Dr. Lee Thornton discusses the potential of the Deeptech sector in 2024, despite global instability. AI is expected to continue growing, with Large Visual Models and Large Language Models becoming significant components of a productivity revolution. Quantum research, while earlier in its journey, is also expected to undergo intense development. UK quantum start-ups, Quantum Motion Technologies and Oxford Quantum Circuits, have secured significant investments. Apple’s augmented reality headset and Metaverse’s progress indicate a shift in human-machine interaction. Dr. Thornton anticipates a resurgence of investment in computing infrastructure and emphasizes the need for data protection and security.
The Deeptech Revolution: A Look at the Future
The Deeptech industry has seen significant growth in 2023, despite the global instability that has been a deterrent to innovation and investment. The world is currently facing rising conflict levels and economic challenges, which are impacting various industries and dampening investor enthusiasm. However, it is also known that times of crisis often drive innovation. The question then is, how will the Deeptech sector evolve in 2024 in response to increasing global uncertainty?
I expect we’ll see a major resurgence of investment into computing infrastructure during 2024.
Dr Lee Thornton
Partner, Technology at IP Group
AI & Quantum: The New Frontier
Artificial Intelligence (AI) entered the consumer consciousness in 2023 and is expected to continue growing in the coming year. Large Visual Models and Large Language Models are predicted to be significant components of a productivity revolution. However, the potential real-world applications of AI are yet to be fully explored. In 2023, world leaders and industry experts convened to discuss the future of AI, led by the UK. The global AI summit aimed to commit to a basic set of principles that countries will follow as legislation and regulations are set.
Quantum research, though earlier in its journey, holds as much potential as AI. The coming year is expected to see quantum technologies undergo a period of continued and intense development. In 2023, UK quantum start-ups received the highest-ever investments, with Quantum Motion Technologies securing over £40m and Oxford Quantum Circuits in the process of raising $100m.
Augmented Reality: Changing Human Interaction
The way humans interact is changing, accelerated by the pandemic. More people are communicating online rather than face-to-face, shifting from the physical to the virtual world. Developments like Apple’s augmented reality headset and Metaverse’s progress highlight this shift away from traditional modes of interactions between humans and machines. This change is essentially taking the internet from 2D into 3D, offering a richer, more intimate, and personal online interaction.
Computational Power: The Demand and Supply
Advances in AI, quantum, and analog computing may bring broader capabilities and much greater efficiency, but our demand for processing power has never been greater. To cope with this acceleration, infrastructure must evolve. If the physical is not addressed, we will lag behind and be unable to process the amount of data required to match our demand. A major resurgence of investment into computing infrastructure is expected during 2024.
Investment Trends: The Need for Right Infrastructure
To keep pace with these demands, governments and businesses need to ensure investment is channeled into the right places. Some countries, like Germany, are investing in the right infrastructure at the right time to keep pace with this. However, the UK lags behind. Over the last decade, the UK has failed to build enough critical infrastructure to keep pace with network demand. This lack of investment and understanding of the need for practical infrastructure threatens the UK’s potential to stand out as a Deeptech champion.
Conclusion: Embracing the Full Potential of Deeptech
Despite global uncertainty and macroeconomic trends, the Deeptech sector has seen much growth over the past year. With the UK’s universities, spinouts, and scale-ups developing more ideas every month, the pace of innovation shows no signs of slowing. However, it will take a collective effort to unleash Deeptech’s full potential to facilitate future growth. The right level of capital and operating environment is needed to succeed, whether that’s having the correct infrastructure or the right regulations in place.
Deeptech innovations, from AI to quantum and beyond, can help boost the economy, increase productivity, and provide solutions to very real problems in everything from healthcare to sustainability and resource efficiency. The hope is that 2024 will be the year we embrace the full potential of the Deeptech sector. If this is achieved, the possibilities over the coming decades are endless. Read More from IP Group.