Big Data, IoT, AI to dominate priorities for enterprises in 2024: report

New research from Endava reveals that enterprises are advancing toward the adoption of emerging technologies, although macroeconomic conditions may force them to consider alternatives in the pursuit of workplace productivity.

According to the report, firms are pitching their tents with emerging technologies including Big Data, Internet of Things (IoT), artificial intelligence (AI), and predictive analysis. A majority of respondents confirm a preference for Big Data, given its indispensable nature in the grand scheme of things.

“Data serves as the foundation: it’s used in training AI models, is crucial for accurate predictive data, and is exchanged among IoT devices to empower decision-making,” read the report. “While organisations have different choices for what to invest in, many efforts will start with prioritising data infrastructure and management.”

While Big Data appears to be a common denominator, a significant number of enterprises are steamrolling toward generative AI to improve operational efficiency. The firms say the promise of efficiency and a competitive edge makes the pivot to AI necessary, but several factors stand in the way of a full-scale adoption.

For starters, there is a steep cost for equipping employees with AI skills aside from the cost of integrating the technology with existing company processes. Firms are treading with caution over the risks of data breaches, regulatory challenges, and the difficulty of attaining a return on investment (ROI) in the foreseeable future.

Another area recording rising interest is the metaverse, with a streak of institutions turning to the technology for realistic training processes. However, real-world use cases appear limited—a problem exacerbated by the rising costs of hardware for virtual and augmented reality.

In previous years, blockchain topped the charts, and despite the buzz surrounding AI and Big Data, a handful of firms are investing in the technology for its transparency and immutability properties.

IoT and quantum computing are generating significant interest from firms across several industries in supply chain, finance, and energy with players keeping their eyes on rising use cases.

AI spending could balloon in the coming years

Big Tech firms are poised to allocate a chunk of their budget to implement AI integrations before the decade’s end. A report from Wedbush pegs the figure at 10% of enterprise spending as companies engage in a mad dash for AI, with 2028 touted as a potential watershed moment.

To save costs, CEOs are mulling partnerships and acquisitions rather than building their solutions from the ground up while CIOs are bracing for impact.

“As CEOs navigate prolonged economic and geopolitical uncertainty, it is important to focus on what they can control and consider how they harness generative AI to rapidly conduct scenario planning and address changing market conditions or emerging risks faster and better equipped than ever before,” said KPMG Global Head of Advisory Carl Carande.

In order for artificial intelligence (AI) to work right within the law and thrive in the face of growing challenges, it needs to integrate an enterprise blockchain system that ensures data input quality and ownership—allowing it to keep data safe while also guaranteeing the immutability of data. Check out CoinGeek’s coverage on this emerging tech to learn more why Enterprise blockchain will be the backbone of AI.

Watch: Blockchain is the backbone of AI & IoT—here’s why