Business & Industry Trends of 2024

As we move into 2024, here’s what to expect to be the biggest focuses for businesses across various industries on a global scale.

Data Remains King

As every year passes, data continues to become an increasingly precious asset. Today, more companies are making their operations more efficient and improving their customer service through strategic data systems. In 2024, companies will be focusing on ways to monetize data to create new opportunities that benefit their customers in various ways. The biggest corporations have already been doing this, but the next phase is the proliferation of data collection and analysis by smaller companies in different sectors. Data management will also focus more on accessibility and control, moving away from cloud-based systems that have become so popular in recent years. This is due to the growing demand for more privacy and cost-effective controls. Transparency will also become more important to ensure the responsible use of data as consumers become more savvy and concerned with how their information is being used.

The Rise of Generative AI

AI and machine learning have been changing how major companies operate for some time now, fully integrated into products and services in various capacities. In 2024, generative artificial intelligence (AI) will be the next big thing for businesses of all sizes. Generative AI uses algorithms to create content (i.e., video, copy, and imagery) that is indistinguishable from that created by humans. It offers businesses the ability to create and automate customer experiences because it enables data-driven decision-making and a better understanding of consumer behaviors and market dynamics.

Quantum Computing

The quantum computing market is forecast to grow from $928.8 million in 2023 to $6.5 billion by 2030, at a compound annual growth rate (CAGR) of 32.1%. Quantum computing is expected to dominate large-scale computing in 2024, spanning computer-heavy fields such as AI, cryptography, meteorology, material science, genome sequencing, and financial modeling. This emerging technology enables the solution of complex problems at unprecedented speed and scale.

Don’t Worry, Humans Still Matter

While big data and AI are becoming indispensable areas for businesses, the human touch is still important. While it becomes more feasible to automate many technical aspects of work, there are still tasks that require a human touch. In 2024, we can expect to see more companies investing in the cultivation of soft skills that have an innate nature, such as communication, teamwork, creativity, work ethic, problem solving, and thought leadership.

There has also been a skills shortage affecting industries for some time now. Training and upskilling will continue to see investment from companies, as well as changes in hiring practices that focus on specific experiences and skills rather than age or education.

Remote and Hybrid Work Post-Pandemic

The COVID-19 pandemic has permanently altered the workforce landscape when it comes to flexibility, remote work, and globalization. While more workers have been returning to offices, companies still recognize that they need to offer the flexibility of remote work and the capability to work with geographically dispersed teams. The biggest benefit for businesses that do this is that they are able to attract talent from anywhere in the world, expanding their options for sourcing the best candidates for any given role. Additionally, companies are saving money by spending less on physical real estate and the added overhead that comes with it. For these reasons, remote and hybrid work models are not going away anytime soon.

The Possibilities of 5G Technology

The continued rollout of the 5G mobile network has always held the potential to do big things for business operations. It offers higher data speeds and better reliability, which can help businesses across all industries offer new services, collect data, and stay ahead of the competition. But the rollout isn’t nearly complete, with 5G available in 503 U.S. cities and 356 cities in China. We’ve been hearing about the potential of 5G technology for years now, but 2024 may finally bring the future closer than ever. The major carriers are going into the year with an emphasis on major 5G technology and performance upgrades, as well as purpose-built devices.

Sustainability in the Forefront

Data continues to demonstrate that more and more consumers (especially younger generations) prefer companies that show a commitment to reducing their environmental footprint, and green solutions can result in bottom-line growth. An example of these solutions is to improve fuel and vehicle maintenance by switching to delivery fleets of electric vehicles. In 2024, we can also expect consumers to be savvier when it comes to spotting greenwashing. This is when businesses are all talk when it comes to the environment while trying to divert attention away from their negative environmental practices. We can also expect to see consumers be more scrutinizing of the companies they choose to patronize and companies of all sizes offering personalized solutions to build stronger relationships with customers.

Inclusivity and Diversity

Companies will continue to focus on creating more inclusive workplaces, showing that they embrace a culture that values the unique contributions of every staff member. This has been proven to result in higher retention rates and less turnover, while giving companies the ability to tap into a wider talent pool. Businesses will be setting transparent goals and initiatives, and increasing the accountability of people in leadership roles.

Threat Risk Reduction

In today’s digital world, it is more important than ever that companies can demonstrate that they can protect themselves and their customers’ data from any type of threat, including cyber attacks, environmental events, global pandemics, or even a new competitor. Businesses are learning from those that have survived and even thrived in tough times. Identifying potential risks and building resilience to threats will be a key trend for businesses in 2024. Third-party companies that specialize in protecting against corporate risk will be more in demand than ever.

Americas: Sam Smoot at +1 (813) 898 2350 / Smoot@BenchmarkIntl.com

Europe: Michael Lawrie at +44 (0) 161 359 4400 / Lawrie@BenchmarkIntl.com

Africa: Anthony McCardle at +27 21 300 2055 / McCardle@BenchmarkIntl.com

ABOUT BENCHMARK INTERNATIONAL:

Benchmark International is a global M&A firm that provides business owners with creative, value-maximizing solutions for growing and exiting their businesses. Benchmark International has handled over $10 billion in transaction value across various industries from offices across the world. With decades of M&A experience, Benchmark International’s transaction teams have assisted business owners with achieving their objectives and ensuring the continued growth of their businesses. The firm has also been named the Investment Banking Firm of the Year by The M&A Advisor and the Global M&A Network as well as the #1 Sell-side Exclusive M&A Advisor in the World by Pitchbook’s Global League Tables.

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