2024: The Year of AI Evolution and Challenges
Reflecting on the technology landscape of 2023, it is evident that it was the year in which artificial intelligence (AI) reached new heights. With sophisticated machine learning (ML) techniques and neural networks powering advanced conversational chatbots like OpenAI's ChatGPT, AI closely mimicked human cognition. As we enter 2024, the global fascination with AI will intensify, with key trends shaping its evolution.
Generative AI (GenAI) Transforming Business
Following 2023's breakthrough with ChatGPT, Generative AI (GenAI) is poised for even greater heights in 2024. McKinsey & Company projects that GenAI will contribute $2.6 trillion to $4.4 trillion annually across various business functions and use cases. Enterprise-AI customisation is rising, with businesses embracing tailored GenAI applications to meet specific needs and provide personalised AI-driven solutions. Employees are expected to have more freedom to experiment with AI in their daily tasks, marking a shift in everyday business practices.
Morgan Stanley predicts that 2024 will be a transformative year for AI adopters—companies leveraging enablers' software and hardware to use their data better and monetize it for the AI world. The market is expected to witness a wave of product launches using large language models and generative AI in the second half of the year.
Multimodal AI Taking Centre Stage
Building upon 2023's widespread use of large language models, 2024 will see the emergence of multimodal AI. This evolution involves systems interpreting and processing data from diverse sources, including texts, images, audio, videos, and codes. The transition from unimodality to multimodality enhances user experiences across applications, solving complex problems with more versatility. A MarketsandMarkets report predicts the global multimodal AI market will grow from $1.0 billion in 2023 to $4.5 billion in 2028, citing factors such as the demand for analysing unstructured data and the accessibility of large-scale machine learning models.
Consumer Trends in AI Integration
Consumer trends in 2024 will showcase AI integration in diverse offerings, with smartphones becoming more indispensable than ever. Samsung's Galaxy S24 series, for example, emphasises AI's role in enhancing various experiences, from communication to creative endeavours. Another significant trend is the anticipated "super-cycle" of laptop replacements and upgrades driven by AI advancements. Approximately 40% of laptops will be replaced in 2024, rising to 65% in the following year as AI reshapes the computing experience for businesses and consumers.
Truth Under Threat from AI-Powered Deepfakes
As AI advances, concerns about its potential misuse in distorting truth and manipulating public opinion through deepfakes are on the rise. The recent incident in New Hampshire, where a deepfake impersonating President Joe Biden aimed at voter suppression, highlights the potential threats. With the upcoming US presidential election in 2024, the sophistication of deepfake technology poses serious concerns about the integrity of the democratic process. The corporate world is also likely to face challenges from AI-powered deepfakes, prompting companies to exercise caution and adopt measures to authenticate communications.
In conclusion, 2024 promises to be a year of exciting advancements and challenges in the AI landscape. From the transformative impact of GenAI on businesses to the rise of multimodal AI and the integration of AI into consumer products, the year ahead holds significant developments. However, vigilance is crucial to mitigate the potential risks associated with AI, especially in deepfakes and truth manipulation.