BDO Tech – Predictions, 2024

The tech industry has faced numerous challenges in the past year, including economic instability, high inflation, and rising interest rates. These factors have forced tech companies to reassess their strategies, adjust their growth plans, and reconsider their staffing models. However, despite these difficulties, there have been significant advancements in technology, particularly in the field of generative artificial intelligence (AI). This rapid pace of innovation has created new business opportunities across industries. As we approach the end of 2023, tech leaders are analyzing the challenges and opportunities that lie ahead in the new year. The industry is expected to move away from remote work and embrace autonomous agents as a new administrative assistant. Generative AI will revolutionize the gaming industry, making games almost limitless in their capabilities. Additionally, passwords will become obsolete in 2024, replaced by passkeys. While tech companies focus on achieving profitable growth, there will be ongoing layoffs. The migration of talent, known as the "Texodus," will continue to build a new tech hub. However, there is also a concern that generative AI may be used for cyberattacks, bringing a new dimension to cybersecurity. Finally, while tech mergers and acquisitions will continue at a slow pace in 2024, an explosion of M&A activity is predicted for 2025.