Generative AI, along with electrification and renewables, are the standout technology trends of 2024, according to the latest McKinsey Technology Trends Outlook report.

Researchers said that generative AI had seen a spike of almost 700 percent in Google searches from 2022 to 2023, as well as a significant rise in investments and job postings. They noted that the large language models used by generative AI were now capable of handling prompts as long as “about 20 novels,” and had taken on advanced features in video, images, audio and text.

McKinsey said that investment in the technology – aimed at advancing more powerful and efficient computing systems – would continue to expand “pushing the boundaries of AI capabilities.” 

[See more: AI startups are being hit with copyright lawsuits from world’s biggest music labels]

The report added: “Senior leaders’ awareness of gen AI innovation has increased interest, investment, and innovation in AI technologies, such as robotics, which is a new addition to our trends analysis this year. Advancements in AI are ushering in a new era of more capable robots, spurring greater innovation and a wider range of deployments.”

Meanwhile, electrification and renewables were technology trends that bucked economic headwinds, McKinsey said, posting the highest investment and interest scores among all the trends evaluated by its researchers.

On a general note, the report’s authors said that “the macroeconomic environment with elevated interest rates has affected equity capital investment and hiring,” but “underlying indicators—including optimism, innovation, and longer-term talent needs—reflect a positive long-term trajectory” in the tech sector.