Remember those sci-fi movies where robots contributed to the greater good of the world? Well, it's no longer a fantasy.
The advancing technologies of Artificial Intelligence and Machine Learning are reshaping industries and redefining human relationships with technology. And guess what? 2024 is all set to bring even more transformative developments in the world of AI-ML.
Well, before we unveil the most anticipated AI-ML trends for 2024, let's reflect on the notable events, achievements, and accomplishments in AI throughout 2023.
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Jan'23: ChatGPT reaches 100 million users
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Jan'23: Lawsuit filed against Stability AI, Midjourney & DeviantArt for unauthorized image use
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Jan'23: Introduction of GPT-4 (multimodal GPT) by ChatGPT
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Mar'23: Google introduced its ChatGPT competitor AI Chatbot: Bard
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Mar'23: Statement on AI Risk signed by prominent researchers & tech leaders
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Jul'23: Sarah Silverman sues OpenAI and Meta
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Aug'23: Major news channels, like CNN, BY Times, CT, ABC, and Reuters, block ChatGPT crawler from accessing content
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Sep'23: Bipartisan AI safety summit held with 60 senators & industry leaders, including Musk, Zuckerberg, Altman, Pichai, Gates, Nadella, and more
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Oct'23: US President signs Executive Order on safe AI development
Top AI and ML Trends for 2024
In the dynamic landscape of our ever-evolving digital era, the integration of AI with physical devices is set to transform various industries and businesses in 2024.
Touching every aspect of our lives, from personalized experiences to the exploration of virtual universes, AI has become a driving force for the betterment of humanity. Explore the latest AI-ML trends for 2024 and stay informed about the advancements shaping our technological future.
Generative AI (GenAI)
Just imagine personalized emails with AI chatbots or marketing copy that reads like Shakespeare. Generating texts, images, videos, and speeches has never been easier since the introduction of Generative AI.
The explosive popularity of Generative AI can be attributed to its unmatched capabilities in mimicking human creativity, taking the creation of texts, codes, images, and videos to the next level. It has reached a point where distinguishing between human creativity and artificial artistry has become almost impossible.
GPT-4, DALL-E 2, and Pathways are some of the best-known current advancements in the world of GenAI. Due to the high use and reliance on AI-generated content and images, Generative AI is set to be one of the most anticipated AI trends for 2024.
Future advancements and developments are predicted to integrate or embed platforms with Generative AI. 44% of leading companies are planning to implement data modernization efforts in 2024 to better utilize and take advantage of GenAI (Source: PwC).
Deep Learning
Deep learning, the brain behind Artificial Intelligence, has emerged as one of the most used and trending technologies recently. Deep learning is mimicking the human brain to the next-level and solving real-life complex problems like never before.
The unmatched accuracy of an AI model with the presence of multiple layers, automating repetitive tasks, and enabling data-driven decisions propels the surge in the significant increment in the use of Deep Learning.
Businesses have been utilizing Deep Learning to optimize operations, personalize user experiences, make accurate forecasts, and develop amazing products. Its future seems to be more exciting and promising than ever before. In 2024, Deep learning is expected to address critical challenges and complex problems in real life, such as protein folding simulation and personalized medicine for individual needs.
With the rise of neuromorphic computing and the imitation of the human brain, we might even witness the birth of truly artificial intelligence on a whole new level. Statistically, 80% of healthcare executives believe AI will significantly improve patient outcomes in 2024 (Source: Accenture).
Multimodal AI
2024 marks the new age of Multimodal AI, transforming single data models to unify sights, sounds, and words. But what's the hype in this? Imagine an AI model that doesn’t just understand your text inputs but comprehends gestures and emotions as well.
Businesses are already utilizing multimodal AI capabilities, such as customized marketing campaigns, interactive learning simulations, AI-powered medical image analysis, creating photorealistic art, and much more.
Cross-model learning, enhanced creativity, better user experience, improved application performance, and blending numeric text, data, images, and videos seamlessly are some of the key reasons for the hype of multimodal AI.
Leading firms predict significant growth in multimodal AI over the next few years, potentially reaching 40% of new AI projects by 2025 (Source: Gartner).
Edge Computing
In simple words, Edge Computing is about bringing the power of computing or intelligence closer to where it's needed, making things faster and more efficient. Speed and efficiency are the drivers of the surge in the use of Edge Computing.
By crunching databases on the local server, edge computing aims to reduce reliance on distant servers. Some of the most common examples of Edge Computing are immediate responses for time-sensitive tasks like autonomous vehicles, smart wearables, and industrial automation.
Current research and surveys predict that the global edge computing market will reach $375 billion by 2025, with a CAGR of 27.4% from 2021 to 2025 (Source: International Data Corporation).
Edge Computing is no longer a futuristic fantasy and is one of the most anticipated AI trends in businesses. In 2024, Computing edge is expected to transform human-tech relationships by migrating intelligence closer to the database.
No-Code Machine Learning
No-code ML is exploding, enabling everyone to harness the power of Artificial Intelligence. But why is it one of the AI-ML trends for 2024? Simply put, no-code ML enables every single business to utilize the insights and benefits of AI through a few drag-and-drop interfaces for the development and deployment of AI models.
It not only makes AI accessible for those with zero coding experience but also reduces programming hours, saving costs and improving efficiency. Many businesses using no-code ML capabilities have acclaimed boosted overall productivity, automated repetitive coding tasks, and gained critical insights from databases.
No-code machine learning is expected to evolve even more in 2024, integrating with business ecosystems, improving existing workflows, and enhancing application performance. Drag-and-drop and voice-driven interfaces are anticipated to be even less tech-driven, making AI even more accessible for everyone.
More than 41% of financial institutions are expected to invest in no-code/low-code platforms in 2024, likely encompassing ML functionalities (Source: Juniper Networks).
Metaverse
Forget those gaming avatars and movie scripts we enjoyed; the Metaverse of 2024 is more real, with boundless possibilities. It's not just about screens; the Metaverse is transforming the physical world itself.
Can you imagine having your daily meetings in the middle of an ocean, going on vacation to Mars, or building your own empire with blockchain? The Metaverse has unlocked new modes of communication, collaboration, human-tech relationships, learning, and emotions through virtual reality (VR) and augmented reality (AR) headsets.
By boosting engagement and creativity, it has offered dynamic virtual realities that are more akin to the real world. Many entrepreneurs have launched innovative digital store experiences, such as virtual clothes stores, classrooms, and ecommerce stores.
The future trends of the Metaverse in 2024 are expected to witness the rise of brain-computer interfaces (BCIs), decentralized governance models, and play-to-earn games. The global metaverse gaming market is projected to reach $62.1 billion by 2027, underscoring the gaming sector as a major driver of early metaverse adoption (Source: Statista).
Ethical AI
AI has been transforming our lives, but with great power comes great responsibility. This quote particularly matches here with the surging misuse of AI in the industry and business. In 2023, the world of AI has experienced multiple allegations and infringements.
For the greater good, ethical AI is no longer a fringe conversation but a central driver of AI-ML innovations in 2024. Enhanced trust in employees and customers, technological advancements without discrimination, reduced legal risks, and avoidance of unexpected consequences from biased algorithms are the key reasons behind the critical necessity of Ethical AI.
In 2024, it is expected to witness the establishment of global ethical AI regulations and clear standards for the responsible development and deployment of AI-ML. The aim of ethical AI will shift from reactive mitigation to proactive development.
Conclusion
As of now, technological advancements in Artificial Intelligence and Machine Learning have transformed our day-to-day lives. From the creation of personalized content and images to the ethical use of AI, the integration of humanity with technology is underway.
Moving towards 2024, Multimodal AI, Edge Computing, No-Code ML, and the ever-expanding Metaverse offer glimpses into a future where innovation knows no bounds.
2024 is anticipated not merely as another year for AI but as a turning point. From personalized experiences to real-world solutions, AI is expected to break free and reshape every aspect of our lives.
Generative AI, Multimodal AI, Edge Computing, No-Code ML, and the ever-expanding Metaverse provide glimpses into a future where innovation knows no bounds. Amidst this tech revolution, the ethical imperative of AI takes center stage, heralding a responsible era.
Are you planning to leverage the advanced capabilities of AI-ML trends for 2024 in your business? Get in touch with us, a top
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