Key Trends Impacting Tech Jobs in 2024

2023 saw massive tech layoffs that rocked the industry throughout the year, suggesting hiring will continue into the new year, even though competition in the tech sector is fiercer than ever.

2023 also saw major upheaval in the crypto industry, culminating in criminal charges against two once-lauded leaders: FTX founder Sam Bankman-Fried is set to be sentenced next year, and Changpeng Zhao recently pleaded guilty. The development of artificial intelligence (AI) has been hotly debated over the past year, and it seems that the proponents have won — at least among leaders at OpenAI.

As one of the fastest growing trends in tech, ChatGPT reached 100 million users faster than ever before. OpenAI was followed closely by many other companies, including tech giants like Google and Meta. But it was Microsoft that was considered a major pioneer of the AI generation trend thanks to its investment in OpenAI.

Euronews illustration of artificial intelligence emerging as top global trend

While there is still a lot of experimentation going on in this area, it is likely that 2024 will see general AI tools move from concept to reality, and those who have spent time experimenting with the software in its early stages will look to turn it into applications. Some have even likened the arrival of AI in the workplace to a new wave of gen-AI. Deloitte, a British multinational auditing services network, has predicted a potential 30% increase in corporate AI spending dedicated to gen-AI by 2024, while Gartner’s report on the top 10 strategic technology trends for the coming year is dominated by the transformative potential of AI and automation.

With AI set to explode in 2023, many questions have been raised for regulators who are forced to keep up with the rapid changes in technology. AI regulation will continue to be a hot topic of debate in 2024, and while the EU AI Act will likely take a few more years to be agreed upon and fully implemented, there are other EU regulations that will influence the tech industry in the new year.

Having already made its mark on big tech companies, the wide-ranging Digital Services Act (DSA) will come into effect across platforms of all sizes in 2024. This creates new opportunities in governance and compliance, while also opening up promising new areas that align with regulators’ intentions. The phased introduction of the EU Corporate Sustainability Reporting Directive (CSRD) will begin in 2024. Large companies within the scope will be required to conduct comprehensive audits of their environmental impact.

While it will take years for CSRD to be more widely adopted, experts advise SMEs – as part of larger supply chains – to take note of these requirements to maintain business partnerships.

A shortage of rare earth elements used in technology manufacturing is expected to hit the chip industry by 2024, with a focus on more sustainable sources of materials such as e-waste recycling.

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