Artificial Intelligence Trends 2024
"I don't have a body, no eyes; but I can play chess and solve equations on the fly!
I'm not a man, yet I can think and learn; in the digital realm, it's my turn."
You got it right – We’re talking about the talk of every town: Artificial Intelligence (AI)!
Riddles apart, over recent years, AI has transcended its role as mere lines of code or playing chess. In fact, it has transformed into an entity that can do things once reserved for our minds alone. Gone are the days when Alexa and Siri surprised us by playing the song of our choice; we are in 2024, an era when machines understand our words along with the nuances of our emotions, allowing for truly empathetic virtual assistants. It's a world where AI isn't just a tool but a companion, making our lives more efficient, safer and a little more magical.
In short, the AI landscape in 2024 is an exciting frontier where innovation knows no bounds. So, staying ahead of the curve is not just a choice – it's a necessity. #SoLetsNotBeAritificiallyIgnorant
That's where the latest and freshest Artificial Intelligence (AI) trends come into play. Knowing the top AI trends in 2024 means you're ready to adapt, innovate and even lead the charge for your business. So, buckle up and immerse yourself in this exciting journey of the top 5 Artificial Intelligence Trends of 2024. #LetTheAIxtraordinaryJourneyBegin
Picture this: You're at your favorite coffee shop, sipping on your usual cappuccino, when you strike up a conversation with a friendly barista named Alex on the screen provided in front of your seat. Little did you know, Alex wasn't your typical coffee connoisseur; it was an AI-powered chatbot (restaurant bot). You talked about your day, shared some jokes and even got personalized coffee blend recommendations. It was an engaging, human-like interaction – but you had no clue you were chatting with an AI bot. #AIvolutionAtYourService
Who would have thought that the world would be transformed by a technology that sounds like it's straight out of a science fiction novel? To begin with, in recent months, generative AI (gen AI) has emerged as a game-changer trend, reshaping the very foundations of how we do business. However, Gen AI isn't the only surprise guest at the AI party; we have a different flavor of trends attending this year’s AI party!
Given the current pace of AI development, businesses must stay abreast of the latest AI trends. In 2023 we saw a range of AI Trends such as AI intersecting with IoT to form AIoT, Artificial Intelligence going more creative, new-age workforces being driven by augmented intelligence, Artificial Intelligence getting better at forecasting and predictions and process discovery bringing a remarkable shift to businesses.
We have curated the top 5 Artificial Intelligence trends all set to revamp the business landscape in 2024 – read on!
Trend 1: Knock! Knock! Generative AI Is Here!
Remember, last year, we told you AI will become more creative? Well, pushing the boundaries of creativity, in 2023, a significant trend emerged, revealing the power of Generative AI (Gen AI). It is a subset of AI that can be used for creating new content, including text, audio, code, images, etc. On one hand, Generative AI models like ChatGPT by OpenAI took the world by surprise, while on the other hand, tech giants like Google and Microsoft also invested in Gen AI initiatives to sustain their AI supremacy.
That sounds cool but are there any companies that actually leverage Generative AI? Well, notably, startups like Purilian from Italy are using AI to generate music to maintain shopper focus in retail stores. Meanwhile, Czech startup WeBoard introduced Kaila, a no-code Generative AI chatbot employing deep neural networks without predefined decision trees. Moreover, AI-generated masterpieces blurred the line between human and machine creativity in the art world, gracing prestigious galleries and auction houses. In entertainment, AI-powered characters and virtual worlds became integral to video games and interactive experiences, captivating audiences worldwide.
Now, let's see what the reports are saying about Generative AI and why it is a big deal. Recent statistics show that 97% of business owners believe in the potential of Gen AI models such as ChatGPT to benefit their operations. Besides, Sam Altman, the CEO of OpenAI on the future of AI says, “I think the world will get way wealthier, you’ll have a productivity boom, and we will find a lot of new things to do.” No surprise, Gen AI is grabbing the eyeballs of different industries across the globe. Genius or gen-ai-us, you decide!
TechDogs’ Takeaway: To unlock the true potential of generative AI (Gen AI), businesses must prioritize delivering tangible value. As Gen AI offers limitless applications, such as precise fraud detection in financial institutions and advanced demand forecasting, its success hinges on setting clear success criteria, vigilant regulatory oversight and building a collaborative ecosystem with the right technology and partners. Next, ensuring compliance with regulations and standards is paramount. Make it a point to identify and manage associated risks, establish robust policies and procedures and create contingency plans as failsafe. Lastly, collaboration with legal and compliance teams is essential for informed risk navigation during Gen-AI adoption. In the ever-changing business landscape, Gen-AI will present boundless opportunities!
Trend 2: Democratization Came, Conquered And Will Continue To Do So
AI democratization stands solid in the dynamic landscape that promises to reshape how businesses interact with their data. This trend equips businesses with user-friendly AI tools and has the remarkable ability to sift through colossal amounts of data, whether structured, unstructured, or semi-structured. Harnessing the low-code or no-code technology, this trend is rapidly becoming the lifeblood of democratized business intelligence, decision intelligence and data analytics.
Trailblazing companies such as DataRobot, H2O.ai, Sisu Data and Tellius are leading the way in this trend. They are at the forefront of developing AI-driven analytics and decision intelligence solutions designed to lower entry barriers for non-data scientists. Yeah, it seems like AI and democratization are a partnership made in technology heaven!
Doug Rank, a data scientist at PS AI Labs, boldly predicts that this trend will follow a trajectory similar to that of computers and networks. Rank says, "With careful planning, IT leaders can ensure their data remains accurate and complete throughout cloud migrations so they can realize the value of accessible AI." AI democratization is a trend that is like a power-up for businesses, providing them with an incredible ability to sift through massive amounts of data, whether it's neatly organized, a jumbled mess, or somewhere in between. #AIDataDemocratization
TechDogs' Takeaway: In today's sprawling IT landscapes, businesses often maintain multiple specialized teams, each focused on a distinct domain such as applications, networking, servers, or the cloud. Businesses are expected to focus on leveraging more sophisticated ML (machine learning) models to ensure infrastructure data is not fragmented. This would eventually lead to better outcomes in a shorter time. Moreover, when navigating this transformative landscape, businesses should choose their tools wisely. They must seek AIOps solutions that wield extensive domain knowledge and can connect and contextualize data across diverse domains and vendors in your infrastructure. Lastly, embracing this trend will lead businesses on the path to a more democratized, data-driven future where the power of AI across the organization.
Trend 3: Hyperautomation Is Taking Automation To The Next Level
Welcome another new kid on the block – hyperautomation! This cutting-edge trend has hit the manufacturing scene with a bang, reshaping processes and taking them to the next level. So, what's hyperautomation all about and why is it a trend for 2024?
Hyperautomation is a comprehensive approach that combines advanced technologies such as artificial intelligence, machine learning, robotic process automation and more to automate and optimize a wide range of tasks within an organization to enhance its efficiency and productivity.
For instance, BMW is using a virtual factory, creating real-time, lifelike simulations that help plan and optimize production processes, reducing the need for physical travel. The staff across different locations and time zones can access this virtual space to plan and optimize the production process details, eliminating the need for any physical traveling. #VirtualTravel
According to Scott Likens, innovation and trust technology leader at PwC, "Access to compute, sensors, data, and state-of-the-art vision models are creating opportunities to automate processes that require humans to visually inspect and interpret objects in the real world." Moreover, the latest multimodal AI models and robotics have emerged as the most valuable players in hyperautomation. They use images to provide detailed classifications, explanations and recommendations, allowing robotic process automation (RPA) to take care of rule-based fixes. In a nutshell, AI will drive hyperautomation strategies with its keen eye for detail!
TechDogs' Takeaway: Businesses must understand that hyperautomation is no longer a choice; it's a must for streamlining operations and delivering top-notch customer service. First off, businesses must realize this game-changing trend doesn't eliminate jobs; it elevates them. Through rapid digital transformation, AI and automation free up employees from mundane tasks, boosting job satisfaction and productivity. Most importantly, hyperautomation isn't limited to back-office functions; it's digitizing every facet of business operations, creating a win-win scenario for both businesses and their workforce. To leverage this trend effectively businesses must identify repetitive tasks that can be automated to empower their employees with more valuable work. They can further explore a cross-functional integration of hyperautomation, spanning various departments for comprehensive AI-driven automation benefits.
Trend 4: Computer Vision Will Be The Apple Of Everyone’s Eyes!
Welcome another game changer in the world of AI – computer vision. Imagine computers that can understand images, videos, scenarios and visual data of all types with remarkable precision. Computer vision is turning this imagination into reality, reshaping the business landscape by simplifying and automating complex processes. If you think that the reach of computer vision is limited to manufacturing, then let us tell you it's spreading its wings across industries like automotive, healthcare and robotics.
Take the automotive industry, for instance. Car giants like Ford and Tesla are racing to mass-produce autonomous vehicles. Computer vision is the driving force behind these autonomous wonders, allowing them to process visual data, recognize road signs, spot vehicles and pedestrians and make lightning-fast decisions. Computer vision's reach goes beyond the road; it's behind the facial recognition technology that secures our devices and tags our friends on social media.
In fact, the computer vision market is projected to hit a whopping US$22.27 billion in 2023, with an expected annual growth rate of 12.56% by 2030, reaching a market volume of US$50.97 billion. Why not – apart from recognizing images, computer vision will boost processes such as detecting faces, estimating poses and analyzing optical flows. Experts believe that the secret sauce behind many computer vision marvels is Convolutional Neural Networks (CNNs), which excel at deciphering spatial patterns and features from visual data. #PixelPerfectVision
TechDogs' Takeaway: Businesses must harness the power of computer vision and its synergies with AI technologies like natural language processing and reinforcement learning. To begin with, computer vision can also be employed to enhance visual searches and online visual experiences. Moreover, businesses can use computer vision for superior inventory management, personalized advertising, elevating in-person experiences, etc. To unlock its full potential, businesses can utilize computer vision for safety by implementing video analytics, facial recognition and behavior analysis. Embracing computer vision isn't an option; it's a strategic move for innovation, customer satisfaction and safety in 2024!
Trend 5: Artificial Intelligence Will Transform The Workplace!
It's no secret that AI is reshaping the way we work! Now, before you confuse it with AI taking over their jobs, here's the scoop: while AI has the potential to replace millions of jobs in the near future there's a tech twist – it's also set to create countless new ones!
From voice-to-text and autocorrect to advanced natural language processing and smart meeting tools, AI enhances communication and collaboration in organizations. It's also supporting broader company culture initiatives. For that, the workforce of tomorrow will need to adapt and acquire new skills, right? That’s why AI adoption will be a major business trend in 2024.
Big-name companies are already riding the AI wave. Walmart uses machine learning to optimize stocking and AT&T relies on it for cybersecurity. Even remote work champions use AI to supercharge virtual meetings, while traditional offices use it to fortify building security.
In fact, according to Goldman Sachs, AI is set to trigger a 7% increase in the total annual value of global goods and services, thanks to a productivity boom. HR departments are also onboard, with 79% using AI and automation for recruitment and talent management. Robin Bordoli, ex-CEO, Figure Eight, “AI is sometimes incorrectly framed as machines replacing humans. It’s not about machines replacing humans, but machines augmenting humans. Humans and machines have different relative strengths and weaknesses, and it’s about the combination of these two that will allow human intents and business processes to scale 10x, 100x, and beyond that in the coming years.” #AInnovatingNineToFiveLife
TechDogs' Takeaway: In today's fast-paced world, businesses must embrace AI as a transformative force that can elevate their operations to new heights. Firstly, businesses can harness AI to make data-driven decisions by analyzing vast amounts of data in real time. They can further leverage AI-driven insights to stay ahead of market trends and customer preferences. Hence, businesses should understand that personalization is the name of the game! AI will equip the workforce with savvy chatbots, recommendation engines, predictive analytics and so on. Finally, businesses should invest in AI education and training their workforce are anticipated to ace the race as they would have a skilled workforce needed to work alongside AI systems and drive digital transformation.
It's A Wrap!
In an era where AI is poised to reshape industries at large, staying informed about the latest developments is not merely a choice but a necessity. As we continue to navigate this transformative journey, our understanding of AI trends in 2024 serves as a compass, guiding us toward innovation and a future marked by unprecedented opportunities. Marked by advancements such as Generative AI, AI democratization, hyper-automation, adoption of computer vision and AI in workplaces, 2024 promises to be a pivotal moment in the AI journey.
We hope you are prepared to adapt and harness the potential of AI after reading about the top 5 AI Trends of 2024!
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