Year 2024 is around the corner and we cannot be less overwhelmed for what the year 2023 has shown us when it comes to technological advancements, with Artificial Intelligence being at the forefront of it, leaving us eagerly anticipating what the upcoming year will bring. From the buzz of ChatGPT to the pool of AI tools for data, photos, videos, animation and what not, this year has thrown quite a stir in the world of AI and automation.  

As we enter 2024, expect even more advancements and innovations in the world of AI that will continue to shape our lives. This blog will throw light on eight key trends to watch out for in 2024 and beyond. So without much ado, let’s uncover these trends. 

1. Next Breed of Generative AI

While many might think the present-day Generative AI like ChatGPT as an epitome, it’s on the verge of becoming even more remarkable. In the coming year, we are going to witness the rise of a new breed of Generative AI aka Gen AI that surpasses the abilities of conventional chatbots and image creators.

This upcoming wave of Generative AI will be multimodal, adept at comprehending and processing diverse inputs such as text, voice, images, and even musical tunes. It will have the capacity to simultaneously produce various types of content. For instance, it could craft an article while generating a fitting image, or design a stage play backdrop while producing scripts in multiple languages. These enhanced capabilities will unlock a wealth of creative opportunities offering comprehensive experiences.

Read also: How Generative AI is Shaping Modern Business?

2. Tailored AI models for every industry

Basic models, the fundamental elements important for next-gen AI applications, are expected to keep growing in size and capability. However, as these models get bigger, the expenses for training them also increase drastically, potentially rendering the initial trials runs too costly.

Luckily, the open-source community for extensive language models (ELMs) is tackling this issue. Some are constructing trial versions of next-gen AI projects using smaller ELMs. Adapting these compact language models to suit a particular business or industry is quite feasible and provides a more economical solution. Even creators of potent closed-off models are starting to offer tailored generative pre-trained transformers (GPT).

These advancements are driving businesses toward personalized enterprise models. While the balance between performance and privacy will determine the model selection, the discussion around open-source versus closed-source extensive language models is set to intensify in 2024.

3. Artificial General Intelligence (AGI)

Artificial General Intelligence (AGI) might become a reality in the year 2024. AGI refers to intelligence capable of performing intellectual tasks currently exclusive to humans. Several organizations are actively striving to develop technology that could potentially exceed human intelligence. While the development is ongoing, AGI is anticipated to bring remarkable power and introduce new capabilities.

The G in AGI is the key: AGIs have to be generally intelligent. AGI holds the potential to significantly benefit the global economy, advance scientific exploration, and redefine the boundaries of what can be achieved.

4. AI in Software Development

Many of us have used apps, embedded with AI features to create content, perform tasks, or various functions. For instance, ChatGPT provides a vast array of information, some AI tools offer creative visuals, and utilize AI to assist in crafting engaging content that users can share with their potential customers.

Nevertheless, in 2024, the software development industry is assured to reach a new pinnacle where AI will benefit not just the software users but also the software developers themselves. Tools like GitHub enable developers to leverage AI to spend less time writing code and more time creating software solutions focused on customers.

The utilization of AI in software development marks a significant shift in how software solutions are conceptualized, created, and tested. It enhances team productivity and facilitates swift adaptation and improvement based on feedback.

Read also: Why Your Business Needs an AI Software Development Company?

5. Artificial Intelligence for Data Security

As our use of AI technology continues to expand, the demand for strong data security management grows alongside it. Utilizing AI for cybersecurity has become a need of the hour. AI-powered cybersecurity solutions can spot unfamiliar threats, identify and address vulnerabilities in real-time, proactively respond to security risks, and perform numerous other functions.

Businesses are turning to AI-powered advanced threat detection solutions to safeguard customer data as well as confidential business information. With both businesses and individuals using AI-powered security solutions to secure sensitive data, the role of AI will become mission-critical in securing data and IT infrastructure in 2024 and beyond.

Read also: Your Ultimate Guide to AI Cybersecurity

6. Augmented Working

Another key trend involves using AI to improve and enhance our work processes. AI holds the potential to elevate human capabilities in several ways, like speeding up tasks, boosting efficiency, and enhancing safety measures. For instance, AI can be utilized for content summarization, research tasks, drafting documents, generating and testing code, and even aiding in medical diagnosis.

Tailoring specialized AIs or smart AI-powered virtual assistants for specific industries, whether in law, medicine, or software development, can transform these AIs into indispensable assistants. This opens up opportunities for businesses to develop customized AI solutions that align with the growing trend of enhancing work processes.

7. AI-Enhanced Personalization and Customer Experience

One of the most significant AI trends for 2024 is the use of artificial intelligence to personalize customer experiences in unprecedented ways. AI-driven personalized recommendation technologies are becoming increasingly adept at analyzing large datasets to understand customer preferences, behaviors, and needs. This capability allows businesses to offer highly personalized products, services, and interactions. For instance, AI can tailor content recommendations on streaming platforms, customize shopping experiences in e-commerce, and provide personalized marketing messages. This level of personalization not only enhances the customer experience but also boosts engagement, loyalty, and revenue for businesses.

8. Sustainable AI for Environmental Solutions

Another hot trend is the emergence of Sustainable AI, focusing on leveraging AI for energy and environmental conservation and sustainability efforts. As climate change and environmental issues become increasingly pressing, AI provides innovative solutions in areas like energy efficiency, resource management, and pollution control. AI algorithms can optimize renewable energy distribution, assist in monitoring and reducing carbon footprints, and enhance waste management through smart sorting and recycling processes. The integration of AI in energy and environmental strategies signifies a vital step towards sustainable development, offering both ecological benefits and new business opportunities.

Takeaway

The landscape of AI is evolving rapidly, and as we step into 2024, these eight AI trends will be pivotal in shaping various sectors. From the revolutionary advancements in Generative AI, offering multimodal capabilities, to the emergence of Artificial General Intelligence (AGI), the future promises a transformative journey. Personalized AI models will tailor solutions to specific industry needs, while AI’s integration in software development and data security will redefine efficiency and protection. Additionally, augmented working (AI-powered Metaverse solutions) will enhance human capabilities across different professions. Understanding and embracing these trends will be crucial for businesses and individuals alike to remain competitive and innovative in an increasingly AI-centric world.

Ready to harness the power of AI for your business? Futurism Technologies can help you stay ahead of the curve by embracing these groundbreaking trends with cutting-edge and next-gen AI solutions. Whether you’re looking to innovate, secure your data, or enhance productivity, our suite of AI solutions can help.

Be a part of this exciting journey into the future. Contact us today.