AI Trends to Watch in 2024: What's Next for Artificial Intelligence?

AI Trends to Watch in 2024: What’s Next for Artificial Intelligence?

ByThe Growth Catalysts Team

Ever thought about the big changes artificial intelligence (AI) will bring to our world? Looking forward to 2024, experts say AI will make even bigger impacts. The MIT Technology Review predicts AI will get smarter and easier to use.

Google and OpenAI are working on special language models. These models will be ready in 2024. They’ll let anyone make their own small chatbots easily. No coding skills needed. This change will help in places like real estate, letting agents handle property listings faster.

AI deepfake tech is already used by 44% of big companies for marketing and training. And we’re just starting. DeepMind, for example, is working on large models like Robocat and RT-X. These are for controlling robot arms. This shows how AI is getting into robotics.

Generative AI could bring in a lot of money. Many US companies are adding AI to their work. But, it’s important to use AI wisely and ethically as its role grows bigger.

Key Takeaways

  • Customization of powerful language models by Google and OpenAI will enable user-friendly AI without coding.
  • 44% of Fortune 100 companies are using AI-based deepfake technology for various applications.
  • AI is expanding into robotics with versatile models like DeepMind’s Robocat and RT-X.
  • Generative AI is set to generate trillions of dollars in value across industries.
  • Ethical AI and regulatory considerations are increasingly important as AI integration grows.

Introduction to AI Trends in 2024

The year 2024 will be big for artificial intelligence in many sectors. Companies in the US are quickly adopting AI in their work, with 73 percent already doing so. This shows a big change in the tech world, with advanced AI developments leading us forward. Tech giants are making AI more available and easy to use for everyone.

Generative AI is making a huge impact, with possibilities to add trillions of dollars in value. In 2022, there was a big jump in generative models that create lifelike images. Tools like DALL-E, Stable Diffusion, and Adobe’s Firefly are everywhere now. Runway is also making progress, with its latest model creating video clips just as good as those from Pixar. The AI film festival by Runway, with its big prize and screenings in major cities, shows how important generative AI has become.

As these trends continue, ethics and governance are getting more attention. The European Union is talking about a big AI bill to manage how AI is used and to answer people’s worries. Many places are working on rules to have better control over AI use. The problem of AI creating fake news and deepfakes is a big worry. This makes it harder to know what’s true online.

AI is also making work better and creating new jobs. It could boost the value of global production by 7% every year. But, people need to learn new skills to keep up with these changes.

Investments in generative AI are growing, creating new tools for making text, video, images, and audio. AI is getting easier for everyone to use. Apps like ChatGPT are already popular, welcoming 100 million users in two months without needing special skills.

AI’s influence is seen in many areas like education, healthcare, and farming. It offers new and better ways to do things, often surpassing what humans can do.

The Rise of Small Language Models (SLMs)

Small language models (SLMs) are becoming very popular in the AI world. They are small yet efficient, needing less power to work. Unlike their big cousins, they don’t require bulky computers to run. This makes them easy to use on devices like smartphones.

These models have a few billion parameters, perfect for smaller gadgets. Such design helps them work smoothly on phones, making them useful for all.

What Are Small Language Models?

AI’s small language models (SLMs) have fewer parameters than large models. Generally, they have billions of parameters, which is enough for good performance. Their ability to work well on basic devices is remarkable.

Models such as Phi and Orca, made by Microsoft, show how powerful small models can be. They can even top large models in certain jobs.

Advantages of SLMs Over LLMs

Smaller language models offer clear benefits over large ones. Their simplicity helps cut down on costs and makes them safer. This means they use fewer resources and can be used in many areas easily.

They can be adapted to different fields like healthcare and finance. This shows a move in AI towards tools that are user-friendly and powerful.

Notable Examples of SLMs

Many models are showing the world what SLMs can do. Microsoft and its models Phi and Orca are shining examples. Models like Llama 2 and DistillBERT from Oracle and Google are making big waves.

Open-source models are helping spread the use of AI too. Recent models like Stable Beluga 7B and Falcon 7B prove that small models have a bright future in AI.

Generative AI and Its Impact

Generative AI is getting very popular these days. Tools like ChatGPT are changing many fields. They make it possible to create text, videos, and images from a few simple prompts. A report by Deloitte from early 2024 says this technology will change many things. It will bring new value to different industries.

The Popularity of Generative AI Tools

AI tools are winning fans everywhere, thanks to their flexibility and simplicity. Models such as GPT-4 and LLava are becoming well-known and trusted. By 2023, generative AI had already started to be used by companies. Gartner’s Hype Cycle says generative AI stands at the “Peak of Inflated Expectations,” showing a lot of excitement. IBM’s research points out how AI tools are cutting expenses and fitting easily into business tech stacks.

Applications of Generative AI Across Industries

AI, especially generative models, serves many fields. It’s big in areas like agriculture and healthcare. For instance, chatbots can help farmers spot weeds. They also support doctors in making patient diagnoses. Models such as CLIP and Wave2Vec can handle various data types. This makes searches and content creation easier. Even governments are looking at AI laws. They want to ensure it’s used ethically and responsibly.

Challenges and Ethical Concerns

The rise in using generative AI brings up many challenges. People worry about how it’s used, its fairness, fake news, and stealing ideas. As these tools find their way into daily work, setting clear ethics is key. We must make AI systems open and accountable. This highlights the need for careful AI management as the field grows.

Models like Mistral 7B show that even smaller AI can do big things. They often outdo bigger models while being easier to understand and use. Since cloud costs are going up and getting tech is harder, using smaller AI is becoming more popular. Adding Kubernetes to host AI models will make deploying AI easier and more efficient in 2024.

Multimodal AI: Integrating Multiple Data Types

Multimodal AI changes how artificial intelligence works by bringing together various data types. These include text, images, audio, and video. This mix makes AI tools easier to use and more intuitive. It’s interesting that 73% of US companies use AI in some way. This shows how much AI has become a part of our lives.

What makes multimodal AI powerful is its seamless blending of different data types. It changes how we use technology, from our phones to advanced search engines. These AI models give us more detailed and accurate information by blending various types of data.

Multimodal AI is especially helpful in creating large language models (LLMs). It helps these models understand and produce content that mixes different types of data. This results in improved outcomes that are more polished and useful. The value it brings across industries is expected to reach trillions of dollars. It opens doors to new and efficient ways of innovation.

In sectors like science and healthcare, multimodal AI is making a big impact. It helps in predicting the weather and estimating carbon footprints. It also supports eco-friendly farming methods. As the use of multimodal AI grows, we can expect new, powerful, and user-friendly technology solutions in 2024.

There’s also a push for AI to be used ethically and with proper regulations. The European Union plans to introduce a major AI bill. Making sure AI is used responsibly and ethically, despite these advancements, is crucial. This will help ensure trust and keep the AI field growing in a positive direction.

AI’s Role in Enhancing Workplace Productivity

AI is quickly changing how we work more efficiently. It’s predicted to grow by 37.3% yearly by 2030, says Grand View Research. A study by McKinsey & Company shows AI could automate 60% to 70% of tasks. By using AI, work can be done faster and in new, more creative ways.

Automating Repetitive Tasks

AI helps by automating boring jobs, making work smoother. This lets employees focus on tasks that need creativity. However, communication about using AI at work needs to improve, as shown in a FishBowl survey.

The Balance Between AI and Human Creativity

Working alongside AI is a big win for boosting how we work. It’s about humans and AI making each other better, not one replacing the other. This teaming up helps people do tasks that need thinking and understanding. This way, employees can do more important tasks, boosting their productivity.

Yet, not many companies have good strategies for using AI in HR. Only 4% have a clear plan, according to Josh Bersin Company. New AI-related jobs like AI ethicists and data curators will become key in 2024. They will make sure AI is used well in areas like HR, marketing, and finance. These roles will help improve work and make processes more efficient.

The new work environment needs both tech skills and human skills. The rise of AI jobs points out the importance of AI and human creativity working together. This mix is what makes work better and more effective, with AI powering modern workplaces.

AI in Science and Healthcare

Artificial Intelligence (AI) is changing the game in science and healthcare. It’s improving climate change predictions and medical diagnostics. This is making global challenges and medical advancements easier to tackle.

AI for Climate Change and Sustainability

AI is playing a bigger role in the fight against climate change. Microsoft researchers, for example, are using AI to get better at predicting the weather and understanding carbon. These climate change AI tools lead to more precise weather forecasts. This helps with getting ready for disasters and planning farming better.

AI is also helping in farming to be more sustainable. It uses chatbots to help farmers with spotting weeds and managing crops. AI for sustainability is key to better farming practices. It reduces harmful carbon footprints and supports eco-friendly farming.

Advancements in Medical Diagnostics and Treatment

In healthcare, AI is making big changes too. AI in healthcare is moving us from paper to digital health records. This is improving how different healthcare systems work together and the quality of care for patients.

Thanks to medical AI breakthroughs, we’re finding new drugs for diseases faster. Using AI, scientists can find possible new drugs and test them in just weeks or months. This is much faster than the usual years it takes.

AI is even changing how we find new materials. It helps find better, less harmful substances for things like batteries. As Chris Bishop from Microsoft Research says, AI’s role in discovering new materials is becoming very important.

To sum up, AI is truly revolutionizing science and healthcare. It’s leading to big new changes and promising new solutions for our world’s big challenges.

The Future of Ethical AI and Governance

The world needs ethical AI more than ever. The rise of AI pushes leaders to make new rules. These rules are to keep AI in check, making sure it’s used responsibly and openly. This is crucial for everyone’s safety and to keep trust strong.

Regulations in the AI Landscape

Big players like China, the EU, the U.S., and India are setting up AI rules. They aim to spur tech growth, bring in investments, and keep people safe. A key milestone has been the Bletchley Declaration, with 28 countries supporting a safe AI plan. The U.S. is working on an AI Bill of Rights, and the EU made the Artificial Intelligence Act. The scene is changing worldwide, with countries like China and Canada also updating their AI laws.

Ensuring Accountability and Transparency

AI is now a big part of our world, sparking more talks about ethical AI. People in the know say we’re going to see more about AI ethics in school and job training. To make sure AI is used well, companies and governments must be open about how they use it. This is a big step to keep trust alive and to make sure AI does good, not harm.

Explainable AI: Making AI Decisions Understandable

In 2024, we expect a big leap in AI advancements. Models like Mistral’s Mixtral show us a new way forward. They prove that smaller, open models can beat big, secret ones. This highlights the importance of AI that we can understand. It builds trust with the people who use it.

Since 2023, we’ve seen smaller models doing big things, like Mixtral. They are better for our wallets, outperforming others when working with lots of data. This change is due to more expensive cloud services and fewer hardware options. People are interested in these models because they use resources better. This makes high-tech AI available to more folks.

“The Gartner Hype Cycle situates Generative AI at the ‘Peak of Inflated Expectations,’ indicating a forthcoming transition into more practical and transparent AI applications,” according to recent studies.

The way AI makes decisions is evolving as well. Black box models are very accurate but hard to understand. In comparison, white box models show how they made a decision. This makes them great for fields like healthcare and defense that need clear answers.

Now, AI models are getting better at being clear and fair. They help detect biases and improve their decision-making over time. This is why the XAI market is growing fast. Businesses are adding these features to their AI tools. It helps them be more ethical and builds trust with users.

Working on AI, you need a diverse and inclusive team. People from different backgrounds help make better AI. This way, we ensure AI is made with everyone’s best interest in mind.

AI-Human Collaboration: Enhancing Efforts Together

In 2023, we saw big progress in AI-human collaboration. AI models like GPT-4 from OpenAI and Gemini by Google DeepMind started to mix text, images, and sound. This mix led to more useful applications in many fields. The synergy in AI helped create new collaborative technology. This tech makes us work better by blending our skills with AI’s, balancing what we do with both high efficiency and creativity.

Synergy Between AI and Human Workers

The synergy in AI created a strong partnership between AI tools and people. AI is now found in all types of jobs, from helping customers to solving tough problems. This shows how powerful AI-human collaboration can be. AI takes on the mundane tasks, letting people focus on bigger ideas and creative work. This teamwork makes work better and boosts how much we can get done.

Real-world Examples of AI-Human Collaboration

There are already many real-life uses showing the value of this teamwork. In customer service, for instance, chatbots powered by GPT-4 and Gemini help right away. This lets human agents handle the harder questions. In healthcare, AI aids in finding issues and planning treatments, giving valuable insights. This teamwork shows the huge potential of AI-human collaboration. It speeds up progress in various fields.

AI Trends to Watch in 2024: What’s Next for Artificial Intelligence?

Entering 2024, artificial intelligence (AI) shows great promise. It’s set to transform our day-to-day activities and how businesses work. This year will spotlight numerous advancements and changing dynamics in AI.

Key Predictions for 2024

2024 will see a rise in the use of small language models (SLMs). These are smaller than older models, bringing AI closer to people. Microsoft, for instance, is exploring SLMs, unveiling impressive results with tools like Phi and Orca.

The year will also focus on AI ethics because of Biden’s order and the EU’s AI Act. These measures aim to ensure AI is used responsibly and builds trust with the public.

Emerging Trends and Technologies

Generative AI will become more common, letting users create content without deep tech knowledge. It’s opening doors in fields ranging from media to health. Runway’s AI film festival, for example, highlights these creative prospects with a significant prize for winning.

Multimodal AI is another game-changer, combining different data forms for more user-friendly experiences. It’s poised to boost workplace efficiency too. In this scenario, AI acts as a supportive tool rather than a replacement for human skills.

It’s essential to keep up with these AI trends in 2024, whether you’re in business or an individual. With new tech and ethical discussions in focus, this year will mark an exciting journey in AI developments.

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  • The Growth Catalysts Team

    Equipped with decades of collective expertise in soft skills, personal and professional development, leadership, management, psychology, organizational behavior, and business, the Growth Catalysts Team at ESOFT Lifelong Learning stands at the forefront of your self-improvement journey. Our members, enriched by diverse 3rd level education backgrounds including psychology, organizational behavior, management consulting, and business, have refined their craft within major media houses, and as trainers, coaches, and consultants. Driven by a shared zeal for empowerment and transformative growth, we dedicate ourselves to delivering actionable insights that pave your way to success.

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Equipped with decades of collective expertise in soft skills, personal and professional development, leadership, management, psychology, organizational behavior, and business, the Growth Catalysts Team at ESOFT Lifelong Learning stands at the forefront of your self-improvement journey. Our members, enriched by diverse 3rd level education backgrounds including psychology, organizational behavior, management consulting, and business, have refined their craft within major media houses, and as trainers, coaches, and consultants. Driven by a shared zeal for empowerment and transformative growth, we dedicate ourselves to delivering actionable insights that pave your way to success.

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