AI business

In the wake of the accelerated pace of digital transformation, the field of artificial intelligence (AI) is experiencing continuous growth. We have witnessed the dramatic advancements that have happened across the world in the past year.  Ground-breaking AI models such as ChatGPT and Gemini are swiftly bridging the gap between human and machine intelligence.

Businesses across the world are shifting from merely using the AI tools to building AI-powered organizations to stay ahead of the curve. Organizations are now looking for ways that can catalyze their businesses and foster innovation.

As the first half of 2024 approaches its end, businesses and leaders trying to be at the forefront of change must keep themselves abreast of the latest AI technology trends unfolding for the next half of the year. Business leaders can adapt these AI trends for shaping their strategic plans and future projects.

Top AI Trends to Follow Now

Second Wave of Generative AI (Gen AI)

Businesses all around the world saw breakthroughs in the space of GenAI in late 2022.  The boom in the field of GenAI began with AI image generators and reached its peak with the release of ChatGPT. Ever since then, companies have been largely capitalizing on the huge potential of the GenAI technology in generating text, videos, images and even speech that mimics humans. The GenAI tools are easy to use, save time and save cost. These tools require no specific technical knowledge to generate output. Because of these great advantages, GenAI technology will continue to grow in 2024 and keep advancing in the upcoming years as well. According to Statista, the generative AI market is projected to grow at a staggering rate of 20.80% from 2024 to 2030, reaching $207 billion by 2030. The market size in the generative AI market is projected to reach $36.06 billion in 2024. Not only will it grow, but the output quality of GenAI tools will also keep enhancing. And users will explore more avenues to use GenAI in varied formats and media.

Multimodal AI Models

Traditional AI models focused on a single modality or data source. A multimodal model, on the other hand, is a model that has the capabilities of processing information from different sources or modalities. Multimodal AI is another trend to keep an eye on. In simple terms, this means that these models can translate text to images, text to audio, images to video and so on. This field of AI can now merge numeric data, text, images and video to gain more accurate outcomes. With this integration, machines will be able to understand emotions and intricate interactions. The growth of multimodal AI has resulted because there is a huge surge in demand for precision, increased efficiency and compliance. 

Ethical AI 

AI is time and again getting the spotlight due to the huge number of risks associated with its widespread adoption. Even though AI brings a number of positive and transformative benefits, it comes with a dark side to it. Deepfakes, misinformation, privacy concerns, AI bias and manipulation – these are only a few of the big threats that come with the widespread use of AI.

And business leaders are acknowledging these profound impacts. Due to these reasons, we can expect to see a surge in demand for regulations, safety, accountability and transparency. Ethical and responsible AI will become paramount and will take the center stage in 2024.  

Democratization of AI 

This year will witness a continued trend towards democratization of AI. This will include making AI accessible to all with user friendly platforms and tools. This will not only empower everyone with this transformative technology, but will also tap into the new potential of innovation and enhanced problem solving. The biggest beneficiaries will be the small and medium sized enterprises, because they will have the access to tools and technologies that were confined to big organizations. Democratization of AI will enable all businesses to capitalize on the benefits of AI in data analysis, automation and customer insights while maintaining their competitive edge in the market. 

Digital Twin and Digital Human

According to the Markets and Markets report, the market size of digital twins is expected to reach $11.1 billion in 2028 from $10.1 billion in 2023, with a CAGR of 62.3%. In today’s landscape, the world is shifting towards AI-driven virtual entities. These entities are designed to replicate actions and behaviors, like that of a human. Digital avatars can transform user experiences to facilitate seamless communication with their adaptive capabilities. 

On the other hand, digital twins are used for the purpose of industrial settings such as manufacturing, health care and energy, to monitor, analyze and optimize operations. Digital twins can be created using real-time data obtained from sensors, IoT devices and other sources to imitate the performance and behaviors of their counterparts.

A Pivotal Year for AI and Business

The year 2024 is proving to be a crucial year in the development and enhancement of AI. The swift progression of artificial intelligence has put the world at the brink of a transformative era. These AI trends are set to bring forth tremendous changes and shifts across the business landscape. It is wise to adapt to these trends to capitalize on the full potential of AI.