I care deeply about the future tech trends because I’m going to spend the rest of my life there, but the future ain’t what it used to be. In today’s video, we’ll look at 10 trends and technologies that you can take advantage of in 2024. Let’s get started by looking at the health of the job market.
At the beginning of ’23, we had massive layoffs from Magnificent Seven companies like Amazon, Google, and Microsoft. Not only did this flood the job market with more talent, but simultaneously the number of open jobs declined by about 60%. Based on data from TrueUp.i, that’s been a one-two punch to the nuts for junior developers looking to get into the industry.
In 2021, we had people working multiple full-time jobs simultaneously thanks to remote work, and you could land these jobs by simply taking a 100-second boot camp. But today, things look a lot different. Managers are still desperately trying to get people back into the office, and you can find all kinds of anecdotes on Reddit about how brutal the job market is right now. It’s been a rough year, but there is some hope.
If we look closely at the chart, you’ll notice that job openings are up 13.8% from earlier this year, and all the BigFang companies have unfrozen their hiring freezes. Although there aren’t nearly as many open jobs as there used to be, so I’d be cautiously optimistic about an improving job market going into 2024. But a lot of that depends on the state of the world.
We’re still in a high-interest rate environment, which is not ideal for cash-burning startups that need that easy money to hire a bunch of people to grow quickly. Just yesterday, Spotify did its third layoff of the year where it severed about 1,500 heads, which it blamed on the higher cost of capital. These high rates have also put the real estate market at a standstill, dramatically reducing the total number of transactions because nobody wants to pay $900,000 for a cardboard box with an 8% mortgage.
The automotive industry is a tech which is also struggling, and we saw Tesla prices come way down in 2023, which was a shock to some people who thought their Tesla was an appreciating asset. The economy, and especially technology, is addicted to low rates.
But we’ve also got some wars going on. Now, I don’t stand with Palestine, I don’t stand with Israel, I don’t stand with Ukraine, I don’t stand with Russia. I stand with Lockheed Martin and Boeing and the military-industrial complex. These companies make the tools we need to blow each other up, and when you stand with that team, you really can’t lose.
What you have to realize is that you’re living paycheck to paycheck, your employer is living bailout to bailout, and the United States government is living from war to war. If we don’t get a big war soon, the entire tech system could collapse, and that’s not going to bode well for tech jobs in the future.
But speaking of money, crypto is back! Bitcoin was $16k at the beginning of the year and just broke $40K a couple of days ago. And crypto bros are already predicting that one token will be worth over a million dollars by the end of 2024. The price to watch for is $69k. If it reaches this price point, the world will be flooded with tech memes that will elevate FOMO to biblical levels. In other words, the crypto winter might be over, bringing us a fresh new round of Ponzi schemes to invest our parents’ money in.
Another failed technology that could come back in 2024 is augmented and virtual reality thanks primarily to the Apple Vision Pro, which is set to release in early 2024. Apple has done some revolutionary things in the past like a mouse that charges from the bottom, and if these VR goggles take off, it could lead to a whole new round of opportunity for app developers.
However, I think that’s unlikely. Plenty of Apple cult members will drink this Kool-Aid, but I don’t think the general public is going to fork over $3,500 to become even more disconnected from reality. Ultimately though, I think this will end up being a niche product – very cool to some people but not appealing to the average NPC.
Now speaking of hardware, Microsoft just announced a few weeks ago that it’s going to start producing its own chips like the Maya chip for artificial intelligence and the Cobalt CPU which is an ARM-based processor designed for general-purpose use in the cloud. And AWS is also building its own ARM-based chips which are cheaper and more efficient than traditional x86 chips.
Now as of today virtually all PCs and laptops running Windows run CPUs based on the x86 architecture but that may not be the case in the future because thanks to Project Vola it’s now possible to run Windows on ARM chips. Hell, even Intel is going to start manufacturing ARM chips.
The single most important thing anyone does with a CPU though is play video games. And just yesterday we got our first look at the GTA 6 trailer. This will likely be the most hyped-up video game in the history of the world and it’s built using Rockstar’s own proprietary Rage game engine. And that means you can’t use it! What you can use is Unity. However, Unity made a massive blunder in 2023 by rolling out new pricing that would charge developers every time a game is downloaded.
Unity developers revolted and it got so bad that they had to roll back the pricing and apologize. That’s right… apologize! Meanwhile Unreal released version 5.3 with some crazy new features like a procedural content generation framework and its substrate material system that gets almost indistinguishable from reality from the tech.
Now Unreal Engine’s parent company Epic Games sued Apple a few years ago saying it’s a monopoly because it takes a 30% cut on the App Store and doesn’t allow alternative payment methods. But it lost that suit and that was held up on appeal in 2023. Epic Games is not giving up though with a similar ongoing lawsuit against Google. It seems like a long shot but if they somehow win it would be huge for indie developers because they could avoid that 30% cut to the big guys by using their own payment processor.
And I think there will be a lot of opportunity on the web in part because of tech trends in mobile development. This trend has been ongoing for many years but people just don’t want to download mobile apps anymore. It’s not like 10 years ago when you could develop an app in your mom’s basement, have it go viral, and become a millionaire overnight. There are billions of people using smartphones every day but getting their attention away from established apps is harder than ever.
When it comes to building mobile apps, not too much has changed. But if you’re building cross-platform, we’re starting to see more low-code tools that can build for both iOS and Android with a drag and drop interface of tech.
And finally, that brings us to number 10 – the elephant in the room: artificial intelligence (AI). ChatGPT has only been around for a year although it feels like a lot longer, and most normies out there haven’t even touched it yet. But that’s going to change over the next few years because we now have Bard built into tech Google
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