2023 Tech Rewind & Our Predictions for 2024

January 16, 2024

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As we start 2024 , one thing we can say for sure is that our predictions for the coming year ahead in the tech market can be super exciting, but hard to pin down. We’ve seen firsthand how quickly the market has changed and as some of the hyped trends predicted in 2022/23 (do you all remember the metaverse hype?!), have fallen flat.

Amidst the fluctuations, like the layoffs we’ve seen in the industry over the course of the year and the exciting advancements in tech, like the A.I / chat GPT craze, a few things always remain true. One of those being the people at the heart of it all and at Intelletec, our people had some amazing wins this year.

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In 2023 the team at Intelletec was able to accomplish some great things including:

🎉Growing our online community and hit 200k followers on LinkedIn

🎉Hitting & exceeding our goals with the best month of the year in November - go team!

🎉Uniting as a company and celebrating together at our summer party in Austin, TX.

🎉Continuing to deepen our relationships with our clients and candidates

It was a great year and a challenging year, too. Because the other constant we can always count on is change. So looking back at 2023 in review, there were some game-changing trends which we felt had a big impact on the world, the U.S. market, our clients and job seekers.

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Let’s take a trip through the top tech trends of 2023 and we’ll share some of our favorite stories as well as our best predictions on what we think is ahead in 2024 😉

AI / ML Technologies are still hot and still evolving.

This is one of those trends that has taken the tech world by storm and it’s not going away any time soon, that’s for sure.

McKinsey went as far as coining 2023 as an “AI revolution” and dubbed applied AI, generative AI and industrialized machine learning top trends in tech. AI and its applications are still evolving though, as trust still needs to be built after the pandora’s box of AI was opened through ChatGPT and left many wondering about how else AI is going to change the world and affect people’s livelihoods.

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Our 2024 prediction: We’re putting bets on generative AI applications like text to video gaining more prominence despite some reservations, as other applications like autonomous vehicles will continue to decline.

Web3, blockchain & cryptocurrency tech - controversy or the best thing to happen to digital finance?

The waters of web3, blockchain and cryptocurrency technology are largely uncharted and have both a ton of promise and no shortage of controversy.

However, this tech and the startups that pioneer it, still remain strong in market growth predictions. We’re watching as this growth plays out over 2024 and how companies will innovate to deliver on their ‘promise of a revolution in decentralization, security, and transparency’ in the digital finance industry. One thing is for certain is that we will still continue to see advancements and startups tackle the challenges in this frontier in the next year and beyond.

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Our 2024 prediction: What we're watching more specifically over the course of 2024 is the tokenization of real world assets in comparison to cryptocurrency.

There are some shifting power dynamics between big tech and tech startups. It’s no secret that there were a ton of layoffs this year and a lot of those disproportionately affected employees in the ‘big tech’ category.

While some of the big tech names like Meta are hiring back some of those they laid off, some of the big tech practices like over-hiring and over-paying aren’t necessarily sustainable - or a winning strategy anymore. This also indicates what we see as a shifting power dynamic taking place, where startups now have more opportunity to recruit top talent than ever before.

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Our 2024 prediction: Not every startup is created equal, but we predict that hot startups will become the next resume ‘must-haves’ over the course of 2024 and years to come. One sign that points to this for us is the high demand we’ve seen for founding engineer roles from our clients - it’s a good time to get in on the ground floor!

Developers are still in demand. And demand for certain skills is changing with evolving technology. Even though developers were some of the most affected roles in the layoffs this year, that didn’t really change the fact that they are still in high demand.

Next-gen software development is a key to ‘building our digital future’ according to McKinsey, so heading into 2024, both candidates and organizations have to evolve and adapt to meet changing technological demands.

According to wire19,

When it comes to specific technology areas, a significant number of organizations are actively seeking to hire staff with expertise in:

Cloud and container technologies (50%)

cybersecurity (50%)

AI/ML (46%)

database and data management (37%)

as well as advanced analytics and data science (37%).

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Leading technology areas where organizations have prioritized hiring include:

Augmented/virtual reality (137%), AI/ML (110%), blockchain (98%), CI/CD and DevOps (91%), and Kubernetes (90%).

Our 2024 prediction: Although the economy might not see the same post-covid recovery boom, we predict that if interest rates stay the same until July as predicted by the Fed, we’ll see more stability that is likely to fuel investment, growth and hiring.

What can job seekers expect in 2024?

Hiring great people never stops trending, but our advice for candidates in 2024? Focus on upskilling & honing your skills in emerging and in-demand technologies. Some hiring trends for 2024 will continue to be focused on skills based hiring and continuous learning mindsets, which every candidate can embrace.

Our list of hot tech jobs for 2024

Cybersecurity for cyber resilience
AI / ML engineers and architects for everyday automation
Data, data, data: data scientists, analysts & engineers-Cloud computing -Devops / DevSecOps-Tech jobs in renewables / clean energy-Full stack devs & engineers stay in demand

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Our prediction for 2024: We are seeing high level demand come back to use agencies like Intelletec for hiring solutions and recruitment for more roles, as internal recruiting teams are expected to do more with less. To find great new jobs and opportunities, partnering with agencies will be key in 2024!

With that said, our year ahead is no secret! Intelletec is growing our team, deepening our expertise, widening our networks and looking to expand into new industries 👀

Are you looking for a new job in tech in 2024? Our clients are hiring! Are you looking for top talent? We have you covered.

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Want to keep reading? Here are our sources:

‍https://slidebean.com/story/why-dont-we-have-self-driving-cars-yet https://www.mckinsey.com/capabilities/mckinsey-digital/our-insights/the-top-trends-in-tech#tech-talent-dynamics https://finance.yahoo.com/news/top-15-tech-trends-2023-112359699.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAANz8phjFGheGn9iJw1lE-MlK1SVLfm6y6jlWOBabfRV3eQYK_80uD13x5vXDOP0M5GWLjGrWMEm_0vgwBxT8_h4tAu7o_Riu70pisWYCC3w4woyq4PLOYMbz0b3jaRamba0Myy65OyegUn7QbikNNePOqyHzZcwdhhwm22OdFzOF https://wire19.com/hiring-trends/https://www.cmg.org/2023/11/the-future-of-tech-jobs-in-2024-trends-and-predictions/https://www.forbes.com/sites/bernardmarr/2023/09/11/the-top-5-tech-trends-in-2024-everyone-must-be-ready-for/?sh=525d10c59a6b https://www.ibm.com/watson/advantage-reports/future-of-artificial-intelligence.html https://medium.com/@V-Blaze/controversies-in-web3-and-blockchain-beyond-the-hype-402f59f82efc https://www.cnn.com/2023/11/30/tech/chatgpt-openai-revolution-one-year/index.html https://hbr.org/2023/01/where-is-tech-going-in-2023

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