A list of resolutions is not the only thing that we have to make for 2024 anymore. With AI obtaining membership in every avenue of our lives, it is only natural that we keep track of the AI trends that will claim their spots in 2024. While AI’s omnipresence is inevitable, the whole world is hopeful that there will be some relief in terms of solving the pressing issues that envelop AI.
What 2024 is shaping up to be?
Future generative AI tools are poised to surpass existing applications like chatbots and image generators. The upcoming generation will introduce advanced generative video and music creators, with a great deal of user-friendliness enhanced. These tools will integrate into creative and productivity platforms, akin to the integration of ChatGPT technology. Novel applications, including generative design tools and voice synthesisers, will emerge. The ability to discern between real and computer-generated content will become a crucial skill in the evolving landscape of AI technology.
In the article titled “The 10 most important AI trends for 2024 everyone must be ready for now” by Bernard Marr, it is explained how in the realm of customer service, which often involves a mix of routine tasks and complex responsibilities, integrating AI proves valuable. It serves as an effective tool for automating mundane procedures, allowing human resources to focus on critical tasks that require a personal touch. AI’s application spans initial contact call triage, personalised solutions for common issues, and the generation of reports summarising customer interactions. According to a Boston Consulting Group survey, 95% of customer service leaders anticipate the integration of AI bots in serving customers within the next three years.
According to industry experts, a leading AI technology that will sit on the throne beyond 2024 is Quantum AI. Quantum computing, once relegated to the realm of science fiction, is rapidly becoming a focal point in artificial intelligence research. The revolutionary aspect lies in qubits—quantum bits capable of existing in multiple states simultaneously—transforming data processing. Beyond theoretical promise, both startups and tech giants are heavily investing in quantum solutions. In the unfolding technology landscape of 2024, substantial strides in AI capabilities, particularly in domains requiring intricate problem-solving through quantum advancements, are anticipated.
Interestingly right up there with new AI tech advancement is the need for AI legislation. It is a relief to see 2024 prioritising more stringent regulation of AI, especially with the way things are going. The remarkable advancement of AI is not merely captivating tech enthusiasts but has also become a focal point for global policymakers. As 2024 approaches, major nations like China, the EU, the U.S., and India are actively formulating extensive AI policies. Their aims encompass driving technological advancements, attracting worldwide investments, and ensuring the protection of their populations from unintended AI consequences. Industry discussions suggest the possibility of international collaboration on AI standards and norms, indicating the potential for global synergy in this domain.
In the financial world, robo-advisors, prevalent in online investment platforms, streamline financial guidance through automated algorithms and data-driven portfolio management. These platforms break down the intimidating world of investing into more simple phrasing, making it more accessible to individuals. They come with the added benefit of being more cost-effective than traditional financial advisors, often featuring low or no account minimums. Prominent players in the online investment sphere, such as Betterment and Wealthfront, leverage robo-advisors and mobile apps to provide portfolio management and financial advice. These online financial advisors use technology to assist consumers in managing their finances. For instance, Betterment uses algorithms to recommend asset allocations based on investor responses to questions about their financial goals and timelines.
Wealthfront, embracing the impersonal efficiency of technology, delivers investing services by executing proven techniques, automatically identifying optimal investments, and maintaining an appropriate investment mix for clients. In the UK, Nutmeg stands out as a leading digital wealth manager, utilising its robo-advisor to invest in a well-balanced portfolio tailored to individual financial goals and risk tolerance.
Where should investors park their money?
According to Goldman Sachs, the spotlight is on semiconductor manufacturers and companies providing equipment for semiconductor production—the fundamental hardware supporting the extensive development of AI. There is a research-worthy surge in capital expenditure for advanced semiconductor manufacturing equipment. This growth is propelled by advancements in AI, demanding novel chip designs, and the trend of developed countries reshoring semiconductor production to bolster the resilience of their supply chains.
Simultaneously, recent strides in AI and the widespread adoption of cloud computing are driving heightened demand for progressively sophisticated data centres. On the software front, there is a continuous uptick in enterprise spending on digitalization. Additionally, cybersecurity companies are integrating cutting-edge AI techniques to automate the detection of potential threats and enable real-time responses to security incidents. Goldman Sachs Asset Management emphasises that digital attacks are becoming more sophisticated, frequent, and detrimental, underscoring the crucial role of AI in enhancing cybersecurity measures.
2024 appears to be an exciting year for the AI field. Hopefully, every step that they take forward is calculated with care, so that the fear associated with AI coming for humans and their jobs is mitigated, at least by an ounce.
(Sandunlekha Ekanayake)