Technology, Media and Telecoms Outlook 2024

2024 Outlook: Technology, Media and Telecoms

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We've got government investment in the TMT sector, and we’ve got strong macroeconomic drivers in the shape of digitalisation, automation, resilience and sustainability, so I’m pretty positive about the year ahead.

Helena Sans

Head of Technology, Media and Telecoms, Barclays Corporate Banking

Underpinning sustainability

Sustainability is a profoundly important global topic as nations and industries race to hit net zero carbon emissions targets. TMT businesses, of course, have a central role to play in 2024 and for years to come in developing the technologies needed to deliver a ‘greener’ economy and stave off the effects of climate change. Strong and growing demand for the tech that will support more sustainable economies will clearly continue to drive investment and opportunities in the sector.

TMT businesses can also make a difference through their own operations. To take just a couple of examples among the many areas we work in: carbon capture technologies are of a significant interest and demand across industries, film production companies are striving to operate within the sustainable Albert certification system1, while data centres, so important to our digital infrastructure, will need to transition to more sustainable energy sources. In fact, all TMT businesses will come under increasing pressure to ensure the services they provide contribute to cutting their customers’ carbon footprint.

Harnessing the AI revolution

It seems like only yesterday that Chat GPT was the new thing on everyone’s lips, yet this freely available tech and many other kinds of artificial intelligence (AI) have pretty much been in the news every day since – for good and bad reasons. Last year’s summit at Bletchley Park, attended by the likes of Rishi Sunak and Elon Musk, to discuss regulatory and other related issues, underlines how important it is for all industries to understand where AI is heading.

The potential for TMT businesses to develop and commercialise AI is simply vast. However, while the softer side of AI, such as automation through machine learning, is being rapidly adopted, I think it’s clear there’s still caution around generative AI. Here, I think we’re still in the trialling and testing phase because of concerns around how much the technology can be relied upon. All businesses, including those in TMT, need to understand the benefits and risks of AI in the years ahead.

An enormous amount of investment into new technologies is required every year if the world is to deliver on the net zero agenda.

Helena Sans

Head of Technology, Media and Telecoms, Barclays Corporate Banking

Staying alert to cyber-crime

I’m urging all our clients to be extra vigilant against the ever more sophisticated and increasing challenge posed by cyber-crime, particularly unauthorised access to personal data and fraud. In today’s tech-driven era, your ability to continue operating may rely on it, let alone any reputation damage you might suffer. Of course, this growing issue is also an opportunity for TMT businesses that provide cyber security services.

In what remains an uncertain economic landscape in 2024, I also expect to see business leaders in the TMT sector continue to focus on broader business resilience by driving margin enhancement through operational efficiencies and cost reductions, and by prioritising spending to deliver maximum benefits. This will be key to guarding against challenging market conditions.

Key takeaways

Get the edge on competitors

Investing in the tools, whatever they may be, to deliver your sustainability agenda will be key to gaining competitive advantage in 2024.

Never stand still

With what seems like the whole world now looking at AI you can't afford to stand still – use your networks, your suppliers and your trusted advisers to talk about how you can make the most of it.

Toughen up your resilience

One of the great lessons of the Covid-19 pandemic was the need for agility and innovation. While we hope inflationary pressures might be on the wane, make sure your business is in the best possible position to navigate other economic headwinds.

Keeping fraud front of mind

Fraudsters are as active as ever across the technology, media and telecoms sector, impersonating our colleagues and attempting to defraud our clients. To help protect you and your business we have a wealth of resources available. You can view our quarterly fraud webinars and take a look at our other educational resources on our Fraud Protection Hub.

Remember, Barclays will never:

Ask you to make payments or move money to a ‘safe’ account

Call and ask you to provide or enter your PIN or use your biometric device, for any reason

Take control of your computer.

Get in touch

Request a call back from our team and see how we can help you develop strategies for managing your business.

Under £6.5million (please visit https://www.barclays.co.uk/business-banking/‡ or call 0800 515 462)

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