Generative AI has changed the entire landscape of artificial intelligence (AI) drastically, with 2023 buzzing with the word GenAI and tech giants making a beeline to acquire AI tools or introduc their own AI chatbots. As we step into 2024, the landscape continues to evolve with AI becoming more intertwined with our lives than ever before.
According to a study conducted by Next Move Strategy Consulting, the AI market is set to grow exponentially. While currently valued at somewhere around 100 billion US dollars, the market is projected to grow twenty times in value by 2030.
Smitarani Tripathy, Social Media Analyst at GlobalData, comments: “Influencers on X were enthusiastic about the progress of GenAI, especially about its capacity to create authentic and relevant content. The key areas for the coming year include innovation in open-source AI models, acknowledged for their transformative potential across sectors. Additionally, influencers emphasize the need for AI regulation and security measures, underscoring the significance of ethical AI application amid the dynamic AI landscape.”
With AI going strong, here are some of the GenAI trends one can expect to see in the tech sphere in the coming year.
1. Generative design will revolutionize product development
Generative design will impact the way physical products and services are conceptualized. Platforms like Autodesk will incorporate generative AI functionality, enabling designers to input requirements and materials, receiving blueprints and recipes in return. This approach accelerates prototyping, fostering more robust, effective, and sustainable product designs.
2. Rise of Generative video
Today, the art of creating a video is a time consuming and expensive process. But that will not be the case in 2024. Generative video tools are expected to democratize professional video content production. These tools will empower individuals to create high quality videos at a fraction of the traditional cost, revolutionizing the content creation landscape.
3. Multi-Modal Models: The future of generative AI
What makes generative AI so special is its ability to either write, paint or compose music like a human being. However, unlike a human being, there is no AI tool that has the capacity do all thse things. This is where Multi Modal Models come in. These tools will have the versatility of humans, being able to perform a range of activities just like them. Google’s Gemini and GPT4 are examples of such Multi Modal Models.
Despite challenges like data scarcity and algorithmic complexity, innovations in data augmentation techniques and modular architecture promise a more efficient and powerful future for multi modal AI.
4. The rise of prompt engineers
Described as “AI whispering,” prompt engineers are in high demand. These professionals program generative AI systems to achieve optimal results by coaxing the best out of complex algorithms. This role is predicted to be a key player in the AI job market in 2024.
5. Generative AI in Education
Generative AI’s role in education will spark discussions in 2024. Teachers and students are likely to embrace AI for generating notes, reports, lesson plans, and course summaries, transforming the educational landscape.
6. Quantum AI – A gateway to a new era of innovation
Quantum technology is poised to revolutionize the training process of AI models. Blending quantum tech with machine learning enables faster data processing, significantly reducing the time and resources required to train complex generative AI models.
7. Web3 x GenAI: The next frontier of user engagement and data security
The collaboration between Web3 technologies and Generative AI promises not only personalized online experiences but also enhanced data security. This partnership creates a decentralized network, making it challenging for cyber threats to compromise user data.
Though there are plenty of things to be excited about in 2024, the year might also experience the dark side of AI with elections looming across several nations. Spreading false information or disruption of political processes is anticipated. The misuse of AI in elections poses a significant challenge, demanding vigilance and countermeasures to preserve the integrity of democratic systems.
The coming year presents a unique opportunity for stakeholders across various sectors to navigate the evolving AI landscape with foresight, addressing challenges while harnessing the transformative potential of generative technologies for the betterment of society.
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