Top technology investment trends for 2024
Source: The DairyNews
As technology investment continues to thrive despite global uncertainties, key trends are emerging as priorities for senior executives in 2024.
Here's a closer look at the top five technology investment trends shaping the landscape:
Artificial Intelligence (AI): AI remains a focal point, with the total AI market projected to reach $908.7 billion by 2030. Generative AI (GenAI) is a standout, expected to experience explosive growth, reaching $33 billion by 2027, with an impressive compound annual growth rate (CAGR) of 80%. GenAI is identified as the fastest-growing among advanced AI technologies, comprising 10.2% of the overall AI market by 2027.
Cloud Computing: The cloud computing market is forecasted to be worth $1.4 trillion by 2027, growing at a CAGR of 17% between 2022 and 2027. Software-as-a-service (SaaS) will continue to dominate, representing 63% of cloud services revenue in 2023. Platform-as-a-service (PaaS) is set to be the fastest-growing cloud service, with a CAGR of 21% during the same period. Cloud computing, coupled with AI, will drive emerging technologies like robotics and the Internet of Things (IoT).
Cybersecurity: The rapid adoption of GenAI poses increased risks of social engineering attacks. Chief Information Security Officers (CISOs) are expected to face heightened pressure as cyber-attacks become more sophisticated against the backdrop of a widening cyber-skills gap. GlobalData predicts that cybersecurity revenues will reach $344 billion worldwide by 2030, addressing the escalating challenge of cyber threats.
Robotics: AI and cloud computing are propelling the robotics industry, with the global market projected to grow at a CAGR of 17% from $63 billion in 2022 to $218 billion by 2030. The service robot market is anticipated to reach $67.1 billion in 2024, a 28% increase from 2023. Notably, the exoskeleton market, driven by wearable mobile machines enhancing limb movement, is expected to experience the highest growth rate, particularly in healthcare, defense, and manufacturing.
Enterprise Internet of Things (IoT): The global enterprise IoT market is set to generate $1.2 trillion in revenue by 2027. Comprising two key segments—Industrial Internet and smart cities—the Industrial Internet market is projected to grow at a CAGR of 15.1%, reaching $756 billion by 2027. Smart cities, leveraging connected sensors to enhance urban services, are expected to grow from $234 billion in 2022 to $470 billion by 2027, with a CAGR of 15%.
As technology continues to evolve, these investment trends reflect a strategic focus on innovations that drive efficiency, security, and connectivity across industries.
Artificial Intelligence (AI): AI remains a focal point, with the total AI market projected to reach $908.7 billion by 2030. Generative AI (GenAI) is a standout, expected to experience explosive growth, reaching $33 billion by 2027, with an impressive compound annual growth rate (CAGR) of 80%. GenAI is identified as the fastest-growing among advanced AI technologies, comprising 10.2% of the overall AI market by 2027.
Cloud Computing: The cloud computing market is forecasted to be worth $1.4 trillion by 2027, growing at a CAGR of 17% between 2022 and 2027. Software-as-a-service (SaaS) will continue to dominate, representing 63% of cloud services revenue in 2023. Platform-as-a-service (PaaS) is set to be the fastest-growing cloud service, with a CAGR of 21% during the same period. Cloud computing, coupled with AI, will drive emerging technologies like robotics and the Internet of Things (IoT).
Cybersecurity: The rapid adoption of GenAI poses increased risks of social engineering attacks. Chief Information Security Officers (CISOs) are expected to face heightened pressure as cyber-attacks become more sophisticated against the backdrop of a widening cyber-skills gap. GlobalData predicts that cybersecurity revenues will reach $344 billion worldwide by 2030, addressing the escalating challenge of cyber threats.
Robotics: AI and cloud computing are propelling the robotics industry, with the global market projected to grow at a CAGR of 17% from $63 billion in 2022 to $218 billion by 2030. The service robot market is anticipated to reach $67.1 billion in 2024, a 28% increase from 2023. Notably, the exoskeleton market, driven by wearable mobile machines enhancing limb movement, is expected to experience the highest growth rate, particularly in healthcare, defense, and manufacturing.
Enterprise Internet of Things (IoT): The global enterprise IoT market is set to generate $1.2 trillion in revenue by 2027. Comprising two key segments—Industrial Internet and smart cities—the Industrial Internet market is projected to grow at a CAGR of 15.1%, reaching $756 billion by 2027. Smart cities, leveraging connected sensors to enhance urban services, are expected to grow from $234 billion in 2022 to $470 billion by 2027, with a CAGR of 15%.
As technology continues to evolve, these investment trends reflect a strategic focus on innovations that drive efficiency, security, and connectivity across industries.
Key News of the Week
24.04.2025
Purabi Dairy Achieves Rs 320 Crore Turnover in FY 2024–25: A Roadmap for Assam's Dairy Sector
24.04.2025
Iran's Dairy Exports Reach New Heights
