Latest in Artificial Intelligence, AI trends 2024: Artificial Intelligence (AI) and Machine Learning (ML) have become integral to numerous industries over the past decade, with their influence being felt in sectors such as healthcare, manufacturing, law, finance, retail, real estate, accountancy, and digital marketing. As we look towards 2025, it’s predicted that AI software revenues will exceed $100 billion globally. This indicates that the evolution of AI and ML technologies will continue to shape our future. Here are some key trends to see:
Latest in Artificial Intelligence
Latest in Artificial Intelligence
- Intelligent Process Automation (IPA): Businesses are increasingly turning to intelligent automation tools to solve challenges and enhance productivity, efficiency, and accuracy. IPA combines Robotic Process Automation (RPA) and AI technologies to enable swift end-to-end business process automation and expedite digital transformation. With the rise of unstructured and real-time data, IPA leverages machine learning, analytics, and cognitive technologies like computer vision, Natural Language Processing (NLP), and fuzzy logic to automate processes.
- Cybersecurity: As data becomes more valuable, the need for robust cybersecurity measures grows. AI is being used to develop technologies that can identify and report common types of cyberattacks. AI-powered cybersecurity tools can gather data from a company’s own networks, digital activity, transactional systems, and websites, as well as external public sources, to identify patterns and detect or predict threatening activity.
- Personalised Services: AI’s growing ability to research specific markets and demographics makes consumer data more accessible. AI can analyse online activity to provide personalised services, enhancing customer experiences and boosting company revenues. As machine learning becomes more adept at understanding individual needs, AI is evolving from a sales tool into a digital companion.
- Automated AI Development: The concept of ‘AI for AI’ is set to revolutionise the creation, deployment, management, and operation of AI models. Automated AI allows even non-experts to use AI algorithms and techniques. Tools like Google’s AutoML simplify the creation of machine learning models, making the technology accessible to a wider audience.
- Autonomous Vehicles: Companies like Samsung, Nvidia, Volkswagen, Uber, and Google’s Waymo are investing heavily in autonomous driving technology. The potential economic and social benefits are driving this trend, with the hope that autonomous vehicles will reduce traffic fatalities and provide a safer alternative to manual driving.
- Facial Recognition: Facial recognition technology is becoming increasingly prevalent in both private and public sectors. Deep learning algorithms are being developed to enhance this technology’s ability to understand images and scenarios, providing more personalised communications and enhancing security measures.
- Convergence of IoT and AI: The integration of AI and the Internet of Things (IoT) is creating unique opportunities. IoT devices generate vast amounts of data, which AI algorithms can analyse to produce valuable insights. This symbiotic relationship is set to become more prevalent, with over 80% of enterprise IoT projects expected to incorporate AI in some form in the coming years.
- AI in Healthcare: AI is revolutionising healthcare, enabling safer and more efficient care, and facilitating the detection, prevention, and cure of diseases. AI’s ability to acquire and analyse real-time data from various sources is enhancing hospital administration and drug discovery. AI has also played a crucial role in responding to the COVID-19 outbreak, from identifying patients and hotspots to accelerating vaccine development.
- Augmented Intelligence: This trend is a boon for those concerned about AI replacing human jobs. It combines the strengths of humans and technology, enabling organisations to enhance their workforce’s efficiency and performance. By 2023, it’s predicted that 40% of infrastructure and operations teams in large enterprises will utilise AI-augmented automation, boosting productivity. Industries such as healthcare, retail, and travel have already begun utilising Augmented Reality. As this trend continues, we can expect a surge in the number of augmented reality applications.
- Explainable AI: AI has become widespread, but it often suffers from a lack of transparency. The processes of machine learning can be opaque, leading to a ‘black box’ effect where it’s unclear how AI arrived at a particular conclusion. Explainable AI aims to simplify and visualise the decision-making processes of ML networks. There’s a growing push for deploying AI in a transparent and clearly defined manner. Companies are striving to understand how AI models and algorithms work, and AI/ML software providers are making sophisticated ML solutions more understandable to users.
- Ethical AI: The demand for ethical AI tops the list of emerging technology trends. In the past, the ethical implications of adopting Machine Learning and other AI technologies were often overlooked. However, today’s values-based consumers and employees expect companies to adopt AI responsibly. In the coming years, firms will consciously choose to do business with partners committed to data ethics and practices that reflect their own values and those of their customers.
How will AI improve in 2024?
Artificial Intelligence (AI) is set to make significant strides in 2024, with advancements expected in several areas:
- Customized AI Solutions: One of the key trends in AI for 2024 is the customization of enterprise AI. Businesses are increasingly embracing tailored generative AI applications. Tech giants like Google and OpenAI are developing user-friendly platforms that allow people to customize powerful language models and create their own mini chatbots that cater to their specific needs. This trend is expected to make generative AI more useful for the regular, non-tech person.
- Open Source AI Models: The open-source AI model trend is set to continue in 2024. The previous year saw an explosion of increasingly efficient foundation models with open licenses. Enhanced with fine-tuning techniques and datasets developed by the open source community, many open models can now outperform all but the most powerful closed-source models on most benchmarks.
These advancements in AI are not only set to revolutionize various industries but also make AI more accessible and beneficial to a wider audience. As we move forward, it will be interesting to see how these trends evolve and shape the future of AI.
Understanding AI Technology: A Simple Guide
Pingback: How will AI change the future of the workplace? - Rank Web Tools