Tuesday, April 23, 2024

Top 10 Technologies to Invest in 2024


Investors seek significant opportunities as the tech continues its tremendous evolution. Identifying technologies with promising returns is challenging, but substantial research skills help find the top investment options. Some of our researched top technologies to invest in 2024 are:

Technologies to Invest in 2024

1. Artificial Intelligence 

AI has taken the forefront of all innovation and left its mark on every technological advancement; hence, it is the first of 10 technologies to invest in 2024. According to the reports, the market will rise to $1.58 trillion by 2030. Computer vision and Natural Language Processing (NLP) stand out in this area, with applications in autonomous vehicles, surveillance systems, and healthcare diagnostics. Big AI giants such as OpenAI’s ChatGPT and Google’s Bard are up for significant revenue, with ChatGPT’s expected generation of $200 million in 2023 increasing to $1 billion by 2024.

2. Internet of Things (IoT)

The Internet of Things (IoT) has emerged as a transformative force, shifting healthcare, manufacturing, and smart cities, with a projected market size of $1.5 trillion by 2027. Key investments in IoT involve smart home appliances, industrial sensors for predictive maintenance, and data analytics platforms. Cisco, a leading IoT company, is expected to reach a revenue of $54.89 billion. 

3. 5G 

As 5G networks grow globally, the technology is set to reach a market size of $668 billion by 2026. With fast data speeds, lower latency, and increased network capacity, 5G finds applications in telecommunications, autonomous vehicles, and smart infrastructure. American Telephone and Telegraph (AT&T) company amounted to $120.7 billion in 2022. 

4. Biotechnology

Biotechnology has many investors with advancements in genomics – a study of an organism’s DNA, personalized medicine, and synthetic biology, expected to reach a market size of $727.1 billion by 2025. Investors are encouraged to explore genetic testing, gene redrafting technologies, and biopharmaceuticals within this sector.

5. Blockchain

Blockchain extends its influence to supply chain management and financial services. The market is expected to grow from $17.57 billion in 2023 to $469.49 billion by 2030. A leading blockchain company, ConsenSys, generates revenue of $100.

6. Robotics and Automation

The robotics market is expected to reach $210.3 billion by 2026, pushed by advancements in industrial automation, including collaborative robots and autonomous vehicles. Autonomous vehicles, such as self-driving cars and drones, hold the potential to revolutionize transportation.

7. AR and VR

Immersive technologies, including Virtual Reality (VR) and Augmented Reality (AR), are reshaping the gaming experience, entertainment consumption, and education. It is expected to increase its market to $114.5 billion by 2027. Meta Quest Pro is an emerging technology across the industry.

8. Biometrics

The fast-growing field of biometrics is expected to grow by $73.5 billion by 2027. Technologies like facial recognition, fingerprint, iris scanning, voice recognition, access control, and identity verification are the leading biometrics.

9. Edge Computing

The rising popularity of edge computing aims for a market size of $43.4 billion by 2027. This technology brings computing power closer to data sources. Investment in edge computing includes hardware providers, software developers, and companies developing applications for IoT devices.

10. Quantum Computing

Quantum computing is expected to reach a market size of $2.2 billion by 2026. Investments in quantum hardware, software and applications, including cryptography and drug discovery, are included.

As investors navigate the dynamic landscape of technological evolution, the horizon is rich with potential. The researched top technologies to invest in 2024, including Artificial Intelligence, IoT, 5G, Biotechnology, Blockchain, Robotics, AR/VR, Biometrics, Edge Computing, and Quantum Computing, offer diverse avenues for substantial returns. Seizing opportunities in these transformative fields is the key to capitalizing on the next wave of innovation and securing a promising future in the ever-evolving realm of technologies to invest in 2024.

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