The Artificial Intelligence (AI) hype continues in 2024 and has taken the shape of momentum: a momentum which is transforming the technologies, businesses, and world around us.
From Llama 3.1 to GPT-4o and Claude 3, we have been witnessing the launch of powerful AI models. Thes popular AI models are enabling businesses to go from building AI applications to being AI-powered organizations facilitating higher efficiency, productivity and accuracy.
With new AI developments every month, businesses are on the lookout to gain a competitive edge. To do so, business leaders need to stay at the forefront of the latest AI trends and grab the opportunity quickly.
We are here with the latest AI trends of 2024 that businesses must consider sustaining the dynamic market and user demands.
Top 8 AI Trends to Help Businesses Succeed in 2024
AI is the most sophisticated technology of all. It is not just limited to LLMs, chatbots, and image- or content-generation tools. The broader AI landscape is a rich ecosystem of emerging technologies poised to revolutionize industries and business operations.
Here are the top 8 AI trends for businesses to watch out for in 2024.
Multimodal AI
Multimodal AI is a new trend that is slowly gaining popularity as people realize its potential.
It refers to the type of AI model that can process and understand different types of data simultaneously from multiple sources. Unlike traditional AI models that can focus on a single data source and type, multimodal AI models outperform them in accuracy and efficiency.
Multimodal AI can handle the combination of text, audio, image, video, and sensor data. This enables the models to have a deeper understanding of the complex relations between data and process the same to generate higher-quality output.
Multimodal AI is best suited to real-world applications like virtual assistants, customer service, autonomous vehicles, image and video analysis, and more.
Ethical AI
Everything has two sides to it. While we are singing the tunes of wonders and benefits of AI, we cannot ignore its loopholes.
With the rise of AI technologies, several governments and agencies worldwide are concerned about data privacy, internet security and intellectual property rights.
We are not unaware of deep fakes, identity theft, cyber-attacks, and fraud. Plus, several companies providing AI services are involved with legal suits regarding the violation of copyright rules.
As governments are navigating how AI can negatively impact them, we are witnessing some strict regulations on Artificial Intelligence. China AI Laws mandate the companies to disclose the algorithm and data used to train their AI models. While EU AI Act puts prohibitions on biometric categorization, recognizing emotions in places of work and study. The Act also requires companies to pay a fine of up to €35 million or 7% of an offending company’s annual turnover for violations of the laws.
In such a scenario, businesses are required to comply with the countries’ AI laws and data privacy regulations. Further, they need to focus on the ethical implementation of AI into their products and operations to ensure a secure environment for all.
AI Twins
The years 2021 and 2022 were the period of metaverse and digital twins. It was the time when the fictional concept of living a parallel life in the digital universe became a reality.
AI takes that reality a notch higher with AI Twins. With the confluence of machine learning, AR, VR, IoT, NLP and computer vision, we can now create hyper realistic digital twins.
AI Twins can find its application in healthcare, content creation, marketing and education.
Quantum AI
The biggest trend of the year will be Quantum AI, which will make AI systems smarter and faster. AI requires a high level of computational power to execute complex tasks.
Quantum computing can supercharge AI algorithms, making them more powerful and efficient. This will enable AI applications to outperform traditional hardware and software capabilities in tasks like speech recognition, complex decision-making, and big data analysis.
The latest research has proven the effectiveness of quantum AI in drug discovery, weather forecasting, and financial analysis.
Smaller Language Models
While the world is infatuated with large language models with billions of parameters, businesses are finding smaller language models more cost-effective and applicable to their use cases.
The problem with LLMs is that only enterprises can afford them. The cost incurred in training, fine-tuning, or maintaining the LLMs is very high. Plus, they require more energy and computational power to run. Add to this the complex task of fine tuning LLMs to make it viable for your use case.
On the contrary, SLMs are cost-effective and require less energy. The best thing is that being trained on fewer parameters, these models are easier to fine tune or train for your business application.
Hyper-personalization
The key to user satisfaction in 2024 is personalized services. Be it customer service, product recommendations or content suggestions, businesses are aligning their services towards customer preferences.
AI can help businesses accurately analyze customer behavior, buying journeys, influencing factors, engagement patterns, and other hidden insights. These valuable insights can help businesses customize their services for each customer without much hassle. It can also predict future outcomes and trends to enable businesses to make informed decisions.
AI in the workplace
AI technology isn’t only for businesses to integrate into their product or services. They can also use AI in their internal processes to boost productivity and efficiency.
AI can help companies automate, streamline and simplify complex and repetitive tasks. This reduces the workload of employees and frees their precious time to be able to focus on high-priority tasks.
From marketing to HR, sales, finance and management, AI can be a smart supplement to your employees.
AI-augmented apps
AI has become the cornerstone of modern applications. Its ability to enhance speed, efficiency, and intelligence has made it indispensable for both businesses and consumers.
From marketing and sales to finance and HR, organizations rely on AI-powered tools to optimize operations. Simultaneously, consumers expect AI-driven apps to streamline their daily lives and deliver personalized experiences.
These applications excel by combining user-friendly interfaces with automated processes and data-driven insights.
Businesses benefit from increased productivity, cost reductions, and data-backed decision-making. Ultimately, AI empowers both employees and customers, driving growth and satisfaction.
Conclusion
The AI trend is here to stay, sparking a technological revolution that enables intelligent applications and use cases. For businesses aiming to embrace Artificial Intelligenec, it’s crucial to first develop a clear strategy and set specific goals.
Additionally, they must prioritize ethical considerations, privacy, and legal compliance when implementing AI technology across their operations. With a well-defined roadmap and the right AI development company, you can create highly functional, secure, and robust AI applications to drive your business success.