Discover top AI trends to know in 2024, including advancements in machine learning, AI ethics, Chatbots, and virtual agents.
AI brought forward a new normal after COVID-19. Things drastically changed in November 2022 with a notable introduction of Chat GPT, a chatbot that helped thousands of users create quality content at a quickened pace. The AI world is continuously increasing and the market size of AI is expected to reach $4.7 million in 2027. Generative AI took the market by storm and the hype of this platform and countless other Large Language Models like Google Deep Mind’s Gemini have changed the world of business taking the tediousness out of tasks and replacing them with speedy precision. In this article, you can explore top AI trends to know in 2024.
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Before discussing AI trends, you must understand what Artificial Intelligence (AI) actually is. As humans, we consider ourselves highly intellectual creatures who have decision-making and problem-solving skills, but what if these tasks were performed without any errors and at a quickened pace, the scientists and inventors saw a dream of a scientific revolution and wanted to develop intelligence artificially, they strived to make a model of AI and rest is history.
AI was developed in the mid-20th century, by pioneers like Alan Turing, John McCarthy and Marvin Minsky saw many updates and developments through the decades and resulted in what we have today, a bot that can think and perform humane tasks with extreme precision. What started as an idea of fiction turned into something magnificent, an intelligent language model that can drive automation with intelligence.
There are 3 types of AI, Artificial narrow intelligence, Artificial General Intelligence and Artificial Super Intelligence that are being used by diverse industries around the world to ease the workload of employees and heighten efficiency.
AI brought forth a revolution and transformed the world in countless ways. İt has transformed decision-making, increased possibilities of innovation and strategic planning through big data analytics and made the execution of impossible tasks easier. It has also helped in reshaping various sectors and made things cost-effective. AI is practically being applied in many industries including Education, Finance, Retail, Healthcare, Pharmaceuticals, Insurance and Content Creation.
AI has several capabilities and it caters to every user’s needs in a personalized manner, it also helps in research and market analysis, to help business owners and industry leaders make wise decisions. Now as several industries and leaders are migrating towards AI and ML and finding ways to integrate this revolutionary technology in our daily lives there are some prominent trends that are gaining traction.
Some of the most notable AI Trends that are gaining popularity in 2024 are mentioned below:
AI is changing how businesses connect with customers, AI-powered Chatbots open new doors to better customer relationship management. These bost have game changing capabilities, they not only learn from user interactions, and process natural languages efficiently but also deliver human-like comprehension and understanding which is revolutionizing the world of customer service and assistance. Chatbots are also making education and training interactive, making way for engaging and interactive websites.
43% of businesses are concerned about technology dependence but conversely a quarter of companies in the world are adopting AI because of labor shortages. Deepfakes, privacy issues and evasion of CAPTCHA safeguards has become increasingly easy for hackers and cybercrimes can be increased due to the lowered barriers to entry, in elevated multimodals of AI.
Innovation and improvement comes along with a lot of risks, and just like any other man-made machines AI is being utilized for unethical purposes and can also make mistakes, the users of AI must know that the generated content is only beneficial for use, when it’s true and accurate.
The ease AI brings into our lives and the way it can be used with convenience, is opening doors for unethical actors, and it is concerning. Moreover AI is still a newly adapted technology and its regulatory environment is quite vague which is bringing further issues to the surface.
Businesses are pursuing the development of custom AI models. These Custom AI models are developed on existing open source AI models and can be tailored to almost any real-world scenario, from supply chain management to customer support it opens a new world of possibilities. Trained on their proprietary data and fine-tuned for their specific needs.
Shadow AI is the unofficial personal use of AI in the workplace by employees. İt is also called Shadow IT and BYOAI. Shadow AI is used when impatient employees seek quick solutions, and implement gen AI in the workplace without seeking approval or oversight from IT. Although many people are avidly using AI in their workplace, it can be bad for security because lack of relevant information and perspective of privacy and compliance is not considered. Which can make things difficult for a business and expose the company to a huge risk.
AI systems have much unexplored potential. They not only expand possibilities for command following but also task automation. AI has been developed and updated to the point that in today’s time we can see AI planning trips and making reservations for people.
We have already seen AI generated images, but now a new trend is gaining traction and is going to overtake the business world. Which is text-video generation, which will help marketers, business owners and content creators describe their ideas in a new light and create anything they imagine.
AI is also advancing towards bots that multitask, isn’t that exciting? AI is shifting from using multiple small models, which are separately trained to do different tasks. AI tools like Chat GPT, Gemini do multiple tasks like solving coding problems, writing movie scripts and much more. Almost 97% of business owners believe ChatGPT will help their business. One in three businesses plan to use ChatGPT to write website content, while 44% plan to use ChatGPT to write content in other languages. This similar approach works for robots that can be trained to do multiple things at once. Robots with capabilities to generate their own data from trial and error can learn to control many different robotic arms.
Recently a company released a general purpose model for robots called RT-X in collaboration with 33 university labs called the big new general purpose training data set. The hurdle in approaching and developing this technology is lack of data, when compared to Gen AI, which extracts data from text and images on the internet, these robots have limited sources of data to help them learn.
AI came into our lives like a sudden storm, and is going to be part of our lives majorly, in the future. Moving ahead, AI is going to improve business automation, augment workers in their jobs, and open a new world where bots and humans will work together. But we have to remember that with emerging technologies like AI and advancement there is also an impending risk that AI should be monitored and scaled with responsibility to maintain quality and efficiency.
Hi, I'm Aaqil Abdul Rehman, one of the key individuals behind the success of First Growth Agency. With a spirited blend of marketing savvy and a dash of technical genius, I've dedicated myself to catapulting brands into the spotlight where they belong.
- Aaqil
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