Overview and outlook for 2024

2024 will usher in an era of realistic and deliberate technological trends, and with everything that has taken shape in 2023, it’s hard to disagree. Businesses must embrace digital transformation, and although this has been evident since 2020, this year made it very clear that moving things slowly is not a viable option. This especially holds true for sectors where innovation intersects necessity such as, transportation, manufacturing, process industry, edtech, and e-commerce.

The catalyzing force in 2024 will stem from strategic deployment of applied generative AI. It can significantly impact every aspect of business from refining and enhancing predictive maintenance models, optimizing fleet management and streamlining operational efficiency. Applied generative AI will also be pivotal in manufacturing in the coming year, accelerating production and design iterations, and cultivating a culture of continuous innovation.

Next-gen technologies will make a major impact across industries in the coming year. They will emerge as the linchpin in autonomous vehicles and intelligent traffic management systems. These technologies will also fuel smart factories and autonomous logistics industries, pushing the boundaries of efficiency and agility. Additionally, with the ongoing electric vehicles boom, green technologies will continue to dominate the transportation industry and make significant inroads into the manufacturing sector.

Sustainable manufacturing, processing and shipping practices will be huge in 2024, reducing the environmental impact of the sector overall. In the process industries, intelligent connectivity is set to be a major investment avenue. By leveraging interconnected devices and IoT technologies, the sector can optimize production workflows, and elevate operational resilience.

Edtech and e-commerce sectors will also double down on next-gen technologies to provide a personalized and frictionless experience for users worldwide. Personalization will be elevated with productionized machine learning, analyzing intricate user patterns, gauging preferences, and tweaking their experiences accordingly. These trends could be instrumental in breathing new life for the resurgence of edtech globally.

- Dr. Mukesh Gandhi, Founder and CEO, Creative Synergies Group

2023 marks a pivotal juncture in healthcare, witnessing the convergence of two dynamic trends – the burgeoning demand for home-based care driven by demographic shifts and the evolving landscape of medical tourism. As the aging population gravitates towards personalized, home-centric healthcare solutions, and with the persistent pursuit of cost-effective treatments, the demand for home healthcare services continues its ascent.

Simultaneously, in the sphere of medical tourism, this year reflects a nuanced narrative. While the allure of seeking specialized treatments abroad persists, the global landscape is witnessing a recalibration. Patients now prioritize safety, quality, and holistic care experiences over mere cost arbitrage, reshaping the very fabric of medical tourism.

These trends underscore a transformative phase where Artificial Intelligence emerges not only as a catalyst but as a linchpin. While AI's impact on pharmaceuticals and acute care remains substantial, its integration into home healthcare and medical tourism stands at the precipice of profound change. The maturation of AI technologies promises real-time insights, empowering caregivers and transforming patient experiences, ensuring better outcomes, and amplifying satisfaction across both home-based care and the evolving paradigm of medical tourism in 2024.’’

Amol R Deshmukh, Founder and CEO, MedRabbits

“Reflecting on the insights from 2023 and looking ahead at the trajectory of the Indian IT sector in 2024, the momentum of digital transformation emerges as a pivotal lesson. The transformative trends of last year, notably the widespread integration of generative AI into daily applications, are poised to redefine innovation in India. As generative AI becomes an integral part of search engines, office software, and communication tools, its potential as a savvy personal assistant, enabling efficiency and productivity, becomes increasingly evident in the Indian tech landscape.

Furthermore, the convergence of augmented reality (AR), virtual reality (VR), and the immersive internet is dismantling the barriers between the physical and digital realms. In 2024, this trend is expected to intensify in India, blurring the lines between reality and the virtual, making the digital experience more realistic while imbuing the real world with digital-like flexibility.

Sustainable technology (ESG) is also set to play a prominent role in India throughout 2024, aligning with the nation's commitment to environmental responsibility. As the country strives for net-zero goals, both corporations and individuals in India will leverage technology to minimise their ecological impact, contributing to the global movement towards a greener future.

Sandeep Agarwal, Global CTO, and Managing Director, Visionet India