Imagine calling a self-driving car on your phone just like you’d hail an Uber. Or having complex surgery conducted by a robot with superhuman precision. How about instead of going to stores, trying on VR glasses that place you inside life-like virtual shops? Advanced technologies like these arriving in 2024 promise to shake up industries from transportation to healthcare to retail and beyond.
Major innovations on the horizon are poised to drive unprecedented levels of disruption across economic sectors. From AI and automation streamlining outdated business processes to developments allowing customization and personalization once thought impossibly complex – seismic shifts lie ahead.
Read on for our rundown of 5 key industries ripe for transformation in the next era of technological proliferation. We detail the approaching advances starting their momentum as we speak – changes promising to reshape how we live and interact in the world. The possibilities stretch as far as our imaginations; welcome to the next wave of human ingenuity.
1. Health Industry Shake-Up
Telehealth and Remote Patient Monitoring Growth
The expansion of virtual care and remote health services is expected to transform healthcare delivery in 2024. Telehealth visits are projected to top 1 billion, up from just 11 million in 2019, enabling convenient access to doctors. Wearable biosensors will allow remote patient monitoring, tracking health data to enable early diagnosis and prevention.
5G networks will support real-time high definition video consultations and seamless data sharing between patients and clinicians. The increased convenience and access promises more patient-centered, value-based care focused on outcomes rather than volume of services.
2. AI Diagnosis and Robotic Surgeries
Algorithms leveraging huge datasets of medical images, lab results, clinical research and patient data will aid disease diagnosis and personalized treatment plans. Machine learning models can already match or outperform radiologists at detecting cancer on X-rays.
As more data feeds these models, accuracy will skyrocket. Doctors will partner with AI tools to combine human skills and machine computing power. Robotic surgical systems like those used at top hospitals will expand. These superhumanly precise robots controlled by surgeons can enable better outcomes in complex operations through tinier incisions.
Improved Access and Affordability
Increasing accessibility and affordability of care for marginalized and underserved groups will be a focus through telehealth expansion and preventative innovations. As alternatives to expensive urgent care visits and ER trips become widely-adopted, overall costs are projected to lower.
The rise of retail health clinics in pharmacies and big box stores also promises more convenience and price transparency. Further affordability gains are expected through tech-enabled efficiencies – like AI to speed drug development & clinical trials, blockchain to reduce administrative waste, and automation of repetitive tasks which currently waste $265 billion annually.
3. Transformations in Travel
Self-Driving Cars and Networked Transportation
The commute of 2024 will be transformed by self-driving cars safely navigating roads at a fraction of risk posed by human drivers. Studies show autonomous vehicles could prevent 90% of crashes. Beyond personal vehicles, high-speed self-driving shuttles will expand public transportation options.
Coordinating this multi-modal transit will be mobility orchestration platforms that integrate trip planning and booking across public and private transport for seamless point-to-point journeys. Just input your destination and preferences, and AI will handle optimizing routes and booking rides, subways, scooters etc.
Expansion of Bus Rental Services
Inter-city travel in 2024 is set to be upgraded by expanded bus rental services promising greater flexibility at lower costs than alternatives. Startups utilizing Tesla-based electric fleets will scale up networks. Customers can conveniently book guest buses on-demand via mobile apps instead of rigid public transport schedules.
Enabled by self-driving technology, these services overcome driver shortages plaguing current operators. The service’s group travel orientation also fosters communal, eco-friendly ridesharing for large parties like family trips or corporate outings.
VR Tech for “Try Before You Fly” Simulated Vacations
Virtual reality tech will allow trying travel experiences before arrival. Hyper-realistic VR reconstructions of hotels, landmarks and destinations promise next-best-thing-to-being simulations. Travelers can preview cruises through AR/VR skyline walkthroughs.
The tech allows assessing trips from all angles – peeking at hotel room views or scoping out the best seats for concerts. This expands travel planning capabilities beyond static photos. Just slip on a headset at home to explore global sights. Accurately setting expectations promises to ease anxiety and boost traveler confidence.
4. Banking and Fintech Evolutions
Blockchain, Crypto, and Decentralized Finance
Mainstream adoption of cryptocurrencies and blockchain-based decentralized finance is expected to disrupt traditional banking. Bitcoin and Ethereum will cement status as trusted digital alternatives to gold and stocks for investments and savings.
Enabled by crypto wallet apps, digital assets embedded in social platforms, and payments via crypto rewards cards, digital coins will gain utility akin to credit cards today. Creative decentralized finance (DeFi) apps will provide access to lending, trading, insurance and banking without intermediaries via transparent distributed ledgers. Handing control back to consumers, these innovations could make banking more equitable by linking finance to identity rather than credit scores.
Increased Digital Payments and Transactions
Cash transactions will be overtaken by mobile and wearable contactless payments including phones, rings, watches and more. Spiked by COVID-era touchless payment adoption, digital transactions are estimated to hit $10 trillion by 2024 – more than doubling from $4.4 trillion in 2020.
Driving this shift are enhancements like biometric authentication including fingerprint, facial and voice recognition for simplified secure checkout. Additionally, central bank digital currencies will bring cash-like capabilities to pioneering mobile payment apps linking bank accounts.
More Access to Credit and Personal Finance Tools
Traditional credit checks are set to be augmented by alternative credit scoring models utilizing new data from bills, education, employment etc. These enhanced insights promise expanded access to loans and other financial products for those with limited credit history like millennials or immigrants.
Additionally, personalized finance advisor bots utilizing natural language processing will provide official banking guidance for everyone – no matter income level. Offering free digital financial planning once exclusive to the wealthy, these AI advisors will help optimize and grow savings and wealth.
5. Retail - Bricks Meet Clicks
Augmented and Virtual Reality Shopping
Virtual try-on tech expands e-commerce fashion retail capabilities. AR glasses allow browsing products as if aisles and models walked into your living room. Photorealistic virtual clothing overlays promise better style and fit assessments than static photos.
VR fashion shows grant front-row digital seats. These immersive, personalized experiences are expected to increase conversion rates and cut returns. Mainstream augmented shopping apps could drive half of purchases eventually occurring digitally – no changing rooms required.
Retail Spaces as E-Commerce Fulfillment Centers
As buying shifts online, retail spaces will morph operations into miniature warehouses fulfilling e-commerce sales rather than relying on in-store foot traffic. Locations with excess space will optimize for digital order assembly, storage and pickup.
Staff roles will concentrate on fulfillment over merchandising. An agile store network supplementing warehouses promises faster, flexible delivery critical as online sales are estimated to overtake in-store.
Key Takeaways: 5 Industries Ripe for Disruption in 2024
The scope of imminent disruption cannot be understated – nearly every sector stands to morph in the coming years. While the precise impacts remain difficult to predict, one truth is certain: technological innovations will indelibly reshape lifestyles and business norms.
Rather than reactively responding as changes unfold, proactive preparation presents a possibility. Corporations can audit operations for automation opportunities, pilots of cutting-edge tech like VR, and skunkworks teams to ideate and assess emerging competitive threats.
Policymakers might analyze required infrastructure upgrades or data security and job market protections. Individuals may evaluate in-demand future skill sets worth acquiring today to ride the impending waves of progress. The time is now to be ready for the next era of human innovation and advancement.