As we approach the quarter of a century mark, tech remains firmly fixed in the spotlight for leaders across all industries, positions, and disciplines.
It doesn’t matter if you’re a CHRO considering how to integrate the latest AI tools into your recruitment processes or a CSCO assessing the impact that automation will have on supply chains. There’s always something worth keeping tabs on in tech, and 2024 looks like it will be more action-packed than ever.
Let’s take a look at how tech has changed over the last few years and then consider some of the more exciting developments we’re likely to see in the coming months.
Tech’s Roller Coaster Post-Pandemic Ride
The technology sector has had a bumpy ride in the last few years. One of the easiest ways to see this is through the simple dollars and cents at work.
The industry has gone through multiple ups and downs since the pandemic began four short years ago. It reached its all-time high on November 19th, 2021, a year and a half after the health crisis started. Almost exactly a year later, CNBC was discussing “tech’s reality check” and reporting that the industry lost $7.4 trillion in value in 2022.
2023 was a mixed year. Things started off rocky as the world—including tech companies—reacted to multiple bank collapses and a sharp decrease in VC funding. At the same time, the tech sector finally bottomed out and began a rebound.
Throughout 2023, certain things, like evolving fintech in the wake of the banking collapse and a recent push for clean energy technology, sparked positive momentum in the tech sector. However, the elephant in the room throughout the year was AI.
The release of ChatGPT at the end of 2022 sparked a flood of generative AI tools, marking a transformative new chapter in the technology saga. Once again, following the money, in December 2023, Crunchbase reported no less than 10 different AI startup deals valued at half a billion dollars or more, all taking place in the past year.
As tech stocks, in particular, resumed their position of dominance in recent months, some began to wonder if the sector was overvalued yet again.
With so much potential still remaining ahead, though, the wealth managers at U.S. Bank suggest that tech likely still has plenty of runway to grow in 2024, even if it isn’t at the same breakneck speed as 2023’s wild recovery.
Tech Trends Worth Watching in 2024
As things settle down and investors become more selective about where they fuel tech growth, here are a few top tech trends to keep watching as the year unfolds.
1. AI’s Evolving Role
Yes, 2023 was “the year of AI,” but really it was more of a coming out party. Investments were thrown at the fledgling technology, and now, in 2024, we get to see what the tech can do in application.
TechCrunch, for example, provided eight AI predictions for the year, most of which have to do less with potential and more with applicability. From OpenAI and Apple creating AI products to clarifying LLM (large language model) limitations to frightening political implications, 2024 is the year AI goes from hype to reality. Stay tuned.
2. The Growing Emphasis on Green Tech
Recent advances in green tech have been exciting to watch. Things like solar tech and electric cars aren’t just advancing. They’re becoming more accessible.
However, the International Energy Agency (IEA) reports in the opening to their “Tracking Clean Energy Progress” report for 2023 that “faster change is urgently needed across most components of the energy system to achieve net zero emissions by 2050.” As that once-distant benchmark looms larger, green energy tech will be an area to watch closely.
3. Surging Battery Power
Batteries will power the future, and in 2024, they could go through some major changes. Engineering.com highlights that alternatives to lithium-ion are in development, and solid-state batteries are making important progress.
In addition, in reference to green tech, battery recycling is making major advancements, and grid-scale battery storage systems (BSS) offer a promising way to utilize old batteries to store new energy. Keep an eye on this one.
4. Legal Questions Surrounding Cryptocurrency
On the fintech end of things, cryptocurrency is once again hogging the spotlight. Regulatory concerns are a big focal point here, as many crypto fanatics wait with bated breath to see if the SEC will approve a Bitcoin ETF.
In the opening days of 2024, a social hack led to false hope that the answer was a yes. As of this writing, many diehard crypto fanatics continue to believe that approval is just a matter of time. We’ll see.
Tracking Tech in 2024
Tech is riding high coming out of 2023, and it shows no signs of slowing down in 2024. From AI utility to Bitcoin ETFs to second-life battery applications, there’s a lot coming down the pike in the tech sector.
Tech is riding high coming out of 2023, and it shows no signs of slowing down in 2024.
It’s important for executives across the C-suite (not just CTOs) to keep an eye on what’s developing. As an executive search consultant, I can assure you that these are factors that matter, even if you can’t see their impact right away. Whatever the state of the industry, we are ready to support your business with our services around leadership team optimization. We can walk through both the existing and potential impact of tech and ensure that your leadership team is ready to take on whatever the future holds.
About the Author
Aylin Oktem is a Director at Stanton Chase Nashville. Prior to joining Stanton Chase, Aylin was the Head of Research and Development for a London-based boutique executive search company specializing in VC-funded SaaS start-up companies in the United Kingdom and Europe. She was instrumental in organizational growth and building leadership teams for clients in the SaaS space.
Aylin also set up a UK distribution arm for a US Headquartered SaaS company and advised local government authorities in London on how to optimize procurement processes and procedures using SaaS-based cloud-based services. Aylin has over two decades of experience in international banking, finance, commercial real estate, and technology in Europe and Asia.
How Can We Help?
At Stanton Chase, we're more than just an executive search and leadership consulting firm. We're your partner in leadership.
Our approach is different. We believe in customized, personal, and fearless executive search, executive assessment, board services, succession planning, and leadership onboarding support.
We believe in your potential to achieve greatness and we'll do everything we can to help you get there.
View All Services