Congratulations! You survived yet another year in the simulation. If you’re still employed in the Tech industry, it means you dodged massive layoffs, steered clear of any draft notices, and outsmarted the artificial intelligence that your boss wants to replace you with. 2023 was absolutely wild, but considering the pace of change, it’ll seem tame compared to what 2024 has in store.
I care deeply about the future because I’m going to spend the rest of my life there. But, the future ain’t what it used to be. In today’s post, we’ll dive into 10 technology trends you can leverage in 2024. Buckle up, it’s going to be a wild ride!
1. The Job Market in 2024
2023 gave us massive layoffs from companies like Amazon, Google, and Microsoft, which flooded the job market with more talent while the number of open positions declined by about 60%, according to data from TrueUp.io. This was a double whammy for junior developers hoping to break into the industry. Just two years ago, people could work multiple full-time jobs remotely, often secured by completing a 100-second boot camp. Now, the landscape has drastically changed, with managers desperate to get people back into the office.
If there’s any glimmer of hope, it’s that job openings are up 13.8% from earlier this year, and the Big Tech companies have unfrozen their hiring freezes. While there aren’t as many jobs as there used to be, there’s cautious optimism that things might be looking up in 2024. However, this largely depends on global circumstances.
2. Persisting High-Interest Rates
We are still facing a high-interest rate environment, which is dreadful news for cash-burning startups dependent on easy money to grow quickly. Higher costs of capital led to more layoffs, like Spotify’s third round of layoffs this year, affecting 1,500 employees.
High interest rates have also stunted the real estate market, freezing transactions as nobody wants to shell out $900,000 for a home combined with an 8% mortgage. The automotive industry saw shocking developments, too, with Tesla prices taking a nosedive this year. We’ve grown addicted to low rates, and these rate hikes weigh heavily on all aspects of the economy, especially technology.
3. Crypto’s Comeback
Crypto made a comeback in 2023. Bitcoin, which started the year at $16K, recently broke $40K. Now, crypto enthusiasts are predicting it’ll hit over a million dollars by the end of 2024. Watch for the $69K mark—if it reaches that, we’re going to see a meme flood of biblical proportions, possibly heralding the end of the crypto winter.
Cryptocurrencies might usher in a fresh wave of Ponzi schemes, luring us to invest our parents’ money, yet again.
4. Augmented and Virtual Reality
Augmented and virtual reality might make a big splash in 2024, primarily due to the forthcoming Apple Vision Pro, set to release early next year. Apple has innovated in unexpected ways before, like introducing a mouse that charges from the bottom. If these VR goggles take off, developers could see new app opportunities. However, it’s likely to remain a niche product as the broader public may hesitate to spend $3,500 to get more disconnected from reality.
5. Custom Chips in Tech
Microsoft recently announced its plans to produce its own chips, like the Maya chip for AI and the Cobalt CPU, an ARM-based processor for cloud usage. Similarly, AWS is developing its own ARM-based chips, which are cheaper and more efficient than traditional x86 chips. Currently, most PCs and laptops running Windows use x86 CPUs, but thanks to Project Volterra, Windows can now run on ARM chips. Even Intel is joining the ARM manufacturing bandwagon.
The single most critical activity using a CPU? Gaming. The excitement over Rockstar’s GTA 6 trailer—possibly the most hyped video game ever—illustrates this. Built with Rockstar’s proprietary RAGE game engine, it’s inaccessible to developers. Unity, on the other hand, botched its 2023 pricing model, sparking a developer outcry and a subsequent rollback. Meanwhile, Unreal Engine released version 5.3 with jaw-dropping new features.
6. Web Development
JavaScript is as chaotic as ever, but in 2024, the trend will be toward enhancing existing frameworks rather than creating new ones. Frameworks like React are seeing more visual editors and IDEs, and tools like Visual Co-pilot can convert Figma designs directly into framework code and Tailwind styles.
The real race will be about who can build the best tools for existing frameworks. The emergence of specialized AI tools for coding will lead to innovations. Whichever framework excels in these areas will dominate the web development landscape for the next decade.
7. Mobile Development Recedes
Fewer people want to download mobile apps nowadays. It’s much harder to grab user attention away from established apps. While mobile app development technology has evolved, cross-platform, low-code tools are becoming more prevalent, allowing developers to build for both iOS and Android with drag-and-drop ease.
8. Low-Level System Languages
Rust continues its rapid growth and now forms part of the Linux kernel, despite some drama with the Rust Foundation earlier this year. Other up-and-coming languages include Zig, used by the JavaScript Bun runtime, and Mojo, a Python super language, offering both low-level memory management and AI/machine learning performance.
9. Artificial Intelligence
ChatGPT has only been with us for a year yet it feels like a lot longer. Most people haven’t even touched it yet, but that’s changing. Google’s Bard is integrated into its search engine, and Microsoft’s Copilot is integrated into Office tools. AI now underpins 75% of stock trading and supports both offensive and defensive cyber operations. Companies like Lockheed Martin and Boeing rely on AI to design military tools.
Generative image AI has seen revolutionary advancements, making way for innovations like text-to-video models. By the end of 2024, we might be able to generate full-length Bollywood-quality movies right from our laptops.
10. Artificial General Intelligence (AGI)
The ultimate frontier might be the achievement of AGI—an AI that can think for itself rather than just remixing human inputs. There are debates about whether AGI already exists or if it’s decades away. If AGI arrives, it could mean a life of unparalleled leisure for humans—or it could bring unimaginable horrors. The balance between AI-driven pleasure and moral decline might require dystopian scenarios like creating lab-grown babies to offset the AI’s indulgence.
“If we don’t get a big war soon, the entire system could collapse, and that’s not going to bode well for tech jobs in the future.”
Final Thoughts
2024 is poised to be a year, filled with technological advances and significant uncertainties. As we navigate through rapid changes in the job market, economic shifts, the resurgence of crypto, breakthroughs in AI, and more, adapting and staying informed will be crucial. Here’s to surviving—and thriving—in the chaotic, exhilarating future ahead.
Thanks for reading, and see you in the next post!