Artificial intelligence has been a topic that everyone has been talking about throughout this year and will be a hot topic next year. Our blog post will interest you if you want to know about the latest Artificial Intelligence and metaverse trends.
It is true that artificial intelligence (AI) is transforming every part of our personal and professional lives. Research findings reveal that the global AI market will be $150 billion by 2024. But what does the future hold for AI? Let’s find out.
Future of AI: Top Trends in 2024
Like most AI trends, generative AI is not exactly a novel concept. But the recent surge in popularity of AI technologies, such as ChatGPT, indicates that it’s going to be a popular AI trend in 2024 and beyond. The debate of ChatGPT vs Google Bard is also a hot topic. However, only time will tell if ChatGPT will ever be robust enough to replace the search engine giant.
Generative AI is a type of artificial intelligence technology that produces numerous types of content, from text and images to audio files and lines of code.
Here are some practical examples of how companies and businesses may benefit from the future generative AI developments:
- Delivering educational content in different languages
- Designing models of new products
- Creating product tutorial videos
- Using chatbots for technical support or customer service
- Producing social media captions and reports
If a company, team, or an individual needs assistance in creating something new, generative AI has the potential to speed up the process.
Personalization is among the top innovative technological trends for businesses across all industries, from transportation to finance. It will be among the most popular AI trends in 2024.
Personalized services of any commercial entity towards its target audience should include custom sales pitches, tailor-made marketing materials and specialized customer services among others that should result in conversions.
Seventy-two percent of consumers only purchase personalized messaging, while eighty percent of customers only buy from brands that have a personalized experience.
With statistics like that, we can safely conclude that personalization will be among the top AI trends in 2024.
How to Use AI Personalization in 2024
AI personalization in 2024 can show up across various industries and in a wide range of situations. For instance, brands can use personalization for more relevant content creation, better product recommendations, improved ad targeting, etc.
Organizations can also leverage data to improve their communications with clients’ pricing structures and provide a more comprehensive customer service experience. So, watch out for this AI trend in 2024.
Like generative AI, chatbots are not the latest AI trends. While many organizations currently use them, especially for customer service, the popularity of chatbots is likely to continue growing in 2024 and beyond. That’s why we must include this trend in our list.
While the use of chatbots will be more common next, they will also evolve with time. Thanks to natural language processing, machine learning, and other types of artificial intelligence technologies, they will get better at responding to people’s concerns, complaints, or questions.
Soon, chatbots will provide more in-depth and relevant answers. They will also become capable of replicating human conversations. That implies people will have trouble determining whether they are communicating with a human or a chatbot.
How to Use Chatbots in 2024
When people think of AI chatbots, they often consider them as tools to perform specific customer service tasks. But they are also helpful in various other situations.
For instance, will likely see an increase in the number of AI chatbots working with other systems, such as customer relationship management (CRM) and enterprise resource planning (ERP) software.
If these function together, evaluating, analyzing, and interpreting data regarding customer behavior, preferences, and purchases will be easier. Businesses can then use this information to provide more personalized recommendations and a better client experience.
The use of artificial intelligence in digital marketing will also become popular as AI chatbots will assist with lead generation. Using a lead generation chatbot into a business website will help sales teams cater to more new visitors and collect valuable information to help qualify leads. Furthermore, chatbots can transfer relevant information to sales professionals so they can take over communicating with a qualified lead.
Conventional data analytics comprise identifying patterns and collecting relevant insights from raw information. With AI-powered tools and technologies, including machine learning algorithms, data analysts can efficiently process more data and pick up on patterns and insights sooner.
Note that while AI will not take over data analysts’ positions altogether, it will allow them to work more effectively.
NLP: Natural Language Processing
Natural Language Processing (NLP) is a commonly used term in the world o AI. It is used for understanding and processing human language. That includes:
- Text analysis
- Speech recognition
- Text generation in various languages, etc.
We utilize NLP in applications supporting human communication and interactions, such as voice assistants and chatbots. Many industries are already benefiting from NLP, including marketing, sales, customer service, HR, finance, and IT.
Some examples of NLP include:
- AI Writer 2.0: a tool for creating SEO-friendly and engaging content.
- MonkeyLearn: a no-code Generative AI tool for text analysis.
- TLDR This: summarizer of online texts, articles, and documents.
Ethics and Regulation
There is a need to look at ethics and regulation implications as AI technology advances. People are also worried about the possible exploitation of AI, especially in surveillance and armed conflict. Therefore, industry leaders and governments should come up with ethical guidelines and regulation on how AI should be used responsibly for good societal well-being.
Biases are among the most ethical issues in the world of AI. How machine learning algorithms perform relies on the type and quality of data on which they were trained. The results might be subjective in case the data is skewed. For example, facial recognition technologies involving dark skin color have been used prominently in some high-profile AI controversies involving minority groups.
The possibility of employment displacement in AI is another ethical concern. AI technology carries the danger of creating employment losses in specific areas as it develops.
To guarantee that workers have the skills necessary to succeed in the new economy, governments and business leaders must collaborate to develop solutions to reduce the effects of job displacement.
This trend will help design the future of Artificial Intelligence. However, while AI technology is developing at a quick pace, it will not become a substitute for human intelligence. We can attain optimal results in several applications when AI and collaborate.
Another area where human-AI collaboration is crucial is in artistic applications such as music and art. While AI can generate its pieces of music and art, the results are often mechanical and devoid of emotion. Artificial intelligence can become more proficient by mimicking humans and working with them to create more human-like and engaging actions.
Human-AI collaboration is also critical in applications such as healthcare. This collaboration can achieve best outcomes as AI systems and medical professionals work together. AI can help doctors analyze large amounts of medical data and identify patterns that are difficult for humans to detect on their own. By working together, doctors and AI systems provide more accurate diagnoses and develop more effective treatment plans.
Future Predictions for AI
AI Will Revamp the Conventional Workplace
AI technology continues to optimize operations, automate routine tasks, and boost productivity in several industries. As this technology is evolving and becoming more developed, we can expect to see AI transforming even more jobs. While this may lead to job displacement in some industries, it will also create new opportunities for workers with skills in AI development.
AI Will Get More Personalized
AI will better understand individual preferences and needs as it becomes more sophisticated. This will allow services, personalized recommendations, and products customized to individual users. For instance, AI-powered healthcare systems will utilize patient data to offer customized treatment plans, while AI-powered shopping platforms will use this information to offer personalized product recommendations.
Contribution In Software Development Processes
According to a report from Gartner, 65% of application development activity will be done using low-code application development platforms, which often combine machine learning and AI, by 2024. Such platforms enable developers to create and employ applications efficiently and more quickly, with AI offering smart recommendations and automating repetitive tasks.
Also, AI can help with debugging and testing. That improves the quality and reliability of software applications. In the future, there will be more AI-powered software development tools and platforms. That will make it easier and faster to build and deploy new software applications.
Role of AI in Finance
Generative AI is indeed a hot trend that will progressively transform the financial industry. Suppose you are a finance professional, looking for an efficient method to create data visualizations for clients or stakeholders. Sophisticated AI generators can now transform investment charts and spreadsheets into attractive pictures.
Other real-life applications for generative AI in the financing sector involve customer service interaction (AI chatbots), usage of generative AI model in automating tasks including risk assessment, ideation for investment strategies, or detecting fraud, monitor, detect and defend.
AI-based integration in cybersecurity ensures that such threats are countered and deterred. Through real-time monitoring of data access and user behavior, AI algorithms can analyze risks with precision and contribute to robust security policies. Despite this promise, organizations still need to be very careful with the quality and biases of the AI models being adopted for cybersecurity solutions.
Additionally, we can harness AI technologies to develop proactive defense mechanisms, such as identifying malicious content within files and protecting sensitive data from cyberattacks.
We expect to start witnessing the utilization of the AI in various fields in order to perform part of the mundane operations inherent to certain jobs. For instance, in the customer service industry, we will experience increased automation in some of the daily aspects of customer service thus making way for human time and effort in the more complex jobs.
We will see the use of AI in generating personalized solutions to common problems and generating reports/summaries for customer interactions.
It will also aid the legal industry in summarizing crucial case law or contract drafting more quickly. In healthcare, AI will be able to help physicians in routine tasks such as writing notes or even prescriptions. With the tool, coders can either debug their work or speed their software writing. It can also help students to carry out research or simply to organize notes.
AI shows promise for the future. Further developments in machine learning, natural language processing, edge computing, explainable AI and human-AI collaboration will ensure that AI is effective in solving some of the world’s pressing problems and assist in tackling new issues by becoming helpful in novel ways. Government, industry executives and developers should also take into account the ethics involved in AI as well as how it benefits the society. Similarly, these predictions we made in this article will also hint on how artificial intelligence will evolve in the future. On the other hand, witnessing how AI technology shapes our surroundings will be fascinating as it develops and matures.