As we approach 2024, technology is undergoing dynamic changes, making this period an exciting phase in ongoing technological advancement. The exploration of new frontiers, including Generative AI, Cybersecurity, and Platform Engineering, will take center stage with a particular focus on Green IT as we step into the future.
Generative AI, a type of artificial intelligence, autonomously creates content like images, videos, and texts. The Generative AI market is projected to grow from $8.65 billion in 2022 to $188.62 billion by 2032, with an annual growth rate of 36.10%. Implementing Generative AI enhances innovation and streamlines processes for business growth. In 2024, early and efficient adoption of Generative AI will set businesses apart in the next era of tech innovation.
In 2023, cyber-attacks affected various industries. As technology advances in 2024, companies must invest in improved security to protect their assets. According to Cybersecurity Ventures, the cost of cybercrime is expected to reach $10.5 trillion by 2025, emphasizing the urgent and growing threat. Securing businesses becomes challenging with new technologies, necessitating IT leaders to fortify tools and provide training sessions. Following rules and guidelines is crucial to reducing risks and ensuring business safety. Successful leaders view cybersecurity as integral support for their business, integrating it into all aspects rather than perceiving it as a limitation.
Software engineering organizations are anticipated to form internal platform teams that offer reusable services, components, and tools for application delivery. A key factor for a platform is its ability to expand without disrupting current system functions. Platforms with reusable, composable, and configurable components enhance flexibility and usability within the organization, making it easy for users to adapt.
Sustainability and Green IT
With environmental concerns permeating society, the IT industry is committed to sustainability. Green IT practices, from energy-efficient infrastructure to electronic waste recycling, are no longer aspirations but essential imperatives. The industry charts a course towards a greener, more responsible future, embodying a commitment to planetary well-being.
To conclude, the IT industry 2024 is positioned for continued growth and advancements, driven by emerging technologies and a focus on cybersecurity and sustainability. Businesses can capitalize on the potential of technology with the right strategies and investments to stay ahead in a rapidly evolving digital landscape.
Ram Meenakshisundaram is a Chief Technology Officer at Virtusa Corporation.
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