Barclays Predicts Strong Performance for Technology Sector in 2024\n\nBarclays, a leading financial services company, has forecasted that the technology sector will continue to outperform in 2024. This is due to the increasing use of artificial intelligence (AI) and its impact on the industry.\n\nAccording to Barclays senior technology hardware and networking analyst Tim Long, the second year of the generative AI boom will serve as a reality check for the industry. Companies will focus on expanding use cases and mitigating risk, leading to new opportunities for growth.\n\n A slower momentum this year, the technology sector is expected to catch up to the broader tech rally. This is due to the increasing need for cybersecurity as companies invest more to protect against the threats posed by AI. Research firm Gartner forecasts a 14% increase in corporate spending on cybersecurity in 2024.\n\nBarclays senior software analyst Saket Kalia also sees cloud security and secure access service edge (SASE) as top investment themes for 2024. His top picks include CrowdStrike and Gen Digital. CrowdStrike, a cybersecurity company, has seen a 150% increase in its share price this year, while Gen Digital, a security and identity protection provider, reported a 27% revenue growth in its fiscal second quarter.\n\nIn addition to cybersecurity plays, Barclays’ Long recommends Arista Networks as a top pick amid the AI craze. The company, which makes switches and routers for data centers, has seen a 95% increase in its share price this year. This outpaces its rivals Juniper Networks and Cisco.\n\nMotorola Solutions, Inc. has also made headlines recently with its SmartConnect system. The system, which enhances mission-critical radio communications infrastructure, has been selected by both New South Wales State Emergency Services and Fire & Rescue New South Wales. This will ensure seamless and reliable communication for emergency personnel, even in remote areas or buildings with weak radio signals.\n\n The technology sector is expected to continue its strong performance in 2024, driven by the increasing use of AI and the need for cybersecurity.