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Top 9 AI trends for 2024 according to forecasts

With the help of our in-depth overview of the top 13 AI developments predicted for 2024, explore the future.

Did you know that, with a compound annual growth rate of 36.62 percent, the worldwide AI market is predicted to reach an astounding $190.61 billion by 2025?

Our world is changing at a rapid pace thanks to AI software, and this trend will only pick up speed in the years to come.

With the help of our guide to the top 9 AI trends that are expected to completely transform in 2024, let’s explore the future of artificial intelligence.

Learn how it’s influencing the world around us, from the emergence of generative AI to BYOAI and AI legislation.

1. Generative AI: The most disruptive trend of the decade

A sort of artificial intelligence known as generative artificial intelligence (GenAI) is capable of producing new creative content, including text, code, scripts, musical compositions, emails, letters, and so on. GenAI models are trained on vast amounts of data, and they can identify patterns in the data and utilize those patterns to produce new outputs. Almost all of the images in this article were produced with the aid of Bing’s built-in Chat GPT-4 & DALL-E 3. The entire text was composed with the assistance of Google’s Bard and Chat GPT-3.

Although DALL-E 3 still struggles to produce words in the images it creates, generative AI won’t replace writers and graphic designers. But, it will significantly speed up the process by producing text and images, rephrasing it to make it shorter, longer, or simpler, and fact- and grammar-checking it.

Generative artificial intelligence is a trend that accelerates work for all types of jobs and activities. It can streamline processes, increase output, cut expenses, and present new chances for expansion.

This is why one of the most disruptive trends of this decade is the broad availability of AI content-creation tools that democratize access to knowledge and abilities.

Gartner predicts: It is anticipated that by 2026, over 80% of businesses would have integrated generative AI models, applications, and APIs into their operations, up from less than 5% at the moment.

2. Augmented working, BYOAI & Shadow AI

Bring Your Own Artificial Intelligence, or BYOAI, is a new workplace movement in which workers bring their personal AI devices and programs to work. This trend is driven by the expanding need for AI capabilities in the workforce as well as the increased availability of inexpensive and user-friendly AI solutions. According to Forrester, 60% of employees will use their own AI to complete jobs.

BYOAI has several advantages, such as more innovation and productivity, happier workers, and lower expenses.

Although BYOAI offers employees a lot of benefits, it has the potential to spiral out of hand.

The term “shadow AI,” which is another name for “Shadow IT for AI,” describes the use of artificial intelligence tools and applications inside a company without the express consent or supervision of the IT department.

It has a number of dangers, including:

Breach of data privacy and security: Unauthorized AI tools might not be as secure as those that are, making it possible for private data to be lost or stolen.

Violations of compliance: These instruments may also fail to adhere to significant requirements, which may result in legal issues.

3. Open source AI

Comparatively speaking, open-source models are less expensive, more transparent, adaptable, and flexible than proprietary models.

Even though proprietary models won’t disappear anytime soon, more room will be made in the future for open-source solutions; currently, 85% of businesses use open-source AI models in their IT stacks.  according to Forrester.

4. AI risk hallucination policy

Although GenAI is an extremely useful tool, it can sometimes yield erroneous results that appear plausible. We refer to these erroneous outputs as hallucinations.

Insurance coverage will be more in demand as GenAI becomes more commonly utilized and concerns regarding the possibility of hallucinations grow.

Although the market for insurance against AI risk hallucinations is still in its infancy, it is anticipated to expand quickly over the next several years. As per one of Forrester’s AI predictions for 2024 There will be a special AI risk hallucination coverage available from a big insurer. […] In fact, in 2024, hallucination insurance is going to be very profitable.

5. AI coding

Three out of four enterprise software engineers will use artificial intelligence (AI) assistants to write code by 2028, predicts Gartner. For comparison’s sake, fewer than 10% of software engineers were using these tools in the beginning of 2023.

What makes something trending?

AI benefits developers in several ways, including:

Automating repetitious processes (formatting documentation, creating code, and testing applications),
streamlining the creative process, raising the caliber of the code,
Encourage the solution of problems.

You should presume that everyone around you has already begun using AI tools to increase their productivity and speed to market because AI is improving the development process so dramatically.

6. AI TRiSM

Artificial Intelligence Trust, Risk, and Security Management is referred to as AI TRiSM. It is a framework designed to assist enterprises in controlling the risks associated with creating and using AI models.

Five main areas are covered by AI TRiSM:

  1. Explainability: AI TRiSM aids businesses in comprehending the decision-making processes of their AI models and spotting possible biases.
  2. ModelOps: Just like any other software system, AI models require management and upkeep. Tools and procedures for automating and tracking the lifecycle of AI models are offered by AI TRiSM.
  3. Data anomaly detection: Since AI models are trained on data, inaccurate data will also result in unsatisfactory outputs. Organizations can find and fix data anomalies that might cause mistakes in AI models with the use of AI TRiSM.
  4. Resistance to adversarial attacks: AI TRiSM offers strategies and instruments for thwarting adversarial attacks.
  5. Data security: AI models frequently hold private, sensitive information. AI TRiSM supports businesses in adhering to data privacy laws and safeguarding people’ privacy.

The importance of AI TRiSM is growing as more enterprises use AI. Gartner insights indicate that by 2026, businesses managing their AI systems using AI TRiSM will be able to make better decisions by eliminating 80% of false or erroneous data.

7. Intelligent apps & AI for personalization

Intelligent apps may personalize user experiences, recommendations, and content for each unique user by using AI algorithms to assess user data and preferences.

The impact of AI-powered customization on conversion rates and user engagement is significant. Companies who thrive at customization, for instance, make 40% more money from those activities than average players, according to McKinsey research.

This is so that users are more likely to click on and buy a product because personalized recommendations are more in line with their preferences.

8. Quantum AI

Complex AI models can be trained and executed on quantum computers thanks to their processing capability, and quantum resources can be effectively optimized and used by AI algorithms.

This cooperative collaboration has the power to transform fields like:

Quantum AI is capable of analyzing enormous volumes of financial data to find trends and forecast market movements, which enhances risk management and investment strategies. This is useful for financial modeling and risk assessment.

Drug development and discovery: By using quantum algorithms, researchers will be able to mimic molecular interactions and optimize drug design, which will hasten the search for novel and potent treatments.

Artificial General Intelligence (AGI): The potential development of artificial general intelligence (AGI), which would enable machines to carry out any intellectual work that a human can, may be greatly aided by quantum computing.

9. AI Legislation

Laws governing the development and application of artificial intelligence are becoming more and more necessary as technology grows more complex and permeates every aspect of our lives.

Artificial intelligence (AI) has many potential uses, both good and bad, so regulations must be in place to make sure the technology is applied sensibly and morally.

EU Artificial Intelligence Act

With the European Commission putting forth the Artificial Intelligence Act in 2021, the European Union is setting the standard for AI law. The first international framework for the governance of AI would be this proposed rule. It is expected that the EU AI Act will be passed in early 2024, ahead of the elections to the European Parliament in June 2024.

2023 AI Safety Summit

For the AI Safety Summit in November 2023, a group of specialists from government agencies, artificial intelligence businesses, and civil society gathered to talk about the hazards associated with artificial intelligence (AI), particularly with the newest and most sophisticated AI technology.

The summit took place between November 1–2, 2023, in Bletchley Park in Milton Keynes, United Kingdom. It was the world’s first artificial intelligence summit.

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