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AI Horizons: A Glimpse of 2024

2023 was the year we saw the uprising of AI. It came as a force to reckon with. And then the reality hit us. The excitement of something new slowly led to the realization that AI needs regulation as it developed rapidly beyond its control. The realm of AI stands at the forefront of innovation, continually pushing boundaries and reshaping the way we perceive and interact with the world. The unfolding narrative of AI in 2024 is not just a tale of technological prowess; it is a story of ethical considerations, industry-specific applications, and the profound impact on the workforce. 

Join us on this expedition into the future as we unravel the promises of AI, casting light on the horizons that beckon us in 2024 and beyond. 

What’s Next in Generative AI? 

There was a standout domain in AI for the year 2023: Generative AI. The year witnessed a rapid surge within the tech landscape, with companies eagerly embracing the technology and forming dedicated teams to explore its extensive capabilities. Generative AI’s influence lies in advancing large AI models trained on massive datasets, helping generate outputs ranging from emails, summaries, art, and voices to videos. 

However, these models still grapple with limitations in handling diverse tasks. Sometimes, it has also reached a state known as “AI Hallucination,” where the data generated through AI proves wrong. The journey of generative AI remains captivating, reshaping how we approach work and leisure and exerting a substantial influence on businesses across various sectors. 

AI will Go Mainstream. 

Platforms like ChatGPT and Bard have effectively showcased the capabilities of Generative AI to the broader user base. However, this approach has limitations, as these tools are not seamlessly integrated with systems of record, leading to an additional step for workers who must manually integrate. To tackle this issue, software providers opt to embed AI into their products. In-house software developers can harness the power of AI, as developers have a plethora of AI models at their disposal. 

While AI has the potential to inject new life and efficiency into existing applications, concerns persist regarding data privacy and security. Companies must ensure that developers can seamlessly and securely utilize AI without compromising proprietary information by interfacing with external models. 

AI Governance

The rapid and expansive growth of generative AI has resulted in misuse, such as creating deepfake content, malicious content generation, privacy breaches, and automated cyber-attacks, underscoring the pressing requirement for AI regulation. If 2023 was marked by the prominence of generative AI, 2024 is poised to emerge as the pivotal Year of AI Regulation. 

A significant stride in this direction has been taken with the introduction of the EU AI Act in 2023—a pioneering initiative by the European Union to establish comprehensive regulations governing AI. While several countries have yet to formulate similar regulations, a shared consensus exists on instituting clear laws to govern AI. As the calendar flips to 2024, the momentum for the regulations is expected to escalate, with an increasing number of countries actively engaging in this journey. Collaborative efforts among businesses are also anticipated to shape these regulations to strike a delicate balance—allowing AI to foster innovation while ensuring its responsible and ethical use.

Responsible AI

In 2024, a significant shift towards sustainable AI emerged as a key trend. Traditionally, AI research has primarily centered around developing larger models, yielding remarkable advancements but concurrently giving rise to concerns regarding energy consumption. It not only poses sustainability challenges but also acts as a hindrance to accessibility, particularly in environments with limited resources. 

A current trend is unfolding, with a focus on the creation of smaller, energy-efficient models. As we approach the year 2024, the momentum behind the sustainable AI trend is set to increase. The strategic emphasis on crafting compact yet potent models carries the potential to democratize the benefits of cutting-edge AI, mainly benefiting small businesses and resource-limited settings. 

The Road Ahead

The trajectory of AI in 2024 is a convergence of cutting-edge technologies, reshaping industries and influencing our daily lives. However, with the boundless opportunities come significant responsibilities. The rise of AI in 2024 brings forth ethical considerations, challenges in workforce dynamics, and the need for robust regulatory frameworks. It is imperative to tread carefully, fostering collaboration and prioritizing the ethical use of AI to create a future where AI contributes positively to society and enhances the human experience.