclusive.

Reshaping industries through the expansion of IoT, generative AI, and engineering capabilities built on trust will take priority in 2024

By PwC Leaders

In the coming year, emerging technologies will play a pivotal role across various sectors. The rapid expansion of IoT deployments will continue, engineering capabilities will be built out to enhance the cloud industry, and the rapid acceleration of AI will transform transformation and bring new products to life.

While these technologies are set to bring increased business value, there will also be a greater focus on the importance of responsible use in order for companies to successfully build employee and stakeholder trust.  

This AI-focused vision for 2024 comes from five leaders at PwC - below are their specific predictions on how these technologies will possibly reshape industries in the new year.

Transforming IoT in 2024: Connectivity, trust, and responsible use

Rob Mesirow, Connected Solutions and IoT Leader, PwC US

In 2024, we expect to continue to see the rapid expansion of IoT, with almost half of companies planning to prioritize investment in IoT over the next 12 months. This transformation may bring enhanced connectivity, reliability, and data integrity to the space, while also raising concerns around trust and privacy. To support responsible use, we expect to see more companies adopting robust regulatory frameworks and strong internal governance practices to safeguard user interests, establish data protection standards, and promote transparency in IoT deployments. 

GenAI will give rise to new classes of products and services in 2024

Michael Shehab, Labs Technology and Innovation Leader, PwC US

In 2024, how businesses develop new offerings and revenue streams will likely change dramatically. Building new processes, developing new products and services, and creating new environments for customer engagement - all of these are becoming "no code" activities, thanks to GenAI. Soon, enterprise applications will have GenAI not as an add-on, but as the core, to create faster, more agile and highly customizable applications than anything that has come before.

The rise of engineering capabilities

Cenk Ozdemir, Cloud & Digital Leader, PwC US

As companies look to find new customers and channels by reinventing business models, cloud computing capabilities and cloud-native development are expected to be a critical enabler. Going into 2024, the cloud industry will experience a continued shift toward building out engineering capabilities. This transformation will likely be evident through the emergence of platform engineering, empowering organizations to enhance their capabilities and embrace cloud modernization - starting with a solid infrastructure foundation. As engineering capabilities are embraced, it is crucial to consider the integration of AI in software engineering and development, along with low-code solutions and citizen-led development. These advancements, coupled with a continued focus on cloud cost optimization, will likely revolutionize the way we approach cloud technology and pave the way for a more efficient and innovative future.

GenAI will transform transformation 

Bret Greenstein, Data and AI Leader, PwC US

In 2024, GenAI will continue to drive transformation in various areas, making it more urgent and transformative. With the help of customized GenAI agents, tasks like reading, organizing, and cleansing unstructured data can be done "AI-first" reducing a lot of manual effort. Data can be accessed from anywhere to use for GenAI, but governance, data pipelines, and processes will still be necessary for managing quality, enabling outcomes, assessing value, determining rights, and achieving compliance. GenAI, in combination with the cloud, can accelerate data-related transformation initiatives. Additionally, GenAI can enable organizations to leapfrog competitors and accelerate transformation, handling complex tasks and processes in finance, tax, legal, IT, compliance, and other departments. Leveraging GenAI as a catalyst for transformation has the potential to create a divide between competitors and organizations that fail to utilize GenAI may struggle to compete against those who do.

The moment of truth for trust in AI is coming

Jennifer Kosar, Trust and Transparency Solutions Leader, PwC US

In 2024, AI will be an essential part of how your people interact with data, stakeholders and each other. Trust in AI will be critical - and that means more than just compliant, secure systems. It means deploying the right solutions responsibly, for the right situation with the right data, policies and oversight to achieve relevant, reliable results. And with only 33% of executives stating they have implemented governance to address the need for the responsible practices in the development and deployment of GenAI, the new year should require an even more heightened focus on responsible AI to help those accountable for AI systems move towards building stakeholder trust.  

To summarize...

The future of emerging technology holds strong promise for driving long-term innovation and increased business value. Today's tech leaders recognize that investing in AI is now table stakes - and if not implemented, they face the possibility of being left behind.

By embracing these transformative technologies strategically and responsibly in 2024, while also exploring ways to converge these technologies to drive greater impact together, organizations can be better suited to unlock new possibilities and create a workforce that is connected, efficient, and client focused.

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