TECH DOMAINS SET TO DOMINATE 2024:
FROM AI TO CLIMATE TECH AND BEYOND
Generative AI:
A game changer for productivity, Generative AI is on the cusp of revolutionizing the way businesses operate. It has garnered immense attention, with experts touting its potential to bring unprecedented productivity gains. According to the EY European Financial Services AI Survey, nearly 80% of European financial services leaders believe that Generative AI will significantly impact productivity and reshape job roles. While it promises significant advantages, concerns regarding government regulations to prevent AI misuse will be closely monitored by investors.
Web3 Beyond cryptocurrencies and NFTs:
Web3, built on blockchain technology, represents the next evolution of the internet, where users collectively control the digital space. While blockchain currencies and NFTs have faced challenges, experts suggest that we should not dismiss Web3’s broader potential. In 2024, we can expect consolidation in blockchain and Web3, with real-world use cases emerging and a shift from blockchain-based products to Web3-embedded processes. Gaming is also expected to play a significant role in bringing tens of millions of users into the Web3 ecosystem.
The intersection of AI and quantum technologies:
Quantum computing is set to make significant strides in 2024, as startups like Quantum circuits and Peptone seek to achieve quantum advantage. The UK government has committed substantial financial and strategic support to prepare businesses for the arrival of quantum computing.
Climate tech’s decade-long ascendancy:
Climate tech is on an upward trajectory, with a PwC State of Climate Tech 2023 report indicating a decade of growth ahead. Recent data reveals that climate tech accounted for nearly 20% of total venture capital investments in the UK. The International Energy Agency (IEA) emphasizes the critical role of emerging technologies in achieving net-zero emissions, underlining the importance of innovation capital in supporting climate tech ventures.
