The advancement of technology is bettering our lives by altering how we communicate, learn on our own time, and stream online without going to the cinema and, importantly, making our business scale effectively. Below are current technology trends globally:
- 1. Artificial Intelligence (AI) The advancing AI technology has gained attention worldwide. McKinsey Global Institute (2024) mentioned that it started to be known and found in 2023, and many businesses have adopted and are benefiting from it. McKinsey Global Survey conducted a report emphasizing that the business owners or managers have responded; 65% said they are adopting and benefiting from AI. South Africa is on the cusp of an AI revolution, with businesses and government recognizing its potential (Dube, 2024). This will promote countries economically, boost productivity, and help them make informed decisions using data analytics generated by AI. AI causes a significant change in the way we learn; now, anyone can take six months and finish it in one month, even after four months. This shows how flexible a student or any individual can learn regardless of where they are. AI provides high-quality education, can mark students' scripts, and does administrative tasks. It even helps educators with new teaching methods (Maisiri, 2024). It limits time wasting and helps these educators have time to mentor and support their students. They are using AI in education, optimizing a solid foundation and more highly educated students, which promotes South Africa's society.
- 2. Cloud Computing Cloud computing will dominate in 2024; it is known for its growth and global adoption by SMEs and large enterprises. These businesses are migrating from servers to the cloud, gradually increasing that cloud computing expansion. “The cloud computing market in South Africa is expected to grow at a compound annual growth rate of over 26% between 2023 and 2028, expanding to R113 billion” (Moyo, 2024). Companies see the benefits of using cloud technologies to support innovation, enhance operational efficiency, and transform. Moyo (2024) mentioned that Ngwenyama, the director of Africa Analysis, said Microsoft, Google, and AWS are currently dominating the South African cloud market. This means that public cloud services dominate South African cloud computing marketing. The SMEs in SA collaborate with these public cloud services.
- 3. Quantum Computing Quantum Computing is becoming a growing tool that solves problems that a computer cannot solve, which are very hard. "The market size and growth of quantum computing are forecast to reach approximately 64.98 billion USD by 2030, as it has been one area in technology giants and governments putting in massive investments” (GeeksforGeeks, 2024). Governments and businesses recognize that this technology can solve complex problems, and its growth is driven by the algorithms and software expanding across the different businesses. Governments are investing in this technology as universities are researching more about it, which is in the early stages in South Africa. According to ITWeb (2022), Wits University received R54 million in funding from the government to start the South African Quantum Technology Initiatives (SA QuTI). The SA QuTI is working to put SA on the map with world-class research and be able to compete globally. "It will help in the establishment of quantum nodes at five centers, namely Wits University, University of Zululand (UniZulu), Stellenbosch University, University of KwaZulu-Natal (UKZN), and Cape Peninsula the University of Technology (CPUT) – eventually increasing the number of active centers across the country by finding and supporting new emerging quantum leaders” (ITWeb, 2022).
- 4. 5G Network and beyond 5th generation of mobile network adoption is growing worldwide, improving connectivity and transforming businesses. Spooner (2024) mentioned that the transformation from the 4th generation to the 5th generation is a significant shift in cell phone technology in improving speed in connectivity using unprecedented capacity and ultra-low latency. In the market, China is leading with an impressive 67% revenue share. Companies like Vodafone Group, Rakuten Mobile Inc., Saudi Telecom Company, and China Mobile Ltd are at the forefront of the 5G rollout, paving the way for a more connected future (Spooner, 2024). At the start of 2022, 20 3rd generation and 36 2nd generation networks over seven years, totaling 56, were shut down in South Africa (Batyi, 2024). The shutdown of these older networks reflects the diminishing relevance of legacy systems and underscores the increasing demand for faster, more reliable connectivity. Mobile communications companies like Vodacom, MTN, and Rain rolled out 5G. Though it is expensive, it is 5g routers and load-shedding. "Telco Rain, which in 2019 was the first operator to launch a commercial 5G network locally, says it has continued to expand its offering to become one of the largest 5G networks in SA" (Malinga, 2023). The advancement and growth of 5G infrastructure have opened new possibilities for companies regardless of the challenges SA society faces.
- 5. Cybersecurity Privacy and security are becoming scarce nowadays; as technology improves, it can also be dangerous and used incorrectly to gain sensitive data for businesses or personal information. “The cybersecurity sector is witnessing significant growth, with the global workforce estimated at 4.7 million professionals. This number reflects the increasing importance of cybersecurity in today’s digital age, as organizations worldwide prioritize the protection of their information systems against cyber threats" (National University, 2024). Protecting businesses and people's data is crucial, even though you cannot be fully 100% protected, as businesses and people need to check for vulnerability steadily. Petersen (2024) emphasized that ransomware attacks had compromised South African 78% of companies. This means that these businesses have to develop a risk management plan to limit these risks as it makes this business lose money. Tredger (2024) added that Check Point recommended that businesses must update regularly and system patching, deploy multi-layered security measures and frequent training sessions, back up the crucial database, and have the best incidence response plans.
- 6. Extended Reality Mixed Reality (MR), Virtual Reality (VR), and Augmented Reality(AR) are blending and transforming the way we game, learn, undergo industry training, and more, and they are rapidly growing. According to Emergen Research (2021), XR cuts costs, enhances productivity within the business, and improves user experience. This technology also helps customers with mental health treatment, surgery, and content creation. “The projected value of the Metaverse market in 2024 is expected to reach US$275.5m" (Statista, 2024). South Africa is part of the growing market in this area; it is experiencing potential adoption of these metaverse technologies by companies such as Virtual-Reality.co.za, which is part of the Virtual Reality South Africa Association. The company has partnered with African Bank, MTN, and McKinsey & Company to embrace VR's revolution and change how we do corporate events. "Using VR technology for corporate events also benefits the companies themselves. For example, companies can collect valuable data on attendee behavior, such as how long they spent in each event area, which can help them improve future events and make better business decisions.” (Virtual Reality, 2024).
- 7. Edge Computing Edge computing is crucial in reducing response times and saving bandwidth by processing data near the source or point of its generation. This approach is essential for applications that want real-time analytics, like autonomous vehicles, industrial automation, and innovative city development. Processing the data locally can improve speed and efficiency and ease the burden on the centralized cloud systems. “The global edge computing market is expected to rise from $4 billion in 2020 to $15.7 billion by 2025 at a CAGR of 34.1%” (GeeksforGeeks, 2024 ). This shows how it is revolutionizing business and IT computing. Opperman (2023) mentioned that edge computing can revolutionize the manufacturing sector by combining many aspects of the manufacturing process, including design, supply chain, and operations. Further, aligning SA manufacturing more closely will shift globally and take manufacturing to the next level.
- 8. Blockchain "The global blockchain technology market size was valued at USD 17 billion in 2020." It is expected to rise from USD 27 to USD 57 billion in 2023 to USD 84 billion in 2024 and reach 93 billion by 2032 at a growth rate of 52% CAGR. From 7.0% in 2018 to 8.0% during the forecast period of 2024-2032” (Fortune Business Insights, 2020). The pandemic has significantly increased the blockchain market as investors wanted to secure them, showing how blockchain has the world's attention. Schlapkohl (2020) states that Bitcoin was valueless in March 2010; a decade later, each one is valued at 20,000 dollars, and investors were driving Lamborghinis. “While looking to the far future of blockchain is extremely exciting, innovations are constantly entering the market promising bigger and bolder uses of the technology. Active blockchain networks continue to bring real transformative change to several industries” (Schlapkohl, 2020). Blockchain technology plays a significant role in our everyday lives and the worldwide operations of corporations as these trends continue to develop. It has a genuinely enormous potential to spur innovation and generate new business opportunities, and it will affect a wide range of industries. With further government and corporate research and investment, blockchain is poised to become a significant force in determining the direction of our digital economy.
- 9. Biotechnology In 2023, the global biotechnology market was USD 1.55 trillion and is expected to grow at a CAGR of 13.96% from 2024 to 2030. This growth is due to strong governmental support for the modernization of regulatory frameworks. As observed during the coronavirus pandemic, the biotech industry has been at the forefront of responding to the pandemic and driving the adoption of several biotechnologies in health, medicine, and bioinformatics. Investec (2022) noted that South Africa's biotech innovation relies on the notion of throwing caution to the wind. Moreover, this change in the development model is essential for environmental sustainability and altering the course of the nation's economic and technological progress. The country's dependence on fossil fuels has led to serious risks, such as energy security challenges, economic risks from fluctuations in the global oil market, and negative impacts on the environment through greenhouse gas emissions. Transitioning to sustainable energy sources will help mitigate these risks and promote a more sustainable future.
- 10. Robotics