AI 2024
What's in store for AI in 2024?
Welcome to an exploration of the possibilities that lie ahead in 2024 for the convergence of AI and technology. As we begin this journey, we are presented with a future filled with innovation, change, and endless opportunities. Like the Industrial Revolution of the 1950s, which reshaped industries and societal norms, AI is now playing a pivotal role in forging the next wave of technological advancement.
AI as a national priority
Recognizing AI’s immense potential, nations worldwide are expected to prioritize its development in a manner reminiscent of a new space race. This heightened focus drives significant advances in research, science, and economic growth, firmly establishing AI as a strategic global asset.
In 2023, the European Union demonstrated its commitment to elevating AI as a national priority by progressing toward finalizing the European Union Artificial Intelligence Act (EU AI Act).
This historic legislation represents the world’s inaugural comprehensive legal framework for artificial intelligence, categorizing AI systems into risk levels and imposing corresponding obligations.
The EU AI Act legislation represents a significant step in regulating AI deployment within the EU, encompassing a wide array of AI applications, ranging from high-risk scenarios like AI usage in sensitive systems such as welfare, employment, education, and transport to low-risk applications like chatbots.
Low-Code and No-Code software engineering
Low-code and no-code tools are gaining popularity, allowing individuals without extensive technical skills to create and test applications quickly. While coding and software engineering jobs will still exist, there will be exciting opportunities for individuals with good ideas and problem-solving skills, regardless of their technical background.
Generative AI tools like ChatGPT have enabled anyone to develop applications quickly and efficiently. This trend aligns with Gartner’s prediction that 65% of application development will be done with low-code/no-code tools by 2024. The accessibility of AI development tools empowers individuals to contribute to the AI landscape, fostering innovation and creativity.
AI-Augmented apps
Integrating generative AI functions into software and applications has become a widespread trend. Companies like Bing, Google, Adobe, and Snapchat have already incorporated chatbot functionality into their platforms to enhance the user experience. This strategy allows for next-generation customer experiences by providing personalized solutions and driving engagement.
One of the challenges in implementing AI-augmented apps is ensuring data protection and customer privacy. However, AI providers are adapting their services to meet market requirements, addressing concerns related to data security. The integration of AI into various applications will continue to evolve in 2024, providing users with more interactive and personalized experiences.
Generative AI's second wave will be video.
It’s incredible how fast the fantastic becomes familiar. The first generative models to produce photorealistic images exploded into the mainstream in 2022—and soon became commonplace.
Tools like OpenAI’s DALL-E and Stability AI’s Stable Diffusion flooded the internet with jaw-dropping images of everything from the pope in Balenciaga to prize-winning art. The new frontier is text-to-video.
A year ago, we got the first glimpse of what generative models could do when they were trained to stitch together multiple still images into clips a few seconds long. The results were distorted and jerky. But technology has rapidly improved.
Creators are actively developing generative video models and regularly releasing updated versions of their tools every few months. These new models can generate videos that are still just a few seconds long, yet the quality is striking. The best clips are close to what Pixar might put out.
Quantum AI:
Quantum computing, although not yet fully realized, has the potential to revolutionize AI. Quantum algorithms can process data more efficiently than classical algorithms, offering faster and more accurate results. In 2024, we can expect further progress in applying quantum computing to power more extensive and more complex neural networks and algorithms. This advancement could lead to significant breakthroughs in AI capabilities.
While quantum AI may not directly affect everyone in the immediate future, it is a trend to watch closely. As quantum computing continues to evolve, it will unlock new possibilities and reshape the AI landscape in the coming years.
Several Fortune 500 companies will create a new C-suite position: Chief AI Officer.
AI has shot to the top of the priority list for Fortune 500 companies, with boards and management teams across industries scrambling to figure out what this powerful new technology means for their businesses.
One tactic expected to become more common among large enterprises this year is appointing a “Chief AI Officer” to spearhead the organization’s AI initiatives.
A similar trend plays out during the rise of cloud computing a decade ago, with many organizations hiring “Chief Cloud Officers” to help them navigate the strategic implications of the cloud.
Given a parallel trend already underway in government, this trend will gain further momentum in the corporate world. President Biden’s recent executive order on AI requires every federal government agency to appoint a Chief AI Officer, meaning that new Chief AI Officers will be hired across the US government in the coming months.
The rise of small language models
A notable development in the AI landscape for 2024 is the emergence of small language models. These models represent a shift from relying solely on massive models towards more nimble and efficient solutions. The focus is on precision and targeted impact rather than sheer scale. Organizations can reduce hardware requirements and costs by using smaller models specialized in specific tasks while still achieving high-quality outputs.
The rise of smaller models highlights the growing emphasis on specificity and relevance in AI applications for PR and communication. Organizations can prioritize quality over quantity, leading to more nuanced and tailored outputs contributing to a sophisticated and impactful communication strategy.
Copyright and accuracy concerns
One of the significant changes in the AI landscape revolves around copyright and generative AI artists, creators, and other IP holders, who have expressed concerns about freely using their work to train large language models (LLMs). Recent legal developments, such as the lawsuit filed by the NY Times against OpenAI, indicate a potential paradigm shift in the AI copyright landscape.
Another concern related to AI is the potential for misinformation and disinformation. As AI becomes more prominent, AI applications are more likely to provide inaccurate information, threatening the credibility of media organizations citing AI-generated articles.
Ethical AI.
The expanding footprint of AI in our lives introduces many ethical dilemmas. As AI mechanisms increasingly inform decisions, from health evaluations to financial counsel, they must function with utmost transparency and fairness.
However, the challenge extends beyond just engineering unbiased algorithms. We must cultivate rigorous standards to ensure these systems and their architects remain answerable for their actions.
In 2024, as we look ahead to a dynamic AI landscape driven by national priorities, emerging technologies, and ethical considerations, it builds upon the current impact of AI on various industries, reshaping jobs and advancing sectors.
How is the AI workforce distributed across industries?
Job displacement and creation:
- The widespread adoption of AI is expected to lead to the displacement of jobs, with estimates suggesting that AI could replace the equivalent of 300 million full-time jobs by 2030, Goldman Sachs says.
- While some jobs may be lost, the report also indicates the potential for creating new jobs and a productivity boom.
Manufacturing and job loss:
- AI is anticipated to transform manufacturing and supply chains, increasing efficiency and competitiveness.
- Forbes suggests that AI may replace as many as two million manufacturing workers by 2025, emphasizing the need for workforce adaptation and upskilling.
Healthcare industry impact:
- In the healthcare sector, AI is revolutionizing various aspects, from diagnostics to drug discovery, potentially impacting job roles.
- Administrative tasks in healthcare are being automated, potentially reducing the need for specific administrative roles but allowing professionals to focus more on patient care.
AI personal assistant robots:
- The rise of AI assistants is inevitable, with 2024 being touted as the year of the AI assistant.
- Organizations are expected to leverage AI assistants to simplify tasks, support new working methods, and enhance overall productivity.
Travel industry changes:
- Most travel industry has focused on AI as a travel planning tool, utilizing programs to predict demand and set prices.
- The latest AI developments in 2024 aim to empower travelers by helping them find the lowest rates and the best times to book, potentially saving billions of dollars collectively.
- AI is expected to significantly reshape the travel industry, contributing to personalized services and enhanced customer experiences.
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