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Deloitte’s 2024 Technology Industry Outlook suggests that the tech industry is gearing up for a “resurgence,” with new technologies at the forefront shaping the future of work.
According to the report, “Facing decelerating revenue growth, many tech companies ramped up layoffs last year, continuing to adjust their workforces after aggressive hiring in prior years. Now, there may be light on the horizon: Economists are more optimistic about the US economy as a whole, lowering the risk of a recession in 2024 to below 50%. For the tech sector specifically, analysts are optimistic about a potential return to modest growth in 2024, with more robust prospects for 2025.”
As companies across the world navigate through economic uncertainties and global challenges, Deloitte’s report highlights the strategic pivot major tech companies like Google have taken — stressing the role of artificial intelligence (AI), cloud computing, and cybersecurity as some of the key technologies pushing the industry forward. Economists predict AI-related investments could reach $200 billion globally by 2025, led by the U.S., according to the report. Analysts are also optimistic about enterprise spending on software and IT services.
This kind of massive AI spending is reflected in U.S. chip maker Nvidia’s $2 trillion valuation, which made it one of the most valuable U.S. companies, only behind Microsoft and Apple, according to a recent report published by The Wall Street Journal. The massive valuation is heavily influenced by the key role Nvidia has taken in shaping the future of AI.
Generative AI stands out as one of the most transformative forces in the workforce, with this year expected to be influential in its introduction across many different industries utilizing it to drive productivity gains. However, the regulatory landscape surrounding these new technologies are also expected to become more established this year, as governments continue to scrutinize the impacts of large tech platforms and social networks on businesses and consumers.
