2023 Trends & 2024 Predictions: Technology

January 29, 2024

Advanced Technology, Insights


As we kick off the new year, we asked our practice group leaders to reflect on the trends they have seen in their industry in 2023 and what may lie ahead in 2024. Sal DiFranco, Managing Partner, Global Advanced Technology, discusses the increased demand for AI talent, technical officers, and CFO leadership and what business leaders should be thinking about to stay ahead in 2024.

Trends in 2023

Hyper-growth to Operational Efficiency: 2023 was a much different year than previous years in terms of economic and market challenges for technology companies. The market went from a hyper-growth mentality to companies needing to right size and become operationally tight. As the market has readjusted, we saw a reset of how employers are thinking about bringing in top talent to their organization. 

Strong Technical Leadership & AI Talent: Although hiring levels in 2023 have not been equal to the last two years, the market has been more regulated in terms of companies thinking more strategically about key impact talent rather than hiring to fill seats. Business leadership that integrates AI into business and understands the benefits and implications of their strategies have led their organizations to stay ahead. This study states that about 26% of business leaders plan to add new technologies like AI into their business model.

Large Enterprises: The first half of 2023 was very stable, then a hiring increase began in June. Companies have been looking to differentiate via technology and bring in leaders like CTOs, CIOs, and technical officers who can help make the right investments for the business and lead more strategic technology operations for their organizations in the future. Additionally, there has been an increase in hires at the CFO level, with specific knowledge of SaaS, software financial models, and recurring revenue models.

Middle Market, Private Equity & Software: The market has remained consistent in 2023 for talent in this sector. There has been an increased demand across all functional areas in software for CEO talent. Investors want CEOs who can operate in a healthy economy and ensure smart, strategic growth and align company goals to an investment thesis in any market conditions.

Predictions for 2024

  • AI Will Lead to Re-Skilling According to a recent study, the adoption of AI will reshape many roles, and more than 20% of the workforce will be reskilled across organizations as AI continues to gain traction in the workplace. AI is going to impact every function, from how marketers understand their customers to how CFOs automate their business and close their books.

    Companies are starting to look at key areas of opportunity in 2024 and need to find the right executives to fill gaps. Technology adoption is going to remain a key driver of business transformation in 2024, and organizations will need to lean on their leadership teams to understand how they can value new tools and technologies.
  • Market Conditions: In 2021, the global technology market was valued at $802 million and is expected to grow at a CAGR of 25.73%, reaching $3168 million by 2027.
  • Increased Need for AI Leaders: In the technology sector, there will be an increase in demand for talent around the topic of AI. This will not only yield technical officers using AI for an enterprise or in products but will also spur the need for talent that can work to sell, market, manage, and use AI internally. As AI matures, it will change how organizations think about selling products in both the B2B and B2C worlds. It will take not only strong technical leadership but also business leadership to apply AI to any business and understand both the benefits and implications of their strategies around AI.

The technology industry is an ever-evolving and challenging industry, and these factors will affect the way technology organizations build their workforces and leadership teams. By staying up to date on the latest trends and developments, technology leaders will be prepared to address these challenges and opportunities for continued success in 2024 and beyond.    

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