Tech Landscape in 2024: The Rise of GenAI
As we enter 2024, the tech landscape is gearing up for a transformative year. Vultr's CMO, Kevin Cochrane, recently explored some of the possibilities for the future of tech, positing that Generative Artificial Intelligence (GenAI) is emerging as a pivotal force in shaping the future of web and mobile applications. This year promises to be a turning point where GenAI will become mainstream and profoundly influence customer and employee experiences across diverse industries.
GenAI: A Transformative Force
GenAI, a cutting-edge facet of artificial intelligence, is poised to revolutionize how we interact with technology. Unlike its predecessors, GenAI can autonomously create content and interactions, pushing the boundaries of what's possible in web and mobile applications.
Elevating Customer Experiences to New Heights
In 2024, we anticipate an unprecedented elevation in customer experiences driven by GenAI. Gartner predicts that "by 2025, 80% of customer service and support organizations will be applying GenAI technology in some form to improve agent productivity and customer experience (CX)."
From hyper-personalized recommendations to immersive interfaces, GenAI will leverage user data to craft unique interactions, setting a new standard for user satisfaction. Only 17% of executives cite cost optimization as a reason to invest in AI. So what's their primary focus? Just ask the 38% who are adopting this new technology with customer service – not cost – in mind. The year ahead promises to be marked by a surge in innovative approaches that cater to individual preferences and behaviors.
Transforming the Workplace Dynamic
Enterprises are set to witness a significant transformation in internal processes as GenAI takes center stage in 2024. Employee interactions will undergo a revolutionary shift, with GenAI streamlining communication channels and automating routine tasks. McKinsey Global Institute reveals that during the pandemic (2019–22), the US labor market experienced a staggering 8.6 million occupational shifts, a 50 percent increase from the previous three-year period. As a result, chatbots equipped with GenAI capabilities will become commonplace, allowing human employees to focus on more strategic initiatives.
The widespread adoption of GenAI is not confined to specific sectors; instead, it is poised to become a cross-industry phenomenon. By 2030, activities that account for up to 30 percent of hours currently worked across the US economy could be automated – a trend accelerated by GenAI. In 2024, healthcare, finance, education, entertainment, and beyond will witness the integration of GenAI, resulting in many innovative solutions that redefine digital interactions.
GenAI: A Beacon of Innovation
As we navigate the technological landscape of 2024, GenAI stands as a beacon of innovation, reshaping how we approach web and mobile applications. The trends we anticipate this year underscore the growing importance of GenAI in creating intelligent, interactive digital ecosystems. To stay at the forefront of these advancements, make it a priority to explore additional sources and embrace the transformative power of GenAI as it takes center stage in 2024.
Want to learn what else is in store for 2024? Read Vultr's full predictions for 2024 here, and stay tuned for our upcoming posts in this seven-part series!
