While artificial intelligence (AI) has been grabbing most of the headlines lately, there are several other emerging tech trends that are rapidly evolving and could have a significant impact on various industries. These trends may not be as widely discussed as AI, but they have the potential to reshape the way we live and work in the coming years.

Investors would be wise to pay close attention to these developments, as they could present lucrative opportunities for those who can identify and capitalize on them early on. However, it’s important to note that these technologies are still in their early stages, and their full implications and market potential are yet to be fully realized.

I chose these trends due to them flying somewhat under the radar. Meaning that companies that operate in these industries could be snatched up at a relative bargain. I’ve delineated my thesis for each of these trends and also suggested some companies for each.

Edge Computing

Edge computing involves processing data closer to the location where it is generated rather than in a centralized data center or cloud. This technology is essential for real-time applications, such as autonomous vehicles, IoT devices and smart cities, meaning there’s a broad application for this tech trend.

The global edge computing market is projected to see significant growth, with estimates suggesting an expansion from $15.96 billion in 2023 to $216.76 billion by 2032, at a CAGR of 33.6%.

Furthermore, I expect that Edge computing’s integration with 5G is anticipated to unlock further potential, especially given 5G’s capacity for high bandwidth and low latency. 5G has also been somewhat late to the party in terms of investment dollars, especially when compared with some trendier tech memes.

In terms of a market leader for edge computing, Fastly (NYSE:FSLY) is considered by many analysts as one of the best.

Decentralized Finance (DeFi)

Decentralized Finance (DeFi) encompasses peer-to-peer finance enabled by blockchain technology. I’m firmly bullish on Bitcoin (BTC-USD) this year, and I have high conviction that owning this crypto for at least a year for investors will far surpass the Nasdaq’s short-term results.

Another major trend for 2024 is the tokenization of various asset types, from yield-bearing stablecoins to real-world assets (RWAs), which suggests a transformative shift in the sector. A coin named Chainlink (LINK-USD), is generally considered one of the leaders that is pioneering this effort.

However, the DeFI market largely revolves around the performance of Bitcoin, and some forecasts are extremely bullish. For instance, CoinGecko cites projections from ARK Invest suggesting Bitcoin could reach up to $600,000 by 2030, with more immediate forecasts for the end of 2024 ranging between $80,000 and $250,000. The upcoming Bitcoin halving event adds to the bullish sentiment,  with some speculating the price could reach as high as $400,000 post-halving.

Wearable Health Technology

Wearable health technology encompasses devices and software that monitor personal health and fitness data. Beyond fitness trackers and smartwatches, this trend is evolving to include advanced medical monitoring devices and wearable therapeutics.

I like this emerging tech trend because it blends growth potential along with the long-favored stability of the healthcare sector, which can be hard to come by unless one is prepared to stomach the volatility of biotech or medical stocks.

The wearable medical devices market size was valued at $59.12 billion in 2022 and is projected to grow from $73.77 billion in 2023 to $428.92 billion by 2030. The increased focus on fitness, health monitoring, and the integration of advanced technologies could accelerate its growth potential.

One of the best stocks for investors to take advantage of this tech trend is Garmin (NASDAQ:GRMN), which is well-regarded for its fitness trackers and smartwatches, but it’s also expanding into more sophisticated health monitoring devices. Garmin’s has improving fundamentals, a strong competitive moat, and an attractive valuation.

On the date of publication, Matthew Farley did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.