5 Examples of Emerging Technologies in 2024
Explore a compilation of new technologies emerging in 2024
Published January 14, 2024.
When investing in stocks, having a diversified trading account could help manage risk. By spreading your investments across different instruments and industries, you are potentially less likely to suffer from the impact of a single stock's performance.
Namely, 2024 promises a range of innovations in the tech sector alone. Biotech breakthroughs are set to revolutionize healthcare, artificial intelligence (AI) is becoming increasingly prevalent, and blockchain technology continues to disrupt traditional sectors.
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What Is Emerging Technology?
Emerging technology refers to innovations that are transforming the way we interact with the world. Characterized by rapid development and adoption, emerging technologies can be seen across all sectors, including healthcare, transportation, food, retail, and more. From robotics to blockchain applications and beyond, these technologies represent the tools of tomorrow.
For example, 5G networks are expected to exponentially increase internet speed worldwide, while virtual reality (VR) has revolutionized gamers' experiences. As such, these technologies alone can potentially create vast markets and businesses in their respective industries.
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1. Artificial Intelligence (AI)
As of 2023, AI is fast evolving and slowly becoming deeply integrated into our daily lives. With its potential for automation and intelligent decision-making, AI is reshaping industries and transforming how we work and interact with technology.
Adobe (ADBE) offers multiple AI-driven solutions designed to empower creators and businesses in the digital realm. From powerful image and video editing tools to intelligent analytics and personalization platforms, Adobe leverages AI to enhance content creation, automate repetitive tasks, and deliver personalized user experiences.
Nvidia (NVDA) is a renowned chipmaker specializing in producing high-performance hardware optimized for AI applications. Their GPUs are instrumental in advancing AI research, deep learning, and neural network training. Additionally, Nvidia's hardware plays a vital role in powering autonomous vehicles, enabling real-time data processing and decision-making.
As a leading computer processor manufacturer, Intel (INTC) acknowledges the potential of AI and invests significantly in AI-based products. Their processors are tailored for handling demanding computational workloads, facilitating efficient training and inference. Additionally, Intel is dedicated to research and development, working on specialized AI chips and frameworks, and fostering innovation within the AI ecosystem.
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2. Internet of Things (IoT)
The Internet of Things (IoT) refers to the network of objects connected to the Internet, allowing them to collect and exchange data with one another in a single network. As new devices become increasingly capable of connecting to each other, they can interact both autonomously and in response to external stimuli.
As a dominant player in the retail industry, Amazon (AMZN) has also made significant strides in IoT. Moreover, Amazon Web Services (AWS) offers a robust cloud infrastructure that supports IoT applications, allowing developers to build and deploy innovative connected solutions.
IBM, a renowned IT company, has been actively involved in developing smart cities, leveraging its technology to create intelligent and sustainable environments. By harnessing analytics, machine learning, and Internet of Things (IoT) technology, IBM helps enhance public services and improve residents' overall quality of life.
Google (GOOGL), known for innovation and a diverse product range, plays a significant role in the connected world. Its expertise in data analysis and machine learning is pivotal in developing intelligent algorithms for connected devices, contributing to the development of a seamless, interconnected ecosystem that enhances users' lives within the IoT space.
Blockchain-powered digital instruments offer an innovative method to store value and support functions like smart contracts and decentralized applications. Apart from trading cryptocurrencies, investors can acquire shares in companies within the blockchain sector. As an investment prospect, blockchain technology holds great promise by enabling secure transactions without intermediaries.
Remember that investing in blockchain usually involves buying the underlying cryptocurrency. While some people have earned a potential profit from cryptocurrency, Fortrade does not endorse the risk associated with decentralized finance and cryptocurrency.
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4. Quantum Computing
Quantum computing is an exciting and rapidly evolving field that leverages quantum mechanics to revolutionize computational capabilities. With "qubits," the fundamental units of quantum computing, these systems can process data in parallel, leading to remarkable advances in problem-solving.
Across various industries, quantum computing shows great promise. For example, in the aerospace sector, quantum algorithms enhance flight optimization and navigation while accelerating system design. Defense organizations can also explore applications like secure communication networks, robust encryption, and strategic simulations.
Best known for its industrial manufacturing expertise in the aerospace industry, Honeywell (HON) is also actively engaged in the technology sector. One of the company's most notable ventures was establishing its quantum computer unit, only to merge it in 2015 with the start-up Cambridge Quantum Computing under Quantinuum.
Google's (GOOGL) Quantum AI team has significantly progressed in quantum computing research. They have developed and tested quantum processors known as "qubits" that form the building blocks of quantum computers. With its Quantum campus, Google aims to build practical quantum computers capable of solving complex problems beyond the reach of classical computers.
Microsoft (MSFT) is committed to advancing quantum computing through its Quantum Computing program, with the aim of building a scalable quantum computer for practical applications. Their approach focuses on creating topological qubits known for their inherent stability against noise and errors.
5. Biotechnology and Genetic Engineering
Biotechnology and genetic engineering are related fields that involve using living organisms or their components to develop new products. The biotechnology industry encompasses various branches, such as bioinformatics, gene therapy, pharmaceuticals, plant science, and more.
Thermo Fisher (TMO)
With its extensive product offerings, Thermo Fisher (TMO) plays a crucial role in facilitating the development of technologies for medical treatments and drug discovery.
Moderna (MRNA) is a pioneering biotech firm known for its mRNA-based treatments and significant contributions to the coronavirus vaccine development. While there was a dip in 2023, Moderna persists in exploring mRNA technology's potential for diverse medical applications.
Crispr Therapeutics (CRSP)
Crispr Therapeutics (CRSP) is a leading biotechnology company dedicated to harnessing the power of its revolutionary gene-editing platform. By leveraging the precision and versatility of Crispr technology, Crispr Therapeutics aims to develop transformative treatments for a range of genetic disorders.