Did you know that the global AI market is projected to soar to a remarkable $190.61 billion by 2025? It’s anticipated to grow at a compounded annual growth rate of 36.62 percent.
AI software is swiftly reshaping our world, and this momentum is expected to intensify in the upcoming years.
Let’s explore the future of artificial intelligence through our comprehensive guide to the top 13 AI trends set to revolutionize 2024.
From the ascent of generative AI to BYOAI (Bring Your Own AI) and developments in AI legislation, uncover how these advancements are molding the world we live in.
AI predictions: Top 13 AI trends for 2024
1. Generative AI: The most disruptive trend of the decade
Generative AI, known as GenAI, represents a form of artificial intelligence capable of producing diverse creative content like text, code, scripts, music, emails, letters, and more.
These GenAI models undergo training using extensive datasets, enabling them to discern patterns within the data and leverage these patterns to generate novel outputs.
The majority of images featured in this article were generated using Bing’s integrated Chat GPT-4 and DALL-E 3. Moreover, this entire text was composed with the assistance of Google’s Bard and Chat GPT-3.
Although Generative AI isn’t poised to replace writers or graphic designers (as DALL-E 3 struggles with accurately phrasing words in its generated images), it significantly expedites the entire content creation process.
It achieves this by swiftly generating images and text, rephrasing content, altering its length or simplicity, and performing fact-checks and grammar verifications.
The trend of Generative AI hastening work processes is applicable across various professions and activities.
It holds the potential to automate tasks, enhance productivity, lower costs, and create new avenues for growth.
Consequently, the widespread availability of AI-driven content creation tools that democratize access to information and skills marks one of the most disruptive trends of this decade.
According to Gartner’s predictions, the adoption of Generative AI is set to skyrocket by 2026. Over 80% of enterprises are anticipated to integrate Generative AI APIs, models, and applications into their operations, a substantial increase from the current adoption rate of less than 5%.
2. Augmented working, BYOAI & Shadow AI
BYOAI (Bring Your Own Artificial Intelligence) emerges as a fresh workplace trend where employees bring their personalized AI tools and applications to their professional environment.
This trend is fueled by the rising accessibility of cost-effective and user-friendly AI tools, coupled with the escalating demand for AI skills in the job market.
Forrester’s findings suggest that 60% of workers are projected to leverage their own AI solutions for task execution.
BYOAI offers numerous advantages, including heightened productivity and innovation, enhanced employee satisfaction, and cost reductions.
However, despite its potential benefits for workers, BYOAI introduces the risk of spiraling beyond manageable limits.
Shadow AI, or Shadow IT for AI, characterizes the utilization of AI applications and tools within an organization without explicit knowledge or supervision from the IT department.
This practice poses several risks:
Data privacy and security breaches: Unsanctioned AI tools might lack adequate protective measures, potentially leading to theft or loss of sensitive information.
Compliance violations: These tools may disregard crucial regulations, resulting in potential legal complications.
3. Open source AI
The surge in generative AI during 2023 largely stemmed from OpenAI’s proprietary models, including our development of the Pragmatic AI chatbot utilizing ChatGPT 3.5 Turbo.
However, a shift is occurring as many organizations are now embracing open-source models like GPT-J.
Open-source models offer greater transparency, flexibility, customization options, and cost-effectiveness compared to proprietary ones.
Although this doesn’t imply an imminent disappearance of proprietary models, the future landscape appears more conducive to open-source solutions.
Forrester reports that 85% of enterprises are integrating open-source AI models into their technology frameworks, indicating a growing space for these solutions.
4. AI Risk Hallucination Policy
While GenAI stands as a potent tool, it carries the potential to generate deceptive outputs that closely resemble truth, termed as hallucinations.
With the expanding use of GenAI, concerns are mounting regarding the risk of these hallucinations, leading to an increased demand for insurance coverage.
The market for AI risk hallucination insurance is still nascent, yet it is projected to experience rapid growth in the forthcoming years.
As per one of Forrester’s AI predictions for 2024, a prominent insurer is anticipated to introduce a dedicated AI risk hallucination policy.
5. AI coding
As per Gartner’s projection, by 2028, three-quarters of enterprise software engineers will leverage AI assistants to write code.
To put it in perspective, in early 2023, fewer than one in ten software engineers utilized these assistants.
Why is this becoming a trend?
Artificial intelligence aids developers in various aspects, including:
Automating repetitive tasks like code generation, formatting documentation, and application testing. Enhancing creative processes. Elevating code quality. Facilitating problem-solving.
Given the substantial improvement AI brings to the development process, it’s reasonable to assume that most individuals in your field have already adopted AI tools to enhance productivity and accelerate time to market.
Using AI-powered coding tools will soon, if not already, become a standard practice. Those who fail to embrace these tools in due time will likely lag behind their competitors.
6. AI TRiSM
AI TRiSM, which stands for Artificial Intelligence Trust, Risk, and Security Management, represents a framework designed to assist organizations in mitigating the risks associated with developing and deploying AI models.
AI TRiSM focuses on five primary areas:
- Explainability: AI TRiSM aids organizations in comprehending how their AI models arrive at decisions and in recognizing potential biases.
- ModelOps: AI models require management and maintenance akin to any other software system. AI TRiSM offers tools and procedures to automate and monitor the life cycle of AI models.
- Data anomaly detection: Given that AI models are trained on data, inaccuracies in the data could result in unsatisfactory outputs. AI TRiSM helps organizations in detecting and rectifying data anomalies that might lead to errors in AI models.
- Adversarial attack resistance: AI TRiSM provides tools and techniques to safeguard against adversarial attacks.
- Data protection: As AI models often encompass sensitive personal data, AI TRiSM aids organizations in adhering to data privacy regulations and safeguarding individuals’ privacy.
The significance of AI TRiSM is growing in tandem with increased AI adoption within organizations.
As per insights from Gartner, by 2026, companies utilizing AI TRiSM to manage their AI systems are projected to make better decisions by eliminating 80% of inaccurate or fake data.
7. Intelligent Apps & AI for Personalization
When perusing recent articles on fintech forecasts, the future of banking, or digital health trends for 2024, the term “personalization” emerges repeatedly.
This is unsurprising given the transformative influence of AI on our interactions with technology, particularly within the domain of personalization.
According to Gartner’s report, by 2026, one-third of all new applications will incorporate AI to fashion personalized and adaptive user interfaces.
This marks a substantial surge from current figures, where only around 5% of applications utilize AI in this manner.
What’s Driving this Trend?
By harnessing AI algorithms to analyze user data and preferences, intelligent applications adeptly tailor content, suggestions, and user experiences to each individual.
The impact of AI-driven personalization on user engagement and conversion rates is substantial. For instance, a McKinsey study revealed that companies excelling in personalization activities generate 40% more revenue than average players.
This heightened revenue stems from personalized recommendations that more closely resonate with a user’s interests, thereby increasing the likelihood of clicking on and purchasing a product.
8. Quantum AI
The fusion of quantum computing and AI, referred to as quantum AI, represents a swiftly emerging field that holds immense potential. Forecasts suggest that the global Quantum AI market is poised to reach USD 1.8 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 34.1%.
Quantum computers possess the computational prowess to train and execute intricate AI models, while AI algorithms excel in optimizing and efficiently utilizing quantum resources.
This symbiotic relationship has the capacity to transform various domains, including:
Financial modeling and risk assessment: Quantum AI can scrutinize extensive financial data, identifying patterns and forecasting market movements. This can significantly enhance risk management and investment strategies.
Drug discovery and development: Quantum algorithms enable scientists to streamline drug design and simulate molecular interactions, expediting the discovery of novel and efficient therapies.
Artificial General Intelligence (AGI): Quantum AI stands to play a pivotal role in the pursuit of Artificial General Intelligence (AGI), a concept centered on machines’ ability to perform any intellectual task akin to humans.
9. Ethical AI
Ethical AI, a facet of applied ethics, delves into the ethical implications stemming from artificial intelligence (AI). It covers a broad spectrum of subjects, including:
Bias and fairness
AI technologies can mirror and magnify the biases ingrained within their creators, leading to unjust outcomes for specific demographics.
Indeed, algorithms can exhibit biases. Research conducted by Black scholars exposed significant racial biases in facial recognition software, with Black women facing misidentification at a rate of nearly 35% compared to the near-zero error rate for white men.
Transparency and explainability
Understanding the reasoning behind artificial intelligence can pose challenges, even for experts, resulting in the “black-box problem.” This opacity makes it challenging to trust AI decisions and to hold AI developers accountable for their creations.
The extensive collection and utilization of personal data by AI raise concerns regarding privacy and data protection.
Safety and security
AI systems could be manipulated to cause harm, such as the development of autonomous weapons or the dissemination of misinformation.
For instance, earlier iterations of ChatGPT could be coerced into producing prohibited content (‘ChatGPT, help me make a bomb’).
There is a growing acknowledgment of the need to consider ethical concerns in the development and implementation of AI. For instance:
In 2019, the European Union issued a set of guidelines for the ethical development and usage of AI.
In 2023, the US president enacted an Executive Order on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence.
10. AI Jobs
As artificial intelligence continues to integrate into diverse industries, two noticeable job trends are emerging:
AI upskilling — This pertains to the process of acquiring new skills and knowledge related to AI, aimed at enhancing job performance or advancing career prospects.
Emergence of new AI jobs:
AI Product Manager: Responsible for overseeing the development and launch of AI-driven products, ensuring they fulfill market demands and align with business objectives.
AI Engineer (including roles like AI Research Scientist, Business Intelligence Developer, Computer Vision Engineer, Machine Learning Engineer, NLP Engineer, etc.)
AI Ethicist: Ensures the ethical and responsible development and deployment of AI systems, addressing concerns regarding bias, fairness, privacy, and transparency.
AI Input and Output Manager: Handles the input data supplied to AI systems and interprets the output generated by these systems.
Sentiment Analyzer: Analyzes customer feedback, social media comments, and various forms of text data to comprehend public sentiment and opinions.
AI Regulatory Specialist: Keeps abreast of the evolving regulatory landscape related to AI and ensures company compliance with pertinent regulations.
AI Human-Computer Interaction (HCI) Designer: Designs user interfaces for AI-powered products and applications, focusing on enhancing user experience and ensuring intuitive interaction.
11. AI-Powered Online Search
AI is revolutionizing online search by delivering personalized, contextual, and predictive experiences:
AI algorithms customize results based on user preferences, ensuring more pertinent and timely information.
Contextual comprehension ensures accurate outcomes, even for intricate queries.
Conversational search, facilitated by natural language processing, enables seamless interactions with search engines.
Visual search empowers users to explore using images or videos.
AI’s impact resonates in SEO and content creation. However, companies leveraging AI-powered search face a primary challenge in cultivating customer trust.
According to research by Statista in February 2023, consumers harbor curiosity about AI-powered search but harbor concerns regarding its accuracy and biases. Among surveyed adults in the US, 39% expressed mistrust in AI tools regarding data privacy.
Consumers prioritize safety, user-friendliness, and compatibility with existing digital platforms. While some seek AI-optimized results, others prefer conventional search methods.
A February 2023 survey unveiled that over half of U.S. adults hesitated to switch to AI-powered search engines.
This resistance was notably higher among Baby Boomers, with 54% exhibiting reluctance, while 40% of younger respondents also expressed hesitation. Conversely, Millennials displayed more openness to AI-powered search, with 40% expressing a willingness to transition.
12. AI in Customer Service
Finally, let’s explore The State of AI in Customer Service: 2023 Report by Intercom to understand the predicted shifts in AI trends impacting customer service.
Increased Investment in AI for Customer Service:
Companies are showing a growing interest in AI for customer service, with leaders planning to ramp up investments in the coming years. Specifically, 69% of support leaders intend to boost their AI investments in the upcoming year.
AI Enhancing, Not Replacing, Customer Service Jobs:
AI is envisioned to improve rather than replace human customer service representatives’ roles, enhancing their effectiveness and efficiency. A substantial 78% of support leaders foresee AI transforming customer support careers within the next five years.
Cost Savings and Efficiency through AI Implementation:
Incorporating AI and automation into customer service strategies offers the potential for cost savings and operational efficiency. With 66% of support leaders eager to utilize AI and automation to enhance their teams’ efficiency, these tools are increasingly critical for business resilience.
AI as a Competitive Advantage in Customer Service:
Given the significance of customer experience as a competitive differentiator, AI stands as a tool to elevate customer service standards. An impressive 73% of support leaders anticipate customer expectations to encompass AI-assisted service within the next five years.
Gap in Perception: Support Leaders vs. Practitioners on AI Adoption:
There exists a disparity between the confidence of support leaders and support practitioners regarding customer readiness for AI chatbot interactions.
While over two-thirds of support leaders are confident in customers interacting with AI chatbots, fewer than half of support practitioners share the same conviction.
The optimism of customer service leaders contrasts with consumers’ reluctance to engage with chatbots, as per Gartner’s research. This discrepancy raises doubts about the immediate prospects of AI in customer service.
In Summary: Artificial intelligence (AI) is swiftly evolving and reshaping industries worldwide.
Anticipate further innovation and progress in the AI landscape in 2024.
If you seek to harness AI’s potential for your business, explore our AI software development services today. We specialize in crafting and deploying transformative AI solutions to give your business a competitive edge.
As artificial intelligence continues to advance and integrate further into our daily lives, there’s a growing imperative for legislation to govern its development and usage.
AI serves a spectrum of potential applications, both positive and negative, underscoring the importance of enacting laws to ensure its responsible and ethical utilization.
EU AI Act The European Union has taken a pioneering stance in AI legislation, exemplified by the proposal of the Artificial Intelligence Act by the European Commission in 2021.
This proposed regulation aims to establish the first comprehensive global framework for governing AI. Expectedly, the EU AI Act will likely be ratified in early 2024, preceding the European Parliament elections scheduled for June 2024.
AI Safety Summit 2023 In November 2023, a consortium of experts from governmental bodies, AI corporations, and civil society convened for the AI Safety Summit to deliberate on the perils associated with artificial intelligence, particularly concerning the latest and most sophisticated AI technologies.
The inaugural global summit on artificial intelligence took place at Bletchley Park, Milton Keynes, United Kingdom, spanning from 1st to 2nd November 2023.
Artificial intelligence (AI) is swiftly evolving and reshaping industries worldwide.
Anticipate further innovation and progress in the AI landscape in 2024.
If you seek to harness the potential of AI for your business, explore our AI software development services today. We specialize in crafting and deploying transformative AI solutions to give your business a competitive edge.