Top 6 AI Trends in 2024 You Should Know
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Did you know that the global AI market size is projected to reach a staggering USD 1.56 trillion by 2030? As we strive into 2024, AI is still transforming our world, including various industries such as healthcare, finance, retail, etc. According to Forbes, nearly 80% of businesses have already adopted or actively explored AI implementation. So, in this blog, we will explore the top 6 AI trends that will continue to change how we live and work in 2024. Let’s check it out!
The 1st AI trend is Generative AI, which includes algorithms, such as ChatGPT, and Google Bard, that are capable of generating various types of content, including audio, source code, images, text, video, etc. While Generative AI still struggles to accurately generate words in the images it creates, it does not pose a threat to replacing writers and graphic designers. Nevertheless, Generative AI does have the remarkable capability to significantly promote the overall process. It can generate images and text, rephrase content, and even perform fact-checking and grammar corrections.
The acceleration brought about by generative AI is not limited to a specific profession or activity. It holds the potential to automate tasks, enhance productivity, reduce costs, and unlock new growth opportunities. This is precisely why the widespread availability of AI content-creation tools that democratize access to information and skills is considered one of the most disruptive AI trends of this decade. Gartner predicts that about 30% of outbound marketing messages might be synthetically generated by 2025.
Augmented Working, BYOAI & Shadow AI
Move on to the next AI trend – BYOAI or Bring Your Own AI and Shadow AI. But why? As AI technology becomes more accessible and user-friendly, with tools like ChatGPT and other no-code platforms, individuals are increasingly comfortable using AI in their daily lives. This includes the workplace, where employees see the potential of AI to boost their productivity and creativity. According to Forrester’s report, it found that 60% of workers will utilize their own AI to perform tasks. Moreover, companies across various industries are recognizing the immense value of AI, but there’s a shortage of skilled AI professionals. BYOAI allows employees who are already familiar with and proficient in specific AI tools to utilize those skills directly in their work, bridging the talent gap.
Shadow AI, on the other hand, refers to AI assistants who work alongside employees, automating routine tasks and providing real-time support. As a result, this frees up employee time for more complex and strategic work, leading to significant productivity gains.
While both BYOAI and Shadow AI offer substantial benefits, there are also challenges to consider, including:
- Security and compliance: Businesses need to establish clear policies and procedures to ensure the security and compliance of employee-owned AI tools used in the workplace.
- Integration and interoperability: Integrating various BYOAI tools with existing company systems can be complex, requiring careful planning and configuration.
- Data privacy and ownership: The most important challenge, concerns about data privacy and ownership need to be addressed when employees use personal AI tools for work purposes.
Open Source AI
Have you ever heard about open-source AI before? It is one of the most popular AI trends that encompasses AI software that offers freely accessible source code for modification and improvement by anyone. This stands in sharp contrast to proprietary AI systems, which keep their source code confidential and under the control of the developing company.
Open-source AI model fosters collaboration and innovation by allowing developers and researchers to freely access, modify, and distribute AI technologies. This encourages a diverse community of contributors to work together, resulting in accelerated advancements and breakthroughs in AI. This collaboration of open-source AI enables the pooling of resources, knowledge, and expertise, leading to the development of more robust and sophisticated AI systems.
Furthermore, open-source AI democratizes access to AI tools and technologies. By making AI resources freely available, it eliminates barriers to entry for individuals and organizations that may not have the financial means to invest in proprietary AI solutions. This democratization of AI empowers a broader range of users to leverage AI for various applications, leading to increased innovation, inclusivity, and diversity in AI adoption.
>> Related: Top 5 Website Design Trends in 2024
AI Risk Hallucination Policy
Though Generative AI is considered a powerful tool, sometimes AI models generate inaccurate or misleading information. This false is known as “hallucination”, while still an emerging concept, it’s gaining traction due to the growing concerns about the potential harms of AI.
Now, why AI risk hallucination insurance will be an AI trend when we strive into 2024? With the increasing adoption of Generative AI, the demand for AI risk insurance also increased. According to Forrester’s AI prediction, “A major insurer will offer a specific AI risk hallucination policy”, and “In 2024, hallucination insurance will be a huge moneymaker”.
According to GitHub Insights, the number of active users on GitHub libraries related to AI and machine learning has increased by 300% in the past five years. Furthermore, 43% of developers worldwide have already used AI-powered coding tools or platforms, according to a 2023 survey by SlashData. Within the next 2 – 3 years, 54% of developers anticipate using AI assistants for code writing.
So, what is the thing? Why is AI coding trending?
AI helps developers in many ways. AI can automate many of the tedious and time-consuming tasks involved in coding. This frees up developers to focus on more creative and strategic aspects of software development. In addition, AI-powered tools now can generate code based on natural language descriptions or even visual designs. This can be incredibly helpful for prototyping, iterating on ideas, etc. Accordingly, AI can analyze code and suggest optimizations for performance, security, and readability.
If developers know how to prompt AI to write code correctly, it can help to improve the quality of code by identifying bugs and suggesting fixes. Therefore, this can lead to more reliable and stable software. You know what? AI can also ensure that code is consistent and well-documented, which makes it easier to maintain and update.
Last but not least, by automating tasks and improving code quality, AI helps developers to be more productive. This can lead to faster development cycles and quicker time to market for new software products.
According to Gartner, the global market for AI TRiSM solutions is expected to reach $7.74 billion by 2032. So what is AI TRiSM? And how it can be one of AI trends in 2024? AI TRiSM stands for Artificial Intelligence Trust, Risk, and Security Management. For those who don’t know, it’s a framework and set of practices that help organizations ensure their AI models are reliable, trustworthy, fair, and compliant with regulations.
AI TRiSM can bring many advantages for organizations, such as:
- Avoid harm: By mitigating risks, AI TRiSM can help prevent AI systems from causing harm to people, the environment, or society.
- Build trust: AI TRiSM can help build public trust in AI and encourage its wider adoption by ensuring transparency and fairness.
- Gain a competitive advantage: Organizations that can demonstrate the trustworthiness and reliability of their AI models will have a competitive advantage in the marketplace.
We have listed the top 6 AI trends that can change how we live and work in our daily lives. Industries worldwide are undergoing a profound transformation as AI continues to advance at an accelerated pace. As we enter 2024, AI is poised for even greater breakthroughs and progress.
Besides, if you are seeking to embrace the immense potential of AI for your business, explore the transformative power of AI with AMELA’s cutting-edge AI software development service today!
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Editor: AMELA Technology