As we navigate the evolving landscape of enterprise technology, the driving forces behind digital transformation become pivotal considerations. Whether fueled by a desire for enhanced competitiveness, operational efficiency, cost reduction, or the establishment of new digital standards, organisations are compelled to stay abreast of the transformative trends shaping the future.

In this context, we present a curated list of the top five IT trends for 2024 and beyond, each wielding the potential to redefine the digital strategies of businesses.

 

More focus on AI and ML technologies

Business process automation (BPA) is the heart of modern enterprise-based digitisation. AI and ML techniques and disciplines, such as data science, business intelligence, neural networks, natural language processors and predictive analytics, can drastically simplify complex and day-to-day business tasks. Automation speeds up business operations and minimises erroneous human interference.

The AI market is growing at an astonishing rate as the technology gets more refined and commercialised, and we expect this trend will continue well into and maybe even past 2024.

 

5G everywhere

5G performance figures are just mind-boggling, to say the least. Basic 5G specs include:

 
  • 10Gbps data rate (up to 100 times faster than 4G)
  • 1ms latency
  • Up to 1 million connected devices per km2
  • 90% more energy-efficient than 4G
  • 100% coverage
 

With such ratings, 5G promises to completely revolutionise wireless networking, making near-seamless interconnectivity, communication and automation possible. And it's already happening today. For example, Telstra claims its active 5G network now reaches over 75 per cent of Australians. Optus, Vodafone and other telecom providers in the country are also hard at work to bring 5G capabilities to the masses.

 

Mainstream virtual reality and augmented reality

AR and VR technologies have evolved from gaming novelties to essential business tools. The idea of simulated reality is quickly catching on in various industries, including retail shopping, social media, engineering, manufacturing, education, vocational training, tourism, medicine and architectural design.

Even Apple and Meta are working together to make mainstream adoption more likely. These tools are used to visualise complex scenarios, ideas, possibilities and descriptions in highly complex and interactive ways that’d otherwise be impractical or impossible in the real world.

 

Tighter cybersecurity

Over recent years, data security and online privacy have come under heavy legal scrutiny, with lawmakers pushing for even tighter regulations on cybersecurity standards. Unfortunately, in addition to the increasingly stringent compliance requirements, cyberattacks are becoming ever more sophisticated and devastating. To give you a glimpse of the worrying cybersecurity landscape, this year $455,436,239 has been lost to scams this year in Australia, with a devoted government department set up to combat this trend int he mid-year. 

 

The cloud’s reign continues

Cloud computing is nothing new in the business world. But it remains the most convenient and cost-efficient way for businesses to access cutting-edge computing resources. The cloud essentially levels the digital playing field for both large and small businesses.

The last few years have shown a massive uptick in global cloud adoption, spending and utilisation — a trend that will definitely persist into the foreseeable future.

 

Try to keep up!

That wraps up our IT trends 2024 shortlist. Of course, there's much more in the tech world to get excited about, such as edge and quantum computing, blockchain, crypto, and the Internet of Things. But some of these technologies are still years away from any practical, mainstream or safe business applications.

All in all, it's crucial to keep up with new IT trends in order to maintain a sharp digital advantage over competitors. GRENKE can help you do just that. Our asset financing and IT equipment leasing solutions are designed to help businesses realise their digitisation vision, even when struggling with IT funding.

It’s amazing what you can lease: servers for IT, epos systems for retail, furniture for your new office or your second branch. You can finance all that and much more with us.