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AI trends to supercharge your business in 2024
As AI commoditisation continues to be the lifeblood of innovation in our digital society, global spending is expected to surge by 120% and hit $110 billion by 2024.
This surge in investment and adoption is largely a result of the recent GenAI boom, where everyday netizens are given access to amazing AI-powered tools designed to push the boundaries of content creation and creativity.
With a few simple prompts, anyone can now write engaging copy, code a website or application, make AI music, design art and images, make videos, and create original content.
The possibilities for innovation, collaboration, and creation are seemingly endless. Let’s take a look at the leading AI trends to supercharge your business in 2024.
Low-code and no-code AI
By 2024, over 65% of application development activity is expected to be driven by low-code application development.
Similar to low-code/no-code development for websites or applications, low-code and no-code AI systems allow users to drag and drop their way to create smart programs and systems. By combining pre-built templates and modules, users simply need to feed the system with their own domain data to create a customised AI system tailored to their needs.
This democratisation of AI and IT helps businesses create AI systems quickly and affordably with a faster time to market and little risk/ROI ratio.
The pause of creative AI
Although various forms of AI have been able to produce creative content like music, art, and literature for a few years now, it has recently levelled up its ability to mimic human creativity and expression through art. With Chat-GPT and GenAI propelling content creation into the stratosphere in recent times, 2024 might see a pause.
GenAI faces a sobering reality check as the actual costs, risks, and complexities overshadow the hype of 2023. The immense enthusiasm surrounding generative AI might have been overstated, and significant hurdles must be overcome to successfully bring it to market. Added to this, there is a growing anti-AI movement raising concerns about the technology’s pervasive implementation that is raising societal and ethical questions. Specifically, people are repelling digital influencers as they call for social media to go back to its roots, minimising the number of AI-powered advertisements.
Chatbots and LLM models
As ChatGPT-5 approaches, we anticipate swift advancements in AI-driven chatbots. There is a surge of software companies actively developing their own Large Language Model (LLM) with the aim of enabling computers to emulate human language and provide solutions to queries in a more ‘human-like’ manner.
For example, Google’s Bard is another popular and free-to-use AI chatbot relying on Google’s search engine data. Also, Microsoft’s Bing Chat is free to use and relies on the latest GPT 4 model. Be on the lookout for the launch of Grok, X’s (ex-Twitter) latest AI product set to release in 2024.
Moreover, with Meta’s beta release of a new AI experience integrated into their suite of apps (WhatsApp, Instagram, and Facebook), users can engage in conversations with AI versions of celebrities like Snoop Dogg and Kendall Jenner.
Demand for AI specialists
As AI continues to impact various industries, the need for skilled professionals who can develop, maintain, and advance AI technologies becomes increasingly evident.
Prompt engineers and technicians play a vital role in getting the algorithms to do what they are required to do, ensuring their functionality and efficiency. It takes skill to be able to specify what you precisely require of AI tools to enjoy the far-reaching benefits of this technology. Trainers contribute by refining AI models and teaching them to recognise patterns or respond to specific inputs.
Additionally, ethicists play a crucial role in navigating the ethical considerations associated with AI development and deployment, ensuring that these technologies align with societal values and standards. Keeping your understanding of artificial intelligence updated is a prerequisite, so be sure to read some of the best books about AI to remain relevant.
Voice- and language-driven intelligence
The voice and speech recognition market is expected to hit $49.7 billion by 2029. The remote working revolution created a surge in smart speaker usage in homes and voice solutions aimed at improving business processes (i.e. voice in meetings and voice for business intelligence) will take centre stage in 2023.
Voice assistants will increasingly be tailored to specific business challenges and integrated with internal systems, such as CRM and business processes.
AI ethics and legislation
As private companies power AI’s advancements, the lack of governmental oversight has pushed the debate over the ethics of responsible AI to the front. Society at large is more aware of the issues around controlling AI and making sure it aligns with our values and goals.
In 2024, we will likely see continued initiatives from global AI partnerships on how to leverage AI to battle against major global issues, such as climate change, and inclusion and diversity.
Ethics will continue to play a major part in the stimulation of innovation and economic growth as more organisations realise the need for responsible tech. Fairness of algorithms and data transparency are issues that will need to be addressed this year as AI adoption is more widespread than ever.
In 2024, we will continue to see the evolution of AI regulation and legislation across the globe. From China’s recent laws regarding non-consensual deepfakes to the UK’s explosive proposed bill in 2024, including the EU’s proactive steps towards settling on an AI act by 2025, it seems that governing bodies aim to make 2024 a year to get a handle on AI regulation.
Generative video to set the scene in 2024
While the hype around GenAI might drop in the coming months, the reality is that this technology will continue to usher in a new era of content generation and creativity. The use of generative videos by content creators, businesses, and the general public will become more evident – simply because it has never been easier to create videos.
With generative video tools such as Runway’s Gen-2, Zeroscope, Midjourney and others, anyone will be able to produce professional-looking video content for a fraction of the price in 2024. Adobe Firefly’s new video editing feature generative fill allows you to pretty much generate anything from nothing – from turning a frown into a smile or changing the item someone is holding, the capabilities of video generation software will continue to amaze us in 2024.
AI-powered cybersecurity
As AI technology evolves, so do the tools cybercriminals use to conduct nefarious activity, leading businesses to level up their cybersecurity game. In a world where data is more valuable than oil and compliance is the gateway to digital growth and customer trust, 2024 will be the year where AI-powered cybersecurity will be tested the most.
Unfortunately, cybercriminals are using AI technology to bypass conventional IT security systems to infiltrate systems housing sensitive company and personal data. But AI also helps in the fight against cyber threats, and this year we predict more organisations placing more money into securing their data through the use of sophisticated cybersecurity technologies.
AI in the workplace
AI is present in almost every digital touchpoint we interact with, and for good reason – it just makes things easier, simpler and faster. AI has been assisting businesses with office and administrative automation for years, from repetitive rules-based tasks to more high-level data synthesising – you name it.
But 2024, will see AI become more sophisticated in the workplace, offering us time to handle more complex tasks while the machines take care of the time-consuming remedial processes through robotic process automation (RPA). AI can now help us create websites, complete forms, create documents and find information needles in gargantuan-sized data haystacks in far more sophisticated and streamlined manners than ever before.
Increased personalisation
Personalised digital experiences have quickly become standard as users expect customised dealings with brands of all types, from banking to e-tail. This has led to a boom in advancements in Machine Learning (ML) and AI’s predictive capabilities which are helping businesses gather more user insights.
The accuracy of this tech will continue to evolve as users continue to expect more personalised touches at each digital interaction. Businesses will get a more complete picture of the personalities behind their users to predict and suggest products better, and consumers will appreciate far improved streamlined shopping experiences. The biggest improvement in this tech for 2024 will be businesses’ ability to achieve this kind of personalisation at scale.
In 2024, we expect to see AI continue to be used to create websites, design interfaces, and develop engaging marketing strategies that are designed to be personalised for users.
2024 just got more intelligent
There’s no reason why your businesses can’t excel when you have access to these amazing AI-powered technologies shaping our digital world. Thanks to the advancements in AI, businesses can connect, collaborate, create, and thrive.
How many of these AI technologies is your business planning to use in 2024?
Get in touch
If you need tailored AI solutions to help your business make an impact in today’s technology-powered world, contact us to see how we can help.
Mario Grunitz
Working Machines
An executive’s guide to AI and Intelligent Automation. Working Machines takes a look at how the renewed vigour for the development of Artificial Intelligence and Intelligent Automation technology has begun to change how businesses operate.
