Technology is constantly evolving and creating new opportunities for businesses and investors. However, not all technologies are equally promising or profitable. Some may be too risky, too expensive, or too niche to generate a good return on investment (ROI). How can you identify the best new technology to invest in for the future?
This article gives you a preview of the top 10 new technologies (a data-driven selection) to invest in and why they are worth your attention in 2024. We will also introduce you to a powerful tool that provides you insights into up-and-coming industry and technology trends in a click.
Top 10 New Technologies to Invest in (2024)
We generated this list using our Big Data and AI-powered Discovery Platform, covering over 3.7M startups and 20K+ technologies globally.
How did we do it?
Leveraging the platform’s Trend Intelligence feature, we looked at specific parameters of each technology to determine its impact in 2024. Some of these criteria include:
- Annual Growth
- Magnitude
- Maturity
- Number of organizations involved
- Manpower involved
- Funding
- Press mentions
So, let’s dive into the top new technologies to invest in 2024!
1. Artificial Intelligence (AI)
AI has already made significant strides and is set to revolutionize multiple sectors. Investing in AI presents substantial growth opportunities. Computer vision focuses on teaching computers to interpret and analyze visual information, which has applications in autonomous vehicles, surveillance systems, and healthcare diagnostics.
“The market size of AI projected to reach $1.58 trillion by 2030, growing at a CAGR of 38% from 2021 to 2030”
Natural Language Processing (NLP) enables machines to understand and respond to human language, opening doors for virtual assistants and chatbots. OpenAI’s ChatGPT and Microsoft’s Bing are already ruling the niche! ChatGPT is expected to generate around $200 million in revenue in 2023 and $1 billion in 2024.
2. Internet of Things (IoT)
Investing in IoT offers immense potential across industries like healthcare, manufacturing, and smart cities. IoT involves connecting everyday objects to the internet, enabling them to send and receive data. Thus, allowing for real-time monitoring, automation, and improved efficiency.
“The IoT market is expected to reach $1.5 trillion by 2027.”
Investments in IoT include connected devices like smart home appliances, industrial sensors for predictive maintenance, and data analytics platforms to derive valuable insights from collected data. Cisco, one of the IoT leaders’ revenues for the twelve months ending April 30, 2023, was $54.89 billion, a 6.43% increase year-over-year.
3. Biotechnology
The biotechnology industry offers immense potential for investors. Areas of advancement include genomics, personalized medicine, synthetic biology, and much more. Genomics is already revolutionizing healthcare through personalized medicine and targeted therapies. Synthetic biology also finds applications in biofuels and pharmaceuticals.
“Biotech is projected to reach a market size of $727.1 billion by 2025.”
Consider investments in companies focused on genetic testing, gene editing technologies, and biopharmaceuticals. Read this data-driven report to check out the top 5 startups advancing industrial biotechnology. Also, here’s an interesting list of startups merging IoT and biotech.
4. 5G
As 5G networks continue to roll out globally, investing in this transformative technology becomes increasingly attractive. 5G technology offers faster data speeds, lower latency, and increased network capacity.
“The market size of 5G is projected to reach $668 billion by 2026.”
Its major application areas include telecommunications, autonomous vehicles, and smart infrastructure. America’s one of largest telecom brands AT&T’s revenues from continuing operations in 2022 amounted to $120.7 billion.
5. Blockchain
Blockchain technology, with its decentralized and secure nature, is gaining traction beyond cryptocurrencies. Investing in blockchain involves areas like supply chain management, financial services, and digital identities. Blockchain ensures transparency and immutability of transaction records, making it ideal for supply chain tracking and verification. Additionally, blockchain-based platforms are revolutionizing financial services by providing faster and more secure transactions, reducing costs, and eliminating intermediaries.
“The global blockchain market is projected to grow from $17.57 billion in 2023 to $469.49 billion by 2030.”
ConsenSys is the leading blockchain company that develops decentralized solutions on Ethereum blockchain. ConsenSys’ revenue for 2021 exceeded $100 million and is expected to grow further in the coming years.
6. Robotics & Automation
Industrial automation involves using robots and intelligent systems to perform tasks previously done by humans, resulting in increased speed and precision. Cobots are designed to work safely alongside humans, enabling collaboration in manufacturing environments.
“The market size of Robotics is expected to reach $210.3 billion by 2026.”
Moreover, autonomous vehicles, including self-driving cars and drones, have the potential to revolutionize transportation and logistics. Here are the top 10 industries integrating advanced robotics in 2023.
7. Immersive Technologies
Virtual Reality (VR) & Augmented Reality (AR) technologies are poised to reshape industries such as gaming, entertainment, and education. AR overlays digital information on the real world, enhancing perception, while VR creates immersive virtual environments. Consider investments in companies developing AR/VR headsets, content creation studios, and applications for training, tourism, and marketing. Click here to explore the impact of VR on 10 industries and check if your industry is one of them!
“The AR and VR market size is expected to reach $114.5 billion by 2027, growing at a CAGR of 25.3%.”
Meta’s Quest Pro, the successor of 2020 launched Quest 2, is making immersive computing and metaverse experience more accessible and engaging for working professionals and creators. They are able to use it for education, entertainment, collaboration, and much more. Apple is also working on a revolutionary mixed reality (MR) headset, Apple Vision Pro, that “seamlessly blends digital content with your physical space” to take the immersive experience to the next level. It might even replace smartphones one day!
8. Biometrics
Biometrics is a rapidly evolving field that uses unique physical or behavioral characteristics for identification and authentication. Investing in biometrics involves areas like security systems, access control, and identity verification.
“The global biometrics market is projected to reach $73.5 billion by 2027.”
Biometric technologies include fingerprint recognition, facial recognition, iris scanning, and voice recognition. These technologies have applications in industries such as banking, healthcare, and law enforcement.
9. Edge Computing
Edge computing is gaining popularity as it enables faster data processing and reduced latency. Investing in edge computing includes areas like smart cities, autonomous systems, and IoT applications. Edge computing brings computing power closer to the data source, reducing the need for sending data to remote servers.
“The market size of Edge Computing is projected to reach $43.4 billion by 2027.”
This technology is essential for real-time applications, such as autonomous vehicles, where split-second decisions are critical. Investments in edge computing consist of hardware providers, software developers, and companies developing edge-based applications for smart infrastructure and IoT devices.
10. Quantum Computing
Quantum computing holds tremendous potential for solving complex problems beyond the capabilities of traditional computers. Investing in quantum computing involves areas like cryptography, drug discovery, and optimization algorithms. Quantum computers leverage quantum bits (qubits) to perform calculations at an exponential scale, enabling faster problem-solving.
“The market size of Quantum Computing is projected to reach $2.2 billion by 2026.”
Cryptography, the science of secure communication, benefits from quantum-resistant algorithms. Drug discovery and optimization algorithms are also enhanced by the computational power of quantum computers. Consider investments in companies developing quantum hardware, software, and applications for various industries.
How to Effectively Scout Eligible Tech Startups to Invest in?
Our all-in-one innovation intelligence solution, Discovery Platform enables you to identify emerging market trends before they mature and compare technologies based on various criteria. Our tool also allows you to find and analyze startups that match your investment criteria, across various technology domains and regions.
- Access a database of over 3 million startups, updated periodically
- Filter startups by technology, industry, location, funding, and more
- Get detailed profiles of startups, including their products, team, traction, and funding history
- Compare startups based on their innovation potential, market fit, and competitive advantage
- Contact startups directly or request introductions from our team of experts
In the ever-changing tech landscape, remaining static is as perilous as moving backward. By investing in tech startups, established companies ensure they are on the frontline of innovation, staying in tune with the latest trends, and leading the charge into the future. Our Discovery Platform empowers you with exactly that and much more. It saves you time and lets you make informed investment decisions. Interested in trying our product? Book a demo today!
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