GP Bullhound - Trends to Drive Technology in 2024 - Highlights, Thoughts & Reactions

3 minutes

During this time of the year, the technology advisory and investment firm GP Bullhound relea...

During this time of the year, the technology advisory and investment firm GP Bullhound releases its much-anticipated Technology Predictions report for the upcoming year, 2024. 

It’s a good guide for industry stakeholders, providing insightful analyses and trend forecasts on where the tech sector could go. 

But do we agree with their predictions? We've compiled some of their biggest predictions and have given our thoughts. For the full rundown on their outlook for the new year, check out the full report on Bullhound’s site.

Prediction: Large Language Models become smaller, disrupting the AI market –

OUR reaction: Not at all surprising to see this prediction, and it is an inevitable consequence whenever a trend arises in general. With Large Language Models emerging as one of the biggest changes to everyday work life, it seems only natural that businesses would want to invest in in-house models catered to their specific needs. Imitation is the highest form of flattery, and with the tech sector often being risk-averse, it stands to reason that seeing models work and yield results widely across the world would prompt the question – how can I make this more for myself and how can I fully maximise it to benefit mine or my team's workflow?

Prediction: Bits to billions: legacy data spurs an acquisition boom

OUR reaction: One of the biggest advantages of AI is its ability to automate mundane tasks usually relegated to admin. In an era of the information age, unlocking the vast potential of unused data through automating AI makes perfect sense! Great and positive use case scenario that will allow companies to fully leverage the info they already have banked whilst also removing the less desirable parts of administration that employees usually turn their noses up at! 

Automation has long been considered on of the biggest advantages to AI in the long-term and this prediction serves as further proof  of its transformative power to streamline processes and enhance efficiency.

Prediction: The rise of authenticity as creators challenge AI

OUR reaction: Already a hotly contested topic in discussions around AI art, specifically with DALL·E 2 being the biggest example. Does AI content hold the same worth as something made from human hands? With content creation being disrupted (and improved, some would say), we believe there will eventually be an unwritten “worth and authenticity” to human content over AI-generated pieces. We're already seeing necessary regulations come into place for AI and we think the changing tides is a positive change that, if done correctly, will establish a working environment where both types of content have their place and worth.

Prediction: Apple’s expanded subscription service with ad-free search engine

OUR reaction: An interesting prediction and something we’ve seen percolating under the surface for many years. Could 2024 be the year Apple cuts its ties to its biggest competitor Google? – It’s a tall order, we think, and while within the realm of possibility eventually, we believe the advantages Google gives Apple through search and their cut of the profits outweigh the trouble posed by creating their own. Plus, Apple was offered the chance to buy Bing when Microsoft tried to spin it off from their business, but Apple turned down the offer. 

Short term, no, but maybe in the longer term? Competition always leads to further developments as we've seen by Google launching their own AI chatbot to the public following ChatGPT's popularity. It stands to reason that if Apple was to release a search engine it'd prompt battle stations at Google to improve their services!  

To Conclude:

GP Bullhound's Technology Predictions report for 2024 offers a thought-provoking glimpse into the evolving landscape of the tech industry. While we may not entirely align with every projection, the report undeniably sparks essential conversations about the future of technology and the exciting changes we may see over the new year!