Tech trends 2024: A glimpse into future of technology

OpenAI remains dynamic, promising a more robust version in the coming year, ensuring continued advancements in generative AI
A representative picture of innovation. — Canva
A representative picture of innovation. — Canva

The year 2023 witnessed the mainstream adoption of generative AI across various industries. Led by Microsoft's ChatGPT, these AI systems proved to be valuable tools in creating content such as code, artwork, and essays.

AI outlook 2024

Microsoft's ChatGPT faced competition, notably from Alphabet's Gemini, integrated into Google products. OpenAI, the creator of ChatGPT, remains dynamic, promising a more robust version in the coming year, ensuring continued advancements in generative AI.

Venture capital investment in generative AI start-ups skyrocketed, reaching $21.4 billion globally by September 2023. However, industry experts caution that obstacles, including high development costs and potential regulatory challenges, might temper the rapid growth of generative AI in 2024.

Electric vehicle market outlook 2024

In the first quarter of 2024, the UK is set to launch its one-millionth all-electric car, marking a significant milestone and making it the second-largest electric vehicle market in Europe after Germany.

Read more: OpenAI in talks for mega-funding round, potentially up to $100bn or more

Despite this achievement, major electric vehicle manufacturers, including Ford, GM, and Tesla, paused production expansion plans in late 2023. Market challenges, including a price war and supply chain issues, led Mercedes-Benz to describe the electric vehicle market as "brutal."

Analysts predict a tough year for electric vehicle sales across Europe in 2024, with stagnant growth in strong markets like Germany and Norway. However, the UK stands out due to the introduction of the zero-emission vehicle (ZEV) mandate, creating a potential buyer's market.

Rise of humanoid robots in 2024

Tesla is at the forefront of humanoid robot development, with Optimus expected to perform basic factory jobs by 2024. Competitors like Amazon, with its robot Digit, and Sanctuary AI's Phoenix in Canada, are also advancing humanoid robots for diverse tasks.

Elon Musk expresses confidence that Tesla's Optimus will demonstrate utility in the company's factories by 2024, signalling the practical integration of humanoid robots into industrial settings.

Pharmaceutical industry dynamics in 2024

Novo Nordisk's weight-loss drug Wegovy experiences unprecedented success, briefly making the company Europe's most valuable. To meet soaring demand, Novo Nordisk is investing heavily in expanding production facilities.

Eli Lilly's Mounjaro gains approval as a weight-loss treatment in the US and the UK, presenting competition to Wegovy. Pfizer is also seeking approval for its own weight-loss pill, indicating a dynamic and competitive pharmaceutical landscape in 2024.