After the launch of ChatGPT in November 2022 marked a turning point in artificial intelligence. AI is constantly evolving and becoming a bigger part of our lives in 2024.
As businesses learn to unlock the potential of AI trends, and individuals use it to boost productivity, AI will become increasingly omnipresent in everything we do.
As evident from a Forbes report, India's artificial intelligence market size reached $ 680 million in 2022 and further, it is expected to reach $3,935.5 million by 2028, showcasing a growth rate (CAGR) of 33.28% during 2023-2028.
With all hopes, 2024 will see us making headway toward solving some of the critical issues around this technology. Although barriers to entry due to cost and ease of access have crumbled in recent years, there are still issues around trust, bias, accessibility, and regulation.
Focusing on solving these elements of AI could put us on track to unlocking the full potential of this powerful technology.
Top 10 Most Important AI Trends That You Need to Know
As we now stand on the brink of 2024, it’s time to dig deeper into AI Trends to understand what the next year holds for AI.
If the rapid pace of 2023 has taught us anything, it’s that nobody can predict precisely what lies ahead. But we can start by examining the top trends of AI and key drivers from this year which will continue in 2024.
1. AI Generative Tools
As we are beginning on the hottest AI trends, the use of AI generative tools appears to go beyond chatbots and image generators that have amazed and sometimes acred us in 2023.
Generative video and music creators are already getting too much attention on social media platforms, and they will become more powerful and user-friendly.
In 2024, we will start to see them embedded into creative platforms and productivity tools, just as we have with ChatGPT technology last year. New and appealing applications will appear, such as generative design tools and voice synthesizers.
In this critical skills toolbox, being able to tell the difference between the real and the computer-generated will become an increasingly valuable tool.
2. Ethical AI
AI has the potential to be so disruptive that it must be developed and used in a responsible way that minimizes its potential to cause harm to us.
We have already captured some of the dangerous factors – bias, a lack of transparency, the potential to displace human jobs, and our inability to say, with 100 percent certainty, that it’s never going to get out of control.
In 2024, we will see AI companies continue to focus on mitigating these problems and remaining vigilant for new ones.
Ethical plus responsive AI will be increasingly in demand as these companies seem to demonstrate that they are following ethical standards and deploying appropriate safeguards.
3. AI Use in Customer Service
Another one of the top AI trends is using AI in customer service. Customer service can be an aspect of business operations where a lot of routine, repetitive procedures are interspersed with occasional deeply complex and critical tasks.
This makes customer service an ideal testbed for integrating AI into processes, automating the mundane to free up human time for issues that need a human touch.
AI can be used in several ways such as triaging initial contact calls, generating personalized solutions to common problems, and generating reports and summaries of customer interactions.
A Boston Consulting Group research found that 95% of customer service leaders expect their customers will be served by AI bots at some point in the next three years.
4. Augmented Working
Knowing how we can augment our human intelligence and capabilities to do our daily jobs faster, more efficiently, and more safely will be an important workplace skill in 2024.
For instance, if you’re a legal eagle, AI-augmented working will help you quickly summarize relevant case law or speed up the drafting of contacts. Or as a doctor, you can use it in writing up patient notes or medical images.
Software developers can use it to speed up writing software and to test and debug their output. If you’re a college student, it can help you prepare notes and research papers, and even if you’re unemployed, it will help you write your CV and draft cover letters.
5. AI-Augmented Applications
After looking at augmented working, the next trend is AI-augmented apps. In 2023, everyone was rushing to build generative AI functions into their software and applications.
From search engines like Google and Bing to productivity tools like Office, social apps like Snapchat, and industry-based platforms such as Expedia and Coursera, adding chatbot functionality is emerging as an effective strategy for driving next-generation customer experience.
Many of us may have held off using these tools due to uncertainty over data protection and privacy issues, but this year these should start to be resolved as AI providers adapt their services to meet market needs.
6. Low-Code And No-Code Software Engineering
Back in 2019, Gartner estimated that 65% of application development would be done with low-code/no-code tools by 2024.
Now, this may very turn out to be true, as generative AI tools like ChatGPT allow everyone to create and test applications in a matter of minutes.
While we don’t see coding and software engineering jobs vanishing in 2024, (as someone needs to build AI tools in the first place), there will be a lot of exciting opportunities for individuals who have good ideas and a love of solving problems but not necessarily hard technical skills.
7. AI Jobs
With the rise of AI trends and practices, it would not be surprising to know that AI Jobs will also be high in numbers.
For someone who wants to work in AI but doesn’t want to be specifically a computer scientist, then the good news, a whole load of new job opportunities are opening up in 2024 that could suit them.
Also, on the role of engineers and technicians needed to build the system, we’ll see openings for roles such as prompt engineers, who can create the instruction to tell AI applications what to do, and AI managers, who oversee teams of visual workers.
There will also be a growing requirement for AI project managers, trainers, and ethicists as well. On the other hand, if you’re in tech, there will be plenty of new jobs for you in fields such as AI engineering and DevOps.
8. Quantum AI
When it comes to emerging trends in artificial intelligence, you might not seem convinced to consider this one, as the trend will perhaps not affect everyone right away.
But, quantum computing is capable of massively speeding up certain calculation-heavy compute workloads – is increasingly being found to have applications in AI.
Quantum algorithms process data utilizing qubits that spookily exist in more than one state at a time, as opposed to traditional computer bits that can only ever be 1 or 0.
This is one of the features of quantum that makes them far more efficient than classical algorithms for problems like optimization –finding the best combinations of many different variables – that are commonly tackled with machine learning.
During 2024, we can expect to see more progress in applying quantum computing and AI in order to power ever larger and more complex neural networks and algorithms.
9. Upskilling for the AI Revolution
It’s often said these days that AI won’t take jobs and won’t replace many of us, but what we need to understand is that people who use AI will take jobs from those who don't.
In order to get ahead, understanding how AI can impact your own job or profession and developing the ability to match the right tool to the task is a super-smart idea.
In 2024, forward-looking employers will be considering assisting their workforce in this transition by integrating AI skills into education and training programs.
If yours isn’t, there are endless resources online, many of them free, so just dive in and you’ll be able to find a much better employer in no time!
10. AI Legislation
Legislators have never been so good at keeping pace with technology, but after witnessing the game-changing AI trends the nature of AI is starting to make them sit up and take note.
Countries China already has some laws in place including laws prohibiting the production of non-consensual deepfakes. And jurisdictions, including the US, and India, are on the stage of developing their own sets of regulations.
On the other hand, the UK has already proposed a bill that will potentially come into force in 2024 and an EU act is predicted to be in place by the start of 2025.
Each piece of legislation will aim to maintain a balance between protecting citizens from the negative impact of AI on jobs and privacy, for example, and enabling innovation and commerce.
The debate around where the lines are drawn is likely to be a significant element of political discourse during 2024.
Final Thoughts
After looking at some AI stats, 2020 appears to be another year dominated by AI. While 2023 was perhaps the first time many people started thinking about artificial intelligence, 2024 will likely be the year when people realize the potential of AI trends and it changes are here to stay.
Frequently Asked Questions
Q. What to expect from generative AI in 2024?
Ans. 2024 promises exciting leaps for generative AI. We can expect AI to become even more versatile, working seamlessly with various data types like images, text, and sound. This will open doors for businesses to leverage AI for personalized marketing and product design. Additionally, AI's predictive capabilities will be further enhanced, aiding informed decision-making across various domains. While ethical considerations around potential bias and misuse remain critical, generative AI holds immense potential to become a valuable tool in 2024 and beyond.
Q. What is the future of AI in 2024?
Ans. The future of AI in 2024 looks bright. Expect AI to become more versatile, handling diverse data types and unlocking innovative applications across businesses and decision-making. Ethical considerations like bias and misuse remain crucial, but 2024 positions AI as a powerful tool with vast potential.
Q. What are the hottest topics in AI?
Ans. The hottest topics in AI are constantly evolving, but some consistent themes are attracting significant research and development efforts. These topics include Natural Language Processing (NLP), Generative AI, Responsive AI, Explainable AI (XAI), and Large Language Models (LLMs).
Q. What is the projected value of the AI market by 2024?
Ans. The market size in the AI market is projected to reach US$305.90bn in 2024. The market size is estimated to show an annual growth rate (CAGR 2024-2030) of 15.83%, resulting in a market volume of US$738.80bn by 2030.
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